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| 8-K - BODY OF FORM 8-K - UNION BANKSHARES INC | unb-20210805.htm |
Exhibit 99.1
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| August 5, 2021 | ||||||||||||||||||||||||||
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| We are pleased to announce our financial results for the three and six months ended June 30, 2021. Consolidated net income for the three months ended June 30, 2021 was $3.0 million, or $0.67 per share, compared to $2.7 million, or $0.60 per share, for the same period in 2020, representing a 12.1% improvement quarter over quarter. Consolidated net income year to date was $5.9 million, or $1.31 per share, for the period ended June 30, 2021, compared to $4.9 million, or $1.09 per share, for the same period in 2020, representing a 20.4% improvement compared to 2020 thus far. Increases in deposits contributed to total assets reaching $1.07 billion as of June 30, 2021 from $917.1 million as of June 30, 2020. Total loans were $783.0 million as of June 30, 2021 compared to $735.4 million as of June 30, 2020, an increase of $47.7 million primarily due to growth in the residential and commercial real estate portfolios. Total deposits increased $148.2 million, or 18.1%, since June 30, 2020 due to the general increase of money supply provided to our customers through various stimulus packages. The Company had total equity capital of $82.4 million with a book value per share of $18.37 as of June 30, 2021 compared to $75.8 million and $16.93 per share as of June 30, 2020. The company’s subsidiary, Union Bank, continued its participation in the Paycheck Protection Program (“PPP”) initiated by the Small Business Administration (“SBA”) to help businesses and non-profits survive the financial impacts of the global pandemic and originated $31.8 million in PPP loans in 2021. This was in addition to the $70.3 million in PPP loans originated in 2020, for a total of $102.1 million in origination under the PPP. As of June 30, 2021, $44.8 million in PPP loans have been forgiven by the SBA, representing complete forgiveness of all forgiveness applications processed to date. The SBA PPP program along with other federal and state programs designed to | buffer consumers, businesses and non-profits have been vital in restoring the economy in the markets we serve. The massive influx of cash pumped into the national economy to counter act the negative impacts caused by the closure of large segments of our economy due to the pandemic is creating lingering economic distortions. Those in a borrowing mode in their life cycle are winners, while savers and depositors are losers due to artificially low interest rates. Demand for homes has surged as a result of low interest rates, the general safety and desirability of our region, and the ability for many to work remotely. In some cases, this is having the unintended consequence of pricing many locals out of the market. Pent up demand for leisure travel and dining out is supporting our travel and tourism sectors, a vital component of the region we serve, however these same businesses are facing major staffing challenges, as workforce participation has not yet returned to normal. We are relieved to be where we are today from an economic perspective. In April we purchased a former bank branch located in Shelburne, Vermont. We plan to open this facility in October, 2021. This investment is intended to complement our entrance into Chittenden County with the opening of our Williston and Jericho branches in 2019. The Board of Directors declared a cash dividend of $0.33 per share for the quarter payable August 5, 2021 to shareholders of record as of July 31, 2021. | |||||||||||||||||||||||||
 | 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 P.O. Box 667 Morrisville, VT 05661-0667 Investor Relations: UBLocal.com | ||||||||||||||||||||||||||
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Neil J. Van Dyke Chair | 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 18 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 130 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. Union Bank has received an "Outstanding" rating for its compliance with the Community Reinvestment Act (CRA). An institution in this group has an excellent record of helping to meet the credit needs of its assessment area, particularly in low-and moderate income neighborhoods, in a manner consistent with its resources and capabilities. | ||||||||||||||||||||||||||
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 | JUNE 30, 2021 | JUNE 30, 2020 | JUNE 30, 2021 | JUNE 30, 2020 | JUNE 30, 2021 | JUNE 30, 2020 | Timothy W. Sargent-Vice Chair | David S. Silverman - President & CEO | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Joel S. Bourassa | Jeffrey G. Coslett- Vice President | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (3 months ended) | (6 months ended) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dawn D. Bugbee | Karyn J. Hale - Chief Financial Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Due from Banks | $ | 4,952 | $ | 6,049 | Interest Income | $ | 9,898 | $ | 9,139 | $ | 19,398 | $ | 18,102 | ||||||||||||||||||||||||||||||||||||||||||||||
| John M. Goodrich | John H. Steel - Secretary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nancy C. Putnam | Kristy Adams Alfieri - Assistant Secretary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Federal Funds Sold & Overnight Deposits | 56,279 | 30,579 | Interest Expense | 979 | 1,361 | 2,080 | 2,818 | Gregory D. Sargent | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Interest Income | 8,919 | 7,778 | 17,318 | 15,284 | David S. Silverman | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits in Banks | 12,948 | 9,802 | John H. Steel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for Loan Losses | 75 | 500 | 225 | 800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | 159,275 | 86,221 | Net Interest Income After Provision for Loan Losses | 8,844 | 7,278 | 17,093 | 14,484 | Union Bank | REGIONAL ADVISORY BOARD MEMBERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Sale | 42,149 | 43,550 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trust Income | 198 | 178 | 383 | 351 | DIRECTORS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans, net | 740,896 | 691,837 | Noninterest Income | 2,941 | 2,810 | 5,377 | 5,155 | Neil J. Van Dyke -Chair | Michael R. Barrett - St. Johnsbury | ||||||||||||||||||||||||||||||||||||||||||||||||||
Timothy W. Sargent -Vice Chair | Steven J. Bourgeois - St. Albans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reserve for Loan Losses | (8,505) | (6,888) | Noninterest Expenses: | Joel S. Bourassa | Andrew A. Dean - Northern NH | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Salaries & Wages | 3,553 | 2,829 | 6,636 | 5,950 | Dawn D. Bugbee | Stanley T. Fillion - Northern NH | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Premises and Equipment, net | 21,637 | 20,379 | John M. Goodrich | Rosemary H. Gingue - St. Johnsbury | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | 1,203 | 1,231 | 2,372 | 2,213 | Nancy C. Putnam | John M. Goodrich - St. Johnsbury | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Interest & other Assets | 36,506 | 35,554 | Gregory D. Sargent | Christopher M. Knapp - Northern NH | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| David S. Silverman | Coleen K. Kohaut - St. Albans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 1,066,137 | $ | 917,083 | Occupancy Expense, net | 527 | 477 | 1,004 | 991 | Janet P. Spitler | Justin P. Lavely - St. Johnsbury | ||||||||||||||||||||||||||||||||||||||||||||||||
| John H. Steel | Daniel J. Luneau - St. Albans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equipment Expense | 872 | 756 | 1,670 | 1,496 | Mary K. Parent - St. Johnsbury | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Samuel H. Ruggiano - St. Albans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Christine A. Sheley - Northern NH | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Expenses | 2,234 | 1,818 | 4,160 | 3,633 | David S. Silverman - All | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Union Bank Offices (ATMs at all Branch Locations) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | JUNE 30, 2021 | JUNE 30, 2020 | Total | 8,389 | 7,111 | 15,842 | 14,283 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Before Taxes | 3,594 | 3,155 | 7,011 | 5,707 | VERMONT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest Bearing Deposits | $ | 243,573 | $ | 188,741 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Berlin | 1028 US Route 302 | 802.476.0061 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Bearing Deposits | 610,540 | 484,496 | Income Tax Expense | 603 | 487 | 1,144 | 843 | Fairfax | Jct. Routes 104 & 128 | 802.849.2600 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Hardwick | 103 VT Route 15 West | 802.472.8100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Time Deposits | 113,567 | 146,255 | Net income | $ | 2,991 | $ | 2,668 | $ | 5,867 | $ | 4,864 | Jeffersonville | 5062 VT Route 15 | 802.644.6600 | |||||||||||||||||||||||||||||||||||||||||||||
| Jericho | 368 VT Route 15 | 802.899.7500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowed Funds | 7,164 | 9,497 | Earnings per share | $ | 0.67 | $ | 0.60 | $ | 1.31 | $ | 1.09 | Johnson | 198 Lower Main Street | 802.635.6600 | |||||||||||||||||||||||||||||||||||||||||||||
| Lyndonville | 183 Depot Street | 802.626.3100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Interest & Other Liabilities | 8,926 | 12,327 | Book Value Per Share | $ | 18.37 | $ | 16.93 | Morrisville | 20 Lower Main Street | 802.888.6600 | |||||||||||||||||||||||||||||||||||||||||||||||||
| 65 Northgate Plaza | 802.888.6860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | 9,916 | 9,901 | St. Albans | 15 Mapleville Depot | 802.524.9000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| St. Johnsbury | Operations and Loan Center | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional Paid-in Capital | 1,609 | 1,306 | 364 Railroad Street | 802.748.3131 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | Branch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 74,006 | 66,020 | 325 Portland Street | 802.748.3121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income | 1,001 | 2,717 | Stowe | 47 Park Street | 802.253.6600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
 | Williston | Branch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 31 Market St | 802.878.7900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock at Cost | (4,165) | (4,177) | Loan Center | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 31 Market St | 802.865.1000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities & Shareholders' Equity | $ | 1,066,137 | $ | 917,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Standby letters of credit were $2,425,000 and $2,346,000 at June 30, 2021 and 2020, respectively. | NEW HAMPSHIRE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Groveton | 3 State Street | 603.636.1611 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 | Littleton | 263 Dells Road | 603.444.7136 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||