Business
FIRST UNITED CORPORATION ANNOUNCES SECOND QUARTER 2022 EARNINGS
OAKLAND, Md., July 25, 2022 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank &
About this update from First
[{"type":"text","content":"OAKLAND, Md., July 25, 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 six-month periods ended June 30, 2022. Consolidated net income was $5.4 million for the second quarter of 2022, or $0.82 per diluted share, compared to $4.4 million, or $0.66 per diluted share, for the second quarter of 2021 and $5.7 million, or $0.86 per diluted share, for the first quarter of 2022. Year to date income was $11.1 million as of June 30, 2022, or $1.68 per diluted share, compared to $7.8 million, or $1.15 per diluted share for the same period of 2021.\nAccording to Carissa Rodeheaver, President and CEO, \"the rising interest rate environment has been the catalyst to our increasing net interest margin as we have seen rising loan yields and have maintained our deposit pricing. Income from our wealth department has declined, despite strong production, resulting from lower asset values related to the declining stock market and lower bond values. Our efficiency ratio continues to positively reflect our utilization of technology and our intense focus on expenses. We also increased our provision expense this quarter given our strong loan growth and the volatile economy. Overall, we continue to be pleased with our strong financial results and attribute that to the dedication and hard work of our employees.\" \nSecond Quarter Financial Highlights:Total assets at June 30, 2022 decreased by $7.9 million, or 0.5%, when compared to March 31, 2022 and increased by $22.6 million, or 1.3%, when compared to December 31, 2021. Significant changes during the second quarter included:Cash balances decreased by $54.5 million when compared to first quarter of 2022 and $94.1 million when compared to December 31, 2021, as loan balances grewInvestment securities decreased $11.8 million when compared to first quarter of 2022 and increased $30.4 million when compared to December 31, 2021Gross loans increased $52.2 million when compared to first quarter of 2022 and $79.9 million when compared to December 31, 2021Commercial growth of $44.6 million and $80.4 millionMortgage balances increased $6.6 million and $1.6 millionConsumer loans increased $1.0 million and decreased $2.0 millionDeposits decreased $23.2 million when...