Business
FIRST UNITED CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR TO DATE 2021 EARNINGS
Earnings per share up 49.0% compared to the prior year driven by wealth management, loan origination, PPP fees and loan reserve release Paycheck Protection
About this update from First
[{"type":"text","content":"Earnings per share up 49.0% compared to the prior year driven by wealth management, loan origination, PPP fees and loan reserve release\n Paycheck Protection Program forgiveness of $172.6 million and origination fees of $4.0 million YTD\n\n\nOAKLAND, Md., Feb. 4, 2022 /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 12-month periods ended December 31, 2021. \nFourth Quarter Financial Highlights:\nTotal assets at December 31, 2021 increased by $21.3 million, or 1.2%, when compared to September 30, 2021. Deployed cash during the fourth quarter to purchase $62.0 million of investment securities and a $10.0 million student loan pool Investment securities increased $45.5 million in the fourth quarter Gross loans decreased $8.2 million in the fourth quarter Core commercial growth of $6.1 million, offset by forgiveness of $22.6 million of Paycheck Protection Program (\"PPP\") loans during the fourth quarter Mortgage balances remained stable Consumer loans increased $9.5 million related to the $10.0 million student loan pool purchaseDeposits increased $24.9 million during the fourth quarter; growth year-to-date of $47.0 million Increases in both non-interest bearing and interest bearing deposits during the fourth quarterThe ratio of the allowance for loan losses (\"ALL\") to loans outstanding was 1.38% at December 31, 2021 as compared to 1.41% at December 31, 2020. The ratio of ALL to loans outstanding, excluding PPP loan balances of $7.7 million and $114.0 million, was 1.39% at December 31, 2021 and 1.55% at December 31, 2020, non-GAAP. Total provision expense credit of $0.9 million for the fourth quarter of 2021 as compared to expense of $0.4 million for the fourth quarter of 2020 Continued strong asset quality, stable economic factors and stabilization of modified loans that have returned to principal and interest payments Net interest margin, on a non-GAAP, fully tax equivalent (\"FTE\") basis, increased to 3.49% for the fourth quarter of 2021 compared to 3.09% for the fourth quarter of 2020 and 3.38% for the third quarter of 2021. Non-interest income, excluding gains, increased 45%, or $2.0 million in the fourth quarter of 2021 compared to the fourth quarter of 2020 driven by increas...