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 Utd Corp (FUNC) delivers essential financial services through its community banking and trust divisions. This dedicated news hub provides investors and stakeholders with all official corporate announcements and market-related developments.
Access timely updates including quarterly earnings reports, regulatory filings, and strategic initiatives affecting the bank's operations. Our curated collection features press releases about product expansions, leadership appointments, and compliance updates relevant to FUNC's community banking focus.
Key content categories include merger disclosures, dividend declarations, and operational changes within FUNC's trust services division. Bookmark this page for streamlined tracking of the institution's financial health and market positioning within the competitive banking sector.
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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