Business
First United Corporation Announces First Quarter 2019 Earnings
OAKLAND, Md., April 9, 2019 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank &
About this update from First
[{"type":"text","content":"OAKLAND, Md., April 9, 2019 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the \"Bank\"), announces consolidated net income of $3.2 million for the first three months of 2019, compared to $2.5 million for the same period of 2018. Basic and diluted net income per common share for the first three months of 2019 were both $.44, compared to basic and diluted net income per common share of $.35 for the same period of 2018. The increase in earnings was primarily due to an increase in net interest income of $.8 million and a $.1 million decrease in provision for loan loss expense. Other operating income remained flat for the first three months of 2019 as compared to the same time period of 2018. We saw slight increases in wealth management income, bank owned life insurance (\"BOLI\") income and debit card income, offset by a slight decline in service charge income, particularly non-sufficient funds income. Other operating expenses also remained flat for the first three months of 2019 as compared to the first three months of 2018. Salaries and benefits increased $.4 million attributable to new hires and merit increases in 2018 and increased life and health insurance costs related to increased claims. Equipment, occupancy and data processing expenses increased $.3 million in the first quarter of 2019. These increases were offset by decreases in other real estate owned (\"OREO\") expenses due to valuation allowance write-downs on properties in the first quarter of 2018 and a decrease in other miscellaneous expenses such as marketing, legal and professional, consulting, dues and licenses, contract labor and miscellaneous loan fees. The net interest margin for the first three months of 2019 and the first three months of 2018, on a fully tax equivalent (\"FTE\") basis, were relatively stable at 3.72% and 3.68%, respectively. \nAccording to Carissa L. Rodeheaver, Chairman, President and Chief Executive Officer, \"The Board and management remain committed to increasing shareholder value, as our earnings per share grew 29% and tangible book value per share increased by 5% when compared to the fourth quarter of 2018, supporting the continued payment of a cash dividend. Earnings for the first quarter of 2019 were strong and were driven by loan growth and the...