Union Bankshares Announces Third Quarter and Year To DateEarnings and Quarterly Dividend PaymentMorrisville, VT October 15, 2008 – Union Bankshares, Inc. (NASDAQ – UNB) has announced net income for the quarter ended September 30, 2008 was $1.17 million or $0.26 per share compared to $1.42 million or $0.32 per share for the same period in 2007. Net Income year to date was $3.76 million or $0.84 per share for 2008 compared to $4.14 million or $0.92 per share for 2007.Third quarter earnings were adversely affected by the mark-to-market accounting requirement to write down to estimated fair value, through the income statement, investment securities deemed other than temporarily impaired. The Company’s management determined that approximately $512 thousand ($338 thousand after tax and 7.5 cents per share) of other-than-temporary impairments will be recognized in the third quarter of 2008 related to fixed maturity bonds of American General Finance (an AIG subsidiary) and Lehman Brothers Holdings. The Company did not own any Fannie Mae or Freddie Mac common or preferred stock and did not engage in any sub prime mortgage lending or investing.The Company remains well capitalized as defined under regulatory capital guidelines for financial institutions and bank holding companies.Loan demand has remained strong with total loans growing to $343.3 million as of September 30, 2008 from $315.5 million, an increase of 8.8%, from the same time last year. The drop in the Prime Rate from the first eight and a half months of 2007 at 8.25% to 5% as of September 30, 2008 and the impact on variable rate loans has more than offset the increase in loan income due to volume growth. Loan growth has been partially supported by the growth in deposits of approximately $15.2 million or 4.6% between years and the increase in advances taken to match fund certain loans via a credit facility with the Federal Home Loan Bank of Boston. Net interest income for the quarter is down $197 thousand as loan rates have dropped more quickly than rates on deposits and borrowings.The provision for possible loan losses of $45 thousand for the quarter was down from the 2007 third quarter provision of $190 thousand. The provision was higher in 2007 mainly because of charge-offs in the third quarter of 2007. There was also an increase in municipal loan volume during the third quarter of 2008 which historically have had no losses and are therefore at a low risk reserve factor.A quarterly cash dividend of $.28 per share was declared on October 15, 2008 to shareholders of record October 27, 2008, payable November 7, 2008.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, 2008, the Company had approximately $423 million in consolidated assets. The Company operates 14 banking offices and 30 ATM facilities in Vermont, a branch and ATM in Littleton, New Hampshire. Our two newest branches, one in Danville, Vermont opened in July 2008 and a full service branch in St. Albans, Vermont opened October 2, 2008.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).
“In the context of our best-in-class approach we have eliminated all tobacco assets and therefore we are happy to sign this pledge, taking the opportunity of the first anniversary of the initiative.”In a press release, Galzy added that ERAFP’s portfolios were tobacco-free because of the “rigorous implementation” of two criteria the pension fund applied to assess the societal consequences of tobacco production and the cost for public health. These were “value added of the product or service” and “protection and respect of the customer’s or consumer’s rights”.Bronwyn King, Australian radiation oncologist and CEO of Tobacco Free Portfolios, said: “Global public health improves dramatically with the participation by the finance sector in the withdrawal of credit and investment from tobacco companies.“As governments continue to roll out the UN Tobacco Control Treaty, the finance sector’s participation is accelerating achievement of the Sustainable Development Goals to reduce the death toll from tobacco related illness, which has increased to 8m deaths a year.”Other tobacco divestment or exclusion-related moves or announcements this year include those by Denmark’s DKK115bn (€15.4bn) AP Pension and NEST, one of the UK’s largest auto-enrolment providers.One of the reasons AP Pension gave for its decision to cut tobacco producers from its portfolio was that tobacco stocks had shown signs of price decline, partly because of pension companies’ exclusions. At the same time, it said, implementation of the UN’s Sustainable Development Goals was expected to lead to increased tobacco regulation and fewer smokers worldwide. ERAFP, France’s pension fund for civil servants, no longer holds investments in the tobacco industry, it announced today.With the divestment process complete, the €29.6bn pension fund has added its signature to the Tobacco-Free Finance Pledge, an initiative of not-for-profit organisation Tobacco Free Portfolios.Laurent Galzy, chief executive of ERAFP since November last year, told IPE the pension fund had already stopped making new investments in tobacco some time ago and had been selling existing holdings gradually since then. “To be very transparent, for the very last step there was one holding left in the portfolio and I decided to divest it to be completely in line with our principles, but all this was started earlier,” he said. read more
First Published: 1st January, 2020 18:02 IST Craig Goodwin scored from a penalty kick in injury time to give Adelaide United a 2-1 win over Newcastle in the A-League on Sunday.Nikola Mileusnic put Adelaide in front in the 38th minute. Roy O’Donovan leveled for the Jets in the 75th.Three teams are level on 20 points at the top of the standings but Melbourne Victory, which drew 1-1 with Wellington Phoenix, holds first place with a better goal difference. Sydney FC is second after its 2-1 win over Brisbane Roar. Perth Glory, in first place before the round began, can move back into top spot by picking up points against Central Coast on Monday. The Mariners haven’t won a match in nine attempts this season and are in last place. Associated Press Television News LIVE TV Written By SUBSCRIBE TO US WATCH US LIVE Last Updated: 1st January, 2020 18:02 IST Adelaide Edges Newcastle 2-1 In Australia’s A-League Craig Goodwin scored from a penalty kick in injury time to give Adelaide United a 2-1 win over Newcastle in the A-League on Sunday. COMMENT FOLLOW US read more