Exhibit 99.1
 
upperfrontq319.jpg
 
 
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November 7, 2019
 
 
 
 
 
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We are pleased to report your company’s financial results for the quarter ended September 30, 2019. Net income for the quarter was $2.7 million, an increase of 18.5% over the third quarter of 2018, and earnings per share was $0.62, an increase of 19.2% over the same period in 2018. Net income for the nine months ended September 30, 2019 was $7.9 million, or 5.3% over the first nine months of 2018, and $1.77 per share, or 5.3%, over the same period in 2018.

Total assets were $844.9 million as of September 30, 2019, an increase of $65.2 million, or 8.4%. from $779.7 million as of September 30, 2018. Total loans increased $27.8 million, or 4.3% since September 30, 2018 to reach $671.5 million as of September 30, 2019. Total deposits grew $49.0 million, or 7.3%, during the comparison periods to reach $716.7 million as of September 30, 2019. The Company had total capital of $70.6 million with a book value per share of $15.80 as of September 30, 2019 compared to $60.8 million and $13.61 per share as of September 30, 2018.

Interest income was $26.7 million for the nine months ended September 30, 2019, compared to $23.6 million for the nine months ended September 30, 2018, an increase of $3.1 million, or 13.1%. Interest income in 2018 was reduced by a one-time adjustment of $310 thousand that did not occur in 2019 and the increase in the volume of earning assets drove the increase for the comparison period. Interest expense was $4.1 million for nine months ended September 30, 2019 compared to $2.5 million for the prior period, an increase of $1.7 million, or 67.5%. Increases in customer deposits balances and rates paid on those accounts contributed to the increase in expense.

Total noninterest income was $7.4 million and $7.1 million for the nine months ended September 30, 2019 and September 30, 2018, respectively. Total noninterest expenses were $20.3 million for nine months ended September 30, 2019 compared to $19.0 million for the same period in 2018.

Notable variances for the nine months ended September 30, 2019 compared to the prior year included an increase in gain on sale of loans of $558 thousand, an increase in salaries and wages of $765 thousand offset by a decrease in employee benefits of $508 thousand related to the termination of the company defined benefit pension plan in 2018, and an increase in equipment costs of $190.

The Company’s return on average assets was 1.31% and return on average equity was 15.64% for the nine months ended September 30, 2019. These key financial metrics along with balance sheet growth and results of operations are within the range of our expectations for 2019.

We recently opened two full service branch locations in Jericho and Williston, Vermont. These locations are located in Chittenden County, Vermont’s most populous and economically vibrant region. The Williston location also houses our robust mortgage lending operation previously located in rented space in South Burlington, Vermont. Growth in Chittenden County is an important part of our organic growth strategy.

The Board of Directors also declared a cash dividend of $0.31 per share payable November 7, 2019 to shareholders of record as of October 28, 2019. As a reminder, a dividend reinvestment plan (DRIP) to facilitate further investments in your company is available. Information on the DRIP may be found at www.ublocal.com under Investor Relations.


Sincerely
 
 
 
 
 
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If you need assistance with a change in registration of certificates, combining your certificates into one, reporting lost certificates, non-receipt or loss of dividend checks, assistance regarding direct deposit of dividends, information about the Company, or to receive copies of financial reports, please contact Kristy Adams Alfieri, Assistant Secretary at 802.888.0982 or contact our Transfer Agent at the address and phone number listed below:
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TRANSFER AGENT:
 
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717
866.321.8022 or
720.378.5956
E-mail: shareholder@broadridge.com
 
 
 
 
NASDAQ STOCK MARKET
 
 
Ticker Symbol: UNB
Corporate Name: Union Bankshares, Inc.
Corporate Address:
20 Lower Main Street
P.O. Box 667
Morrisville, VT 05661-0667
Investor Relations: UBLocal.com
 
nvsignaturea01.jpg
dsssignaturea17.jpg
 
 
Neil J. Van Dyke
Chair
David S. Silverman
President & Chief Executive Officer
 
 
 
 
 
 
 
 
 
 
 
 
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About Union Bankshares
 
 
 
 
 
 
 
 
Union Bankshares, Inc. operates as the holding company for Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank was founded in 1891 in Morrisville, Vermont, where the Bank’s and its holding company’s headquarters are located. Union Bank operates 20 banking offices, two loan centers and several ATMs throughout its geographical footprint.

Union Bank has been helping people buy homes and local businesses create jobs in area communities since opening its doors over 127 years ago. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in the lives of first time home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators. Additionally, Union Bank has also been designated as an SBA Preferred lender for its participation in small business lending.
 
 
 





 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheets
(unaudited, in thousands)
 
Consolidated Statements of Income
(unaudited, in thousands)
 
Union Bankshares, Inc.
 
 
 
 
 
 
 
 
DIRECTORS
OFFICERS
 
 
 
Neil J. Van Dyke -Chair
Neil J. Van Dyke - Chair
 
ASSETS
SEPT 30, 2019
 
SEPT 30, 2018
 
 
SEPT 30, 2019
 
SEPT 30, 2018
 
SEPT 30, 2019
 
SEPT 30, 2018
 
 
Timothy W. Sargent-Vice Chair
David S. Silverman - President & CEO
 
 
 
 
 
 
Joel S. Bourassa
 
Jeffrey G. Coslett- Vice President
 
 
 
 
 
 
(3 months ended)
 
(9 months ended)
 
 
 
 
 
 
 
 
 
 
 
 
Steven J. Bourgeois
 
Karyn J. Hale - Chief Financial Officer
 
Cash and Due from Banks
 
$
5,126

 
$
4,063

 
Interest Income
$
9,131

 
$
8,095

 
$
26,708

 
$
23,609

 
 
 
 
 
 
 
 
 
 
Dawn D. Bugbee
 
John H. Steel - Secretary
 
 
 
 
 
 
 
 
John M. Goodrich
 
Kristy Adams Alfieri - Assistant Secretary
 
Federal Funds Sold & Overnight Deposits
 
24,774

 
9,837

 
Interest Expense
1,497

 
1,086

 
4,128

 
2,464

 
Nancy C. Putnam
 
 
 
 
 
 
 
 
 
Net Interest Income
7,634

 
7,009

 
22,580

 
21,145

 
David S. Silverman
 
 
 
 
Interest Bearing Deposits in Banks
 
7,062

 
9,747

 
 
 
 
 
John H. Steel
 
 
 
 
 
 
 
Provision for Loan Losses
150

 
150

 
350

 
300

 
Schuyler W. Sweet
 
 
 
 
Investment Securities
 
85,886

 
72,133

 
Net Interest Income After
Provision for Loan Losses
7,484

 
6,859

 
22,230

 
20,845

 
Union Bank
REGIONAL
ADVISORY BOARD
MEMBERS
 
Loans Held for Sale
 
13,561

 
7,457

 
 
 
 
 
 
 
 
 
Trust Income
168

 
195

 
519

 
579

 
DIRECTORS
 
 
Loans, net
 
658,904

 
637,130

 
Noninterest Income
2,564

 
2,257

 
6,835

 
6,496

 
Neil J. Van Dyke -Chair
Michael R. Barrett - St. Johnsbury
 
 
 
 
 
 
 
 
 
 
 
Timothy W. Sargent -Vice Chair
Steven J. Bourgeois - St. Albans
 
Reserve for Loan Losses
 
(5,808
)
 
(5,610
)
 
Noninterest Expenses:
 
 
 
 
 
 
 
 
Joel S. Bourassa
 
Stanley T. Fillion - Northern NH
 
 
 
 
 
 
 
Salaries & Wages
3,072

 
2,745

 
8,773

 
8,008

 
Steven J. Bourgeois
 
Rosemary H. Gingue - St. Johnsbury
 
Premises and Equipment, net
 
22,507

 
15,747

 
 
 
 
 
Dawn D. Bugbee
 
John M. Goodrich - St. Johnsbury
 
 
 
 
 
 
 
Employee Benefits
1,043

 
1,144

 
3,097

 
3,299

 
John M. Goodrich
 
Christopher M. Knapp - Northern NH
 
Accrued Interest & other Assets
 
32,876

 
29,154

 
 
 
 
 
Nancy C. Putnam
 
Coleen K. Kohaut - St. Albans
 
 
 

 

 

 
 
 
 
 
 
 
 
David S. Silverman
 
Justin P. Lavely - St. Johnsbury
 
Total Assets
 
$
844,888

 
$
779,658

 
Occupancy Expense, net
428

 
338

 
1,287

 
1,069

 
John H. Steel
 
Daniel J. Luneau - St. Albans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schuyler W. Sweet
 
Mary K. Parent - St. Johnsbury
 
 
 

 

 
Equipment Expense
625

 
528

 
1,764

 
1,574

 
 
 
Samuel H. Ruggiano - St. Albans
 
 
 
 
 
 
 
 
 
 
 
 
 
David S. Silverman - All
 
 
 
Other Expenses
1,833

 
1,770

 
5,400

 
5,005

 
 
 
Schuyler W. Sweet - Northern NH
 
 
 
 
 
 
 
 
 
 
 
Union Bank Offices
(ATMs at all Branch Locations)
 
 
LIABILITIES & SHAREHOLDERS' EQUITY
SEPT 30, 2019
 
SEPT 30, 2018
 
 
Total
7,001

 
6,525

 
20,321

 
18,955

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Before Taxes
3,215

 
2,786

 
9,263

 
8,965

 
VERMONT
 
 
 
 
Noninterest Bearing Deposits
 
$
137,239

 
$
126,596

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Berlin
1028 US Route 302
802.476.0061
 
Interest Bearing Deposits
 
419,646

 
407,965

 
Income Tax Expense
477

 
475

 
1,374

 
1,457

 
Danville
421 Route 2 East
802.684.2211
 
 
 
 
 
 
 
 
 
 
 
 
 
Fairfax
Jct. Routes 104 & 128
802.849.2600
 
Time Deposits
 
159,844

 
133,162

 
Net income
$
2,738

 
$
2,311

 
$
7,889

 
$
7,508

 
Hardwick
103 VT Route 15 West
802.472.8100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jeffersonville
5062 VT Route 15
802.644.6600
 
Borrowed Funds
 
47,164

 
41,990

 
Earnings per share
$
0.62

 
$
0.52

 
$
1.77

 
$
1.68

 
Jericho
368 VT Route 15
802.899.7500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Johnson
198 Lower Main Street
802.635.6600
 
Accrued Interest & Other Liabilities
 
10,382

 
9,168

 
Book Value Per Share
 
 
 
 
$
15.80

 
$
13.61

 
Lyndonville
183 Depot Street
802.626.3100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Morrisville
20 Lower Main Street
802.888.6600
 
Common Stock
 
9,892

 
9,882

 
 
 
 
 
 
 
 
 
 
 
65 Northgate Plaza
802.888.6860
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
St. Albans
15 Mapleville Depot
802.524.9000
 
Additional Paid-in Capital
 
1,099

 
897

 
 
 
 
 
 
 
 
 
 
St. Johnsbury
364 Railroad Street
802.748.3131
 
Retained Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
325 Portland Street
802.748.3121
 
 
62,645

 
60,686

 
 
 
 
 
 
 
 
 
 
Stowe
47 Park Street
802.253.6600
 
Accumulated Other
Comprehensive Income (Loss)
 
1,163

 
(6,612
)
 
 
 
 
 
 
 
 
 
 
Williston
Branch
 
 
 
 
 
bottomctrq319.jpg
 
 
31 Market St
802.878.7900
 
 
 
 
 
 
Loan Center
 
 
Treasury Stock at Cost
 
(4,186
)
 
(4,076
)
 
 
 
31 Market St
802.865.1000
 
 
 

 

 
 
 
 
 
 
Total Liabilities & Shareholders' Equity
$
844,888

 
$
779,658

 
 
NEW HAMPSHIRE
 
 
Standby letters of credit were $2,308,000 and $2,125,000 at September 30, 2019 and 2018, respectively.
 
 
Groveton
3 State Street
603.636.1611
 
 
 
Littleton
263 Dells Road
603.444.7136
bottomleftq319.jpg
 
 
76 Main Street
603.444.5321
 
Lincoln
135 Main Street
603.745.4000
 
North Conway
Commercial Loan Center
 
 
 
2541 White Mountain Hwy
603.662.9408
 
N. Woodstock
155 Main Street
603.745.2488


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