Union Bankshares Announces Earnings for the Three Months Ended March 31, 2020 and Declares Quarterly Dividend - Seite 2

Total assets increased to $883.1 million as of March 31, 2020 from $813.3 million as of March 31, 2019.  Loan growth continues to drive asset growth with total loans of $694.0 million as of March 31, 2020 compared to $656.4 million of March 31, 2019. Balance sheet growth was funded using a combination of core deposits and wholesale funding options such as brokered deposits and Federal Home Loan Bank advances. Total deposits reached $736.1 million as of March 31, 2020 compared to $700.4 million a year ago, or growth of $35.7 million, or 5.1%.

The Company had total equity capital of $73.8 million with a book value per share of $16.50 as of March 31, 2020 compared to $66.7 million and $14.94 per share as of March 31, 2019.

Union Bank, the subsidiary of the Company, has participated in the Paycheck Protection Program ("PPP") initiated by the Small Business Association ("SBA") as part of the Coronavirus Aid, Relief and Economic Security ("CARES") Act.  Union Bank has submitted and received approval for over 300 applications in excess of $50 million.  These loans are expected to be disbursed to borrowers in the coming week.

The Board of Directors declared a cash dividend of $0.32 per share for the quarter payable May 7, 2020 to shareholders of record as of April 27, 2020.

The extent to which the COVID-19 pandemic impacts our business, operations, and financial results will depend on numerous factors that we may not be able to accurately predict.  The Company has implemented its Pandemic and Business Continuity Plans to address the operating risks associated with the global COVID-19 pandemic, and has made necessary changes to working patterns to allow customers continued access to essential banking services. As is the case in many other states, the Governors of Vermont and New Hampshire have issued emergency orders requiring the temporary closure of businesses deemed non-essential.  These and other governmental measures taken in response to the COVID-19 health emergency will adversely impact many of our loan and deposit customers, and accordingly, may also adversely affect our banking operations and financial results in future periods.