Business
FIRST UNITED CORPORATION ANNOUNCES FOURTH QUARTER 2022 EARNINGS
OAKLAND, Md., Feb. 9, 2023 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust
About this update from First
[{"type":"text","content":"OAKLAND, Md., Feb. 9, 2023 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the \"Bank\"), today announced earnings results for the three- and twelve-month periods ended December 31, 2022. Consolidated net income was $7.0 million for the fourth quarter of 2022, or $1.04 per diluted share, compared to $7.5 million, or $1.14 per diluted share, for the fourth quarter of 2021 and $6.9 million, or $1.04 per diluted share, for the third quarter of 2022. Consolidated net income was $25.0 million for the year ended December 31, 2022, or $3.76 per diluted share, compared to $19.8 million, or $2.95 per diluted share for the year ended December 31, 2021.\nAccording to Carissa Rodeheaver, President and CEO, \"2022 was a banner year for First United Corporation, resulting in our highest annual net income to date. I attribute this to our dedicated and talented group of associates. Our lending team contributed tremendous loan growth, led by the commercial group, as we saw strong production throughout our market areas. Deposit growth continued to be steady during 2022 as we added to our local municipal and non-profit account balances. The rising interest rate environment and our ability to control deposit pricing early in the year contributed to 2022's increased net interest margin and the resulting growth in net interest income. Our stable asset quality resulted in the final reduction of the allowance for loan losses, bringing it in line with pre-pandemic levels. While we expect 2023 will bring pricing challenges and require continued expense discipline, our team of associates is working proactively to protect the margin and to work closely with our customers as they navigate the current turbulent economic environment.\" \nFourth Quarter Financial Highlights:\nTotal assets at December 31, 2022 increased by $44.5 million, or 2.5%, when compared to September 30, 2022 and increased by $118.3 million, or 6.8%, when compared to December 31, 2021. Significant changes during the fourth quarter included:Cash balances increased by $43.6 million when compared to September 30, 2022 and decreased by $41.4 million when compared to December 31, 2021. Growth in the fourth quarter was attributed to gaining deposit balances for new municipalities. Investment securities decrease...