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Union Bankshares announces increase in third quarter earnings, dividend declared

first_imgSource: MORRISVILLE, Vt., Oct. 21, 2009 (GLOBE NEWSWIRE) — Union Bankshares, Inc (Nasdaq:UNB) today announced net income for the quarter ended September 30, 2009 of $1.44 million or $0.32 per share compared to $1.17 million or $0.26 per share for the same period in 2008. Net Income year to date was $3.95 million or $0.88 per share for 2009 compared to $3.76 million or $0.84 per share for 2008.Total Assets have grown $20.9 million, or 4.9%, to $443.9 million at September 30, 2009 from $423.1 million at September 30, 2008 while total deposits have grown $20.8 million, or 6.0%, to $369.4 million at September 30, 2009 from $348.6 million at September 30, 2008.Loan demand from new customers and refinancings continue to be strong with total loans growing to $351.9 million as of September 30, 2009 from $343.3 million, an increase of 2.4%, or $8.6 million, from the same time last year despite originating and selling $59.1 million residential mortgage loans to the secondary market over the last 12 months. The drop in the Prime Rate from the beginning of 2008 at 7.25% to 3.25% by the end of 2008, where it remains today, has driven the refinancing boom for residential and commercial mortgage customers. The impact of the prime rate drop on variable rate loans and new lower fixed rate loans have more than offset the increase in loan income due to volume growth with interest and fees on loans year to date at $16.3 million for 2009 versus $17.0 million for 2008. The growth in loans has been supported by deposit growth. Net interest income increased $157 thousand, or 3.6%, for the quarter over 2008 and $316 thousand, or 2.4%, year over year. The provision for possible loan losses increased $60 thousand from $185 thousand for 2008 to $245 thousand for 2009 mainly due to the growth in the loan portfolio as past due loans decreased from both September 30, 2008 and December 31, 2008.Expense related to FDIC insurance coverage was $566 thousand for 2009, of which $191 thousand was the special emergency assessment, compared to $37 thousand for 2008. The expense for the quarter ended September 30, 2009 was $101 thousand compared to $14 thousand for 2008 with the increase between years attributable to deposit growth as well as higher “regular” assessment rates.A quarterly cash dividend of $.25 per share was declared on October 21, 2009 to shareholders of record October 31, 2009, payable November 12, 2009.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 in northwestern New Hampshire. As of September 30, 2009, the Company operated 13 banking offices and 28 ATM facilities in Vermont as well as a banking office and ATM in Littleton, New Hampshire.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. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission at www.sec.gov(link is external).last_img read more

Resilient Tar Heels win

first_img Corey Brewer scored 18 points, Al Horford had 17 and the top-ranked Gators stretched their winning streak to 15 games, pulling away in the second half. Florida (22-2, 9-0 Southeastern Conference) also extended its best start ever in the league by sweeping the season series. No. 4 Wisconsin 71, at Penn State 58 Alando Tucker scored 24 points, Michael Flowers had 12 and the Badgers pulled away after halftime. The Nittany Lions (10-12, 1-8 Big Ten) hung close for much of the game thanks to an active zone and energetic forward Jamelle Cornley, who finished with 20 points. No. 7 Pittsburgh 60, at West Virginia 47 Sam Young scored a career-high 21 points as Pitt dealt the Mountaineers’ their first home loss of the season. The Panthers (21-3, 9-1 Big East) showed no signs of rust from a nine-day layoff and had no trouble scoring inside on the Mountaineers (18-5, 7-4), who were held to a season-low for points. At No. 9 Kansas 97, Kansas State 70 Brandon Rush scored 18 points to lead the Jayhawks in a rough and spirited renewal of a long rivalry that’s been re-energized with the arrival of Bob Huggins. At No. 11 Marquette 67, Rutgers 47 Ousmane Barro had 11 points and 11 rebounds to lead the 21-4, 8-2 Golden Eagles, who opened the Big East with losses to Providence and Syracuse but are unbeaten since, winning eight consecutive games. Jerel McNeal, Wesley Matthews, David Cubillan and Dan Fitzgerald each scored 10 points as Marquette had little trouble in a tuneup before a key game Saturday against No. 22 Georgetown. At Oklahoma 67, No. 17 Oklahoma State 60 Nate Carter scored six of his 18 points in the final minutes to help stave off a late rally. JamesOn Curry, Mario Boggan and David Monds had baskets to cut the lead to three. Terrel Harris then stole the ball from Michael Neal and was fouled but missed both of his free throws with a chance to get the Cowboys within one with 2:47 remaining. That’s where the rally ended. At No. 18 Alabama 80, Mississippi State 79 Ronald Steele drove the length of the court for a layup with 6.7 seconds left for the winining basket. Ben Hansbrough hit the second of two free throws with 14 seconds to play to give the Bulldogs a 79-78 lead. Steele took the inbounds pass, took the ball across midcourt, then accelerated past Jamont Gordon for the winning basket. At No. 20 Kentucky 95, South Carolina 89 Ramel Bradley scored 21 points and Bobby Perry had a season-high 18 for the Wildcats. Kentucky built a 50-28 halftime lead, but with three minutes left, the Gamecocks used two steals to get three baskets – two by Brandon Wallace – in the span of just 12 seconds to cut the lead to 87-77. Tre Kelly got five of his career-high 36 points in the final seconds before time ran out. At No. 21 Southern Illinois 60, Bradley 50 Tony Young scored a season-high 25 points to keep the Salukis tied atop the Missouri Valley Conference. Randal Falker had 13 points and 12 rebounds for the Salukis (20-5, 11-3), who led by as many as 19 in the first half but saw its margin dwindle to five in the closing minutes. No. 22 Georgetown 73, at Louisville 65 Roy Hibbert scored 20 points and grabbed 22 rebounds to lead the Hoyas. Jeff Green scored 16 points and DaJuan Summers had 13 as the Hoyas (17-5, 7-2 Big East) won their sixth consecutive. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! By the time the game was entering its final minutes, North Carolina looked fresher and found ways to knock down the critical shots against the fast-starting Blue Devils (18-6, 5-5). North Carolina didn’t take its first lead until there were about five minutes left, but shot 59 percent after halftime and hit 7 of 8 free throws in the final 31 seconds to seal it. “We started to get tougher as the game went on, as it started winding down,” said Hansbrough, who scored 12 points in the second half. “That’s maybe what we need to do at the beginning of the game, too.” Freshman Jon Scheyer had a career-high 26 points for the Blue Devils. No. 1 Florida 71, at Georgia 61 Freshman Brandan Wright scored 19 points and Tyler Hansbrough had 16 to lead the fifth-ranked Tar Heels past No. 16 Duke 79-73, earning their second consecutive win in Cameron Indoor Stadium and handing the Blue Devils their first three-game losing streak in nearly eight years. Rookie Ty Lawson had 15 points for the Tar Heels (21-3, 7-2 Atlantic Coast Conference), who trailed by 10 points early in the second half before finally going ahead to stay in the final minutes. center_img DURHAM, N.C. – The crowd was rowdy and hostile. Duke, determined to end a nagging losing streak, had built a big lead behind a surge of emotion. Yet North Carolina’s youngsters kept coming. And by the end, those Tar Heels had escaped one of college basketball’s most intimidating arenas with a confidence-building win Wednesday night. last_img read more

Physicians And Techies

first_imgCensus data bears out the popular perception of Indian Americans as doctors and techies. Indians are five times as likely to be in the computer/scientific sector and twice as likely to be in health services as the national population. Overall, almost 60 percent of all Indians are employed in professional occupations, substantially higher than the national average.As a result, Indians have the highest occupational prestige score, which is measured by the Socioeconomic Index (SEI) and reflects high skill professions. Business ownership rates among Indians is almost at par with the national average.Occupational Patterns of Indian AmericansIndiansWhitesBlacksHispanicsExecutive & Senior Management11.1%11.2%5.5%5.4%Computer/Scientific/Engineering25.85.22.72.2Legal/Financial Services4.94.12.61.9Medical/Healthcare 11.85.24.32.2Education/Media/Social Services6.610.58.76.2Sales/Operations/Support22.529.431.324.2Skilled Blue-Collar12.426.430.537.0Manual/Farming/Military4.88.413.820.5Professional Occupations60.236.223.817.9Occupational PrestigeMedian SEI Score65.047.044.024.0Business OwnershipSelf Employment Rates11.0%12.8%5.0%8.1%All data for adults over 25. Source: U.S. Census Data 2000 Related Itemslast_img read more