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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

Pardew: New faces trying too hard

first_img Press Association The Tyneside outfit emerged with their first point of the new Barclays Premier League season from a contest in which most of the few goalscoring opportunities there were came their way. The likes of Remy Cabella and Daryl Janmaat failed to make the most of chances before substitute and fellow summer signing Siem de Jong was denied late on by a decent Brad Guzan save. Newcastle boss Alan Pardew was urged his side to find a cutting edge after they drew another blank in a goalless draw at Aston Villa on Saturday. Newcastle lost their first game of the campaign 2-0 at home against Manchester City and they ended the game at Villa Park one a man light after Mike Williamson was sent off in stoppage time. Pardew was satisfied with his side’s overall display, but said: “Obviously the last third today was not so good. “I think a lot of the new offensive players are trying so hard and sometimes that isn’t the way to score goals. “You need to have that super, uber-confidence. We know we need to get some goals and hopefully at Gillingham (in the Capital One Cup on Tuesday) we can get a couple before we play Crystal Palace (in the Premier League at home on Saturday) and get that one off us. “But there was a lot of good play and a lot of good movement. “I felt sorry for Willo (Williamson), because I thought he was terrific in his distribution today and then he gets sent off. “Overall, to come to Villa and control the second half like we did, I’m pleased.” Pardew, who said he felt Newcastle had deserved to win, was caught on camera during the game performing an apparent dance to convey a message to France midfielder Cabella from the touchline, which involved the manager shifting from side to side and pulling an exaggerated smile. Asked about that, Pardew said: “I just felt he was trying too hard. He had a lot of publicity last week (for his performance against City) and I just felt he was a bit tense. “He had a couple of great situations for us where he didn’t deliver and that is not like him. So I was just trying to get him to play with a smile. “I spoke to him again at half-time and I thought he was better in the second half and he kept the balance of the team well. But he will play a lot better than he did today.” Pardew also said Newcastle had their “finger on the pulse” with regard to the possibility of doing further business before the end of the transfer window. He stressed – after stating he thought there would be “some movement”, with “maybe one or two” departures – that he has had no offers for any of his players. Villa boss Paul Lambert gave an upbeat assessment of his team’s performance, which followed their 1-0 win at Stoke last week. Asked if he was worried about how much Villa had threatened the Newcastle goal, Lambert said: “To an extent, but then I think Guzan only had a couple of saves to make and that’s not too bad. “We have (strikers) Christian Benteke and Libor Kozak to come back from injury and once they come back we are going to be really strong in that department. “I couldn’t fault the lads for the way we played. We were resolute and it is another clean sheet. There were some really big performances there. “It is a great start for us. After everyone was all doom and gloom about the club towards the end of last season, we certainly took that challenge on and I thought today we were excellent in the first half – all we needed was a finishing touch on that. “Newcastle came down here last year and did a job on us (winning 2-1). “I don’t think anybody could begrudge us getting something from this game.” last_img read more

Wellington golf team finishes 5th; Graysen DeJarnett places 4th at home invite

first_img2LipscombRose Hill74 Individual Medalists 6Clearwater388 3Augusta338 9BevanAugusta83 WELLINGTON INDIVIDUAL SCORES:  4DeJarnettWellington79 1Rose Hill311 6KaneEisenhower81 5WalkerRose Hill80 2Hesston334 8Andover393 TOTAL366 5Mason, A. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments 1AshbyRose Hill74 117 by Tracy McCue, Sumner Newscow — The Wellington Varsity  Golf team hosted the annual invitational held at the Wellington Golf Club.WHS sophomore Graysen DeJarnett scored a 79 and finished fourth individually. He opened the golf day with a bang getting a birdie – on a windy day. Chance Russell shot an 88 as Wellington’s second best golfer. Joseph Friesen placed third with a 94. Aareon Mason rounded out the top four with a 105.Wellington’s team total, which is a cumulative score of a school’s top four golfers, was 366 placing the Crusaders fifth. Rose Hill ran away with the tournament with a 311 score. Hesston had a 334. Augusta had a 338 and Goddard Eisenhower 343.Graysen DeJarnett was Wellington’s top golfer on Thursday.Chance Russell of Wellington contemplates a putt on hole 9 at the Wellington Invitational.Ashby and Lipscomb of Rose Hill were the top two golfers with 74 each. 9Kingman400 5Wellington366 11Central442 4Eisenhower343center_img 105 4Walton, J. 7WinterAugusta83 94 79 Follow us on Twitter. 88 PlaceSchoolScore 1Russell, C. 3Friesen, J. 8KostnerKingman83 7Circle389 107 Team Scores 10Mulvane408 3ThayneHesston78 10AustinRose Hill83 6Hughes, S. PlaceNameSchoolScore 2DeJarnett, G.last_img read more