EX-99.1 2 ex99_1.txt ANNOUNCEMENT Exhibit 99.1 FOR IMMEDIATE RELEASE Union Bankshares Announces Second Quarter and Year To Date Earnings and Quarterly Dividend Payment Morrisville, VT July 13, 2007 - Union Bankshares, Inc. (AMEX - UNB) today announced net income for the quarter ended June 30, 2007 was $1.49 million or $.33 per share compared to $1.53 million or $.34 per share for the same period in 2006. Net Income year to date was $2.72 million or $0.60 per share for 2007 compared to $3.01 million or $0.66 per share for 2006. Growth in interest bearing deposits of approximately $12 million or 4.7% between years and the increase in interest rates paid on the majority of deposits has led to an increase in interest expense that has outpaced the increase in interest income. A decrease in the provision for possible loan losses and an increase in non-interest income totaling $495 thousand has more than offset the increase of $374 thousand in non-interest expenses. A quarterly cash dividend of $.28 per share was declared on July 13, 2007 to shareholders of record July 23, 2007, payable July 26, 2007. Union Bankshares, Inc., with headquarters in Morrisville, Vermont is the bank holding company parent of Union Bank, which offers deposit, loan, trust and commercial banking services throughout northern Vermont and New Hampshire. As of June 30, 2007, the Company had approximately $376 million in consolidated assets and operated 12 banking offices and 29 ATM facilities in Vermont, a branch and ATM in Littleton, New Hampshire, and a loan origination office in St. Albans, Vermont. Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words "believes," "expects," "anticipates" or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets' acceptance of and demand for the Company's products and services; technological changes, including the impact of the internet on the Company's business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company's reports filed with the Securities and Exchange Commission at www.sec.gov.