Welcome to our dedicated page for First United news (Ticker: FUNC), a resource for investors and traders seeking the latest updates and insights on First United stock.
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) 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.