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FIRST UNITED CORPORATION ANNOUNCES SECOND QUARTER 2023 EARNINGS
OAKLAND, Md., July 24, 2023 /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 24, 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 six-month periods ended June 30, 2023. Consolidated net income was $4.4 million for the second quarter of 2023, or $0.66 per share (basic and diluted), compared to $5.4 million, or $0.82 per share (basic and diluted), for the second quarter of 2022 and $4.4 million, or $0.66 per basic share and $0.65 per diluted share, for the first quarter of 2023. Year to date income was $8.8 million, or $1.32 per basic share $1.31 per diluted share, compared to $11.1 million, or $1.68 per share (basic and diluted) for the same period of 2022. \nAccording to Carissa Rodeheaver, President and CEO, \"Despite the challenging and competitive environment, net income for the second quarter remained stable as we saw improved fee income and were able to hold expenses. The net interest margin declined as we expected, driven by the increased expense of our deposit portfolio. We experienced strong loan growth in both the consumer and commercial portfolios although we expect growth to slow as we head into the second half of the year. Asset quality, capital and available liquidity remain strong.\"\nSecond Quarter Financial Highlights:\nTotal assets at June 30, 2023 decreased by $9.0 million, or 0.5%, when compared to March 31, 2023 and increased by $80.2 million, or 4.3%, when compared to December 31, 2022. Significant changes during the second quarter included:Cash balances decreased by $67.3 million when compared to March 31, 2023 and increased $14.2 million when compared to December 31, 2022. The year-to-date increase in cash was related to management's strategic decision to obtain $80.0 million in Federal Home Loans Bank (\"FHLB\") borrowings and $61.1 million in brokered deposits in the first quarter, offset by strong loan growth in the second quarter.Investment securities decreased by $6.2 million when compared to March 31, 2023 and by $10.7 million when compared to December 31, 2022, due primarily to the normal principal amortization in 2023.Gross loans increased by $61.0 million when compared to March 31, 2023 and by $70.5 million when compared to December 31, 2022, as:commercial balances increased by $39.9 million during th...