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|August 6, 2020|
|We are enclosing our press release dated July 15, 2020 which details our operating results for the second quarter of 2020 and year to date through June 30th. This allows us to provide more information to you about bank operations and local economic conditions, and potential impact on your company’s financial performance, all in the context of the pandemic health crisis our country faces.|
Thus far, the areas we serve, Northern Vermont and Northern New Hampshire, have fared well during the pandemic from a human health standpoint. Bank operations have settled into a “new normal” as our branch lobbies have re-opened with plexiglass shields at teller windows, limits on the number of customers entering at a given time, and staff wearing masks. We have approximately 60 employees now working from home that we are not yet ready to bring back into bank facilities, though some are more than ready to return. We are developing a plan for bringing staff back into our offices while following appropriate social distancing protocols. We, like many businesses, are anxiously watching how schools and daycare facilities are going to operate this fall as this will greatly impact our workforce.
As the pandemic has unfolded, the economic impact on our communities has been uneven, with both positive and negative consequences for the people and businesses in our region. The variables have been government directives, the consumer’s reaction to the pandemic, and the creativity and resilience of business managers. Government directives for businesses to close and requiring people to stay home have obviously had a deleterious effect on all businesses not deemed “essential.” Many of these businesses such as residential construction, farm and garden, outdoor recreation retailers, and take out food service have roared back to life and in some cases are exceeding pre-pandemic sales as government restrictions have been lifted. Lodging and “dine in” restaurants and their employees continue to have their sales volumes off, in many cases significantly. As we
|discussed in our first quarter letter, we have participated fully in the SBA Payroll Protection Program and been able to grant nearly $70 million of these 100% government guaranteed loans to our business customer base. Between the PPP loan program and other loan and grant programs we believe that the majority of our business customers are financially stable, at least temporarily. The federal and state assistance is serving to mask the potential long-term impacts of the pandemic caused recession on many of our business borrowers. We are continually assessing our asset quality by staying close to our customers with regular communications so we may assist them assess their individual circumstances. and understand which borrowers may ultimately default. |
The very low interest rate environment is creating challenges and opportunities for the bank. While our net interest margin is being squeezed, mortgage lending is much busier than expected. This is benefiting us as we generate gains on residential loans sold on the secondary market. Long term, our region and economy are benefiting from families relocating to our rural, less densely populated region, reversing a persistent outmigration trend.
Thus far in 2020 we have substantially increased our Loan Loss Reserve compared to prior years. Management continues to monitor the variables that impact the loan loss reserve which may warrant further increases in reserves for the balance of 2020. We considered the adequacy of our loan loss reserve, our overall capitalization, and our strong earnings year to date when the Board of Directors approved a 32 cent per share dividend, to holders of record as of July 27, 2020, payable on August 6, 2020.
|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, August 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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