Item 2.02. Results of Operations and Financial Condition
As provided in General Instruction B.2 to Form 8-K, the information furnished in
this Item 2.02 and in Exhibit 99.1 hereto shall not be deemed filed for purposes
of Section 18 of the Securities and Exchange Act of 1934, as amended, nor shall
it be deemed incorporated by reference in any filing with the Securities and
Exchange Commission, except as shall be expressly provided by specific reference
in such filing.
On January 20, 2021, Union Bankshares, Inc. issued a press release, a copy of
which is furnished with this Form 8-K as Exhibit 99.1, announcing net income and
net income per share for the fourth quarter and year ended December 31, 2020, as
well as the declaration of a regular quarterly cash dividend.
Item 8.01. Other Events
a)Declaration of Regular Quarterly Cash Dividend
On January 20, 2021 the Board of Directors of Union Bankshares, Inc. declared a
$0.01, or 3.1%, increase in the quarterly cash dividend from $0.32 per share to
$0.33 per share. The dividend is payable on February 5, 2021 to shareholders of
record as of February 1, 2021.
b)Reauthorization of Limited Quarterly Stock Repurchase Program
On January 6, 2021, the Board of Directors of Union Bankshares, Inc.
reauthorized a limited stock repurchase program, initially authorized in May,
2010 and reauthorized for each calendar year from 2012 through 2020, pursuant to
which the Company may repurchase up to 2,500 shares of its common stock (subject
to standard anti-dilution adjustments) each calendar quarter in open market
purchases or privately negotiated transactions, as management may deem advisable
and as market conditions may warrant. The repurchase authorization for a
calendar quarter expires at the end of that quarter to the extent it has not
been exercised, and is not carried forward into future quarters. The limited
quarterly authorization is not intended to be the exclusive means for effecting
stock repurchases. As reauthorized, the quarterly repurchase program will expire
on December 31, 2021.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following Exhibit, referred to in Item 2.02 of the Report is furnished, not
filed; herewith:
Exhibit 99.1 Union Bankshares, Inc. Press Release dated January 20, 2021,
announcing a regular quarterly dividend and fourth quarter and year ended
December 31, 2020 net income and net income per share.
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