UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K/A
Amendment No. 1
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2004
Commission File Number 0-12958
UNION BANKSHARES COMPANY
(Exact name of registrant as specified in its charter)
Maine 01-0395131
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
66 Main Street, Ellsworth, Maine 04605
(Address of principal executive offices) (Zip Code)
(207) 667-2504
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, par value $12.50 per share
(Title of class)
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 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 by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K [ ]
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2). Yes [ ] No [X]
The aggregate market closing value of the voting stock held by non-
affiliates of the registrant as of June 30, 2004, was approximately
$51,778,600.
1,116,330 shares of the Company's Common Stock, $12.50 par value, were
issued and outstanding as of March 21, 2005.
Documents incorporated by reference in this report:
Portions of the definitive proxy statement, to be dated April 18, 2005, for
the 2005 Annual Meeting of Shareholders are incorporated by reference into
Part III of this report on Form 10-K.
This Amendment No. 1 to Union Bankshares Company's Form 10-K, originally
filed with the Securities and Exchange Commission on March 31, 2005, is
being filed to report category reclassifications and to correct clerical
errors identified on the table that summarizes the allocation of the
allowance for loan losses for the years indicated.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Allocation of Allowance for Loan Losses
Year Ended December 31,
2004 2003 2002 2001 2000
------------------- ------------------- ------------------- ------------------- -------------------
Percent of Percent of Percent of Percent of Percent of
Loans in Loans in Loans in Loans in Loans in
Category Category Category Category Category
to Total to Total to Total to Total to Total
Amount Loans Amount Loans Amount Loans Amount Loans Amount Loans
------ ---------- ------ ---------- ------ ---------- ------ ---------- ------ ----------
(Dollars in thousands)
<s> <c> <c> <c> <c> <c> <c> <c> <c> <c> <c>
Real estate
Residential $1,202 65.0% $1,119 65.8% $ 641 58.1% $1,289 58.0% $1,162 53.5%
Commercial 1,048 19.0% 944 18.7% 937 22.7% 999 22.4% 1,415 24.6%
Commercial and
industrial 164 7.1% 249 8.3% 205 8.6% 81 9.7% 70 10.3%
Consumer 359 7.5% 284 6.1% 350 8.1% 116 8.4% 137 9.8%
Municipal - 1.4% - 1.1% - 2.5% 31 1.5% 37 1.8%
Identified 992 0.0% 1,290 0.0% 552 0.0% 295 0.0% 148 0.0%
Contingent
liabilities 308 0.0% 340 0.0% 653 0.0% 323 0.0% 304 0.0%
Unallocated 431 0.0% 113 0.0% 341 0.0% 319 0.0% 103 0.0%
------ ----- ------ ----- ------ ----- ------ ----- ------ -----
Total $4,504 100.0% $4,339 100.0% $3,679 100.0% $3,453 100.0% $3,376 100.0%
====== ===== ====== ===== ====== ===== ====== ===== ====== =====
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Date: April 13, 2005 UNION BANKSHARES COMPANY
By: /s/ Peter A. Blyberg
-------------------------------
Peter A. Blyberg
President and Chief Executive
Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Date: April 13, 2005
NAME TITLE DATE
/s/ Peter A. Blyberg Director, President and Chief April 13, 2005
- ------------------------ Executive Officer
Peter A. Blyberg (Principal Executive Officer)
/s/ Timothy R. Maynard Senior Vice President and April 13, 2005
- ------------------------ Chief Financial Officer
Timothy R. Maynard (Principal Financial Officer)
/s/ Arthur J. Billings Director April 13, 2005
- ------------------------
Arthur J. Billings
/s/ Blake B. Brown Director April 13, 2005
- ------------------------
Blake B. Brown
/s/ Richard C. Carver Director April 13, 2005
- ------------------------
Richard C. Carver
- ------------------------ Director
Peter A. Clapp
/s/ Samuel G. Cohen Director April 13, 2005
- ------------------------
Samuel G. Cohen
- ------------------------ Director
Sandra H. Collier
/s/ Robert B. Fernald Director April 13, 2005
- ------------------------
Robert B. Fernald
/s/ Douglas A. Gott Director April 13, 2005
- ------------------------
Douglas A. Gott
/s/ James L. Markos, Jr. Director April 13, 2005
- ------------------------
James L. Markos, Jr.
/s/ John V. Sawyer, II Director April 13, 2005
- ------------------------
John V. Sawyer, II
/s/ Stephen C. Shea Director April 13, 2005
- ------------------------
Stephen C. Shea
- ------------------------ Director
Robert W. Spear
/s/ Karen W. Stanley Director April 13, 2005
- ------------------------
Karen W. Stanley
- ------------------------ Director
Paul L. Tracy