Business
FIRST UNITED CORPORATION ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS
OAKLAND, Md., April 23, 2024 /PRNewswire/ -- First United Corporation (the "Corporation, "we", "us", and "our") (NASDAQ: FUNC), a bank holding company and the
About this update from First
[{"type":"text","content":"OAKLAND, Md., April 23, 2024 /PRNewswire/ -- First United Corporation (the \"Corporation, \"we\", \"us\", and \"our\") (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the \"Bank\"), today announced financial results for the three-month period ended March 31, 2024. Consolidated net income was $3.7 million for the first quarter of 2024, or $0.56 per diluted share, compared to $4.4 million, or $0.65 per diluted share, for the first quarter of 2023 and $1.8 million, or $0.26 per diluted share, for the fourth quarter of 2023.\n\nAccording to Carissa Rodeheaver, Chairman, President and CEO, \"The first quarter of 2024 was a solid quarter with stable net income impacted slightly by the slowing of loan growth, stabilization of the net interest margin and the final costs associated with the branch consolidation announced last quarter. We experienced positive growth in our wealth management income spurred by improving market conditions and growth in new relationships and we successfully managed our core operating expenses. Our associates remain committed to working with our customers as they adjust to the higher interest rate and inflationary cost environment.\"\nFirst Quarter Financial Highlights:\nTotal assets at March 31, 2024 increased by $7.1 million, or 0.4%, when compared to December 31, 2023. Significant changes during the first quarter included:Cash balances increased by $37.2 million.Investment securities decreased by $32.8 million due primarily to the maturity of $30.0 million of held-to-maturity (\"HTM\") U.S. Treasury Bonds during the quarter.Gross loans increased by $5.7 million as:commercial balances increased by $5.6 million;mortgage balances increased by $2.1 million; andconsumer loans decreased by $2.1 million.Deposits increased by $12.5 million as:non-interest-bearing deposits decreased by $4.9 million;interest-bearing demand deposits increased by $26.9 million;savings and money market accounts increased by $4.9 million; andtime deposits decreased by $14.4 million.Short-term borrowings increased by $34.1 million as the Bank borrowed $40.0 million from the Federal Reserve's Bank Term Funding Program (\"BTFP\") in January 2024, which was partially offset by a decrease of $5.9 million in other short-term borrowings due to fluctuations in municipal customer balances in overnight i...