Business
FIRST UNITED CORPORATION ANNOUNCES THIRD QUARTER 2022 EARNINGS
OAKLAND, Md., Oct. 20, 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., Oct. 20, 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 nine-month periods ended September 30, 2022. Consolidated net income was $6.9 million for the third quarter of 2022, or $1.04 per diluted share, compared to $4.4 million, or $0.66 per diluted share, for the third quarter of 2021 and $5.4 million, or $0.82 per diluted share, for the second quarter of 2022. Year to date income was $18.1 million as of September 30, 2022, or $2.72 per diluted share, compared to $12.2 million, or $1.81 per diluted share for the same period of 2021.\nAccording to Carissa Rodeheaver, President and CEO, \"We are pleased to have another very profitable quarter, primarily driven by our increasing net interest income and continued expense control. The rising interest rate environment contributed to the increased net interest margin as we saw interest income increase significantly compared to minimal increases in deposit costs. Expenses were decreased due to the resolution of outstanding litigation and our allowance for loan losses remained consistent due to stable asset quality. We anticipate the environment will be challenging over the next several quarters due to rising inflation, mid-cycle elections and the volatile economic environment. Our team is being proactive in preparing for these challenges.\" \nThird Quarter Financial Highlights:\nTotal assets at September 30, 2022 increased by $51.2 million, or 2.9%, when compared to June 30, 2022 and increased by $73.8 million, or 4.3%, when compared to December 31, 2021. Significant changes during the third quarter included:Cash balances increased by $9.1 million when compared to June 30, 2022 and decreased by $85.0 million when compared to December 31, 2021, as excess cash balances were used to fund loan growthInvestment securities decreased $7.0 million when compared to June 30, 2022 and increased $23.5 million when compared to December 31, 2021Gross loans increased $44.3 million when compared to June 30, 2022 and $124.2 million when compared to December 31, 2021Commercial growth of $26.4 million and $106.8 million, respectivelyMortgage balances increased $20.8 million and $22.3 million, respectivelyConsumer loans decreased $2.9 and...