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First United Corporation (NASDAQ: FUNC) is a prominent financial holding company headquartered in Oakland, Maryland. As the parent company of First United Bank & Trust, the organization delivers a comprehensive range of financial services to personal and business customers. The bank operates nearly 30 full-service and drive-up offices, alongside a dedicated customer service center, serving communities across Maryland, West Virginia, and neighboring areas of Pennsylvania.
First United Bank & Trust offers a complete array of consumer deposit products, loan services, and financial solutions, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit. They provide business loans, personal loans, mortgage loans, and lines of credit for both individuals and businesses. Additionally, the bank offers safe deposit and night depository facilities, insurance products, and trust services. Residential real estate construction loans for single-family homes are also available to both builders and individuals.
Operating through two main segments—Community Banking and Trust and Investment Services—First United Corporation is dedicated to maintaining strong relationships with its customers by delivering customized solutions tailored to meet individual needs. Through its wholly-owned subsidiaries such as OakFirst Loan Center, Inc. and OakFirst Loan Center, LLC, the corporation extends its reach in the finance sector, holding and servicing real estate acquired through foreclosure.
The corporation's financial performance has shown resilience amidst challenging market conditions. For example, in the second quarter of 2023, consolidated net income was stable at $4.4 million, reflecting the company's ability to manage expenses effectively despite increased deposit costs. Earnings for the first nine months of 2023 amounted to $13.3 million, showcasing strong loan growth and robust asset quality.
In recent developments, First United Corporation announced multiple cash dividends, reflecting its ongoing commitment to shareholders. Furthermore, strategic initiatives like balance sheet restructuring and branch consolidation aim to enhance efficiency and future earnings potential. These efforts underscore the corporation's adaptability and forward-looking approach in a volatile banking environment.
For more information, visit the corporation's website at www.mybank.com.
First United Corporation (NASDAQ: FUNC) reported a consolidated net income of $4.4 million for Q1 2023, translating to $0.65 per diluted share. This marks a decline from $5.7 million or $0.86 per diluted share in Q1 2022 and $7.0 million or $1.04 per diluted share in Q4 2022. The decrease in earnings was primarily due to higher deposit costs, increased allowance for credit losses, and elevated salaries driven by health insurance claims. Despite these challenges, total assets rose 4.8% to $1.9 billion. Cash balances surged $81.6 million due to strategic borrowing and deposit growth, although there were outflows attributed to competitive pressures. The bank experienced solid demand for residential and commercial loans, highlighting strengths in its wealth division.
First United Corporation (NASDAQ: FUNC) has declared a cash dividend of $.20 per share, payable on May 1, 2023. Record holders of the corporation's common stock as of April 17, 2023 are eligible to receive this dividend. The announcement reflects the company's commitment to returning value to shareholders and highlights its ongoing financial stability.
As the parent company of First United Bank & Trust, First United Corporation operates various subsidiaries focused on commercial banking and real estate investment, including financing low-income housing projects in Maryland.
First United Corporation (NASDAQ: FUNC) reported consolidated net income of $7.0 million for Q4 2022, a decrease from $7.5 million in Q4 2021, with diluted earnings per share at $1.04. The annual net income reached a record $25.0 million, up from $19.8 million in 2021. Total assets rose by 6.8% to $1.8 billion, driven by deposit growth of $101.4 million. Despite these gains, the net interest margin slightly declined to 3.63%. The company anticipates pricing challenges in 2023, but remains focused on maintaining margins amid economic fluctuations.
First United Corporation (NASDAQ: FUNC) has declared a cash dividend of $.18 per share, scheduled for payment on February 1, 2023. This dividend will benefit shareholders who hold the common stock as of January 13, 2023. The corporation operates through its subsidiary, First United Bank & Trust, alongside other finance and real estate entities, focusing on both commercial banking and low-income housing development in Maryland.
First United Corporation (NASDAQ: FUNC) reported consolidated net income of $6.9 million for Q3 2022, equating to $1.04 per diluted share, up from $4.4 million or $0.66 per diluted share in Q3 2021. Year-to-date income reached $18.1 million with a net interest margin of 3.66%. Total assets rose by $51.2 million since June 30, 2022. Management anticipates a challenging environment ahead due to inflation. Despite rising costs, expense control efforts have been effective, contributing to profitability.
First United Corporation (NASDAQ: FUNC) has declared a cash dividend of $0.15 per share, set to be paid on November 1, 2022. Shareholders on record as of October 18, 2022 will be eligible for this dividend. First United Corporation operates through its subsidiary, First United Bank & Trust, in Maryland, and manages various finance and real estate entities aimed at commercial banking and low-income housing development. The dividend announcement reflects the company’s commitment to returning value to shareholders.
First United Corporation (NASDAQ: FUNC) reported strong earnings for Q2 2022, with a net income of $5.4 million ($0.82 per diluted share), up from $4.4 million in Q2 2021. Year-to-date income reached $11.1 million compared to $7.8 million last year. The increase is attributed to a rise in net interest income, driven by higher loan yields amid a rising interest rate environment, despite a decline in wealth management income due to reduced asset values. Total assets decreased by $7.9 million since last quarter, with gross loans up by $52.2 million, reflecting robust commercial loan growth.
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