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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.
First United Corporation (NASDAQ: FUNC) reported a robust financial performance for Q2 and YTD 2021, with net income soaring 71% to $4.4 million, and a remarkable 81.4% increase to $7.8 million for the first six months. Earnings per share rose to $0.66 from $0.37 year-over-year. Notably, non-GAAP pre-tax earnings climbed 19%, alongside a 24% growth in wealth management income. Despite strong asset quality and a resilient loan and wealth pipeline, net interest margin compressed to 3.13% due to lower rates and higher cash balances. Total assets grew to $1.8 billion with solid deposit growth of 2.4%.
First United Corporation (NASDAQ: FUNC) declared a cash dividend of $.15 per share, payable on August 2, 2021, to stockholders of record as of July 19, 2021. This decision reflects the company’s ongoing commitment to provide returns to its shareholders.
First United Corporation serves as the parent company for First United Bank & Trust, located in Maryland, and includes several wholly-owned subsidiaries focused on finance and real estate management.
First United Corporation (NASDAQ: FUNC) reported significant financial growth for Q1 2021, with consolidated net income rising 95.4% to $3.4 million compared to $1.8 million in Q1 2020. Key metrics include total assets increasing by 2.8% ($48.4 million), loan growth of 2.7%, and deposits growing by 3.1%. However, the net interest margin declined to 3.11% from 3.69% due to lower interest rates and increased cash balances. Basic and diluted earnings per share both rose to $0.49, up 96% year-over-year. The company also increased its quarterly dividend to $0.15 per share.
First United Corporation (NASDAQ: FUNC) has declared a cash dividend of $.15 per share, scheduled for payment on May 3, 2021. The dividend will benefit shareholders recorded as of April 19, 2021. This announcement reflects the company's commitment to returning value to its shareholders. First United Corporation serves as the parent company for First United Bank & Trust, along with its subsidiaries involved in commercial banking and finance operations in Maryland.
First United Corporation (NASDAQ: FUNC) has been awarded a 5-star rating by BauerFinancial for the fourth consecutive year, recognizing its strength in banking based on metrics such as capital adequacy and profitability. This accolade highlights First United's commitment to delivering strong financial performance amidst challenges, as stated by CEO Carissa Rodeheaver. The company aims to continue supporting its communities while focusing on value for shareholders. BauerFinancial emphasizes the essential role of community banks like First United in aiding their neighborhoods.
First United Corporation (NASDAQ: FUNC) reported significant growth in its financial results for Q4 2020, with net income soaring 72% to $5.0 million, and EPS increasing 76% to $0.72 compared to Q4 2019. Full-year 2020 net income rose 9% to $14.3 million, driven by a 34% increase in pre-tax, pre-provision earnings to $23.8 million. The bank saw solid mortgage production of $42.8 million, strong fee income of $8.5 million, and maintained strong asset quality. However, the net interest margin declined to 3.34% from 3.68% due to a low-rate environment and substantial PPP loan balances. Overall, the results reflect resilience amid economic challenges.
First United Corporation (NASDAQ: FUNC) has announced a cash dividend of $.13 per share, set to be paid on February 1, 2021. To qualify, investors must be holders of record as of January 15, 2021. This decision reflects the company's commitment to returning value to shareholders amidst its financial operations.
As the parent company of First United Bank & Trust, First United Corporation operates various subsidiaries, enhancing its portfolio in the banking and finance sector.
First United Corporation (NASDAQ: FUNC) reported its Q3 and YTD 2020 financial results, showing total assets up 16.9% to $1.7 billion. Deposits rose by $235.3 million, driven by a 20.6% increase in deposits and $148.9 million in PPP loans. Consolidated net income for Q3 was $5.0 million, up from $4.5 million YoY, with EPS at $0.70. However, net interest margin fell to 3.12% from 3.62% due to lower loan yields. The allowance for loan losses increased to 1.36%, reflecting economic uncertainties from COVID-19.
First United Corporation (NASDAQ: FUNC) has declared a cash dividend of $.13 per share, payable on November 2, 2020. Shareholders on record as of October 16, 2020 will receive this payment, reflecting the company’s ongoing commitment to returning value to its shareholders. The company, based in Maryland, operates through its banking subsidiary and various finance companies.
First United Corporation (NASDAQ: FUNC) announced its financial results for Q2 and the first half of 2020. Total assets surged by $197.6 million, a 13.7% increase year-over-year, driven by 13.4% loan and 18.4% deposit growth. Consolidated net income remained stable at $2.6 million for Q2, with earnings per share unchanged at $0.37. However, the net interest margin fell to 3.61%, and provisions for loan losses increased amidst economic uncertainties related to COVID-19. The firm adapted to the pandemic by assisting borrowers and implementing modifications and deferral programs for loans.