secwatch.observer — SEC 8-K summary
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Issuer:     UNION BANKSHARES INC (UNB)
CIK:        0000706863
Form:       8-K
Filed at:   2023-08-04T23:59:59+00:00
Accession:  0000706863-23-000053
Event type: earnings
Sentiment:  neutral
Materiality: 0.50
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/706863/000070686323000053/0000706863-23-000053-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/706863/000070686323000053/unb-20230803.htm
  HTML page:      https://secwatch.observer/filing/0000706863-23-000053

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