Welcome to our dedicated page for First United news (Ticker: FUNC), a resource for investors and traders seeking the latest updates and insights on First United stock.
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 (NASDAQ: FUNC) announced its Q2 2024 financial results on July 22, 2024. The company reported a consolidated net income of $4.9 million or $0.75 per diluted share, up from $4.4 million or $0.66 per share in Q2 2023 and $3.7 million or $0.56 per share in Q1 2024. Year-to-date income was $8.6 million or $1.31 per share, compared to $8.8 million or $1.31 per share for the same period in 2023.
Key highlights include:
- Repurchasing 201,800 shares of common stock
- Paying a $0.20 per share quarterly dividend
- Commercial loan production of $36.9 million and residential mortgage originations of $19.1 million
- Improved net interest income and a non-GAAP FTE net interest margin of 3.49%
- Provision expense increased due to a $1.1 million charge-off
Overall, the bank has shown strong core earnings despite challenges from higher interest rates, and management remains optimistic about continuing to post solid earnings for the rest of the year.
First United (NASDAQ: FUNC) announced that its Board of Directors has declared a cash dividend of $0.20 per share for the third quarter of 2024.
This dividend will be payable on August 1, 2024, to shareholders of record as of July 18, 2024.
FAQ
What is the current stock price of First United (FUNC)?
What is the market cap of First United (FUNC)?
What services does First United Corporation offer?
Where is First United Corporation headquartered?
What are the main business segments of First United Corporation?
How many offices does First United Bank & Trust operate?
What is the recent financial performance of First United Corporation?
Has First United Corporation announced any recent dividends?
What strategic initiatives has First United Corporation undertaken recently?
How can I learn more about First United Corporation?
What are the subsidiaries of First United Bank & Trust?
In which regions does First United Corporation operate?
