Business
First United Corporation Announces Fourth Quarter And Full Year 2020 Earnings
Earnings per share growth of 10% and pre-tax, pre-provision income growth of 34% year over year despite unprecedented economic environment Strong mortgage and
About this update from First
[{"type":"text","content":"Earnings per share growth of 10% and pre-tax, pre-provision income growth of 34% year over year despite unprecedented economic environment\n Strong mortgage and commercial loan production, solid wealth management income, low cost of funds and controlled expenses key contributors to strong earnings\n Asset quality remains stable as borrowers recover from the impact of COVID-19\n\n\nOAKLAND, Md., Feb. 19, 2021 /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 full year and three-month periods ended December 31, 2020 and 2019. \nFourth Quarter 2020 Highlights:\nConsolidated net income increased 72% to $5.0 million compared to $2.9 million for the fourth quarter of 2019 Basic and diluted net income per common share were both $.72 compared to $.41 for the fourth quarter of 2019, a 76% increase year over year Pre-tax, pre-provision earnings increased 61% for the fourth quarter of 2020 compared to the fourth quarter of 2019 Mortgage loan production, primarily in loans sold to the secondary market, totaled $42.8 million for the quarter, leading to strong net gains of $0.9 million Fee income of $8.5 million driven by strong wealth management revenue as assets under management increased to $1.4 billion at December 31, 2020 due to expansion of existing customer relationships, addition of new client relationships and favorable market returns Asset quality remained strong, with low delinquency and most modified loans returning to full principal and interest payments\"Throughout 2020 we focused on working with our local businesses and consumer borrowers to provide payment relief, fee waivers, foreclosure suspension, and non-traditional means of providing our banking services,\" commented Carissa L. Rodeheaver, Chairman, President and Chief Executive Officer. \"As we executed successfully against our financial and operating strategies, we were able to close $145.0 million of mortgage loans due to robust real estate activity in our markets, while deposit activity soared as businesses and consumers conservatively built cash balances. This had the added benefit of enabling us to cultivate and grow new relationships. Our wealth management professionals continued to provide expert advice and counsel to their cli...