Business
FIRST UNITED CORPORATION ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS
OAKLAND, Md., April 20, 2026 /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 20, 2026 /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, 2026. Generally Accepted Accounting Principles (\"GAAP\") net income was $6.7 million for the first quarter of 2026, or $1.03 per diluted share, compared to $5.8 million, or $0.89 per diluted share, for the first quarter of 2025 and $5.8 million, or $0.89 per diluted share, for the fourth quarter of 2025. Non-GAAP net income was $6.6 million, or $1.02 per diluted share, for the first quarter of 2026 compared to $5.8 million, or $0.89 per diluted share for the first quarter of 2025 and $7.2 million, or $1.10 per diluted share, for the fourth quarter of 2025. Return on Average Assets and Return on Average Equity for the quarter ended March 31, 2026, were 1.29% and 13.06%, respectively.\n \n \n \n \n \n \n \nAccording to Jason Rush, President and CEO, \"We delivered strong earnings this quarter, driven by continued margin expansion. While overall growth was again tempered by elevated loan payoffs and paydowns, we maintained solid credit performance and believe our balance sheet is well-positioned. Our focus on operational efficiency and prudent risk management continues to yield results, positioning us well as we enter 2026 with positive momentum.\"First Quarter Financial Highlights:Net interest margin, on a non-GAAP, fully tax equivalent (\"FTE\") basis, was 3.83% for the first quarter of 2026, reflecting increased loan yields and reduced funding costs.Strong loan production during the quarter, with $98.0 million in commercial loan originations and $16.0 million in residential mortgage originations.Provision expense was $0.9 million in the first quarter, as a result of continued economic and political uncertainty and increased off-balance sheet loan commitments, slightly offset by improved qualitative factors.Deposits increased by $15.5 million, inclusive of the repayment of a $25.0 million brokered certificate of deposit.Operating income, including net gains, increased slightly by $0.1 million when compared to the linked quarter.Operating expenses decreased by $1.2 million when compared to the linked quarter related to a $1.2 millio...