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Vermont-based Union Bankshares ups dividend, reauthorizes buyback

Morrisville, Vt.-based Union Bankshares Inc. increased its quarterly cash dividend to 29 cents per share, payable Feb. 8 to shareholders of record as of Jan. 28. The previous payout was 28 cents per share.

Also, the board reauthorized the company's limited quarterly stock repurchase program, whereby the company is authorized to repurchase up to 3,000 common shares (subject to standard anti-dilution adjustments) each calendar quarter in open-market purchases or privately negotiated transactions. The program will expire Dec. 31.

Union Bankshares on Jan. 18 reported consolidated net income for the fourth quarter of 2016 of $2.3 million, or 53 cents per share, compared to $1.9 million, or 44 cents per share, for the year-earlier quarter. Consolidated net income came in at $8.5 million, or $1.91 per share, for the year ended Dec. 31, 2016, compared to $7.9 million, or $1.77 per share, for 2015.