-----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, H1ihKBiwmkZmXXuueth88BNPKSgF8mFkK2XgOfDJ6D1HXQ8uX0sR/m3tcEjPxibv L1gOsJB4ct18R4B9GZ6/dw== 0000910647-05-000216.txt : 20050728 0000910647-05-000216.hdr.sgml : 20050728 20050728153440 ACCESSION NUMBER: 0000910647-05-000216 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050727 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050728 DATE AS OF CHANGE: 20050728 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: 05981001 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-8k7.txt FORM 8-K FOR JULY 27, 2005 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): July 27, 2005 (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 001-15985 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 Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02: Results of Operations and Financial Condition As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 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 July 27, 2005, Union Bankshares, Inc. mailed its Second Quarter unaudited report to shareholders, a copy of which is furnished with this Form 8-K as Exhibit 99.1, presenting information concerning our results of operations and financial condition for our year to date and second quarter ended, June 30, 2005 and the declaration of a regular quarterly dividend. Item 9.01: Financial Statements and Exhibits The following Exhibit, referred to in Item 2.02 of the Report is furnished, not filed; herewith: c) Exhibit: 99.1 Union Bankshares, Inc. Second Quarter Report to shareholders mailed July 27, 2005 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. July 27, 2005 /s/ Marsha A. Mongeon ______________________________ Marsha A. Mongeon, Chief Financial Officer - --------------------------------------------------------------------------- EXHIBIT INDEX 99.1 Union Bankshares, Inc., Second Quarter Report to shareholders mailed July 27, 2005. EX-99 2 uni7k99.txt EXHIBIT 99.1 Exhibit 99.1 2nd Quarter Report UB June 30, 2005 Union Bankshares, Inc. Amex: UNB 2nd Quarter Report Union Bankshares, Inc. CONSOLIDATED BALANCE SHEETS (unaudited) ASSETS June 30, 2005 June 30, 2004 Cash and Due from Banks $ 15,995,180 $ 14,850,532 Federal Funds Sold & Overnight Deposits 3,947,810 234,103 Interest Bearing Deposits in Banks 6,214,790 6,513,515 Securities Available for Sale 31,712,226 46,251,951 Loans Held for Sale 6,457,272 12,521,306 Loans, net 285,725,587 253,578,348 Reserve for Loan Losses (3,021,965) (3,022,747) Premises and Equipment, net 5,378,976 4,929,020 Other Real Estate Owned 279,399 210,131 Accrued Interest & Other Assets 8,630,052 8,017,830 ------------ ------------ Total Assets $361,319,327 $344,083,989 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Non-interest Bearing Deposits $ 45,943,292 $ 47,851,795 Interest Bearing Deposits 256,738,779 239,139,243 Borrowed Funds 13,802,543 13,035,780 Accrued Interest & Other Liabilities 3,780,412 3,071,790 Common Stock 9,831,222 9,823,722 Paid in Capital 106,988 62,236 Retained Earnings 32,629,169 32,647,585 Accumulated Other Comprehensive Income 208,853 173,769 Treasury Stock at Cost (1,721,931) (1,721,931) ------------ ------------ Total Liabilities and Stockholders' Equity $361,319,327 $344,083,989 ============ ============ Standby Letters of Credit were $911,360 and $1,138,548 at June 30, 2005 and 2004, respectively. CONSOLIDATED STATEMENTS OF INCOME (unaudited)
6/30/2005 6/30/2004 6/30/2005 6/30/2004 (3 months ended) (6 months ended) Interest Income $5,355,693 $4,901,931 $10,487,579 $9,769,025 Interest Expense 1,021,907 816,339 1,880,905 1,660,640 ---------- ---------- ----------- ---------- Net Interest Income 4,333,786 4,085,592 8,606,674 8,108,385 Provision for Loan Losses 0 0 0 0 ---------- ---------- ----------- ---------- Net Interest Income after Provision for Loan Losses 4,333,786 4,085,592 8,606,674 8,108,385 Trust Income 63,994 46,948 129,123 91,417 Noninterest Income 845,664 822,451 1,664,228 1,740,367 Noninterest Expenses: Salaries & Wages 1,408,164 1,311,223 2,784,904 2,720,716 Pension & Employee Benefits 519,774 528,941 1,034,789 1,125,875 Occupancy expense, net 198,921 189,117 402,525 381,481 Equipment expense 243,593 221,056 511,851 441,262 Other expenses 907,977 898,235 1,723,878 1,655,667 ---------- ---------- ----------- ---------- Total 3,278,429 3,148,572 6,457,947 6,325,001 ---------- ---------- ----------- ---------- Income before Taxes 1,965,015 1,806,419 3,942,078 3,615,168 Income Tax Expense 532,039 501,197 1,114,265 1,036,192 ---------- ---------- ----------- ---------- Net Income 1,432,976 1,305,222 2,827,813 2,578,976 ========== ========== =========== ========== Earnings per Share $0.31 $0.29 $0.62 $0.57 Book value per Share $9.01 $9.00
Directors UNION BANKSHARES, INC. & UNION BANK Richard C. Sargent, Chairman Franklin G. Hovey II Cynthia D. Borck Richard C. Marron Steven J. Bourgeois Robert P. Rollins Kenneth D. Gibbons John H. Steel Officers UNION BANKSHARES, INC. Richard C. Sargent Chairman Cynthia D. Borck Vice President Kenneth D. Gibbons President & CEO Marsha A. Mongeon Vice President/Treasurer Robert P. Rollins Secretary JoAnn A. Tallman Assistant Secretary ST. JOHNSBURY ADVISORY BOARD Cynthia D. Borck Kirk Dwyer J.R. Alexis Clouatre Kenneth D. Gibbons William T. Costa, Jr. Franklin G. Hovey II Dwight A. Davis LITTLETON ADVISORY BOARD Judy Aydelott Schuyler Sweet Andy Smith Norrine Williams Officers UNION BANK Wanda L. Allaire Assistant Vice President Morrisville Rhonda L. Bennett Vice President Morrisville John T. Booth, Jr. Finance Officer Morrisville Cynthia D. Borck Executive Vice President Morrisville Stacey L.B. Chase Assistant Treasurer Morrisville Alice H. Claflin Trust Officer St. Johnsbury Jeffrey G. Coslett Vice President Morrisville Michael C. Curtis Vice President St. Albans Peter J. Eley Senior Vice President Morrisville Fern C. Farmer Assistant Vice President Morrisville Patsy S. French Assistant Vice President Jeffersonville Kenneth D. Gibbons President & CEO Morrisville Melissa A. Greene Assistant Treasurer Hardwick Claire A. Hindes Assistant Vice President Morrisville Patricia N. Hogan Vice President Morrisville Tracey D. Holbrook Vice President St. Johnsbury Lynne P. Jewett Assistant Treasurer Morrisville Peter R. Jones Vice President Morrisville Stephen H. Kendall Vice President Fairfax Susan O. Laferriere Vice President St. Johnsbury Margaret S. Lambert Assistant Vice President Morrisville Dennis J. Lamothe Vice President St. Johnsbury Susan F. Lassiter Assistant Vice President Jeffersonville Phillip L. Martin Vice President Stowe Marsha A. Mongeon Senior Vice President-Treasurer Morrisville Mildred R. Nelson Assistant Vice President Littleton Barbara A. Olden Assistant Vice President St. Johnsbury Ctr. Deborah J. Partlow Trust Officer Morrisville Bradley S. Prior Assistant Treasurer Morrisville Colleen D. Putvain Assistant Treasurer Morrisville Robert P. Rollins Secretary Morrisville Ruth P. Schwartz Vice President Morrisville Robyn A. Sheltra Assistant Treasurer Stowe David S. Silverman Senior Vice President Morrisville Sara J. Small Assistant Treasurer Morrisville Karen C. Sylvester Assistant Treasurer Lyndonville JoAnn A. Tallman Assistant Secretary Morrisville Alycia R. Vosinek Commercial Loan Officer Littleton Jonah I. Wein Marketing Officer Morrisville Francis E. Welch Assistant Vice President Morrisville For more Company information, please visit Union Bank on the Internet at www.unionbankvt.com. Union Bankshares, Inc. Dear Shareholder: July 28, 2005 We are pleased to report solid growth in earnings, assets, loans, and deposits for the first six months of 2005 compared to the same period in 2004. Thus far, 2005 has tracked quite well to budget, with our strongest growth period typically occurring in the second half of the year. While short term interest rates have continued to rise, longer term rates have remained relatively unchanged. This will bear watching in the months to come to see which will change course. The increase in loans outstanding of almost 10%, coupled with four 25 basis point increases in the prime lending rate during the first six months contributed to a $498,000 improvement in net interest income. Loan demand, while down slightly in residential construction loans, has been particularly strong for commercial real estate and loans to municipalities. At the annual meeting held on May 18th your Board of Directors was re- elected with the exception of William Costa, who reached mandatory Board retirement age, and the addition of Steven J. Bourgeois, who became a new member of the Board. A list of directors and officers of the Company and its subsidiary, Union Bank, appears elsewhere in this report. Regulatory approvals have been received from the FDIC, State of Vermont, and State of New Hampshire to establish a full-service branch in Littleton, NH. Building plans have been put out for bid with a tentative ground breaking scheduled for August. If all goes well, a late fall occupancy is expected. The loan production office established there 4 years ago has continued to provide good loan growth, prompting us to take the next step of establishing a full-service branch office in order to gather deposits in this region to support continued loan growth. On the technology front, we continue to see increased use of our "electronic banking" services. We find it quite interesting that our 11,000+ active ATM/debit cards recorded almost 800,000 transactions in the past six months. Express Telebanking handled almost 120,000 calls, and Net Teller, our on-line home banking product, has over 2,600 active customers enrolled. As you can see, both electronic and traditional banking services are alive and well at your Company. Enclosed is your dividend check or advice of deposit, representing a dividend of $.24 to shareholders of record on July 25, 2005. If you would like to have your dividends deposited directly into an account with us, or another financial institution, and have not already signed up, please contact JoAnn Tallman at (802) 888-6600 to receive an authorization form. Sincerely, /s/ Richard C. Sargent /s/ Kenneth D. Gibbons Richard C. Sargent Kenneth D. Gibbons Chairman President & CEO Union Bankshares, Inc. Shareholder Assistance and Investor Information If you need assistance with a change in registration of certificates, 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 us at the address and phone number listed below: Corporate Name: Union Bankshares, Inc. Transfer Agent: Union Bank P.O. Box 667 Morrisville, VT 05661-0667 Phone: 802.888.6600 Fax: 802.888.4921 E-mail: ubexec@unionbankvt.com American Stock Exchange Ticker Symbol: UNB Union Bank Offices Fairfax Littleton, NH St. Albans Jct. Rtes. 104 & 128* Loan Center Loan Center 802.849.2600 241 Main St. 120 North Main St. 603.444.7136 802.524.9000 Hardwick 103 VT Route 15* Lyndonville St. Johnsbury 802.472.8100 183 Depot St.* 364 Railroad St.* 802.626.3100 802.748.3131 Hyde Park 250 Main St. Morrisville 325 Portland St.* 802.888.6880 20 Lower Main St.* 802.748.3121 802.888.6600 St. Johnsbury Ctr. Jeffersonville 65 Northgate Plaza* Green Mtn. Mall* 44 Main St.* Route 100 1998 Memorial Dr. 802.644.6600 802.888.6860 802.748.2454 Johnson Stowe 198 Lower Main St.* 47 Park St.* 802.635.6600 802.253.6600* ATMs at these branches -----END PRIVACY-ENHANCED MESSAGE-----