Business
FIRST UNITED CORPORATION ANNOUNCES THIRD QUARTER 2023 EARNINGS
OAKLAND, Md., Oct. 23, 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., Oct. 23, 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 nine-month periods ended September 30, 2023. Consolidated net income was $4.5 million for the third quarter of 2023, or $0.67 per share (basic and diluted), compared to $6.9 million, or $1.04 per share (basic and diluted), for the third quarter of 2022 and $4.4 million, or $0.66 per share (basic and diluted), for the second quarter of 2023. Year to date income was $13.3 million, or $1.99 and $1.98 per basic and diluted share, respectively, compared to $18.1 million, or $2.72 per share (basic and diluted), for the same period of 2022. \n\nAccording to Carissa Rodeheaver, Chairman, President and CEO, \"We continue to be encouraged by the strong loan growth and the positive asset quality metrics of our loan portfolio. While we saw continued compression of our net interest margin during the quarter due to the rising funding costs, we believe the pricing is stabilizing. We remain focused on utilizing technology to bring efficiencies to our operations to control future expenses. Our team has successfully assisted our customers in navigating this volatile and unpredictable financial environment.\"\nThird Quarter Financial Highlights:\nTotal assets at September 30, 2023 remained stable when compared to June 30, 2023 and increased by $80.0 million, or 4.3%, when compared to December 31, 2022. Significant changes during the third quarter included:Cash balances decreased by $7.9 million when compared to June 30, 2023 and increased by $6.3 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 Loan Bank (\"FHLB\") borrowings and $61.1 million in brokered deposits in the first quarter of 2023, offset by strong year-to-date loan growth.Investment securities decreased by $20.8 million when compared to June 30, 2023 and by $31.5 million when compared to December 31, 2022. The decrease in the third quarter was primarily related to the redemption of a non-rated municipal tax increment fund (\"TIF\") bond at par for approximately $17.3 million to fund continued loan demand. Additional decreases related to principal ...