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.
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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.
On June 29, 2022, First United Corporation (NASDAQ: FUNC) declared a cash dividend of $.15 per share. This dividend is set to be paid on August 1, 2022, to shareholders recorded as of July 18, 2022. First United Corporation is the parent company of First United Bank & Trust, a Maryland trust company, and operates through various subsidiaries, including finance companies and real estate trusts.
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