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 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.