Union Bankshares sells $38.8M securities; expects 341 bps yield pickup

UNION BANKSHARES INC

Sold $38.8M of lower-yielding AFS debt securities; estimated after-tax loss of $1.0M in Q3 2024.
Proceeds redeployed into higher-yielding bonds and loans; combined yield expected ~341 bps higher.
Loss expected to be recouped within one year; neutral impact on book value per share.
Repositioning accretive to net interest margin, earnings, and ROA in future periods.

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