secwatch.observer — SEC 8-K summary
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Issuer:     UNION BANKSHARES INC (UNB)
CIK:        0000706863
Form:       8-K
Filed at:   2024-11-07T23:59:59+00:00
Accession:  0000706863-24-000071
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Union Bankshares Q3 net income falls to $1.3M from $2.5M; EPS $0.29 vs $0.56
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- Net income $1.32M ($0.29 EPS) vs $2.53M ($0.56 EPS) in Q3 2023; 9-month $5.76M ($1.27 EPS) vs $8.21M ($1.82 EPS).
- Sold $38.8M of lower-yielding AFS securities for a pre-tax loss of $1.3M; proceeds reinvested in higher-yielding assets expected to recoup loss in ~12 months.
- Total assets grew to $1.52B from $1.40B, loans to $1.13B; deposits decreased to $1.17B from $1.22B, borrowings increased to $240.7M.
- Book value per share rose to $15.98 from $10.92 YoY, helped by reduced AOCI loss ($26.8M vs $47.1M).
- Dividend declared $0.36 per share, payable Nov 7, 2024 to holders of record Oct 26, 2024; regular quarterly rate unchanged.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/706863/000070686324000071/0000706863-24-000071-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/706863/000070686324000071/unb-20241107.htm
  HTML page:      https://secwatch.observer/filing/0000706863-24-000071

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