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Vermont-based Union Bankshares ups quarterly dividend

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Vermont-based Union Bankshares ups quarterly dividend

Union Bankshares Inc.'s board on Jan. 15 declared a quarterly cash dividend of 32 cents per share, up from the previous payout of 31 cents per share.

The dividend will be paid Feb. 6 to shareholders of record as of Jan. 27.

On Jan. 2, the board reauthorized a limited stock repurchase program under which the Morrisville, Vt.-based company may buy back up to 2,500 common shares each calendar quarter.

The 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. As reauthorized, the quarterly repurchase program will expire Dec. 31.

The company reported net income of $2.8 million, or 61 cents per share, for the fourth quarter of 2019, compared to a net loss of $436,000, or 10 cents per share, for the same period in 2018. Consolidated net income for the year ended Dec. 31, 2019, was $10.6 million, or $2.38 per share, compared to $7.1 million, or $1.58 per share, for full year 2018.