Union Bank in Morrisville, Vermont (VT), NH

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Union Bank
GeneralFDIC Certificate #: 14158
Status: Active
Federal Reserve ID: 333203
Bank Holding Company (Regulatory Top Holder): Union Bankshares, Inc. (RSSDID: 1114940, Location: Morrisville, VT)
Date Established: January 01, 1891
WWW: http://www.unionbankvt.com
Trust Powers Granted: Yes
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 17 (Domestic: 17, Interstate: Yes)
OTS Docket #: 8986
FDIC's unique #: 8840
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: March 31, 1934
Last Structure Change Effective Date: December 28, 2011
Last Structure Change Process Date: December 28, 2011
Last Data Update: December 28, 2011
Data Source Date: April 05, 2012
LocationAddress: 20 Lower Main Street, Morrisville, VT 5661
County: Lamoille
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: Springfield Ma
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
History of ChangesChange in Location
Financial SummaryTotal assets: $551.8 mil
Equity capital: $40.2 mil
Deposits held in domestic offices: $474.3 mil
Return on assets (ROA): 1.08% ($6.0 mil)
Quarterly return on assets: 1.30% ($7.2 mil)
Return on Equity (ROE): 13.09% ($5.2 mil)
Quarterly return on equity: 17.24% ($6.9 mil)
Net income: $5.4 mil
Quarterly Net income: $1.8 mil
Pretax return on assets: 1.32% ($7,284.4 mil)
Quarterly Pretax return on assets: 1.57% ($8,664.0 mil)

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

2000 - 2011 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)161
Total assets$551,849
Cash and due from depository institutions$48,494
Interest-bearing balances$33,401
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$425,165
Loan loss allowance $4,226
Trading account assets$0
Bank premises and fixed assets$9,163
Other real estate owned$1,476
Goodwill and other intangibles$4,649
All other assets$16,068
Life insurance assets$551,849
Total liabilities and capital$511,691
Total liabilities$474,289
Total deposits$396,783
Interest-bearing deposits$474,289
Deposits held in domestic offices$88
% insured (estimated)6668.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$22,347
Other borrowed funds $0
Subordinated debt $8,387
All other liabilities $40,158
Total equity capital$40,158
Total bank equity capital$40,158
Perpetual preferred stock$0
Common stock$200
Undivided profits $34,874
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $4,888
Income earned, not collected on loans $6,205
Earning assets $901
Long-term assets (5+ years) $1,810
Average Assets, year-to-date $505,400
Average Assets, quarterly $177,370
Volatile liabilities $504,272
Insider loans $548,362
FHLB advances $369,640
Loans and leases held for sale $540,770
Unused loan commitments $3,185
Tier 1 (core) risk-based capital $2,169
Tier 2 risk-based capital $40,671
Total risk weighted assets $0
Total unused commitments $1,016
Restructured Loans and leases $70,759
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $23,708
Total interest expense $3,884
Net interest income $19,824
Provision for loan and lease losses $775
Total noninterest income $7,019
Fiduciary activities $558
Service charges on deposit accounts $1,253
Trading account gains & fees $0
Additional noninterest income $5,208
Total noninterest expense $19,595
Salaries and employee benefits $10,908
Premises and equipment expense $2,352
Additional noninterest expense $6,335
Pre-tax net operating income $6,473
Securities gains (losses) $183
Applicable income taxes $1,229
Income before extraordinary items $5,427
Extraordinary gains - net $0
Net income attributable to bank $5,427
Net charge-offs $0
Cash dividends $5,427
Sale, conversion, retirement of capital stock, net $304
Net operating income $4,650
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.11%
Cost of funding earning assets 0.84%
Net interest margin 4.28%
Noninterest income to earning assets 1.51%
Noninterest expense to earning assets 4.23%
Net operating income to assets 1.05%
Return on assets (ROA) 1.08%
Pretax return on assets 1.32%
Return on equity (ROE) 13.09%
Retained earnings to average equity (YTD only) 1.87%
Net charge-offs to loans 0.08%
Credit loss provision to net charge-offs 254.93%
Efficiency ratio23.84%
Assets per employee$72,999
Cash dividends to net income (YTD only)3.43%
Condition Ratios (%)
Loss allowance to loans 85.68%
Loss allowance to noncurrent loans 0.98%
Noncurrent assets plus other real estate owned to assets 68.11%
Noncurrent loans to loans 1.39%
Net loans and leases to deposits1.45%
Net loans and leases to core deposits 89.64%
Equity capital to assets 99.30%
Core capital (leverage) ratio 7.28%
Tier 1 risk-based capital ratio 7.52%
Total risk-based capital ratio 11.00%
Average assets$12
Average earning assets$504,272
Average equity $41,469
Average loans $463,515
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Total Fiduciary and Related Assets (December 31, 2011)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$91,720
Number of Accounts1
Personal trust and agency accounts$84,122
Employee benefit-defined contribution accounts$25,941
Employee benefit-defined benefit accounts$0
Other retirement accounts$14,076
Corporate trust and agency accounts$4,841
Investment management agency accounts$0
Other fiduciary accounts$39,264
Fiduciary accounts held in foreign offices$0
Non-managed Assets$0
Number of Accounts154
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$4,841
Employee benefit-defined benefit accounts$0
Other retirement accounts$7,598
Corporate trust and agency accounts$0
Other fiduciary accounts$7,444
Fiduciary accounts held in foreign offices$24
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4 New Hampshire Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
13449897Littleton Nh Branch263 Dells Road, Littleton, NH 3561March 20, 2006Full Service Brick and Mortar
169924Groveton Branch3 State Street, Groveton, NH 3582January 01, 1939Full Service Brick and Mortar
1711944Littleton Branch76 Main Street, Littleton, NH 3561October 14, 1871Full Service Brick and Mortar
18209105North Woodstock Branch155 Main Street, North Woodstock, NH 3262December 07, 1993Full Service Brick and Mortar
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13 Vermont Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
08840Union Bank20 Lower Main Street, Morrisville, VT 5661January 01, 1891Full Service Brick and Mortar
1231095Jeffersonville BranchMain Street, Jeffersonville, VT 5464November 17, 1917Full Service Brick and Mortar
2231096Stowe BranchPond And Park Streets, Stowe, VT 5672January 01, 1891Full Service Brick and Mortar
3231097Northgate Plaza BranchNorthgate Plaza, Morrisville, VT 5661November 05, 1979Full Service Brick and Mortar
4231098Johnson BranchRoute 15 (Main Street), Johnson, VT 5656August 22, 1985Full Service Brick and Mortar
7231101Hardwick BranchWolcott Street, Hardwick, VT 5843October 12, 1993Full Service Brick and Mortar
8365419Fairfax BranchRoute 104, Fairfax, VT 5454April 22, 2002Full Service Brick and Mortar
98845Railroad Street364 Railroad Street, Saint Johnsbury, VT 5819January 01, 1886Full Service Brick and Mortar
10231119Portland Street Branch325 Portland Street, St. Johnsbury, VT 5819December 04, 1967Full Service Brick and Mortar
11231120Green Mountain Mall BranchGreen Mountain Mall, St. Johnsbury, VT 5819June 11, 1975Full Service Brick and Mortar
12231121Lyndonville Branch183 Depot Street, Lyndonville, VT 5851September 08, 1995Full Service Brick and Mortar
14480131Danville Branch421 Route 2, Danville, VT 5828July 31, 2008Full Service Brick and Mortar
15481423Saint Albans Branch15 Mapleville Depot, Saint Albans, VT 5478October 04, 2008Full Service Brick and Mortar
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