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FIRST UNITED CORPORATION ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS
OAKLAND, Md., Oct. 21, 2024 /PRNewswire/ -- First United Corporation (the "Corporation, "we", "us", and "our") (NASDAQ: FUNC), a bank holding company and the
About this update from First
[{"type":"text","content":"OAKLAND, Md., Oct. 21, 2024 /PRNewswire/ -- First United Corporation (the \"Corporation, \"we\", \"us\", and \"our\") (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the \"Bank\"), today announced financial results for the three- and nine-month periods ended September 30, 2024. Consolidated net income was $5.8 million for the third quarter of 2024, or $0.89 per diluted share, compared to $4.5 million, or $0.67 per diluted share, for the third quarter of 2023 and $4.9 million, or $0.75 per diluted share, for the second quarter of 2024. Year-to-date income was $14.4 million, or $2.19 per diluted share, compared to $13.3 million, or $1.98 per diluted share, for both of the nine-month periods ended September 30, 2024 and 2023.\n\nAccording to Carissa Rodeheaver, Chairman, President and CEO, \"Earnings for the third quarter were marked by stable net interest income, non-interest income and expenses. Provision expense decreased as compared to prior quarters this year as we saw improvements in our asset quality contributing to our increased net income. We continue to remain disciplined in our pricing despite competitive pressure as we build our balance sheet for current earnings and protect our long-term profitability. Our team of dedicated associates worked diligently during the quarter to maintain, build and support high levels of production and to assist our customers with their financial needs in this volatile economic environment.\" \nFinancial Highlights:\nNet interest margin, on a non-GAAP, fully tax equivalent (\"FTE\") basis, was 3.46% for the third quarter of 2024Loan production was strong, with $52.1 million in commercial loan originations and $19.9 million in residential mortgage originationsProvision expense decreased in the third quarter due to continued strong asset quality and improvement in qualitative factorsDeposits increased slightly due to seasonal fluctuations in municipal deposit balances, partially offset by runoff of retail certificates of deposit due to competitive pricingWe repaid $15.0 million of higher cost brokered certificates of depositNon-interest income, including net gains, increased slightly due to increases in gains on sales of residential mortgages and wealth management incomeNon-interest expense was stable for the quarter and continues to be a focus for ...