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FIRST UNITED CORPORATION ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS

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First United reported its financial results for the first quarter of 2024, showcasing a consolidated net income of $3.7 million, or $0.56 per diluted share. The company experienced stable net income due to factors like loan growth slowdown and branch consolidation costs. While total assets saw a 0.4% increase, cash balances surged by $37.2 million, and gross loans increased by $5.7 million. The net interest margin was 3.12%, down from the previous year. Non-interest income remained stable, and non-interest expenses increased slightly. The 's net income saw a decrease year over year, influenced by a decline in net interest income and an increase in provision for credit losses. Despite challenges, the company's wealth management income grew, and operating expenses were managed effectively.
First United ha reso noti i risultati finanziari per il primo trimestre del 2024, rivelando un utile netto consolidato di 3,7 milioni di dollari, ovvero 0,56 dollari per azione diluita. La società ha mantenuto un utile netto stabile grazie a fattori come il rallentamento della crescita dei prestiti e i costi di consolidamento delle filiali. Mentre gli asset totali hanno registrato un incremento dello 0,4%, i saldi di cassa sono aumentati di 37,2 milioni di dollari e i prestiti lordi di 5,7 milioni di dollari. Il margine di interesse netto è stato del 3,12%, in calo rispetto all'anno precedente. I ricavi da interessi non operativi sono rimasti stabili e le spese non operativi hanno registrato un leggero aumento. L'utile netto dell'ha subito una diminuzione su base annua, influenzato da una riduzione dei ricavi da interessi netti e un aumento delle provviste per le perdite su crediti. Nonostante le sfide, i ricavi del settore della gestione patrimoniale sono cresciuti e le spese operative sono state gestite efficacemente.
First United dio a conocer sus resultados financieros para el primer trimestre de 2024, mostrando un ingreso neto consolidado de $3.7 millones, o $0.56 por acción diluida. La compañía experimentó un ingreso neto estable debido a factores como la desaceleración del crecimiento del préstamo y los costos de consolidación de sucursales. Mientras que los activos totales vieron un aumento del 0.4%, los saldos en efectivo aumentaron en $37.2 millones y los préstamos brutos en $5.7 millones. El margen de interés neto fue del 3.12%, una disminución respecto al año anterior. Los ingresos no financieros se mantuvieron estables y los gastos no financieros aumentaron ligeramente. El ingreso neto experimentó una disminución año tras año, influenciado por una caída en los ingresos por intereses netos y un aumento en la provisión para pérdidas crediticias. A pesar de los desafíos, los ingresos de gestión de patrimonios crecieron y los gastos operativos fueron gestionados eficazmente.
First United는 2024년 1분기 재무 결과를 발표하여, 순수익 370만 달러 또는 희석주당 0.56달러를 기록했습니다. 회사는 대출 성장 둔화 및 지점 통합 비용과 같은 요인으로 인해 안정적인 순수익을 유지했습니다. 총 자산은 0.4% 증가했으며 현금 잔액은 3720만 달러, 총 대출액은 570만 달러가 증가했습니다. 순이자 마진은 3.12%로 전년 대비 하락했습니다. 비이자 수익은 안정적이었고 비이자 비용은 소폭 증가했습니다. 순이자 수익 감소와 대손충당금 증가의 영향을 받아 연간 순수익이 감소했습니다. 도전에도 불구하고 자산 관리 수익이 증가했으며 운영 비용은 효과적으로 관리되었습니다.
First United a publié ses résultats financiers pour le premier trimestre de 2024, affichant un bénéfice net consolidé de 3,7 millions de dollars, soit 0,56 dollar par action diluée. L'entreprise a connu un bénéfice net stable en raison de facteurs tels que le ralentissement de la croissance des prêts et les coûts de consolidation des agences. Alors que les actifs totaux ont enregistré une hausse de 0,4%, les soldes de trésorerie ont augmenté de 37,2 millions de dollars et les prêts bruts de 5,7 millions de dollars. La marge d'intérêt nette était de 3,12%, en baisse par rapport à l'année précédente. Les revenus non liés aux intérêts sont restés stables, et les dépenses non liées aux intérêts ont légèrement augmenté. Le bénéfice net a diminué d'année en année, influencé par une baisse des revenus nets d'intérêts et une augmentation des provisions pour pertes sur crédits. Malgré les défis, les revenus provenant de la gestion de patrimoine ont augmenté et les dépenses d'exploitation ont été gérées efficacement.
First United hat seine Finanzergebnisse für das erste Quartal 2024 vorgelegt, mit einem konsolidierten Nettoeinkommen von 3,7 Millionen Dollar oder 0,56 Dollar pro verwässerter Aktie. Das Unternehmen verzeichnete ein stabiles Nettoeinkommen, beeinflusst durch Faktoren wie das verlangsamte Kreditwachstum und die Kosten für die Filialkonsolidierung. Während die Gesamtaktiva um 0,4% stiegen, erhöhten sich die Barreserven um 37,2 Millionen Dollar und die Bruttokredite um 5,7 Millionen Dollar. Die Nettozinsmarge lag bei 3,12%, ein Rückgang im Vergleich zum Vorjahr. Die Einkünfte aus nichtzinsabhängigen Quellen blieben stabil, und die nichtzinsabhängigen Ausgaben stiegen leicht. Das Nettoeinkommen fiel gegenüber dem Vorjahr, beeinflusst von einem Rückgang der Nettozinsen und einem Anstieg der Rückstellungen für Kreditverluste. Trotz Herausforderungen wuchs das Einkommen aus Vermögensverwaltung und die Betriebskosten wurden effektiv verwaltet.
Positive
  • Consolidated net income of $3.7 million, or $0.56 per diluted share for Q1 2024
  • Total assets increased by 0.4%, with cash balances rising by $37.2 million
  • Gross loans increased by $5.7 million, while net interest margin was 3.12%
  • Non-interest income remained stable, and non-interest expenses increased slightly
  • Net income decreased compared to the previous year, impacted by lower net interest income and higher provision for credit losses
  • Wealth management income grew, and operating expenses were effectively managed
Negative
  • Decrease in net income year over year due to challenges in net interest income and provision for credit losses
  • Increase in non-accrual loans impacting financial stability
  • Net interest margin decline from the previous year

Insights

Examining the financial results of First United Corporation for the first quarter of 2024, a noticeable point is the consolidated net income decline to $3.7 million from $4.4 million in the previous year. A deeper look into the earnings per share also shows a decline from $0.65 to $0.56. This contraction could signal to investors a need for scrutiny on the bank's ability to grow income in a challenging economic environment. Meanwhile, the bank has managed to exercise cost control, as indicated by managing core operating expenses amidst a branch consolidation strategy. From a balance sheet perspective, the slight asset growth and the strategy to increase liquidity through the Federal Reserve's Bank Term Funding Program are noteworthy, especially considering the recent bank failures and increased liquidity pressures within the financial sector. For investors, understanding how these dynamics play out in terms of asset quality, loan growth and interest income in subsequent quarters will be critical.

From a market perspective, the reported changes in First United Corporation's deposit composition, with a shift towards interest-bearing deposits, reflect a broader trend in consumer behavior in response to the inflationary and higher interest rate environment. The increase in wealth management income is a positive indicator, suggesting that the bank is capturing growth opportunities in improving market conditions. For investors, such revenue streams might offer a buffer against slower loan growth rates. It's also interesting to note the bank's strategic shift towards liquidity management by leveraging the Federal Reserve's facilities and restructuring its investment portfolio, which could be seen as a proactive measure in light of market uncertainty.

On the risk front, the move of two large commercial loan relationships to non-accrual status and the subsequent increase in the provision for credit losses highlight the bank's exposure to credit risk in the current economic landscape. The rise in non-accrual loans from $4 million to $16 million is particularly significant and warrants attention from investors concerned with asset quality. While the bank's management is actively working on recovery plans, the true effectiveness of these efforts will only be quantifiable in the long term. Furthermore, the bank's decision to utilize the Bank Term Funding Program could be seen as a strategic move to manage interest rate risk, but it introduces potential dependency on external liquidity sources.

OAKLAND, Md., April 23, 2024 /PRNewswire/ -- First United Corporation (the "Corporation, "we", "us", and "our") (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the "Bank"), today announced financial results for the three-month period ended March 31, 2024.  Consolidated net income was $3.7 million for the first quarter of 2024, or $0.56 per diluted share, compared to $4.4 million, or $0.65 per diluted share, for the first quarter of 2023 and $1.8 million, or $0.26 per diluted share, for the fourth quarter of 2023.

According to Carissa Rodeheaver, Chairman, President and CEO, "The first quarter of 2024 was a solid quarter with stable net income impacted slightly by the slowing of loan growth, stabilization of the net interest margin and the final costs associated with the branch consolidation announced last quarter.  We experienced positive growth in our wealth management income spurred by improving market conditions and growth in new relationships and we successfully managed our core operating expenses.  Our associates remain committed to working with our customers as they adjust to the higher interest rate and inflationary cost environment."

First Quarter Financial Highlights:

  • Total assets at March 31, 2024 increased by $7.1 million, or 0.4%, when compared to December 31, 2023.  Significant changes during the first quarter included:
    • Cash balances increased by $37.2 million.
    • Investment securities decreased by $32.8 million due primarily to the maturity of $30.0 million of held-to-maturity ("HTM") U.S. Treasury Bonds during the quarter.
    • Gross loans increased by $5.7 million as:
      • commercial balances increased by $5.6 million;
      • mortgage balances increased by $2.1 million; and
      • consumer loans decreased by $2.1 million.
    • Deposits increased by $12.5 million as:
      • non-interest-bearing deposits decreased by $4.9 million;
      • interest-bearing demand deposits increased by $26.9 million;
      • savings and money market accounts increased by $4.9 million; and
      • time deposits decreased by $14.4 million.
    • Short-term borrowings increased by $34.1 million as the Bank borrowed $40.0 million from the Federal Reserve's Bank Term Funding Program ("BTFP") in January 2024, which was partially offset by a decrease of $5.9 million in other short-term borrowings due to fluctuations in municipal customer balances in overnight investment sweep products.   Long-term borrowings decreased by $40.0 million as a $40.0 million Federal Home Loan Bank ("FHLB") advance matured in March 2024 and was fully repaid.  
  • For the first quarter of 2024, consolidated net income was $3.7 million, inclusive of $0.4 million, net of tax, of accelerated depreciation expenses related to the closure of four branches in February 2024.
    • Net interest margin, on a non-GAAP, fully tax equivalent ("FTE") basis, was 3.12% for the first quarter of 2024 compared to 3.53% for the first quarter of 2023 and 3.13% for the fourth quarter of 2023.
    • Non-interest income, excluding net gains and losses, remained stable in the first quarter of 2024 when compared to the fourth quarter of 2023 and increased by $0.5 million when compared to the first quarter of 2023 due primarily to increases in wealth management income.
    • Non-interest expense increased by $0.6 million when compared to the fourth quarter of 2023 due to increased salaries and benefits of $0.8 million and a $0.5 million increase in other real estate owned ("OREO") expenses.  The increase in salaries and benefits was related to increases in full-time salaries, incentive compensation, life and health insurance, and executive officer long-term and short-term expense, partially offset by a decrease in stock compensation expense and 401(k) plan expense.  OREO expense increased due to a credit to expense in the fourth quarter of 2023 from gain on sales.  The foregoing increases were offset primarily by reductions in occupancy associated with the accelerated lease expense in the fourth quarter of 2023 related to closure of four branches in the first quarter of 2024, as well as reductions in data processing, marketing and professional services expenses.  When compared to the first quarter of 2023, the increases were primarily due to accelerated depreciation expenses associated with the branch closures, partially offset by reduced salaries and benefits.

Income Statement Overview

On a GAAP basis, net income for the first quarter of 2024 was $3.7 million, inclusive of $0.4 million, net of tax, accelerated depreciation expenses related to branch closures.  This compares to $4.4 million for the first quarter of 2023 and $1.8 million, inclusive of a $3.3 million, net of tax, loss on the sale of securities and $0.5 million, net of tax, accelerated depreciation and lease termination expenses related to the branch closures, for the fourth quarter of 2023. 


Q1 2024

Q4 2023

Q1 2023

Net Income, non-GAAP (millions)

$ 4.1

$ 5.5

$4.4

Net Income, GAAP (millions)

$ 3.7

$ 1.8

$ 4.4

Basic net income per share, non-GAAP

$ 0.62

$ 0.82

$ 0.66

Diluted net income per share, non-GAAP

$ 0.62

$ 0.82

$ 0.65

Basic net income per share, GAAP

$ 0.56

$ 0.26

$ 0.66

Diluted net income per share, GAAP

$ 0.56

$ 0.26

$ 0.65

The $0.7 million decrease in net income year over year was primarily driven by a $0.7 million decrease in net interest income and a $0.4 million increase in provision for credit losses.  Two large commercial relationships with combined loan balances of $12.1 million were moved to non-accrual status during the first quarter of 2024, which resulted in a reversal of $0.4 million in accrued interest income and fees during the quarter.  Additionally, interest expense increased at a slightly faster pace than interest income comparing year over year.  The provision for credit loss also increased year over year due to increased qualitative risk factors associated with the non-accrual loan balances.  Management is actively managing these credits, which we anticipate will lead to normal collection procedures such as returning the credits to accrual or moving loans through the foreclosure process over the next year.  Other activity comparing the first quarter of 2024 to the same period in 2023 was a $0.4 million increase in wealth management income year over year due to improving market conditions and growth of new relationships and an increase in operating expenses of $0.2 million.  The provision for income tax expense was down $0.2 million when comparing the two quarters due to decreased net income before tax.

Compared to the linked quarter, net income increased by $1.9 million due primarily to $4.2 million in recognized losses from the restructuring of the investment portfolio.  This was partially offset by the $0.4 million decrease in net interest income and the $0.5 million increase in provision expense when compared to the prior quarter.  Comparing the linked quarters, interest income was impacted by the $0.4 million reversal of accrued interest, and provision expense increased by $0.1 million due to increased qualitative factors associated with the increase in non-accrual loans described above.  Operating expenses increased by $0.6 million due primarily to increased salary and employee benefits and net OREO expenses offset by decreases in occupancy marketing and professional services.

Net Interest Income and Net Interest Margin

Net interest income, on a non-GAAP, FTE basis, decreased by $0.9 million for the first quarter of 2024 when compared to the first quarter of 2023.  This decrease was driven by an increase of $4.8 million in interest expense due to an increase of 133 basis points on interest paid on deposit accounts.  The average balances decreased by $39.4 million when compared to the first quarter of 2023 due primarily to the increased deposit pricing pressures that began in the first quarter of 2023 as a result of the bank failures in March 2023 and liquidity fears in the market.  Interest income increased by $3.9 million.   Interest income on loans increased by $3.8 million due to the increase of 59 basis points in overall yield on the loan portfolio as new loans were booked at higher rates as well as adjustable-rate loans repricing in correlation to the rising rate environment and an increase in average balances of $128.3 million.   Investment income decreased by $0.4 million due to a decrease of $64.4 million in average balances related to the balance sheet restructuring of our investment portfolio in the fourth quarter of 2023 and the maturity of $30.0 million of U.S. Treasury bonds.  The net interest margin for the three months ended March 31, 2024 was 3.12% compared to 3.53% for the three months ended March 31, 2023.  Excluding the reversal of $0.4 million of interest and fees on loans related to the movement of $12.1 million of loans to non-accrual, the net interest margin would have been 3.21%

Comparing the first quarter of 2024 to the fourth quarter of 2023, net interest income, on a non-GAAP, FTE basis, decreased by $0.4 million.   This decrease was driven by a decrease of $0.3 million in interest income and an increase of $0.1 million in interest expense.  Interest income on loans decreased by $0.1 million related to the reversal of $0.4 million in accrued interest and loan fees related to the non-accrual loans in the first quarter of 2024 offset by an overall increase of 1 basis point in the yield and an increase of $9.5 million in average loan balances.  Interest expense on deposits decreased by $0.2 million due to a decrease in average deposit balances of $98.7 million during the quarter.  Interest expense on short-term borrowings increased by $0.4 million due to the Corporation's decision to borrow $40.0 million from the BTFP in the first quarter of 2024.

Non-Interest Income

Other operating income, including net gains/(losses), for the first quarter of 2024 increased by $0.5 million when compared to the same period of 2023.  The growth was driven by an increase of $0.4 million in wealth management income due to improving market conditions and growth in new and existing customer relationships.

On a linked quarter basis, other operating income, including net losses, increased by $4.3 million due primarily to the $4.2 million in losses related to the sale of available-for-sale ("AFS") securities in the fourth quarter of 2023 related to the Corporation's balance sheet restructuring.   Additionally, debit card income decreased by $0.2 million when compared to the previous quarter.   These decreases were partially offset by a $0.2 million increase in wealth management income.

Non-Interest Expense

Operating expenses increased by $0.2 million in the first quarter of 2024 when compared to the first quarter of 2023.  The increase was largely driven by a $0.3 million increase in equipment and occupancy expense due to the accelerated depreciation expenses recognized in the first quarter of 2024 in conjunction with the announced branch closures in February 2024.   This increase was partially offset by a $0.1 million decrease in salaries and employee benefits year over year due to unusually high health insurance premiums recognized in the first quarter of 2023 offset by higher salaries and benefits associated with normal merit increases effective April 1, 2023.  

Non-interest expense increased by $0.6 million when compared to the linked quarter due to increased salaries and benefits of $0.8 million and increased OREO expense of $0.5 million.  The increase in salaries and benefits was related to increases in full-time salaries, incentive compensation, life and health insurance, and executive officer long-term and short-term expense, partially offset by decreases in stock compensation expense and 401(k) plan expense.  OREO expense increased due to a credit to expense in the fourth quarter of 2023 from gain on sales.  These increases were offset by reductions in occupancy, data processing, marketing and professional service expenses. 

The effective income tax rates as a percentage of income for the three-month periods ended March 31, 2024 and March 31, 2023 were 23.9% and 23.6%, respectively. 

Balance Sheet Overview

Total assets at March 31, 2024 were $1.9 billion, representing a $7.1 million increase since December 31, 2023.  During the first quarter of 2024, cash and interest-bearing deposits in other banks increased by $37.2 million.  The investment portfolio decreased by $32.8 million due to the maturities of $30.0 million of U.S. Treasury bonds during the quarter and normal principal amortization. Gross loans increased by $5.7 million.  Other assets, including deferred taxes, premises and equipment, and accrued interest receivable, remained stable.

Total liabilities at March 31, 2024 were $1.7 billion, representing a $3.5 million increase since December 31, 2023.  Total deposits increased by $12.5 million when compared to December 31, 2023.  The increase in deposits was primarily attributable to the shift of $10.0 million in overnight investment sweep balances to the IntraFi Cash Service ("ICS") product, as a result of management's strategy to release pledging of investment securities for municipalities to increase available liquidity.  Short term borrowings increased by $34.1 million since December 31, 2023 due primarily to the Bank's utilization of the BTFP to obtain $40.0 million in borrowings during January 2024 at a rate of 4.87% with a one-year maturity.  There are no prepayment penalties associated with early payments on the BTFP.  Long-term borrowings decreased by $40.0 million in the first quarter of 2024 when compared to December 31, 2023 due to the repayment of $40.0 million in FHLB borrowings. 

Total AFS and HTM securities totaled $278.7 million at March 31, 2024, representing a $32.8 million decrease when compared to December 31, 2023.   In the first quarter of 2024, $30.0 million in U.S. Treasury bonds matured and were reinvested into cash at the Federal Reserve in anticipation of the $40.0 million maturing FHLB advance.  Additionally, there were $2.5 million of other principal amortizations in the portfolio during the quarter.   

Outstanding loans of $1.4 billion at March 31, 2024 reflected growth of $5.7 million for the first quarter of 2024.  Since December 31, 2023, commercial real estate loans decreased by $0.9 million and acquisition and development loans increased by $6.4 million. Commercial and industrial loans increased by $0.1 million.  Residential mortgage loans increased $2.1 million, offset by a decline of $2.1 million in the consumer loan portfolio related to new production offset by monthly amortization.   

New commercial loan production for the three months ended March 31, 2024 was approximately $28.3 million.  The pipeline of commercial loans as of March 31, 2024 was $30.9 million.  At March 31, 2024, unfunded, committed commercial construction loans totaled approximately $8.2 million. Commercial amortization and payoffs were approximately $35.5 million through March 31, 2024, due primarily to pay-offs of short-term commercial loans as well as normal amortizations of the commercial loan portfolio.

New consumer mortgage loan production for the first quarter of 2024 was approximately $11.2 million, with most of this production comprised of in-house mortgages.  The pipeline of in-house, portfolio loans as of March 31, 2024 was $9.8 million.  The residential mortgage production level declined in the first quarter of 2024 due to the higher interest rates and seasonality of this line of business.  Unfunded commitments related to residential construction loans totaled $13.9 million at March 31, 2024.   Management has chosen to shift activity to the secondary market in the first quarter of 2024 to preserve liquidity.

Total deposits at March 31, 2024 increased by $12.5 million when compared to December 31, 2023.  During the quarter, non-interest-bearing deposits decreased by $4.9 million.  Interest-bearing demand deposits increased by $26.9 million, primarily related to the shift of $10.0 million in overnight investment sweep balances into the ICS product to maintain FDIC insurance due to management's strategy to release pledging of investment securities for municipalities to increase available liquidity.  Money market accounts increased by $7.3 million due primarily to the expansion of current relationships and new relationships during the quarter.  Traditional savings accounts decreased by $2.4 million and time deposits decreased by $14.4 million.  The decrease in time deposits was primarily due to the maturing of a nine-month CD product that was offered by the Bank in 2023 at higher rates.  The Bank has worked closely with customers as these CDs mature to transition them to other deposit and wealth management products offered by the Bank.

Short-term borrowings increased by $34.1 million as the Bank borrowed $40.0 million from the BTFP in January 2024, which was partially offset by a decrease of $5.9 million in other short-term borrowings due to fluctuations in municipal customer balances in overnight investment sweep products.  Long-term borrowings decreased by $40.0 million as a $40.0 million FHLB advance matured in March 2024 and was fully repaid.

The book value of the Corporation's common stock was $24.89 per share at March 31, 2024 compared to $24.38 per share at December 31, 2023.  At March 31, 2024, there were 6,648,645 of basic outstanding shares and 6,657,239 of diluted outstanding shares of common stock.  The increase in the book value at March 31, 2024 was due to the undistributed net income of $2.4 million for the first quarter of 2024.

Asset Quality

The allowance for credit losses ("ACL") was $18.0 million at March 31, 2024 compared to $16.9 million recorded at March 31, 2023 and $17.5 million at December 31, 2023.  The provision for credit losses was $0.9 million for the quarter ended March 31, 2024 compared to $0.5 million for the quarter ended March 31, 2023 and $0.4 million for the fourth quarter of 2023.  The increased provision expense recorded in 2024 was primarily related to increases in qualitative risk factors of our commercial and industrial portfolio, as two large relationships moved to non-accrual status during the quarter.  Net charge-offs of $0.5 million were recorded for the quarter ended March 31, 2024 compared to net charge-offs of $0.2 million for the quarter ended March 31, 2023. The ratio of the ACL to loans outstanding was 1.27% at March 31, 2024 compared to 1.24% at December 31, 2023 and 1.31% at March 31, 2023. 

The ratio of net charge offs to average loans was 0.13% for the quarter ended March 31, 2024, and 0.08% for the quarter ended March 31, 2023.  The commercial and industrial portfolio had net charge offs of 0.12% for the quarter ended March 31, 2024 compared to a net recovery of 0.01% for the quarter ended March 31, 2023.  This shift was due to charge offs of equipment loan balances on two commercial relationships during the first quarter of 2024.  The increase in net charge offs in consumer loans in the first quarter of 2024 was primarily driven by approximately $0.3 million in charge offs of overdrawn demand deposit balances during the quarter.  Details of the ratios, by loan type, are shown below.  Our special assets team continues to actively collect on charged-off loans, resulting in overall low net charge-off ratios.

Ratio of Net (Charge Offs)/Recoveries to Average Loans


3/31/2024

3/31/2023

Loan Type

(Charge Off) / Recovery

(Charge Off) / Recovery

Commercial Real Estate

0.03 %

0.00 %

Acquisition & Development

0.01 %

0.03 %

Commercial & Industrial

(0.12 %)

0.01 %

Residential Mortgage

0.01 %

0.01 %

Consumer

(2.89 %)

(1.79 %)

Total Net (Charge Offs)/Recoveries

(0.13 %)

(0.08 %)

Non-accrual loans totaled $16.0 million at March 31, 2024 compared to $4.0 million at December 31, 2023.  The increase in non-accrual balances at March 31, 2024 was related to two commercial and industrial loan relationships that were moved to non-accrual during the first quarter.  Management believes that these loans are marked appropriately, and our credit department is actively working with these borrowers on work-out plans.

Non-accrual loans that have been subject to partial charge-offs totaled $0.1 million at both March 31, 2024 and December 31, 2023.  Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $1.8 million at both March 31, 2024 and December 31, 2023.  As a percentage of the loan portfolio, accruing loans past due 30 days or more was 0.40% at March 31, 2024 compared to 0.24% at December 31, 2023 and 0.17% as of March 31, 2023. 

ABOUT FIRST UNITED CORPORATION

First United Corporation is a Maryland corporation chartered in 1985 and a financial holding company registered with the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021.  The Corporation's primary business is serving as the parent company of  the Bank, First United Statutory Trust I ("Trust I") and First United Statutory Trust II ("Trust II" and together with Trust I, "the Trusts"), both Connecticut statutory business trusts.  The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital.  The Bank has two consumer finance company subsidiaries- Oak First Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company – and two subsidiaries that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure – First OREO Trust, a Maryland statutory trust, and FUBT OREO I, LLC, a Maryland limited liability company.  In addition, the Bank owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland, and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland (the "MCC Fund").   The Corporation's website is www.mybank.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the future, as well as its assumptions and judgments concerning such beliefs, plans and objectives.  These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions.  Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true.  The beliefs, plans and objectives on which forward-looking statements are based involve risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.  For a discussion of these risks and uncertainties, see the section of the periodic reports that First United Corporation files with the Securities and Exchange Commission entitled "Risk Factors". In addition, investors should understand that the Corporation is required under generally accepted accounting principles to evaluate subsequent events through the filing of the consolidated financial statements included in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and the impact that any such events have on our critical accounting assumptions and estimates made as of March 31, 2024, which could require us to make adjustments to the amounts reflected in this press release.

 

FIRST UNITED CORPORATION
Oakland, MD    
Stock Symbol :  FUNC        
Financial Highlights - Unaudited


(Dollars in thousands, except per share data)









Three Months Ended






March 31,


March 31,






2024


2023


Results of Operations:






     Interest income 


$                  21,898


$                  17,829


     Interest expense 


8,086


3,311


     Net interest income


13,812


14,518


     Provision for credit losses


946


543


     Other operating income


4,793


4,339


     Net gains



82


54


     Other operating expense


12,881


12,638


     Income before taxes


$                    4,860


$                    5,730


     Income tax expense


1,162


1,355


     Net income



$                    3,698


$                    4,375










Per share data:







     Basic net income per share


$                      0.56


$                      0.66


     Diluted net income per share


$                      0.56


$                      0.65


     Adjusted Basic net income (1)


$                      0.62


$                      0.66


     Adjusted Diluted net income (1)


$                      0.62


$                      0.65


     Dividends declared per share


$                      0.20


$                      0.20


     Book value


$                    24.89


$                    22.85


     Diluted book value


$                    24.86


$                    22.81


     Tangible book value per share


$                    23.08


$                    21.01


     Diluted Tangible book value per share


$                    23.05


$                    20.96










     Closing market value


$                    22.91


$                    16.89


     Market Range:






          High



$                    23.85


$                    20.41


          Low



$                    21.21


$                    16.75










Shares outstanding at period end: Basic


6,648,645


6,688,710


Shares outstanding at period end: Diluted


6,657,239


6,703,252










Performance ratios: (Year to Date Period End, annualized)






Return on average assets




0.76 %


0.94 %


Adjusted return on average assets (1)




0.85 %


0.97 %


Return on average shareholders' equity




9.07 %


11.87 %


Adjusted return on average shareholders' equity (1)




10.11 %


11.50 %


Net interest margin (Non-GAAP), includes tax exempt income of $57 and $227




3.12 %


3.53 %


Net interest margin GAAP




3.10 %


3.48 %


Efficiency ratio - non-GAAP (1)


65.71 %


67.02 %










(1) Efficiency ratio is a non-GAAP measure calculated by dividing total operating
expenses by the sum of tax equivalent net interest income and other operating
income, less gains/(losses) on sales of securities and/or fixed assets.


March 31,


December 31






2024


2023


Financial Condition at period end:






Assets



$             1,912,953


$             1,905,860


Earning assets



$             1,695,962


$             1,725,236


Gross loans



$             1,412,327


$             1,406,667


     Commercial Real Estate


$                492,819


$                493,703


     Acquisition and Development


$                  83,424


$                  77,060


     Commercial and Industrial


$                274,722


$                274,604


     Residential Mortgage


$                501,990


$                499,871


     Consumer



$                  59,372


$                  61,429


Investment securities


$                278,716


$                311,466


Total deposits



$             1,563,453


$             1,550,977


     Noninterest bearing


$                422,759


$                427,670


     Interest bearing


$             1,140,694


$             1,123,307


Shareholders' equity


$                165,481


$                161,873






.












Capital ratios:















     Tier 1 to risk weighted assets


14.58 %


14.42 %


     Common Equity Tier 1 to risk weighted assets


12.60 %


12.44 %


     Tier 1 Leverage


11.48 %


11.30 %


     Total risk based capital


15.83 %


15.64 %










Asset quality:















Net charge-offs for the quarter


$                     (459)


$                     (195)


     Nonperforming assets: (Period End)






     Nonaccrual loans


$                  16,007


$                    3,956


     Loans 90 days past due and accruing


120


543


     Total nonperforming loans and 90 day past due


$                  16,127


$                    4,499










     Other real estate owned


$                    4,402


$                    4,493










Allowance for credit losses to gross loans


1.27 %


1.24 %


Allowance for credit losses to non-accrual loans


112.34 %


441.86 %


Allowance for credit losses to non-performing assets


87.59 %


194.40 %


Non-performing and 90 day past due loans to total loans


1.14 %


0.32 %


Non-performing loans and 90 day past due loans to total assets


0.84 %


0.24 %


Non-accrual loans to total loans


1.13 %


0.28 %


Non-performing assets to total assets




1.07 %


0.47 %


 

FIRST UNITED CORPORATION
Oakland, MD
Stock Symbol :  FUNC
Financial Highlights - Unaudited



















March 31,

December 31,

September 30,

June 30,

March 31,

(Dollars in thousands, except per share data)

2024

2023

2023

2023

2023

Results of Operations:






     Interest income 

$              21,898

$              22,191

$                 21,164

$          19,972

$         17,829

     Interest expense 

8,086

7,997

7,180

5,798

3,311

     Net interest income

13,812

14,194

13,984

14,174

14,518

     Provision for credit losses

946

419

263

395

543

     Other operating income

4,793

4,793

4,716

4,483

4,339

     Net gains/(losses)

82

(4,184)

182

86

54

     Other operating expense

12,881

12,309

12,785

12,511

12,638

     Income before taxes

$                4,860

$                2,075

$                   5,834

$            5,837

$           5,730

     Income tax expense

1,162

317

1,321

1,423

1,355

     Net income


$                3,698

$                1,758

$                   4,513

$            4,414

$           4,375









Per share data:







     Basic net income per share 

$                   0.56

$                   0.26

$                      0.67

$               0.66

$              0.66

     Diluted net income per share

$                   0.56

$                   0.26

$                      0.67

$               0.66

$              0.65

     Adjusted basic net income (1)

$                   0.62

$                   0.66

$                      0.66

$               0.66

$              0.66

     Adjusted diluted net income (1)

$                   0.62

$                   0.65

$                      0.65

$               0.65

$              0.65

     Dividends declared per share

$                   0.20

$                   0.20

$                      0.20

$               0.20

$              0.20

     Book value


$                  24.89

$                  24.38

$                    23.08

$              23.12

$            22.85

     Diluted book value

$                  24.86

$                  24.33

$                    23.03

$              23.07

$            22.81

     Tangible book value per share

$                  23.08

$                  22.56

$                    21.27

$              21.29

$            21.01

     Diluted Tangible book value per share

$                  23.05

$                  22.51

$                    21.22

$              21.25

$            20.96









     Closing market value

$                  22.91

$                  23.51

$                    16.23

$              14.26

$            16.89

     Market Range:






          High


$                  23.85

$                  23.51

$                    17.34

$              17.01

$            20.41

          Low


$                  21.21

$                  16.12

$                    13.70

$              12.56

$            16.75









Shares outstanding at period end: Basic 

6,648,645

6,639,888

6,715,170

6,711,422

6,688,710

Shares outstanding at period end: Diluted

6,657,239

6,653,200

6,728,482

6,724,734

6,703,252









Performance ratios: (Year to Date Period End, annualized)






Return on average assets



0.76 %

0.78 %

0.93 %

0.95 %

0.94 %

Adjusted return on average assets (1)



0.85 %

0.94 %

0.94 %

0.94 %

0.94 %

Return on average shareholders' equity



9.07 %

9.68 %

11.44 %

11.43 %

11.87 %

Adjusted return on average shareholders' equity (1)



10.11 %

11.87 %

11.87 %

11.87 %

11.87 %

Net interest margin (Non-GAAP), includes tax exempt income of $57 and $227



3.12 %

3.26 %

3.30 %

3.39 %

3.53 %

Net interest margin GAAP



3.10 %

3.22 %

3.25 %

3.34 %

3.48 %

Efficiency ratio - non-GAAP (1)

65.71 %

65.12 %

66.41 %

66.00 %

67.02 %









(1) Efficiency ratio is a non-GAAP measure calculated by dividing total operating
expenses by the sum of tax equivalent net interest income and other operating income,
less gains/(losses) on sales of securities and/or fixed assets.

March 31,

December 31,

September 30,

June 30,

March 31,




2024

2023

2023

2023

2023

Financial Condition at period end:






Assets


$           1,912,953

$           1,905,860

$              1,928,201

$       1,928,393

$      1,937,442

Earning assets


$           1,695,962

$           1,725,236

$              1,717,244

$       1,707,522

$      1,652,688

Gross loans


$           1,412,327

$           1,406,667

$              1,380,019

$       1,350,038

$      1,289,080

     Commercial Real Estate

$              492,819

$              493,703

$                 491,284

$          483,485

$         453,356

     Acquisition and Development

$                83,424

$                77,060

$                   79,796

$            79,003

$           76,980

     Commercial and Industrial

$              274,722

$              274,604

$                 254,650

$          249,683

$         241,959

     Residential Mortgage

$              501,990

$              499,871

$                 491,686

$          475,540

$         456,198

     Consumer


$                59,372

$                61,429

$                   62,603

$            62,327

$           60,587

Investment securities

$              278,716

$              311,466

$                 330,053

$          350,844

$         357,061

Total deposits


$           1,563,453

$           1,550,977

$              1,575,069

$       1,579,959

$      1,591,285

     Noninterest bearing

$              422,759

$              427,670

$                 429,691

$          466,628

$         468,554

     Interest bearing

$           1,140,694

$           1,123,307

$              1,145,378

$       1,113,331

$      1,122,731

Shareholders' equity

$              165,481

$              161,873

$                 154,990

$          155,156

$         152,868









Capital ratios:















     Tier 1 to risk weighted assets

14.58 %

14.42 %

14.60 %

14.40 %

14.90 %

     Common Equity Tier 1 to risk weighted assets

12.60 %

12.44 %

12.60 %

12.40 %

12.82 %

     Tier 1 Leverage

11.48 %

11.30 %

11.25 %

11.25 %

11.47 %

     Total risk based capital

15.83 %

15.64 %

15.81 %

15.60 %

16.15 %









Asset quality:















Net (charge-offs)/recoveries for the quarter

$                   (459)

$                   (195)

$                        (83)

$               (398)

$              (245)

Nonperforming assets: (Period End)






     Nonaccrual loans

$                16,007

$                  3,956

$                    3,479

$              2,972

$            3,258

     Loans 90 days past due and accruing

120

543

145

160

87

     Total nonperforming loans and 90 day past due

$                16,127

$                  4,499

$                    3,624

$              3,132

$            3,345









     Modified/restructured loans

$                         -

$                         -

$                           -

$                     -

$                   -

     Other real estate owned

$                  4,402

$                  4,493

$                    4,878

$              4,482

$            4,598









Allowance for credit losses to gross loans

1.27 %

1.24 %

1.24 %

1.25 %

1.31 %

Allowance for credit losses to non-accrual loans

112.34 %

441.86 %

492.84 %

568.81 %

517.83 %

Allowance for credit losses to non-performing assets

87.59 %

194.40 %

473.12 %

539.79 %

212.40 %

Non-performing and 90 day past due loans to total loans

1.14 %

0.32 %

0.26 %

0.23 %

0.26 %

Non-performing loans and 90 day past due loans to total assets

0.84 %

0.24 %

0.19 %

0.16 %

0.17 %

Non-accrual loans to total loans

1.13 %

0.28 %

0.25 %

0.22 %

0.25 %

Non-performing assets to total assets



1.07 %

0.47 %

0.44 %

0.39 %

0.41 %

 

Consolidated Statement of Condition


(Dollars in thousands - Unaudited)


March 31, 2024


December 31, 2023






Assets





Cash and due from banks

$

85,578

$

48,343

Interest bearing deposits in banks


1,354


1,410

Cash and cash equivalents


86,932


49,753

Investment securities – available for sale (at fair value)


95,580


97,169

Investment securities – held to maturity (at cost)


183,136


214,297

Restricted investment in bank stock, at cost


3,390


5,250

Loans held for sale


175


443

Loans


1,412,327


1,406,667

Unearned fees


(314)


(340)

Allowance for credit losses


(17,982)


(17,480)

Net loans


1,394,031


1,388,847

Premises and equipment, net


30,268


31,459

Goodwill and other intangible assets


12,021


12,103

Bank owned life insurance


47,933


47,607

Deferred tax assets


10,736


11,948

Other real estate owned, net


4,402


4,493

Operating lease asset


1,299


1,367

Accrued interest receivable and other assets


43,050


41,124

Total Assets

$

1,912,953

$

1,905,860

Liabilities and Shareholders' Equity





Liabilities:





Non-interest bearing deposits

$

422,759

$

427,670

Interest bearing deposits


1,140,694


1,123,307

Total deposits


1,563,453


1,550,977

Short-term borrowings


79,494


45,418

Long-term borrowings


70,929


110,929

Operating lease liability


1,484


1,556

Allowance for credit loss on off balance sheet exposures


858


873

Accrued interest payable and other liabilities


29,925


32,904

Dividends payable


1,329


1,330

Total Liabilities


1,747,472


1,743,987

Shareholders' Equity:  





Common Stock – par value $0.01 per share; Authorized 25,000,000
shares; issued and outstanding 6,715,170 shares at September 30, 2023
and 6,666,428 at December 31, 2022


66


66

Surplus


23,865


23,734

Retained earnings


176,272


173,900

Accumulated other comprehensive loss


(34,722)


(35,827)

Total Shareholders' Equity


165,481


161,873

Total Liabilities and Shareholders' Equity

$

1,912,953

$

1,905,860

 

Historical Income Statement

















2024


2023



Q1


Q4


Q3

Q2

Q1

In thousands

(Unaudited)

Interest income











Interest and fees on loans

$

19,218

$

19,290

$

18,055

$

16,780

$

15,444

Interest on investment securities











Taxable


1,744


1,834


1,792


1,779


1,768

Exempt from federal income tax


53


53


123


268


270

Total investment income


1,797


1,887


1,915


2,047


2,038

Other


883


1,014


1,194


1,145


347

Total interest income


21,898


22,191


21,164


19,972


17,829

Interest expense











Interest on deposits


6,266


6,498


5,672


4,350


2,678

Interest on short-term borrowings


461


54


33


29


31

Interest on long-term borrowings


1,359


1,445


1,475


1,419


602

Total interest expense


8,086


7,997


7,180


5,798


3,311

Net interest income


13,812


14,194


13,984


14,174


14,518

Credit loss expense/(credit)











Loans


961


530


322


434


414

Debt securities held to maturity




45



Off balance sheet credit exposures


(15)


(111)


(104)


(39)


129

Provision for credit losses


946


419


263


395


543

Net interest income after provision for credit losses


12,866


13,775


13,721


13,779


13,975

Other operating income











Net losses on investments, available for sale



(4,214)




Gains on sale of residential mortgage loans


82


59


182


86


54

Losses on disposal of fixed assets



(29)




Net gains/(losses)


82


(4,184)


182


86


54

Other Income











Service charges on deposit accounts


556


567


569


546


516

Other service charges


215


223


230


244


232

Trust department


2,188


2,148


2,139


2,025


1,970

Debit card income


932


1,120


995


1,031


955

Bank owned life insurance


326


325


320


311


305

Brokerage commissions


495


360


245


258


297

Other


81


50


218


68


64

Total other income


4,793


4,793


4,716


4,483


4,339

Total other operating income


4,875


609


4,898


4,569


4,393

Other operating expenses











Salaries and employee benefits


7,157


6,390


6,964


6,870


7,296

FDIC premiums


269


268


254


277


193

Equipment


923


912


718


747


780

Occupancy


954


1,169


745


742


785

Data processing


1,318


1,384


1,388


1,306


1,306

Marketing


134


311


242


160


120

Professional services


486


631


488


520


494

Contract labor


183


170


155


157


134

Telephone


109


125


115


116


110

Other real estate owned


86


(370)


139


18


124

Investor relations


53


65


74


123


83

Contributions


32


12


74


79


64

Other


1,177


1,242


1,429


1,396


1,149

Total other operating expenses


12,881


12,309


12,785


12,511


12,638

Income before income tax expense


4,860


2,075


5,834


5,837


5,730

Provision for income tax expense


1,162


317


1,321


1,423


1,355

Net Income

$

3,698

$

1,758

$

4,513

$

4,414

$

4,375

Basic net income per common share

$

0.56

$

0.26

$

0.67

$

0.66

$

0.66

Diluted net income per common share

$

0.56

$

0.26

$

0.67

$

0.66

$

0.65

Weighted average number of basic shares outstanding


6,642


6,649


6,714


6,704


6,675

Weighted average number of diluted shares
outstanding


6,655


6,663


6,728


6,718


6,697

Dividends declared per common share

$

0.20

$

0.20

$

0.20

$

0.20

$

0.20

 

Non-GAAP Financial Measures (unaudited)
Reconciliation of as reported (GAAP) and non-GAAP financial measures


The following tables below provide a reconciliation of certain financial measures calculated under generally accepted
accounting principles ("GAAP") (as reported) and non-GAAP. A non-GAAP financial measure is a numerical measure of
historical or future financial performance, financial position or cash flows that excludes or includes amounts that are
required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in
the United States. The Company's management believes the presentation of non-GAAP financial measures provide
investors with a greater understanding of the Company's operating results in addition to the results measured in
accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company's
performance, this information should not be viewed as a substitute for financial results determined in accordance with
GAAP or considered to be more important than financial results determined in accordance with GAAP.


The following non-GAAP financial measures exclude accelerated depreciation expenses related to the branch closures.




Three months ended March 31, 



2024


2023

(in thousands, except for per share amount)







Net income - as reported


$

3,698


$

4,376

Adjustments:







    Accelerated depreciation expenses



562



     Income tax effect of adjustments



(137)



Adjusted net income (non-GAAP)


$

4,123


$

4,376








Diluted earnings per share - as reported


$

0.56


$

0.65

Adjustments:







    Accelerated depreciation expenses



0.08



    Income tax effect of adjustments



(0.02)



Adjusted basic and diluted earnings per share (non-
GAAP)


$

0.62


$

0.65

















As of or for the three months ended



March 31, 

(in thousands, except per share data)


2024


2023

Per Share Data







Basic net income per share (1) - as reported


$

0.56


$

0.66

Basic net income per share (1) - non-GAAP



0.62



0.66

Diluted net income per share (1) - as reported


$

0.56


$

0.65

Diluted net income per share (1) - non-GAAP



0.62



0.65

Basic book value per share 


$

24.89


$

22.85

Diluted book value per share 


$

24.86


$

22.81















Significant Ratios:














Return on Average Assets (1) - as reported



0.76 %



0.94 %

    Accelerated depreciation expenses



0.12 %



    Income tax effect of adjustments



(0.03 %)



Adjusted Return on Average Assets (1) (non-GAAP)



0.85 %



0.94 %








Return on Average Equity (1) - as reported



9.07 %



11.87 %

    Accelerated depreciation expenses



1.38 %



    Income tax effect of adjustments



(0.34 %)



Adjusted Return on Average Equity (1) (non-GAAP)



10.11 %



11.87 %


(1) See reconcilation of this non-GAAP financial measure provided elsewhere herein.

 



Three Months Ended




March 31




2024


2023


(dollars in thousands)


Average
Balance


Interest


Average
Yield/Rate


Average
Balance


Interest


Average
Yield/Rate


Assets


















Loans


$

1,407,886


$

19,234


5.49

%

$

1,279,547


$

15,457


4.90

%

Investment Securities:


















     Taxable



294,526



1,744


2.38

%


340,622



1,768


2.11

%

     Non taxable



7,806



94


4.84

%


26,104



484


7.52

%

     Total



302,332



1,838


2.45

%


366,726



2,252


2.49

%

Federal funds sold



63,843



758


4.78

%


40,092



307


3.11

%

Interest-bearing deposits with other banks



8,787



31


1.42

%


5,001



26


2.11

%

Other interest earning assets



5,107



94


7.40

%


1,632



14


3.48

%

Total earning assets



1,787,955



21,955


4.94

%


1,692,998



18,056


4.33

%

Allowance for credit losses



(17,696)








(14,816)







Non-earning assets



188,425








213,929







Total Assets


$

1,958,684







$

1,892,111







Liabilities and Shareholders' Equity


















Interest-bearing demand deposits


$

348,998


$

1,441


1.66

%

$

353,072


$

888


1.02

%

Interest-bearing money markets



322,965



3,260


4.06

%


340,128



1,298


1.55

%

Savings deposits



189,572



48


0.10

%


246,708



79


0.13

%

Time deposits - retail



157,678



1,118


2.85

%


118,667



281


0.96

%

Time deposits - brokered



30,000



399


5.35

%


10,180



132


5.26

%

Short-term borrowings



73,351



461


2.53

%


57,364



31


0.22

%

Long-term borrowings



103,017



1,359


5.31

%


43,373



602


5.63

%

Total interest-bearing liabilities



1,225,581



8,086


2.65

%


1,169,492



3,311


1.15

%

Non-interest-bearing deposits



534,413








545,215







Other liabilities



34,746








27,988







Shareholders' Equity



163,944








149,416







Total Liabilities and Shareholders' Equity


$

1,958,684







$

1,892,111







Net interest income and spread





$

13,869


2.29

%




$

14,745


3.18

%

Net interest margin








3.12

%







3.53

%

 

Cision View original content:https://www.prnewswire.com/news-releases/first-united-corporation-announces-first-quarter-2024-financial-results-302125146.html

SOURCE First United Corporation

FAQ

What was First United 's net income for the first quarter of 2024?

First United reported a net income of $3.7 million for the first quarter of 2024.

How did the total assets change in the first quarter of 2024?

Total assets increased by 0.4% in the first quarter of 2024, with cash balances rising by $37.2 million.

What was the net interest margin for First United in the first quarter of 2024?

The net interest margin for the first quarter of 2024 was 3.12%.

What factors influenced the decrease in net income year over year for First United ?

The decrease in net income year over year was primarily driven by a decline in net interest income and an increase in provision for credit losses.

How did wealth management income perform for First United in the first quarter of 2024?

Wealth management income grew for First United in the first quarter of 2024, driven by improving market conditions.

First United Corp

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