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