[ex99_73672001.jpg]

 

[ex99_73672002.jpg]

Dear Shareholder:

February 11, 2010

 

The past twelve months have provided numerous opportunities and challenges for your company and we have highlighted below many of the more significant items.

The balance sheet shows modest growth this year as we made the strategic decision early on to sell, with servicing retained, the majority of residential loans originated. By the end of the year we sold $60,000,000 in residential loans, generating in excess of $1,000,000 in fees, which accounts for the majority of the increase in non-interest income. We elected to sell these loans to “shed” the interest rate risk for these fixed, low rate, long term loans.

While interest rates continued to remain at historic lows, we did experience an increase in net interest income of $378,000. We believe interest rates will begin to rise in the future. Like everyone else, we are not sure when and by how much but have positioned ourselves for an anticipated interest rate increase.

Net income rose 2.4% and, in light of the economic and interest rate environment, we believe this performance to be acceptable, especially in light of increases in some expenses, such as: FDIC insurance $597,000, Federal income taxes $400,000, Pension Plan $496,000 and secondary market delivery fees of $210,000. While these increases were substantial, we reduced salary, occupancy and equipment expenses a combined $474,000 to help mitigate their effect on earnings.

The national banking environment had a difficult year with 140 bank closures. New England and in particular Vermont banks have fared relatively better than those in other parts of the nation. Fortunately, the speculation and sub-prime lending was not as prevalent here, which has served as a level of “protection” from declining real estate values. This is not to say it has been an easy ride for our customers, but overall our loan portfolio has been performing well with little to no increase in delinquencies. In order for the FDIC to continue to fund these past and expected bank failures, the FDIC required all banks to prepay three years estimated Deposit Insurance Fund premiums. On December 30 we paid our assessment of $1,804,000.

Thus far the winter tourist season has been about average with ample snow for outdoor sports enthusiasts. Anecdotal reports from customers indicate the recent holidays were good for business and we are hoping this trend continues.

We believe 2010, while still in a recovery mode economically, offers us some growth opportunities for the company. As a by-product of the past 18 months, we have found the general public recognizes the importance of “their” community bank, the consistency of services offered and the value of relationship banking with neighbors.

Enclosed is your dividend check or advice of deposit, representing a dividend of $0.25 per share to shareholders of record January 30, 2010, and payable February 11, 2010.

Sincerely,

[ex99_73672004.gif]

 

 

Richard C. Sargent

Chairman

Kenneth D. Gibbons

President & CEO

 

 





[ex99_73672006.gif]

4th Quarter Report - December 31, 2009

 

 

Consolidated Balance Sheets (unaudited)

 

Consolidated Statements of Income (unaudited)


ASSETS

December 31, 2009

December 31, 2008

 

 

12/31/2009

12/31/2008

12/31/2009

12/31/2008

Cash and Due from Banks

$4,941,613 

$4,792,398 

 

 

(3 months ended)

(12 months ended)

Federal Funds Sold & Overnight Deposits

17,190,525 

21,537,310 

 

Interest Income

$5,705,283

$6,157,419

$23,216,589

$24,720,777

Interest Bearing Deposits in Banks

22,974,800 

14,789,173 

 

Interest Expense

  1,171,193

  1,685,404

    5,294,209

    7,176,986

Investment Securities Available-for-Sale

24,648,590 

27,834,384 

 

Net Interest Income

4,534,090

4,472,015

17,922,380

17,543,791

Loans Held for Sale

9,262,352 

3,178,402 

 

Provision for Loan Losses

     155,000

     150,000

       400,000

       335,000

Loans, net

348,904,625 

350,131,474 

 

Net Interest Income after

 

 

 

 

Allowance for Loan Losses

(3,492,783)

(3,556,205)

 

Provision for Loan Losses

4,379,090

4,322,015

17,522,380

17,208,791

Premises and Equipment, net

7,613,319 

7,460,693 

 

 

 

 

 

 

Other Real Estate Owned, net

886,099 

657,801 

 

Trust Income

101,047

90,180

379,042

377,789

Accrued Interest & Other Assets

    14,471,295 

    13,278,212 

 

Noninterest Income

1,288,800

569,034

5,142,264

3,951,124

Total Assets

 

$447,400,435 

 

$440,103,642 

 

Noninterest Expenses:

 

 

 

 

 

 

 

 

Salaries & Wages

1,555,542

1,607,630

6,097,064

6,433,010

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Pension & Employee Benefits

749,134

453,818

2,923,802

2,308,925

Noninterest Bearing Deposits

$60,128,845 

$61,314,659 

 

Occupancy Expense, net

215,532

268,816

956,967

974,078

Interest Bearing Deposits

308,698,292 

303,055,069 

 

Equipment Expense

233,674

304,370

1,078,584

1,200,322

Borrowed Funds

30,992,604 

27,416,262 

 

Loss on Impaired Securities

0

0

0

511,598

Accrued Interest & Other Liabilities

7,347,453 

9,167,569 

 

FDIC Insurance

117,695

50,484

684,085

87,027

Common Stock

9,843,572 

9,843,572 

 

Other Expenses

  1,252,890

     584,001

    4,656,671

    3,897,079

Paid-in Capital

219,331 

207,683 

 

Total

  4,124,467

  3,269,119

  16,397,173

  15,412,039

Retained Earnings

36,494,109 

35,868,916 

 

Income before Taxes

1,644,470

1,712,110

6,646,513

6,125,665

Accumulated Other Comprehensive Loss

(2,599,445)

(3,269,584)

 

Income Tax Expense

     364,551

     367,342

    1,419,944

    1,019,545

Treasury Stock at Cost

     (3,724,326)

     (3,500,504)

 

Net Income

 

$1,279,919

 

$1,344,768

 

$  5,226,569

 

$  5,106,120

Total Liabilities and Shareholders’ Equity

 

$447,400,435 

 

$440,103,642 

 

 

 

 

 

 

 

 

 

 

Earnings per Share

$0.29

$0.30

$1.17

$1.14

 

 

 

 

Book Value per Share

 

 

$9.02

$8.75

Standby letters of credit were $1,952,000 and $1,248,000 at December 31, 2009 and 2008, respectively.

Directors - UNION BANKSHARES, INC

Officers UNION BANK

Officers UNION BANK (continued)

Richard C. Sargent, Chairman

Richard C. Marron

Rhonda L. Bennett

Vice President

Morrisville

Robyn A. Masi

Assistant Vice President

Stowe

Cynthia D. Borck

Robert P. Rollins

Therese H. Butler

Assistant Treasurer

Morrisville

Thomas J. Meshako

Senior Vice President

Morrisville

Steven J. Bourgeois

John H. Steel

Stacey L.B. Chase

Assistant Treasurer

Morrisville

Marsha A. Mongeon

Senior Vice President & CFO

Morrisville

Kenneth D. Gibbons

Schuyler W. Sweet

Jeffrey G. Coslett

Senior Vice President

Morrisville

Mildred R. Nelson

Vice President

Littleton

Franklin G. Hovey II

 

Michael C. Curtis

Vice President

St. Albans

Karen Carlson Noyes

Assistant Vice President

Morrisville

 

 

Peter J. Eley

SVP, Managing Trust Officer

Morrisville

Barbara A. Olden

Vice President

Lyndonville

Directors - UNION BANK

Kenneth D. Gibbons

President & CEO

Morrisville

Deborah J. Partlow

Asst. V.P., Senior Trust Officer

Morrisville

Richard C. Sargent, Chairman

Richard C. Marron

Don D. Goodhue

Information Systems Officer

Morrisville

Lois J. Pigeon

Branch Manager

St. Albans

Cynthia D. Borck

Robert P. Rollins

Melissa A. Greene

Assistant Vice President

Hardwick

Bradley S. Prior

Assistant Treasurer

Morrisville

Steven J. Bourgeois

John H. Steel

Karyn J. Hale

Vice President

Morrisville

Craig S. Provost

Vice President

Stowe

Kenneth D. Gibbons

Schuyler W. Sweet

Claire A. Hindes

Assistant Vice President

Morrisville

Colleen D. Putvain

Assistant Treasurer

Morrisville

Franklin G. Hovey II

Neil Van Dyke

Patricia N. Hogan

Vice President

Morrisville

Suzanne L. Roberts

Vice President

St. Johnsbury

 

Tracey D. Holbrook

Regional Vice President

St. Johnsbury

Robert P. Rollins

Secretary

Morrisville

Officers - UNION BANKSHARES, INC.

Lura L. Jacques

Asst. V.P., Trust Officer

St. Albans

Ruth P. Schwartz

Vice President

Morrisville

Richard C. Sargent

Chairman

Lynne P. Jewett

Assistant Vice President

Morrisville

David S. Silverman

Senior Vice President

Morrisville

Kenneth D. Gibbons

President & CEO

Stephen H. Kendall

Vice President

Morrisville

Judy R. Smith

Assistant Vice President

Morrisville

Marsha A. Mongeon

Vice President/Treasurer

Susan O. Laferriere

Vice President

St. Johnsbury

Curtis C. Swan

Assistant Vice President

Fairfax

Robert P. Rollins

Secretary

Dennis J. Lamothe

Vice President

St. Johnsbury

JoAnn A. Tallman

Assistant Secretary

Morrisville

David S. Silverman

Vice President

Susan F. Lassiter

Vice President

Jeffersonville

Francis E. Welch

Assistant Vice President

Morrisville

JoAnn A. Tallman

Assistant Secretary

Carrie R. Locklin

Assistant Treasurer

Morrisville

Lorraine G. Willett

Assistant Vice President

Morrisville

 

 

 

 

 

 

 

 

Regional Advisory Board Members

 

 

 

 

 

 

Judy F. Aydelott-Littleton

Kenneth D. Gibbons-All

 

 

 

 

 

 

Steven J. Bourgeois-St. Albans

Franklin G. Hovey II-St. Johnsbury

 

 

 

 

 

 

J. R. Alexis Clouatre-St. Johnsbury

Daniel J. Luneau-St. Albans

 

 

 

 

 

 

Coleen K. Condon-St. Albans

Samuel H. Ruggiano-St. Albans

 

 

 

 

 

 

Dwight A. Davis-St. Johnsbury

Schuyler W. Sweet-Littleton

 

 

 

 

 

 

Kirk Dwyer-St. Johnsbury

Norrine A. Williams-Littleton

 

 

 

cover photo: First snow on hedge, Morrisville

Stanley T. Fillion-Littleton

 

 

 

 

 






The following information was filed by Union Bankshares Inc (UNB) on Thursday, February 11, 2010 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.

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