Welcome to our dedicated page for First Utd news (Ticker: FUNC), a resource for investors and traders seeking the latest updates and insights on First Utd stock.
First United Corporation (NASDAQ: FUNC) is a financial services holding company and the parent of First United Bank & Trust, a Maryland trust company with commercial banking powers. News about FUNC often centers on its role in commercial banking and wealth management, as well as its activities as a regional community bank serving counties in Maryland and West Virginia.
Investors following First United Corporation’s news can expect regular updates on quarterly and annual financial results. In press releases that are also furnished on Form 8-K, the company reports net income, net interest income, net interest margin, loan originations, deposit trends, non-interest income such as wealth management fees and gains on sales of residential mortgages and investment securities, and changes in operating expenses. These releases also provide balance sheet overviews, including total assets, loan balances, investment portfolio changes and deposit composition.
Another recurring theme in FUNC news is the declaration of cash dividends on its common stock. The Board of Directors periodically announces per-share dividend amounts, payment dates and record dates, and these decisions are disclosed through press releases and corresponding 8-K filings. These items help shareholders track the company’s approach to capital and shareholder distributions.
News coverage also includes governance and management developments. For example, the company has issued a press release and filed an 8-K describing a management succession plan, including a planned retirement of the existing Chairman, President and Chief Executive Officer and the intended appointment of a new President and Chief Executive Officer, along with related amendments to the Corporation’s Bylaws. Such announcements provide insight into leadership continuity and board decisions.
For users monitoring FUNC, this news feed offers a consolidated view of earnings announcements, dividend declarations, investor presentations referenced in Form 8-K filings, and key corporate governance updates related to First United Corporation and First United Bank & Trust.
First United (NASDAQ: FUNC) reported strong Q4 2024 financial results with consolidated net income of $6.2 million ($0.95 per diluted share), compared to $1.8 million ($0.26 per diluted share) in Q4 2023. Full-year 2024 net income reached $20.6 million ($3.15 per diluted share), up from $15.1 million in 2023.
The quarter saw robust loan growth with $72.2 million in commercial loan originations and $23.3 million in residential mortgage originations. Net interest margin was 3.48% for Q4 2024. Deposits increased by $34.4 million due to seasonal municipal deposit fluctuations, partly offset by retail certificate runoff. The company maintained strong pricing and expense discipline, resulting in a solid efficiency ratio despite intense market competition.
Total assets reached $2.0 billion, representing a $67.2 million increase since December 2023. Outstanding loans grew by $74.1 million year-over-year, while total deposits increased by $23.9 million.
First United (NASDAQ: FUNC) has announced its first quarter 2025 dividend. The company's Board of Directors has declared a cash dividend of $0.22 per share, which will be paid on February 3, 2025. Shareholders who hold FUNC common stock as of the close of business on January 17, 2025, will be eligible to receive this dividend payment.
First United (NASDAQ: FUNC) reported consolidated net income of $5.8 million for Q3 2024, or $0.89 per diluted share, compared to $4.5 million, or $0.67 per diluted share, for Q3 2023. Year-to-date income was $14.4 million, or $2.19 per diluted share, compared to $13.3 million for the same period in 2023. Key highlights include:
- Net interest margin (FTE) was 3.46% for Q3 2024
- Strong loan production with $52.1 million in commercial and $19.9 million in residential mortgage originations
- Decreased provision expense due to improved asset quality
- Slight increase in deposits due to seasonal municipal deposit fluctuations
- Repayment of $15.0 million in higher-cost brokered CDs
- Obtained $90.0 million in new FHLB borrowings at 3.89% average rate
- Declared a cash dividend of $0.22 per share, a 10% increase over Q2
First United (NASDAQ: FUNC) has announced that its Board of Directors has declared a cash dividend of $0.22 per share. This dividend will be payable on November 1, 2024, to shareholders who are holders of record of the 's common stock as of October 18, 2024. The announcement was made on September 25, 2024, from Oakland, Maryland.
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.
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