Union Bankshares Reports Record Earnings for the year ended December 31, 2020 and Declares Increase in Quarterly Dividend

About this update from Union Bankshares, Inc.

[{"type":"text","content":"MORRISVILLE, Vt., Jan. 20, 2021 (GLOBE NEWSWIRE) -- Union Bankshares, Inc. (NASDAQ - UNB) today announced results for the three months and year ended December 31, 2020. Net income was $3.8 million and $12.8 million for the three months and year ended December 31, 2020, resulting in earnings per share of $0.85 and $2.86 for the same periods, respectively. The Board of Directors also declared a cash dividend of $0.33 per share for the quarter, an increase of 3.1% from the cash dividend of $0.32 paid in recent prior quarters, payable February 5, 2021 to shareholders of record as of February 1, 2021. President and CEO David Silverman commented on the year end results, \"As we look back at 2020, we thank our employees who have persevered through difficult times, handled unprecedented volumes of work, and adapted to new ways of interacting and collaborating with each other and our customers. We are pleased with our financial performance for 2020. The effective operation of the core business lines that are fundamental to our success have provided another solid year of earnings and growth for our shareholders.\" Fourth Quarter Highlights Consolidated net income increased $1.0 million, or 37.5%, to $3.8 million for the fourth quarter of 2020 compared to the fourth quarter of 2019 due to increases in net interest income of $383 thousand and noninterest income of $2.0 million, partially offset by increases in the provision for loan losses of $175 thousand, noninterest expenses of $764 thousand, and income taxes of $369 thousand. Sales of qualifying residential loans to the secondary market for the fourth quarter of 2020 were $75.5 million resulting in gain on sales of $2.8 million, compared to sales of $56.6 million and gain on sales of $987 thousand for the fourth quarter of 2019. Year-to-Date Highlights Consolidated net income was $12.8 million, or $2.86 per share, compared to $10.6 million, or $2.38 per share, for the years ended December 31, 2020 and 2019, respectively. The increase in earnings from 2019 was due to increases of $1.3 million in net interest income and $5.5 million in noninterest income, partially offset by increases of $1.4 million in the provision for loan losses, $2.7 million in noninterest expenses, and $589 thousand in income tax expense. A provision for loan losses of $2.2 million has been recorded for the year end...

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