UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ending: June 30, 2000
Commission file number: 000-28449
UNION BANKSHARES, INC.
VERMONT 03-0283552
P.O. BOX 667
MAIN STREET
MORRISVILLE, VT 05661
Registrant's telephone number: 802-888-6600
Former name, former address and former fiscal year, if changed since last
report: Not applicable
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes____X_____ No___________
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of June 30, 2000:
Common Stock, $2 par value 3,029,529 shares
Union Bankshares, Inc. and Subsidiaries
Consolidated Statement of Cash Flows
(UNAUDITED)
<TABLE>
<CAPTION>
Year to Date
----------------------
June 30 June 30
(Dollars in Thousands) 2000 1999
-------- --------
<S> <C> <C>
Cash Flows From Operating Activities
Net Income $ 2,246 $ 2,016
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation 428 426
Provision for loan losses 125 188
Credit for deferred income taxes (25) (18)
Amortization, net Securities 30 2
Amortization, net Limited Partnerships 17 0
Write-downs of Other Real Estate Owned 8 4
Increase (decrease) in unamortized loan fees (6) 25
(Increase) decrease in loans held for sale 577 (4,108)
(Increase) decrease in accrued interest receivable (23) 111
Decrease in other assets 201 56
(Increase) decrease in income taxes receivable (128) 133
Decrease in accrued interest payable (80) (196)
Increase in other liabilities 394 130
Gain on securities sold (34) (3)
Gain on sale of loans (9) (45)
(Gain) loss on sale of OREO (2) 10
----------------------
Net cash provided by operating activities 3,719 (1,269)
Cash Flows From Investing Activities
Interest bearing deposits
Maturities and redemptions 694 689
Purchases (690) (1,169)
Securities available for sale
Maturities and redemptions 8,399 13,728
Purchases (3,170) (13,164)
Purchase of Federal Home Loan Bank Stock (78) (35)
(Increase) decrease in loans, net (3,527) 6,065
Recoveries of loans charged off 79 40
Purchases of premises and equipment, net (348) (124)
Proceeds from sale of OREO 0 130
Investment in Ltd Partnerships (54) (373)
Proceeds from sale of repossessed property 11 56
----------------------
Net cash used in investing activities 1,316 5,843
Cash Flows From Financing Activities
Borrowings, net of repayments 7,174 275
Proceeds from exercise of stock options 0 37
Net increase (decrease) in demand, NOW,
savings, and money market accounts (9,555) 2,736
Net increase (decrease) in time deposits 494 (4,576)
Dividends paid (1,454) (1,238)
----------------------
Net cash provided by financing activities (3,341) (2,766)
Increase in cash and cash equivalents 1,694 1,808
Cash and cash equivalents
Beginning 15,101 19,196
Ending 16,795 21,004
Supplemental Disclosure of Cash Flow Information:
Interest Paid $ 4,725 $ 4,683
======================
Income Taxes Paid $ 930 $ 745
======================
</TABLE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
Union Bankshares, Inc.
August 21, 2000 /s/ Kenneth D. Gibbons
------------------------------------
Kenneth D. Gibbons
Director and Chief Executive Officer
August 21, 2000 /s/ Marsha A. Mongeon
------------------------------------
Marsha A. Mongeon
Chief Financial Officer and Treasurer
