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.
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.
First United Corporation (FUNC) reported a consolidated net income of $5.7 million (or $0.86 per diluted share) for Q1 2022, up from $3.4 million (or $0.49 per diluted share) in Q1 2021. Total assets rose by $30.5 million to $1.8 billion. Notable changes included a $27.7 million increase in gross loans, while deposits climbed by $38.2 million. The net interest margin improved to 3.40% compared to 3.11% in the previous year. Despite challenges in the mortgage sector, management remains optimistic about growth in a rising interest rate environment.
First United Corporation (NASDAQ: FUNC) announced a cash dividend of $.15 per share, payable on May 2, 2022. Shareholders of record as of April 18, 2022 will receive this dividend. The announcement underscores the company's commitment to returning value to shareholders while maintaining operations through its range of financial services offered by First United Bank & Trust and its subsidiaries.
First United Corporation (NASDAQ: FUNC) reported strong earnings for Q4 and the full year 2021. Net income rose to $7.5 million in Q4, a 74% increase year-over-year, with earnings per share (EPS) at $1.14. Total assets increased by $21.3 million to $1.7 billion. Key highlights include a 15% rise in net interest income and a net interest margin of 3.49%. Deposits grew by $24.9 million in Q4, driven by increased non-interest bearing deposits. The Bank remains well-capitalized, with a stable loan portfolio and strategically positioned for future growth amid rising interest rates.