Exhibit 99.1
 
topleftq419a01.jpg
 
 
toprightq419a01.jpg
 
 
 
 
February 6, 2020
 
 
 
 
 
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bannerq32019a01.jpg
 
 
 
 
 
 
We are pleased to report earnings for your company for the fourth quarter and year ended December 31, 2019. Net income was $2.8 million and $10.6 million for the three and twelve months ended December 31, 2019, resulting in earnings per share of $0.61 and $2.38 for the same periods, respectively. This compares to our highest earnings recorded in the past of $8.4 million for the year ended 2017. The company’s return on average assets was 1.30% and return on average equity was 15.63% for the year ended December 31, 2019.

Total assets were $872.9 million as of December 31,2019, an increase of $67.6 million, or 8.4% for the year. Total loans were $678.7 million as of December 31, 2019, an increase of $32.4 million, or 5.0% for the year. The company’s investment portfolio increased from $74.0 million as of December 31, 2018 to $88.1 million as of December 31, 2019. Total deposits reached $744.0 million as of December 31, 2019, growth of $37.3 million, or 5.3%, compared to $706.8 million a year ago. The company had total capital of $71.8 million with a book value per share of $16.06 as of December 31, 2019 compared to $64.5 million and book value per share $14.44 as of December 31, 2018.

2019 was a year of investing in the future for your company. We have undertaken a strategy of growing through geographic expansion. Accordingly, we opened two branch offices in Chittenden County, Vermont during 2019. The first branch was in Jericho, Vermont. We had been considering an office in the Jericho/Underhill area for many years but had been unable to find a suitable location. When a location next to the Jericho Market became available we decided the time was right to make a move. The second branch we opened was in Williston, Vermont. We built a fairly substantial facility near Taft Corners that houses our new full-service branch as well as our Loan Center previously located in South Burlington in a leased facility. We have loan officers staffing both locations as we aim to build-upon our already
successful lending efforts in Chittenden County as well as developing a deposit business there.

In addition to branch expansion, we have enhanced our ATM network through replacing some of our older machines as well as modifying some of our newer fleet to meet today’s feature and security standards. We have also deployed new personal computers and servers throughout our entire footprint, aiding our employees to remain efficient and to stay current with security standards.

A new initiative in 2019 was developing a Sustainability Committee made up of employees who have an interest in Environmental Sustainability. This group meets regularly to discuss ways our company can lighten our environmental footprint. Thus far we have installed solar electric panels on our new Jericho and Williston offices, and are in the process of retrofitting two other offices which are well-positioned for solar electric generation. Our outlook for 2020 calls for a flat interest rate environment with a continued positive economy. We are hoping for more snow and better conditions to support winter sports enthusiasts and the industry that caters to them, an important part of our local economy.

The Board of Directors also declared a cash dividend of $0.32 per share for the quarter, and increase of 3.2% from the cash dividend of $0.31 paid in recent prior quarters, payable February 6, 2020 to shareholders of record as of January 27, 2020.



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
 
nvsignaturea02.jpg
dsssignaturea20.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
DEC 31, 2019
 
DEC 31, 2018
 
 
DEC 31, 2019
 
DEC 31, 2018
 
DEC 31, 2019
 
DEC 31, 2018
 
 
Timothy W. Sargent-Vice Chair
David S. Silverman - President & CEO
 
 
 
 
 
 
Joel S. Bourassa
 
Jeffrey G. Coslett- Vice President
 
 
 
 
 
 
(3 months ended)
 
(12 months ended)
 
 
 
 
 
 
 
 
 
 
 
 
Steven J. Bourgeois
 
Karyn J. Hale - Chief Financial Officer
 
Cash and Due from Banks
 
$
5,405

 
$
4,045

 
Interest Income
$
9,294

 
$
8,571

 
$
36,002

 
$
32,180

 
 
 
 
 
 
 
 
 
 
Dawn D. Bugbee
 
John H. Steel - Secretary
 
 
 
 
 
 
 
 
John M. Goodrich
 
Kristy Adams Alfieri - Assistant Secretary
 
Federal Funds Sold & Overnight Deposits
 
45,729

 
33,244

 
Interest Expense
1,488

 
1,117

 
5,616

 
3,581

 
Nancy C. Putnam
 
 
 
 
 
 
 
 
 
Net Interest Income
7,806

 
7,454

 
30,386

 
28,599

 
David S. Silverman
 
 
 
 
Interest Bearing Deposits in Banks
 
6,565

 
9,300

 
 
 
 
 
John H. Steel
 
 
 
 
 
 
 
Provision for Loan Losses
425

 
150

 
775

 
450

 
Schuyler W. Sweet
 
 
 
 
Investment Securities
 
88,083

 
73,961

 
Net Interest Income After
Provision for Loan Losses
7,381

 
7,304

 
29,611

 
28,149

 
Union Bank
REGIONAL
ADVISORY BOARD
MEMBERS
 
Loans Held for Sale
 
7,442

 
2,899

 
 
 
 
 
 
 
 
 
Trust Income
173

 
172

 
692

 
751

 
DIRECTORS
 
 
Loans, net
 
671,287

 
643,399

 
Noninterest Income
2,796

 
2,226

 
9,631

 
8,722

 
Neil J. Van Dyke -Chair
Michael R. Barrett - St. Johnsbury
 
 
 
 
 
 
 
 
 
 
 
Timothy W. Sargent -Vice Chair
Steven J. Bourgeois - St. Albans
 
Reserve for Loan Losses
 
(6,122
)
 
(5,739
)
 
Noninterest Expenses:
 
 
 
 
 
 
 
 
Joel S. Bourassa
 
Stanley T. Fillion - Northern NH
 
 
 
 
 
 
 
Salaries & Wages
3,048

 
2,740

 
11,821

 
10,748

 
Steven J. Bourgeois
 
Rosemary H. Gingue - St. Johnsbury
 
Premises and Equipment, net
 
20,923

 
16,073

 
Pension Expense

 
4,123

 

 
4,631

 
Dawn D. Bugbee
 
John M. Goodrich - St. Johnsbury
 
 
 
 
 
 
 
Employee Benefits
1,097

 
862

 
4,194

 
3,653

 
John M. Goodrich
 
Christopher M. Knapp - Northern NH
 
Accrued Interest & other Assets
 
33,600

 
28,155

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

 

 

 
 
 
 
 
 
 
 
David S. Silverman
 
Justin P. Lavely - St. Johnsbury
 
Total Assets
 
$
872,912

 
$
805,337

 
Occupancy Expense, net
519

 
378

 
1,806

 
1,447

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

 

 
Equipment Expense
711

 
560

 
2,475

 
2,134

 
 
 
Samuel H. Ruggiano - St. Albans
 
 
 
 
 
 
 
 
 
 
 
 
 
Christine Sheley - Northern NH
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
David S. Silverman - All
 
 
 
Other Expenses
1,760

 
1,614

 
7,160

 
6,585

 
 
 
Schuyler W. Sweet - Northern NH
 
 
 
 
 
 
 
 
 
 
 
Union Bank Offices
(ATMs at all Branch Locations)
 
 
LIABILITIES & SHAREHOLDERS' EQUITY
DEC 31, 2019
 
DEC 31, 2018
 
 
Total
7,135

 
10,277

 
27,456

 
29,198

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Before Taxes
3,215

 
(575
)
 
12,478

 
8,424

 
VERMONT
 
 
 
 
Noninterest Bearing Deposits
 
$
136,434

 
$
132,971

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Berlin
1028 US Route 302
802.476.0061
 
Interest Bearing Deposits
 
458,940

 
444,722

 
Income Tax Expense
456

 
(139
)
 
1,830

 
1,352

 
Danville
421 Route 2 East
802.684.2211
 
 
 
 
 
 
 
 
 
 
 
 
 
Fairfax
Jct. Routes 104 & 128
802.849.2600
 
Time Deposits
 
148,653

 
129,077

 
Net income
$
2,759

 
$
(436
)
 
$
10,648

 
$
7,072

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

 
27,821

 
Earnings per share
$
0.61

 
$
(0.10
)
 
$
2.38

 
$
1.58

 
Jericho
368 VT Route 15
802.899.7500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Johnson
198 Lower Main Street
802.635.6600
 
Accrued Interest & Other Liabilities
 
9,878

 
6,255

 
Book Value Per Share
 
 
 
 
$
16.06

 
$
14.44

 
Lyndonville
183 Depot Street
802.626.3100
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Morrisville
20 Lower Main Street
802.888.6600
 
Common Stock
 
9,897

 
9,888

 
 
 
 
 
 
 
 
 
 
 
65 Northgate Plaza
802.888.6860
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
St. Albans
15 Mapleville Depot
802.524.9000
 
Additional Paid-in Capital
 
1,124

 
894

 
 
 
 
 
 
 
 
 
 
St. Johnsbury
364 Railroad Street
802.748.3131
 
Retained Earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
325 Portland Street
802.748.3121
 
 
64,019

 
58,911

 
 
 
 
 
 
 
 
 
 
Stowe
47 Park Street
802.253.6600
 
Accumulated Other
Comprehensive Income (Loss)
 
986

 
(1,023
)
 
 
 
 
 
 
 
 
 
 
Williston
Branch
 
 
 
 
 
bottomrightq419a01.jpg
 
 
31 Market St
802.878.7900
 
 
 
 
 
 
Loan Center
 
 
Treasury Stock at Cost
 
(4,183
)
 
(4,179
)
 
 
 
31 Market St
802.865.1000
 
 
 

 

 
 
 
 
 
 
Total Liabilities & Shareholders' Equity
$
872,912

 
$
805,337

 
 
NEW HAMPSHIRE
 
 
Standby letters of credit were $2,308,000 and $2,331,000 at December 31, 2019 and 2018, respectively.
 
 
Groveton
3 State Street
603.636.1611
 
 
 
Littleton
263 Dells Road
603.444.7136
bottomleftq419a01.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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