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November 7, 2019
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.
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:
Broadridge Corporate Issuer Solutions, Inc.
P.O. Box 1342
Brentwood, NY 11717
NASDAQ STOCK MARKET
Ticker Symbol: UNB
Corporate Name: Union Bankshares, Inc.
20 Lower Main Street
P.O. Box 667
Morrisville, VT 05661-0667
Investor Relations: UBLocal.com
Neil J. Van Dyke
David S. Silverman
President & Chief Executive Officer
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.
The following information was filed by Union Bankshares Inc (UNB) on Thursday, November 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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