Exhibit 99.1
 
topleftq419a01.jpg
 
 
toprightq419a01.jpg
 
 
 
 
February 6, 2020
 
 
 
 
 
toptitlebannerq419a01.jpg
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
 
 
 
 
 
leftbackq419a01.jpg
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:
centerpicq419a01.jpg
 
 
 
 
 
 
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
 
 
 
 
 
 
 
 
 
 
 
 
bottomofpage1q3a09.jpg
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, February 6, 2020 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Union Bankshares Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Union Bankshares Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account