10-Q/A 1 union-qa.txt AMENDMENT NO. 1 TO FORM 10-Q FOR JUNE 30, 2000 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q/A (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ending: June 30, 2000 Commission file number: 000-28449 UNION BANKSHARES, INC. VERMONT 03-0283552 P.O. BOX 667 MAIN STREET MORRISVILLE, VT 05661 Registrant's telephone number: 802-888-6600 Former name, former address and former fiscal year, if changed since last report: Not applicable Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes____X_____ No___________ Indicate the number of shares outstanding of each of the issuer's classes of common stock as of June 30, 2000: Common Stock, $2 par value 3,029,529 shares Union Bankshares, Inc. and Subsidiaries Consolidated Statement of Cash Flows (UNAUDITED)
Year to Date ---------------------- June 30 June 30 (Dollars in Thousands) 2000 1999 -------- -------- Cash Flows From Operating Activities Net Income $ 2,246 $ 2,016 Adjustments to reconcile net income to net cash provided by operating activities Depreciation 428 426 Provision for loan losses 125 188 Credit for deferred income taxes (25) (18) Amortization, net Securities 30 2 Amortization, net Limited Partnerships 17 0 Write-downs of Other Real Estate Owned 8 4 Increase (decrease) in unamortized loan fees (6) 25 (Increase) decrease in loans held for sale 577 (4,108) (Increase) decrease in accrued interest receivable (23) 111 Decrease in other assets 201 56 (Increase) decrease in income taxes receivable (128) 133 Decrease in accrued interest payable (80) (196) Increase in other liabilities 394 130 Gain on securities sold (34) (3) Gain on sale of loans (9) (45) (Gain) loss on sale of OREO (2) 10 ---------------------- Net cash provided by operating activities 3,719 (1,269) Cash Flows From Investing Activities Interest bearing deposits Maturities and redemptions 694 689 Purchases (690) (1,169) Securities available for sale Maturities and redemptions 8,399 13,728 Purchases (3,170) (13,164) Purchase of Federal Home Loan Bank Stock (78) (35) (Increase) decrease in loans, net (3,527) 6,065 Recoveries of loans charged off 79 40 Purchases of premises and equipment, net (348) (124) Proceeds from sale of OREO 0 130 Investment in Ltd Partnerships (54) (373) Proceeds from sale of repossessed property 11 56 ---------------------- Net cash used in investing activities 1,316 5,843 Cash Flows From Financing Activities Borrowings, net of repayments 7,174 275 Proceeds from exercise of stock options 0 37 Net increase (decrease) in demand, NOW, savings, and money market accounts (9,555) 2,736 Net increase (decrease) in time deposits 494 (4,576) Dividends paid (1,454) (1,238) ---------------------- Net cash provided by financing activities (3,341) (2,766) Increase in cash and cash equivalents 1,694 1,808 Cash and cash equivalents Beginning 15,101 19,196 Ending 16,795 21,004 Supplemental Disclosure of Cash Flow Information: Interest Paid $ 4,725 $ 4,683 ====================== Income Taxes Paid $ 930 $ 745 ======================
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. Union Bankshares, Inc. August 21, 2000 /s/ Kenneth D. Gibbons ------------------------------------ Kenneth D. Gibbons Director and Chief Executive Officer August 21, 2000 /s/ Marsha A. Mongeon ------------------------------------ Marsha A. Mongeon Chief Financial Officer and Treasurer