Union Bankshares Inc. Files 8-K
Ticker: UNB · Form: 8-K · Filed: Sep 5, 2024 · CIK: 706863
| Field | Detail |
|---|---|
| Company | Union Bankshares Inc (UNB) |
| Form Type | 8-K |
| Filed Date | Sep 5, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $2.00, $38.8 million, $1.0 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: regulatory-filing, financial-statements
TL;DR
UNION BANKSHARES INC. FILED AN 8-K. REGULAR REPORTING.
AI Summary
Union Bankshares Inc. filed an 8-K on September 5, 2024, reporting on events that occurred on September 4, 2024. The filing primarily concerns financial statements and exhibits, with no specific material events detailed in the provided text beyond its routine filing nature.
Why It Matters
This filing indicates Union Bankshares Inc. is meeting its regulatory reporting obligations by submitting required financial statements and exhibits to the SEC.
Risk Assessment
Risk Level: low — The filing is a routine 8-K report for financial statements and exhibits, not indicating any unusual or high-risk events.
Key Players & Entities
- UNION BANKSHARES INC. (company) — Registrant
- 0000706863-24-000067 (other) — Accession Number
- 20240904 (date) — Date of earliest event reported
- September 4, 2024 (date) — Date of earliest event reported
- VT (location) — State of incorporation
- 03-0283552 (other) — IRS Employer Identification Number
- 20 Lower Main St., P.O. Box 667 (address) — Principal executive offices
- Morrisville, VT (location) — Principal executive offices location
- 05661-0667 (postal_code) — Principal executive offices zip code
- ( 802 ) 888-6600 (phone_number) — Registrant's telephone number
FAQ
What is the primary purpose of this 8-K filing by Union Bankshares Inc.?
The primary purpose of this 8-K filing is to report on 'Other Events' and to provide 'Financial Statements and Exhibits' as of September 4, 2024.
When was the earliest event reported in this filing?
The earliest event reported in this filing occurred on September 4, 2024.
What is the principal executive office address for Union Bankshares Inc.?
The principal executive office address for Union Bankshares Inc. is 20 Lower Main St., P.O. Box 667, Morrisville, VT 05661-0667.
What is the telephone number for Union Bankshares Inc.?
The telephone number for Union Bankshares Inc. is (802) 888-6600.
What is the SIC code for Union Bankshares Inc.?
The Standard Industrial Classification (SIC) code for Union Bankshares Inc. is 6022, which corresponds to State Commercial Banks.
Filing Stats: 619 words · 2 min read · ~2 pages · Grade level 11 · Accepted 2024-09-05 08:03:33
Key Financial Figures
- $2.00 — ction 12(b) of the Act: Common Stock, $2.00 par value UNB Nasdaq Stock Market (Tit
- $38.8 million — diary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding ava
- $1.0 m — fter-tax realized loss of approximately $1.0 million, which will be recorded in the th
Filing Documents
- unb-20240904.htm (8-K) — 25KB
- exhibit991pressrelease2024.htm (EX-99.1) — 9KB
- unionbankshareslogonewa23a.jpg (GRAPHIC) — 14KB
- 0000706863-24-000067.txt ( ) — 161KB
- unb-20240904.xsd (EX-101.SCH) — 2KB
- unb-20240904_lab.xml (EX-101.LAB) — 19KB
- unb-20240904_pre.xml (EX-101.PRE) — 11KB
- unb-20240904_htm.xml (XML) — 2KB
01. Other Events
Item 8.01. Other Events On September 4, 2024, Union Bankshares, Inc. issued a press release, a copy of which is furnished with this Form 8-K as Exhibit 99.1, announcing the completion of a balance sheet repositioning related to its investment securities portfolio. The Company's wholly-owned subsidiary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding available-for-sale debt securities for an estimated after-tax realized loss of approximately $1.0 million, which will be recorded in the third quarter of 2024. Proceeds from the sale of the securities were redeployed into higher yielding bonds and funding loans that on a combined basis are expected to yield approximately 341 basis points more than the securities that were sold. The Company estimates the loss will be recouped within approximately one year. The loss on the sale of securities has a neutral impact on stockholders' equity and the Company's book value per share. This repositioning will be accretive to earnings, net interest margin and return on assets in future periods, and simultaneously provide the Company with greater flexibility in managing balance sheet growth and liquidity.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits The following Exhibit, referred to in Item 8.01 of the Report is furnished, not filed; herewith: Exhibit 99.1 Union Bankshares, Inc. Press Release dated September 4, 2024, announcing a balance sheet repositioning related to its investment securities portfolio.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Union Bankshares, Inc. September 4, 2024 /s/ David S. Silverman David S. Silverman Chief Executive Officer September 4, 2024 /s/ Karyn J. Hale Karyn J. Hale Chief Financial Officer EXHIBIT INDEX 99.1 Union Bankshares, Inc. Press Release dated September 4, 2024, announcing a balance sheet repositioning related to its investment securities portfolio. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)