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First United Corporation reports developments for a community bank holding company whose primary subsidiary is First United Bank & Trust, a Maryland trust company with commercial banking powers. News commonly covers quarterly and annual financial results, net interest margin, loan production, deposit funding costs, credit performance, and noninterest income from trust and brokerage activity.
Company updates also include common stock dividend declarations, board and executive succession matters, operational efficiency initiatives, and activity within the company’s community banking and wealth management segments. Its disclosed banking activities include consumer, business, mortgage, construction, and commercial lending, along with deposit products and related financial services.
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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.