-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EB5gc5Jl/DnR4f34eUgVHyv1y7gdQnbu2CVnonymTgHcnu0FI/a1FvvTN2LWAyj3 BFu3EFN3mVoQI+ECooQeJw== 0000910647-04-000139.txt : 20040319 0000910647-04-000139.hdr.sgml : 20040319 20040319170844 ACCESSION NUMBER: 0000910647-04-000139 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031231 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040319 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNION BANKSHARES INC CENTRAL INDEX KEY: 0000706863 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 030283552 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15985 FILM NUMBER: 04680626 BUSINESS ADDRESS: STREET 1: 20 MAIN STREET STREET 2: P O BOX 667 CITY: MORRISVILLE STATE: VT ZIP: 05661-0667 BUSINESS PHONE: 8028886600 MAIL ADDRESS: STREET 1: 20 MAIN STREET STREET 2: P O BOX 667 CITY: MORRISVILLE STATE: VT ZIP: 05661-0667 8-K 1 uni-8k3.txt BODY OF FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 31, 2003 (Exact name of registrant as specified in its charter) UNION BANKSHARES, INC. (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification Number) Vermont 000-28449 03-0283552 (Address of principal executive offices) 20 Main St., P.O. Box 667 (Zip Code) Morrisville, VT 05661-0667 Registrant's telephone number, including area code: (802) 888-6600 (Former name or former address, if changed since last report) Not applicable Item 5: Other Events and Regulation FD Disclosure On March 17, 2004, the Board of Directors of Union Bankshares, Inc. voted to terminate the October, 2001 stock buyback program, effective immediately, but without prejudice to the Board's authority, in its discretion, to adopt a new stock buyback program hereafter. The buyback program provided authority for the Company to repurchase up to 100,000 shares of the Company's common stock. Prior to termination of the plan, 6,672 shares had been repurchased pursuant to that authority. Item 7: Financial Statements and Exhibits The following Exhibit, referred to in Item 12 of the Report is furnished, not filed; herewith: c) Exhibits: 99.1 Union Bankshares, Inc. Company Overview for December 31, 2003 Item 12: Disclosure of Operations and Financial Condition As provided in General Instruction B.6 to Form 8-K, the information furnished in this Item 12 and in Exhibit 99.1 hereto shall not be deemed filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly provided by specific reference in such filing. On March 17, 2004, Union Bankshares, Inc. prepared a Company Overview containing previously reported or publicly available information, as of December 31, 2003 to be distributed to brokers, potential or current shareholders, or other interested parties, a copy of which is furnished with this Form 8-K as Exhibit 99.1. 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 hereunto duly authorized. Union Bankshares, Inc. March 18, 2004 /s/ Marsha A. Mongeon --------------------- Marsha A. Mongeon, Chief Financial Officer March 18, 2004 /s/ Kenneth D. Gibbons ---------------------- Kenneth D. Gibbons, President/Chief Executive Officer - --------------------------------------------------------------------------- EXHIBIT INDEX 99.1 Union Bankshares, Inc. Company Overview as of December 31, 2003. EX-99 3 uni-k399.txt COMPANY OVERVIEW Exhibit 99.1 Union Bankshares Inc. December 31, 2003 Company Overview Amex: UNB Company Profile Union Bankshares, Inc (UNB) is the corporate parent of Union Bank, which operates 12 branches and 28 ATMs throughout Northern Vermont and a loan production office in Littleton, New Hampshire. As the market leader in Lamoille County, Vermont, the Company derives its income principally from interest on loans and earnings on other investments. Business Strategy Union Bankshares promotes personal service and expertise within the communities it serves, and focuses on small to middle market business and residential customers. To leverage its local expertise, Union Bankshares continues to enhance its niche capabilities and focuses on expanding to additional rural communities in Vermont. Community Citizen Union Bankshares is committed to the communities it serves, and encourages employee participation in community events and charitable services. Stock Information Symbol: UNB Stock Exchange: American Stock Exchange UNB Closing Price on 12/31/03: $26.45 Shares Issued and Outstanding on 12/31/03: 4,550,313 Market Capitalization at 12/31/03: $120,355,779 Financial Highlights (Dollars in thousands, except per share data.) 12/31/2003 12/31/2002 % Change Total Assets $ 356,650 $ 343,492 4% Total Deposits 305,379 293,004 4% Net Loans 271,561 255,907 6% Stockholders' Equity 40,987 39,169 5% Net Income 5,387 5,180 4% Earnings Per Share* 1.18 1.14 4% Cash Dividend Per Share* 0.82 0.76 8% Book Value Per Share* 9.01 8.62 5% Assets Net Income 1999 295,476 4,075 2000 303,394 4,799 2001 337,475 4,832 2002 343,492 5,180 2003 356,654 5,387 Stock Performance
Period Ending Index 07/13/00 12/31/00 12/31/01 12/31/02 12/31/03 Union Bankshares, Inc. 100.00 112.98 161.39 180.52 300.89 NASDAQ - Total US 100.00 58.56 46.45 32.11 48.37 SNL $250M-$500M Bank Index 100.00 104.43 148.37 191.32 276.43
Cash Dividends Paid Per Share* 2000 $0.65 2001 $0.71 2002 $0.76 2003 $0.82 Dividend Yield (Annualized based on period-end prices) 2000 5.68% 2001 4.56% 2002 4.61% 2003 3.10% Total Return (Price return plus dividend income as of December 31, 2003) 1 Year 2003 65.37% Stock Price Per Share* High Low Close Dividend ---- --- ----- -------- 1st Qtr 2003 $20.00 $16.67 $18.00 $0.20 2nd Qtr 2003 $20.93 $18.00 $20.37 $0.20 3rd Qtr 2003 $29.85 $19.63 $29.85 $0.20 4th Qtr 2003 $29.90 $24.60 $26.45 $0.22 * Adjusted for 3 for 2 stock split on August 8, 2003. Investment Attributes * Our asset base of $357 million provides us with the financial strength to successfully serve our marketplace * In August of this year, we completed our fifth stock-split * Record earnings in 2003 * Strong dividend history and return * In-house underwriting of loan portfolio * Serving a solid customer base with planned expansion * Ten directors and officers beneficially own approximately 30% of the shares outstanding * Named to 150 Best-Performing Publicly Traded Banking Companies in 2000 by American Banker * Union Bank has been a U.S. SBA Preferred Lender since 1987 and actively participates with Federal, State, and local lending partners to ensure that the needs of small businesses are met in its market area. For More Company Information Please visit Union Bank's website at www.unionbankvt.com For Further Information contact: Kenneth D. Gibbons President Union Bankshares, Inc. P.O. Box 667 Morrisville, VT 05661-0667 Phone: (802) 888-6600 E-mail: ubexec@unionbank.vt.com -----END PRIVACY-ENHANCED MESSAGE-----