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| EX-99.1 - EXHIBIT 99.1 COURTESY PDF COPY - UNION BANKSHARES INC | unb3rdquartershreport2015.pdf |
| 8-K - BODY OF FORM 8-K - UNION BANKSHARES INC | form8-k3rdqtr2015shrpt.htm |
Exhibit 99.1
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November 9, 2015 | |||||||||
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We are pleased to announce our financial results for the first nine months of 2015. Net income was $6.0 million, or $1.33 per share, compared to $5.8 million, or $1.30 per share for the comparable period in 2014. Net interest income increased $299 thousand and noninterest income increased $606 thousand for the first nine months of 2015 compared to the same period in 2014. These positive variances were partially offset by an increase in the provision for loan losses of $100 thousand, an increase in noninterest expenses of $603 thousand, and the provision for income taxes of $60 thousand. The change in noninterest expenses was primarily due to increases of $386 thousand in salaries and wages, $180 thousand, in pension and employee benefits, $80 thousand in occupancy expenses, and $113 thousand in equipment expenses. Earnings for the quarter ended September 30, 2015 were $2.05 million, or $0.45 per share, compared to $2.13 million, or $0.47 per share, for the quarter ended September 30, 2014. An increase in net interest income of $182 thousand, or 3.2%, as of September 30, 2015 compared to September 30, 2014 was more than offset by a reduction in noninterest income of $176 thousand, or 6.5% and an increase in noninterest expenses of $122 thousand for the same period. Total assets grew to $620.3 million compared to the prior year of $602.7 million. Growth in total loans contributed to the asset growth. Total loans increased 3.8% to $505.6 million as of September 30, 2015 from $487.4 million as of September 30, 2014. Growth has been concentrated in the residential, commercial and commercial real estate portfolios during the first nine months of 2015. Total deposits reached $543.9 million compared to the prior year of $531.0 million, or growth of $12.8 million or 2.4%. The Company had total capital of $53.8 million with a book value per share of $12.07 as of September 30, 2015 compared to $52.7 million and $11.81 per share at September 30, 2014. | At this writing foliage season is waning and the leaves that block my view of the mountains from my office have receded allowing a view of the snow covered Green Mountain Range. We just finished one of the finest foliage seasons in memory, both visually and financially for our region. Like the last two maple sugaring seasons, this year’s foliage season came late and had locals and visitors alike wondering if we would have a foliage season at all. Very much like the local sentiment before last spring’s maple sap runs. Many speculate why the season was so beautiful, but few disagree that we enjoyed one of the best foliage seasons ever. Our many visitors, especially later visitors, enjoyed spectacular views and weather this fall. Our travel and tourism related businesses throughout Vermont and New Hampshire enjoyed excellent results, which is very good for our local economy. Enclosed please find your check or advice of deposit of the quarterly dividend of $.27 per share declared on October 21. 2015, payable on November 9, 2015 to shareholders of record October 31, 2015. As a reminder, we would be pleased to help you set up automatic deposit of your dividend either to a Union Bank account or a financial institution of your choice. Please contact Assistant Secretary Kristy Adams Alfieri for assistance at 802-888-0982. Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail and municipal banking services and asset management services throughout northern Vermont and New Hampshire. Union Bank operates 17 banking offices, two loan centers, and multiple ATMs throughout its geographical footprint. | ||||||||
 | 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: |  | |||||||
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 PO Box 667 Morrisville, VT 05661-0667 Investor Relations: UBLOCAL.COM | |||||||||
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Kenneth D. Gibbons Chairman | 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 17 banking offices and two loan centers and several ATMS throughout its geographical footprint. Union Bank is committed to the communities it serves, and encourages employee participation in community events and charitable services. Union Bank has consistently been recognized for our Community Reinvestment efforts and for our performance in residential lending to borrowers of all income levels. The US Small Business Administration has designated Union Bank as a Preferred Lender. | |||||||||
Consolidated Balance Sheets (unaudited, in thousands) | Consolidated Statements of Income (unaudited, in thousands) | Union Bankshares, Inc. | |||||||||||||||||||||||||||||
DIRECTORS | OFFICERS | ||||||||||||||||||||||||||||||
Kenneth D. Gibbons-Chairman | Kenneth D. Gibbons - Chairman | ||||||||||||||||||||||||||||||
Steven J. Bourgeois | David S. Silverman - President & CEO | ||||||||||||||||||||||||||||||
ASSETS | SEPT. 30, 2015 | SEPT. 30, 2014 | SEPT. 30, 2015 | SEPT. 30, 2014 | SEPT. 30, 2015 | SEPT. 30, 2014 | John M. Goodrich | Karyn J. Hale - Chief Financial Officer | |||||||||||||||||||||||
Timothy W. Sargent | John H. Steel - Secretary | ||||||||||||||||||||||||||||||
(3 months ended) | (9 months ended) | ||||||||||||||||||||||||||||||
David S. Silverman | Kristy Adams Alfieri - Assistant Secretary | ||||||||||||||||||||||||||||||
Cash and Due from Banks | $ | 4,498 | $ | 4,254 | Interest Income | $ | 6,373 | $ | 6,258 | $ | 18,766 | $ | 18,554 | ||||||||||||||||||
John H. Steel | Jeffrey G. Coslett - Vice President | ||||||||||||||||||||||||||||||
Federal Funds Sold & Overnight Deposits | 9,186 | 19,531 | Interest Expense | 461 | 528 | 1,547 | 1,634 | Schuyler W. Sweet | |||||||||||||||||||||||
Net Interest Income | 5,912 | 5,730 | 17,219 | 16,920 | Neil J. Van Dyke | ||||||||||||||||||||||||||
Interest Bearing Deposits in Banks | 12,753 | 12,112 | Provision for Loan Losses | 150 | 150 | 400 | 300 | REGIONAL ADVISORY BOARD MEMBERS | |||||||||||||||||||||||
Union Bank | |||||||||||||||||||||||||||||||
Investment Securities | 56,181 | 53,420 | Net Interest Income After Provision for Loan Losses | 5,762 | 5,580 | 16,819 | 16,620 | ||||||||||||||||||||||||
Loans Held for Sale | 7,256 | 6,065 | DIRECTORS | ||||||||||||||||||||||||||||
Trust Income | 171 | 183 | 538 | 549 | Kenneth D. Gibbons-Chairman | Michael R. Barrett - St. Johnsbury | |||||||||||||||||||||||||
Loans, net | 498,390 | 481,301 | Noninterest Income | 2,362 | 2,526 | 6,856 | 6,239 | Steven J. Bourgeois | Joel S. Bourassa - Northern NH | ||||||||||||||||||||||
Dawn D. Bugbee | Steven J. Bourgeois - St. Albans | ||||||||||||||||||||||||||||||
Reserve for Loan Losses | (5,044 | ) | (4,758 | ) | Noninterest Expenses: | John M. Goodrich | Stanley T. Fillion - Northern NH | ||||||||||||||||||||||||
Salaries & Wages | 2,426 | 2,253 | 7,080 | 6,694 | Timothy W. Sargent | Rosemary H. Gingue - St. Johnsbury | |||||||||||||||||||||||||
Premises and Equipment, net | 12,860 | 11,154 | David S. Silverman | John M. Goodrich - St. Johnsbury | |||||||||||||||||||||||||||
Pension & Employee Benefits | 739 | 692 | 2,242 | 2,062 | John H. Steel | Christopher M. Knapp - Northern NH | |||||||||||||||||||||||||
Other Real Estate Owned, net | 59 | 320 | Schuyler W. Sweet | Coleen K. Kohaut - St. Albans | |||||||||||||||||||||||||||
Occupancy Expense, net | 293 | 272 | 986 | 906 | Neil J. Van Dyke | Justin P. Lavely - St. Johnsbury | |||||||||||||||||||||||||
Accrued Interest & Other Assets | 24,127 | 19,267 | Daniel J. Luneau - St. Albans | ||||||||||||||||||||||||||||
Equipment Expense | 479 | 436 | 1,346 | 1,233 | Mary K. Parent - St. Johnsbury | ||||||||||||||||||||||||||
Total Assets | $ | 620,266 | $ | 602,666 | Samuel H. Ruggiano - St. Albans | ||||||||||||||||||||||||||
Other Expenses | 1,737 | 1,899 | 4,966 | 5,122 | David S. Silverman - All | ||||||||||||||||||||||||||
Schuyler W. Sweet - Northern NH | |||||||||||||||||||||||||||||||
Total | 5,674 | 5,552 | 16,620 | 16,017 | |||||||||||||||||||||||||||
LIABILITIES & SHAREHOLDERS' EQUITY | SEPT. 30, 2015 | SEPT. 30, 2014 | |||||||||||||||||||||||||||||
Income Before Taxes | 2,621 | 2,737 | 7,593 | 7,391 | |||||||||||||||||||||||||||
Income Tax Expense | 571 | 611 | 1,642 | 1,582 | Union Bank Offices (ATMs at all Branch Locations) | ||||||||||||||||||||||||||
Noninterest Bearing Deposits | $ | 103,614 | $ | 94,604 | |||||||||||||||||||||||||||
Net income | $ | 2,050 | $ | 2,126 | $ | 5,951 | $ | 5,809 | |||||||||||||||||||||||
Interest Bearing Deposits | 308,946 | 297,444 | VERMONT | ||||||||||||||||||||||||||||
Earnings per share | $ | 0.45 | $ | 0.47 | $ | 1.33 | $ | 1.30 | Danville | 421 Route 2 East | 802-684-2211 | ||||||||||||||||||||
Time Deposits | 131,325 | 138,990 | Fairfax | Jct. Routes 104 & 128 | 802-849-2600 | ||||||||||||||||||||||||||
Book Value Per Share | $ | 12.07 | $ | 11.81 | Hardwick | 103 VT Route 15 West | 802-472-8100 | ||||||||||||||||||||||||
Borrowed Funds | 17,421 | 14,940 | Jeffersonville | 44 Main Street | 802-644-6600 | ||||||||||||||||||||||||||
Johnson | 198 Lower Main Street | 802-635-6600 | |||||||||||||||||||||||||||||
Accrued Interest & Other Liabilities | 5,142 | 4,016 | Lyndonville | 183 Depot Street | 802-626-3100 | ||||||||||||||||||||||||||
Morrisville | 20 Lower Main Street | 802-888-6600 | |||||||||||||||||||||||||||||
Common Stock | 9,864 | 9,859 | 65 Northgate Plaza | 802-888-6860 | |||||||||||||||||||||||||||
Newport | Loan Center | ||||||||||||||||||||||||||||||
Additional Paid in Capital | 495 | 414 | 325 East Main Street | 802-334-0750 | |||||||||||||||||||||||||||
St. Albans | 15 Mapleville Depot | 802-524-9000 | |||||||||||||||||||||||||||||
Retained Earnings | 48,801 | 45,735 | St. Johnsbury | 364 Railroad Street | 802-748-3131 | ||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | (1,326 | ) | 589 | 325 Portland Street | 802-748-3121 | ||||||||||||||||||||||||||
S. Burlington | Loan Center | ||||||||||||||||||||||||||||||
 | 30 Kimball Avenue | 802-865-1000 | |||||||||||||||||||||||||||||
Treasury Stock at Cost | (4,016 | ) | (3,925 | ) | Stowe | 47 Park Street | 802-253-6600 | ||||||||||||||||||||||||
NEW HAMPSHIRE | |||||||||||||||||||||||||||||||
Total Liabilities & Shareholders' Equity | $ | 620,266 | $ | 602,666 | Groveton | 3 State Street | 603-636-1611 | ||||||||||||||||||||||||
Standby letters of credit were $1,514,000 and $2,033,000 at September 30, 2015 and 2014, respectively. | Littleton | 263 Dells Road | 603-444-7136 | ||||||||||||||||||||||||||||
76 Main Street | 603-444-5321 | ||||||||||||||||||||||||||||||
 | Lincoln | 135 Main Street | 603-745-4000 | ||||||||||||||||||||||||||||
N. Woodstock | 155 Main Street | 603-745-2488 | |||||||||||||||||||||||||||||