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Union Bankshares , Inc. Exhibit 99.1 For Immediate Release Contact : David S. Silverman Union Bankshares Announces Earnings for the three and nine months ended September 30 , 2021 and Declares Quarterly Dividend ( 802 ) 888-6600 Morrisville , VT October 20 , 2021 - Union Bankshares , Inc. ( NASDAQ - UNB ) today announced results for the three and nine months ended September 30 , 2021 and declared a regular quarterly cash dividend . Consolidated net income for the three months ended September 30 , 2021 was $ 3.9 million , or $ 0.87 per share , compared to $ 4.1 million , or $ 0.92 per share , for the same period in 2020 and $ 9.8 million , or $ 2.18 per share , for the nine months ended September 30 , 2021 , compared to $ 9.0 million , or $ 2.01 per share , for the same period in 2020 . The Board of Directors declared a cash dividend of $ 0.33 per share for the quarter payable November 4 , 2021 to shareholders of record as of October 30 , 2021 . Third Quarter Financial Highlights Total assets increased to $ 1.16 billion as of September 30 , 2021 from $ 1.01 billion as of September 30 , 2020 primarily due to increases of $ 96.4 million in investment securities and $ 55.7 million in federal funds sold . Total loans were $ 790.0 million as of September 30 , 2021 compared to $ 798.3 million as of September 30 , 2020 , a decrease of $ 8.3 million primarily due to sales of residential loans and PPP forgiveness . Total deposits increased $ 130.6 million , or 14.3 % , to $ 1.04 billion , since September 30 , 2020 due to the general increase of money supply provided to our customers through various stimulus packages . The high level of customer deposit balances has allowed for less reliance on wholesale funding which was $ 7.0 million as of September 30 , 2021 compared to $ 9.5 million as of September 30 , 2020 . Union Bankshares , Inc. announced on August 26 , 2021 that it completed a private placement of $ 16.5 million in aggregate principal amount of fixed - to- floating rate subordinated notes due 2031 to certain qualified institutional buyers and accredited investors . Proceeds from the sale of the notes were used to provide additional capital support to the Company's wholly - owned subsidiary , Union Bank , to support growth and for other general corporate purposes . The Company had total equity capital of $ 83.7 million with a book value per share of $ 18.67 as of September 30 , 2021 compared to $ 78.4 million with a book value of $ 17.52 per share as of September 30 , 2020 . Consolidated net income decreased $ 222 thousand , or 5.4 % , to $ 3.9 million for the third quarter of 2021 compared to the third quarter of 2020. Net interest income improved to $ 9.1 million for the three months ended September 30 , 2021 compared to $ 8.2 million for the three months ended September 30 , 2020 , an increase of $ 961 thousand , or 11.7 % . The low interest rate environment and competition for good loans continues to put downward pressure on earning asset yields , however , this is currently offset by the larger earning asset base and recognition of fee income on PPP loans . The low interest rate environment has also resulted in a decrease in interest expense despite the high levels of customer deposit balances . No provision for loan losses was recorded for the three months ended September 30 , 2021 compared to $ 800 thousand for the same period in 2020. The allowance for loan losses as of September 30 , 2021 is determined to be sufficient based on the current size and mix of the loan portfolio and the assessment of qualitative factors . Noninterest income amounted to $ 4.2 million for the three months ended September 30 , 2021 compared to $ 5.5 million for the same period in 2020 , a decrease of $ 1.3 million , or 23.6 % . The decrease is primarily attributable to lower sales volume of residential loans . Gain on sales of qualifying residential loans amounted to $ 1.9 million on volume of $ 79.1 million for the three months ended September 30 , 2021 compared to gains of $ 3.3 million on volume of $ 89.8 million for the same period in 2020 . Noninterest expenses increased $ 553 thousand , or 6.9 % , to $ 8.5 million for the three months ended September 30 , 2021 compared to $ 8.0 million for the same period in 2020 due to increases in salaries and wages , occupancy , equipment , and other expenses . Year - to - Date Highlights Consolidated net income was $ 9.8 million , or $ 2.18 per share , compared to $ 9.0 million , or $ 2.01 per share , for the nine months ended September 30 , 2021 and 2020 , respectively . The increase in earnings was due to an increase of $ 3.0 million in net interest income and a decrease of $ 1.4 million in the provision for loan losses , partially offset by a decrease in noninterest income of $ 1.1 million and increases in noninterest expenses of $ 2.1 million and income tax expense of $ 424 thousand . Interest income increased $ 1.8 million , or 6.6 % , to $ 29.3 million for the nine months ended September 30 , 2021 compared to $ 27.4 million for the nine months ended September 30 , 2020. Interest expense was $ 2.8 million for the nine months ended September 30 , 2021 compared to $ 4.0 million for the nine months ended September 30 , 2020 .