Union Bankshares Q2 net income $2.7M ($0.60/share) down from $2.9M; deposits shift to brokered and FHLB borrowings

UNION BANKSHARES INC

2023-Q2 EPS reported $1.26

Net income Q2 2023: $2.7M ($0.60 EPS), vs $2.9M ($0.65) in Q2 2022; first half 2023 net income $5.7M ($1.26 EPS).
Total assets $1.34B (+12% YoY); loans $940.2M (up from $823M); deposits $1.1B including $138M brokered.
FHLB advances $120.5M at June 30, 2023 vs $0 a year ago; management cites rising funding cost pressure.
Vermont flood in July damaged two branches; insurance covers repairs, no material financial impact expected.
Quarterly dividend $0.36/share declared, payable Aug 3, 2023 to holders of record July 29, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UNION BANKSHARES INC reported for the three and six months ending June 30, 2023 results: revenue $13,803, net income $2.7 million, EPS $0.60 per share.

Period: for the three and six months ending June 30, 2023
Revenue: $13,803
Net income: $2.7 million
EPS: $0.60 per share
Result: reported results

Exact text from the filing

Karyn J. Hale - Chief Financial Officer (3 months ended) (6 months ended) Dawn D. Bugbee Timothy W. Sargent - Secretary Cash and Due from Banks $ 4,351 $ 4,411 Interest Income $ 13,803 $ 10,404 $ 26,847 $ 20,130 Mary K. Parent Kristy Adams Alfieri - Assistant Secretary Nancy C. Putnam Federal Funds Sold & Overnight Deposits 31,452 20,885 Interest Expense 4,185

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19 earnings releases filed in the last 30 days. Browse all earnings releases →

UNION BANKSHARES INC filing history →

Source: SEC EDGAR

accession 0000706863-23-000053

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