FT Markets Data
First United Corp

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 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.

According 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." 

Financial Highlights:

  • Net interest margin, on a non-GAAP, fully tax equivalent ("FTE") basis, was 3.46% for the third quarter of 2024
  • Loan production was strong, with $52.1 million in commercial loan originations and $19.9 million in residential mortgage originations
  • Provision expense decreased in the third quarter due to continued strong asset quality and improvement in qualitative factors
  • Deposits increased slightly due to seasonal fluctuations in municipal deposit balances, partially offset by runoff of retail certificates of deposit due to competitive pricing
  • We repaid $15.0 million of higher cost brokered certificates of deposit
  • Non-interest income, including net gains, increased slightly due to increases in gains on sales of residential mortgages and wealth management income
  • Non-interest expense was stable for the quarter and continues to be a focus for management
  • We obtained $90.0 million in new FHLB borrowings at a weighted average interest rate of 3.89%.  Portions of the proceeds from the borrowings were used to repay $41.4 million of principal and accrued interest of Bank Term Funding Program ("BTFP") borrowings and $40.0 million in FHLB borrowings that matured in September 2024
  • We declared a cash dividend of $0.22 per common share in the third quarter, representing a 10% increase over the linked quarter

Income Statement Overview

On a GAAP basis, net income for the third quarter of 2024 was $5.8 million.  This compares to $4.9 million for the second quarter of 2024 and $4.5 million for the third quarter of 2023.

Q3 2024

Q2 2024

Q3 2023

Net Income, GAAP (millions)

$ 5.8

$ 4.9

$ 4.5

Basic and diluted net income per share, GAAP

$ 0.89

$ 0.75

$ 0.67

 

The $1.3 million increase in quarterly net income year over year was primarily driven by a $1.2 million increase in net interest income.  The increase in net interest income was related to the $3.0 million increase in interest on loans due to new loans being booked at higher rates and the repricing of adjustable-rate loans.   This increase was partially offset by the $0.9 million increase in interest paid on deposits due to continued competitive pricing pressures.  An increase of $0.4 million in interest expense on short-term borrowings related to the BTFP was offset by the $0.5 million reduction in interest expense on long-term borrowings related to the repayment of $80.0 million of FHLB advances in the first nine months of 2024.  Comparing the third quarter of 2024 to the same period in 2023, other activity was a $0.2 million increase in wealth management income due to improving market conditions and growth of new relationships and a decrease in operating expenses of $0.5 million driven by reductions in check fraud related expenses, occupancy and equipment, data processing, and marketing expenses, partially offset by increased salaries and benefits.  The provision for income tax was up $0.6 million when comparing the two quarters due to increased net income before tax.

Compared to the linked quarter, net income increased by $0.9 million due primarily to a $0.9 million decrease in provision for credit losses during the third quarter.  This decrease was driven by reduced net charge offs due to the $1.1 million charge off booked in the second quarter of 2024 and improvement in qualitative factors related to the reduction of non-accrual balances during the quarter, partially offset by strong loan growth during the third quarter.  Net interest income and operating expenses were stable and operating income increased by $0.2 million compared to the linked quarter.

Year-to-date net income for the first nine months of 2024 was $14.4 million compared to $13.3 million for the same period in 2023.   The increased net income was driven by a year-over-year increase of $1.6 million in net interest income driven by a $9.3 million increase in interest income primarily related to increased interest and fees on loans, partially offset by a $7.7 million increase in interest expense due to continued pricing pressure on deposits and our use of the BTFP.  This increase was partially offset by a $1.2 million increase in provision for credit losses driven by net charge-offs of $1.1 million in the commercial and industrial portfolio related to one non-accrual credit where collateral was sold through a liquidation auction at depressed prices.  Operating income increased $0.9 million, primarily as the result of increased wealth management income.  Operating expenses decreased by $0.4 million and was driven by reductions in professional services, pension benefits expense, a $0.5 million reduction in check fraud expense, and other miscellaneous expenses partially offset by a $0.4 million increase in salaries and benefits.

Net Interest Income and Net Interest Margin

Net interest income, on a non-GAAP, FTE basis, increased by $1.2 million for the third quarter of 2024 when compared to the third quarter of 2023.  This increase was driven by a $2.0 million increase in interest income.   Interest income on loans increased by $3.0 million due to the increase in average balances of $69.7 million and a 58 basis point increase in the overall yield on the loan portfolio as new loans were booked at higher rates as well as adjustable-rate loans repricing in correlation to the elevated rate environment.   Investment income decreased by $0.3 million due to a decrease of $63.2 million in average balances related to the balance sheet restructuring of our investment portfolio in the fourth quarter of 2023 and the maturity of $37.5 million in U.S.Treasury bonds in the first four months of 2024.  The overall yield on the investment portfolio increased by 14 basis points primarily driven by the increased rate on the trust preferred portfolio and the maturity and sale of lower rate investments.   Average cash balances declined $42.0 million as cash from the investment portfolio and on balance sheet liquidity was shifted to fund higher yielding loans.  Interest expense increased by $0.8 million year over year due to an increase of 9 basis points on interest paid on deposit accounts.   The average deposit balances decreased by $7.4 million when compared to the third quarter of 2023 due primarily to the decrease of $13.1 million in retail time deposits, a $60.2 million decrease in brokered time deposits and a $32.3 million decrease in savings accounts, which was mostly offset by an increase of $96.6 million in money market accounts and a slight increase of $1.6 million in interest-bearing demand deposits.  

Comparing the third quarter of 2024 to the second quarter of 2024, net interest income, on a non-GAAP, FTE basis, remained stable.  Interest income increased by $0.1 million during the quarter.  Interest income on loans increased by $0.8 million related to the overall increase of 9 basis points in yield and $18.2 million in average balances during the third quarter.  This was partially offset by a $0.6 million decrease in interest income on cash balances related to a decreased yield of 88 basis points and decreased balances of $33.3 million during the quarter as cash was used to fund loan growth.  Interest expense increased by $0.2 million, driven primarily by the $0.2 increase in deposit expense related to the increase in average balances of $21.6 million in money market accounts, which was partially offset by the $15.8 million decrease in average balances of brokered certificates of deposit related to the maturity and repayment of a $15.0 million brokered certificate of deposit ("CD") in August 2024.

Comparing the nine months ended September 30, 2024 to the nine months ended September 30, 2023, net interest income, on a non-GAAP, FTE basis, increased by $1.2 million.  Interest income increased by $8.9 million.   Average loan balances increased by $98.3 million and the overall yield increased by 61 basis points in correlation with the elevated rate environment as new loans were booked at higher rates as well as the repricing of adjustable-rate loans.  Interest expense on deposits increased by $6.5 million while the average deposit balances increased by $24.7 million, driven by increases of $77.7 million in money market balances and $13.7 million in retail time deposits, partially offset by decreases in savings balances of $44.1 million and brokered time deposits of $26.0 million.  Interest expense on short-term borrowings increased by $1.3 million due to the Bank's utilization of the BTFP program since January 2024.  The increased interest expense resulted in an overall increase of 75 basis points on the cost of interest-bearing liabilities.  The net interest margin for the nine months ended September 30, 2024 was 3.34% compared to 3.30% for the nine months ended September 30, 2023.

Non-Interest Income

Other operating income, including net gains, for the third quarter of 2024 increased by $0.2 million when compared to the same period of 2023.  The increase was driven by an increase of $0.2 million in trust and brokerage income due to improving market conditions, increased annuity sales and growth in new and existing customer relationships.  Gains on sales of mortgages declined slightly when comparing the third quarter of 2024 to the same period of 2023 primarily due to reduced activity in the elevated interest rate environment.  Service charge income and debit card income remained stable.

On a linked quarter basis, other operating income, including net gains, increased by $0.2 million.  This increase was primarily attributable to a $0.1 million increase in gains on sales of mortgage loans due to increased activity in the third quarter and a $0.1 million cash incentive received in connection with check fees collected.

Other operating income for the nine months ended September 30, 2024 increased by $0.9 million when compared to the same period of 2023.  This increase was primarily due to the $1.0 million increase in trust and brokerage income due to improving market conditions, increased annuity sales and growth in new and existing customer relationships.  Service charge and debit card income were both stable when comparing the first nine months of 2024 to the same period of 2023.

Non-Interest Expense

Non-interest expenses decreased by $0.5 million in the third quarter of 2024 when compared to the third quarter of 2023.  The decrease was related to a $0.2 million decrease in occupancy, equipment and data processing expenses, a $0.3 million decrease in check fraud related expenses as well as decreases in other miscellaneous expenses such as marketing, contributions, net other real estate owned ("OREO") expenses, and pension benefit expenses.  These decreases were partially offset by a $0.2 million increase in salaries and benefits related to increased executive and employee incentive accruals, 401(k) plan expense and wellness costs offset by overall reduced salaries and wages.

Non-interest expense was stable when compared to the linked quarter.  Decreases in salaries and benefits, data processing, FDIC assessments, marketing, debit card, schools and seminars, and investor relations expenses were offset by slight increases in professional services, occupancy, OREO expenses due to a gain booked in the second quarter of 2024, and contract labor.

For the nine months ended September 30, 2024, non-interest expenses decreased by $0.4 million when compared to the nine months ended September 30, 2023.  The decrease was primarily attributable to a $0.5 million decrease in check fraud expenses and decreases in professional services, equipment, net OREO expense, line rentals, pension benefit expenses, and other miscellaneous expenses such as marketing, contributions, contract labor, and investor relations.  These decreases were partially offset by increased occupancy, data processing expenses and salaries and benefits related to increased incentives, 401K expense, wellness expense and loan origination costs, offset by reductions in life and health insurance costs.

The effective income tax rates as a percentage of income for the nine months ended September 30, 2024 and September 30, 2023 were 24.6% and 23.6%, respectively. 

Balance Sheet Overview

Total assets at September 30, 2024 were $1.9 billion, representing a $10.3 million increase since December 31, 2023.  During the first nine months of 2024, cash and interest-bearing deposits in other banks increased by $12.6 million.  The investment portfolio decreased by $44.3 million due to the maturities of $37.5 million of U.S.Treasury bonds during the year and normal principal amortization of our mortgage-backed securities ("MBS") portfolio.  Cash from the investment maturities was shifted to gross loans which increased by $41.2 million and other real estate OREO decreased by $1.6 million due to sales of properties.  Pension assets increased by $5.1 million due to increased market values.  Deferred tax assets decreased by $1.8 million due to the increased fair values of available for sale securities and pension assets compared to December 31, 2023.

Total liabilities at September 30, 2024 were $1.7 billion, representing a $1.8 million decrease since December 31, 2023.  Total deposits decreased by $10.6 million when compared to December 31, 2023 related to decreases in savings deposits of $14.8 million, non-interest-bearing demand deposits of $8.2 million, retail time deposits of $23.7 million and the repayment of $30.0 million in brokered certificates of deposits, partially offset by increases in interest-bearing demand deposits of $31.6 million and money markets of $34.6 million.  Short-term borrowings increased by $4.8 million since December 31, 2023, which were comprised of $29.0 million in overnight borrowings from the Federal Reserve offset by a shift of approximately $22.0 million in overnight investment sweep balances to FDIC insured accounts as a result of management's strategy to release pledging of investment securities for municipalities to provide additional liquidity.  Long-term borrowings increased by $10.0 million in the first nine months of 2024 when compared to December 31, 2023.  Maturities of FHLB advances of $40.0 million in March and $40.0 million in September were fully repaid.  During the third quarter and after the Fed announcement to reduce rates by 50 basis points, management made the strategic decision to reduce funding costs and borrowed $90.0 million in three new FHLB advances with maturities of 12 and 18-months and a weighted average rate of 3.89%.  $41.1 million was utilized to prepay the principal and accrued interest of the BTFP borrowings at a rate of 4.87% that was scheduled to mature in January of 2025 and approximately $30.0 million was utilized to repay overnight borrowings related to the repayment of the September $40.0 million maturity.  The remainder is currently held in overnight cash investments.

Total available for sale and held to maturity securities totaled $267.2 million at September 30, 2024, representing a $44.3 million decrease when compared to December 31, 2023.   In the first nine months of 2024, $37.5 million in U.S.Treasury bonds matured and the proceeds were used to repay the $40.0 million maturing FHLB advance.  Additionally, there were $2.7 million of maturities in our municipal portfolio and $5.7 million of other principal amortizations in our MBS portfolio year to date that were used for loan funding. 

Outstanding loans of $1.4 billion at September 30, 2024 reflected growth of $24.9 million since June 30, 2024 and $41.2 million for the first nine months of 2024.

Loan Type

(in millions)

Change since
June 30, 2024

Change since
December 31, 2023

Commercial

$19.1

$28.4

Residential Mortgages

$7.8

$19.3

Consumer

($2.0)

($6.5)

Gross Loans

$24.9

$41.2

 

Since December 31, 2023, commercial real estate loans increased by $9.1 million, acquisition and development loans increased by $15.8 million, commercial and industrial loans increased by $3.4 million, residential mortgage loans increased $19.3 million, and consumer loans decreased by $6.5 million.

New commercial loan production for the three months ended September 30, 2024 was approximately $52.1 million.  The pipeline of commercial loans at September 30, 2024 was $19.5 million.  At September 30, 2024, unfunded, committed commercial construction loans totaled approximately $8.3 million.  Commercial amortization and payoffs were approximately $92.8 million through September 30, 2024, due primarily to pay-offs of short-term commercial loans as well as normal amortizations of the commercial loan portfolio.

New consumer mortgage loan production for the third quarter of 2024 was approximately $19.9 million, with most of this production comprised of mortgages to be held on balance sheet.  The pipeline of in-house, portfolio loans as of September 30, 2024 was $12.8 million.  The residential mortgage production level increased in the third quarter of 2024 due to the seasonality of this line of business, particularly construction lending.  Unfunded commitments related to residential construction loans totaled $11.9 million at September 30, 2024.  

Total deposits at September 30, 2024 decreased by $10.6 million when compared to December 31, 2023.  

Deposit Type

(in millions)

Change since
June 30, 2024

Change since
December 31, 2023

Non-Interest-Bearing

($4.5)

($8.2)

Interest-Bearing Demand

$9.4

$31.6

Savings and Money Market

$15.0

$19.8

Time Deposits

($16.6)

($53.7)

Total Deposits

$3.3

($10.6)

 

Interest-bearing demand deposits increased by $31.6 million year-to-date, primarily related to the shift of approximately $22.0 million in overnight investment sweep balances into FDIC insured accounts due to management's strategy to release pledging of investment securities for municipalities to provide additional liquidity as well as seasonal fluctuations in municipal deposit balances compared to December 2023.  Money market accounts increased by $34.6 million due primarily to the expansion of current relationships and new relationships during the first nine months.  Traditional savings accounts decreased by $14.8 million and time deposits decreased by $53.7 million.  The decrease in time deposits was due to a decrease of $23.7 million in retail CDs related to maturities of a nine-month special CD promotion in 2023 and the maturity and repayment of $30.0 million in brokered CDs during the year.  The Bank has worked closely with customers as these CDs mature to transition them to other deposit and wealth management products offered by the Bank.

Short-term borrowings increased by $4.8 million compared to December 31, 2023, which were comprised of $29.0 million in overnight borrowings from the Federal Reserve offset by a shift of approximately $22.0 million in overnight investment sweep balances into FDIC insured accounts due to management's strategy to release pledging of investment securities for municipalities to provide additional liquidity.  Long-term borrowings increased by $10.0 million in the first nine months of 2024 when compared to December 31, 2023.  Maturities of FHLB advances of $40.0 million in March and $40.0 million in September were fully repaid.  During the third quarter and after the Fed announcement to reduce rates by 50 basis points, management made the strategic decision to reduce funding costs and borrowed $90.0 million in three new FHLB advances with maturities of 12 and 18-months and a weighted average rate of 3.89%.  $41.1 million was utilized to prepay the principal and accrued interest of the BTFP borrowing at a rate of 4.87% that was scheduled to mature in January of 2025 and approximately $30.0 million was utilized to repay overnight borrowings related to the repayment of the September $40.0 million maturity.   The remainder is currently held in overnight cash investments.

The book value of the Corporation's common stock was $26.90 per basic share at September 30, 2024 compared to $24.38 per share at December 31, 2023.  At September 30, 2024, there were 6,468,625 of basic outstanding shares and 6,482,648 of diluted outstanding shares of common stock.  During the first nine months of 2024, the Company purchased and retired 201,800 shares of First United Corporation stock as part of its previously announced stock repurchase plan at an average price of $19.99 per share. The increase in the book value at September 30, 2024 was due to the undistributed net income of $10.3 million for the first nine months of 2024.

Asset Quality

The allowance for credit losses ("ACL") was $18.0 million at September 30, 2024 compared to $17.1 million recorded at September 30, 2023 and $17.5 million at December 31, 2023.  The provision for credit losses was $0.3 million for the quarter ended September 30, 2024 compared to $0.3 million for the quarter ended September 30, 2023 and $1.2 million for the second quarter of 2024.  The increased provision expense recorded year to date in 2024 was primarily related to $1.1 million in net charge-offs related to one non-accrual commercial loan relationship, partially offset by improving qualitative risk factors of our loan portfolio.  Net charge-offs of $0.1 million were recorded for the quarter ended September 30, 2024 and September 30, 2023. The ratio of the ACL to loans outstanding was 1.24% at September 30, 2024, September 30, 2023 and December 31, 2023.

The ratio of year-to-date net charge offs to average loans was 0.18% for the nine-month period ended September 30, 2024, and 0.07% for the nine-month period ended September 30, 2023.  The commercial and industrial portfolio had net charge offs of 0.53% for the nine-month period ended September 30, 2024 compared to a net charge offs of 0.07% for the nine-month period ended September 30, 2023.  This shift was due primarily to charge offs of equipment loan balances on one non-accrual commercial relationship during 2024.  The consumer portfolio had net charge offs of 2.04% for the nine-month period ended September 30, 2024 compared to net charge offs of 1.15% for the nine-month period ended September 30, 2023.  The increase in net charge offs in consumer loans in 2024 was primarily driven by approximately $0.4 million in charge offs of overdrawn demand deposit balances during the first quarter of 2024 and student loan accounts in the second quarter.  Details of the ratios, by loan type, are shown below.  Our special assets team continues to actively collect on charged-off loans, resulting in overall low net charge-off ratios.

Ratio of Net (Charge Offs)/Recoveries to Average Loans

Loan Type

9/30/2024

(Charge Off) / Recovery

9/30/2023

(Charge Off) / Recovery

Commercial Real Estate

0.01 %

(0.02 %)

Acquisition & Development

0.08 %

0.01 %

Commercial & Industrial

(0.53 %)

(0.07 %)

Residential Mortgage

0.01 %

0.00 %

Consumer

(2.04 %)

(1.15 %)

Total Net (Charge Offs)/Recoveries

(0.18 %)

(0.07 %)

 

Non-accrual loans totaled $8.1 million at September 30, 2024 compared to $4.0 million at December 31, 2023.  The increase in non-accrual balances at September 30, 2024 was related to two commercial and industrial loan relationships totaling $12.1 million that were moved to non-accrual during the first quarter of 2024.  Subsequent to being moved to non-accrual, one of the borrowers sold a piece of collateral to reduce outstanding balances by approximately $5.5 million and the bank recognized approximately $1.1 million in net charge-offs and $3.0 million in principal reductions on the other commercial and industrial credit from the liquidation of collateral at depressed prices.

Non-accrual loans that have been subject to partial charge-offs totaled $1.2 million at September 30, 2024 and $0.1 million at December 31, 2023.  Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $1.6 million at September 30, 2024 and $1.8 million at December 31, 2023.  As a percentage of the loan portfolio, accruing loans past due 30 days or more was 0.37% at September 30, 2024 compared to 0.24% at December 31, 2023 and 0.27% as of September 30, 2023. 

ABOUT FIRST UNITED CORPORATION

First United Corporation is a Maryland corporation chartered in 1985 and a financial holding company registered with the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021.  The Corporation's primary business is serving as the parent company of the Bank, First United Statutory Trust I ("Trust I") and First United Statutory Trust II (together with Trust I, "the Trusts"), both Connecticut statutory business trusts.  The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital.  The Bank has two consumer finance company subsidiaries- Oak First Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company – and two subsidiaries that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure – First OREO Trust, a Maryland statutory trust, and FUBT OREO I, LLC, a Maryland limited liability company.  In addition, the Bank owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland, and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland.   The Corporation's website is www.mybank.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the future, as well as its assumptions and judgments concerning such beliefs, plans and objectives.  These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions.  Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true.  The beliefs, plans and objectives on which forward-looking statements are based involve risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.  For a discussion of these risks and uncertainties, see the section of the periodic reports that First United Corporation files with the Securities and Exchange Commission entitled "Risk Factors". In addition, investors should understand that the Corporation is required under generally accepted accounting principles to evaluate subsequent events through the filing of the consolidated financial statements included in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and the impact that any such events have on our critical accounting assumptions and estimates made as of September 30, 2024, which could require us to make adjustments to the amounts reflected in this press release.

FIRST UNITED CORPORATION


Oakland, MD


Stock Symbol :  FUNC


Financial Highlights - Unaudited









(Dollars in thousands, except per share data)












Three Months Ended


Nine Months Ended





September 30,


September 30,


September 30,


September 30,





2024


2023


2024


2023


Results of Operations:












Interest income



$                 23,257


$                 21,164


$                 68,268


$                 58,965



Interest expense



8,029


7,180


23,990


16,289



Net interest income



15,228


13,984


44,278


42,676



Provision for credit losses


264


263


2,404


1,201



Other operating income


4,912


4,716


14,487


13,538



Net gains



141


182


282


322



Other operating expense


12,314


12,785


37,559


37,934



Income before taxes



$                   7,703


$                   5,834


$                 19,084


$                 17,401



Income tax expense



1,932


1,321


4,701


4,099



Net income



$                   5,771


$                   4,513


$                 14,383


$                 13,302













Per share data:












Basic net income per share


$                     0.89


$                     0.67


$                     2.20


$                     1.99



Diluted net income per share


$                     0.89


$                     0.67


$                     2.19


$                     1.98



Adjusted Basic net income (1)


$                     0.89


$                     0.67


$                     2.26


$                     1.99



Adjusted Diluted net income (1)


$                     0.89


$                     0.67


$                     2.25


$                     1.98



Dividends declared per share


$                     0.22


$                     0.20


$                     0.62


$                     0.60



Book value



$                   26.90


$                   23.08







Diluted book value



$                   26.84


$                   23.03







Tangible book value per share


$                   25.06


$                   21.27







Diluted Tangible book value per share


$                   25.01


$                   21.22


















Closing market value


$                   29.84


$                   16.23







Market Range:












    High



$                   30.77


$                   17.34







    Low



$                   20.40


$                   13.70

















Shares outstanding at period end: Basic


6,468,625


6,715,170






Shares outstanding at period end: Diluted


6,482,648


6,728,482

















Performance ratios: (Year to Date Period End, annualized)










Return on average assets



0.99 %


0.93 %






Adjusted return on average assets (1)



1.01 %


0.93 %






Return on average shareholders' equity



11.52 %


11.44 %






Adjusted return on average shareholders' equity (1)



11.78 %


11.44 %






Net interest margin (Non-GAAP), includes tax exempt income of $176 and $578



3.34 %


3.30 %






Net interest margin GAAP



3.32 %


3.25 %






Efficiency ratio - non-GAAP (1)


62.46 %


66.41 %

















(1) Efficiency ratio is a non-GAAP measure calculated by dividing total operating expenses by the sum of tax equivalent net interest income and other operating income, less gains/(losses) on sales of securities and/or fixed assets.


September 30,


December 31









2024


2023






Financial Condition at period end:










Assets



$            1,916,126


$            1,905,860






Earning assets



$            1,722,346


$            1,725,236






Gross loans



$            1,447,883


$            1,406,667







Commercial Real Estate


$               502,828


$               493,703







Acquisition and Development


$                 92,909


$                 77,060







Commercial and Industrial


$               277,994


$               274,604







Residential Mortgage


$               519,168


$               499,871







Consumer



$                 54,984


$                 61,429






Investment securities



$               267,214


$               311,466






Total deposits



$            1,540,395


$            1,550,977







Noninterest bearing



$               419,437


$               427,670







Interest bearing



$            1,120,958


$            1,123,307






Shareholders' equity



$               173,979


$               161,873



























Capital ratios:























Tier 1 to risk weighted assets


14.61 %


14.42 %







Common Equity Tier 1 to risk weighted assets


12.66 %


12.44 %







Tier 1 Leverage



11.88 %


11.30 %







Total risk based capital


15.83 %


15.64 %

















Asset quality:






















Net charge-offs for the quarter


$                    (109)


$                    (195)






Nonperforming assets: (Period End)











Nonaccrual loans



$                   8,073


$                   3,956







Loans 90 days past due and accruing


538


543


















Total nonperforming loans and 90 day past due


$                   8,611


$                   4,499


















Other real estate owned


$                   2,860


$                   4,493







Modified loans



$                   1,016


$                          -

















Allowance for credit losses to gross loans


1.24 %


1.24 %






Allowance for credit losses to non-accrual loans


223.09 %


441.86 %






Allowance for credit losses to non-performing assets


157.00 %


194.40 %






Non-performing and 90 day past due loans to total loans


0.59 %


0.32 %






Non-performing loans and 90 day past due loans to total assets


0.45 %


0.24 %






Non-accrual loans to total loans


0.56 %


0.28 %






Non-performing assets to total assets



0.60 %


0.47 %

















 

FIRST UNITED CORPORATION

Oakland, MD

Stock Symbol :  FUNC

Financial Highlights - Unaudited









































September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,




(Dollars in thousands, except per share data)

2024

2024

2024

2023

2023

2023

2023




Results of Operations:













Interest income


$                  23,257

$             23,113

$             21,898

$             22,191

$                21,164

$          19,972

$        17,829





Interest expense


8,029

7,875

8,086

7,997

7,180

5,798

3,311





Net interest income

15,228

15,238

13,812

14,194

13,984

14,174

14,518





Provision for credit losses

264

1,194

946

419

263

395

543





Other operating income

4,912

4,782

4,793

4,793

4,716

4,483

4,339





Net gains/(losses)


141

59

82

(4,184)

182

86

54





Other operating expense

12,314

12,364

12,881

12,309

12,785

12,511

12,638





Income before taxes

$                    7,703

$               6,521

$               4,860

$               2,075

$                  5,834

$            5,837

$          5,730





Income tax expense


1,932

1,607

1,162

317

1,321

1,423

1,355





Net income


$                    5,771

$               4,914

$               3,698

$               1,758

$                  4,513

$            4,414

$          4,375
















Per share data:













Basic net income per share

$                              0.89

$                        0.75

$                        0.56

$                        0.26

$                           0.67

$                   0.66

$                 0.66





Diluted net income per share

$                              0.89

$                        0.75

$                        0.56

$                        0.26

$                           0.67

$                   0.66

$                 0.65





Adjusted basic net income (1)

$                              0.89

$                        0.75

$                        0.62

$                        0.82

$                           0.67

$                   0.66

$                 0.66





Adjusted diluted net income (1)

$                              0.89

$                        0.75

$                        0.62

$                        0.82

$                           0.67

$                   0.66

$                 0.65





Dividends declared per share

$                              0.22

$                 0.22

$                        0.20

$                        0.20

$                           0.20

$              0.62

$                 0.20





Book value


$                            26.90

$                     25.39

$                     24.89

$                     24.38

$                         23.08

$                 23.12

$               22.85





Diluted book value


$                            26.84

$                     25.34

$                     24.86

$                     24.33

$                         23.03

$                 23.07

$               22.81





Tangible book value per share

$                            25.06

$                     23.55

$                     23.08

$                     22.56

$                         21.27

$                 21.29

$               21.01





Diluted Tangible book value per share

$                            25.01

$                     23.49

$                     23.05

$                     22.51

$                         21.22

$                 21.25

$               20.96

















Closing market value

$                            29.84

$                     20.42

$                     22.91

$                     23.51

$                         16.23

$                 14.26

$               16.89





Market Range:













    High


$                            30.77

$                     22.88

$                     23.85

$                     23.51

$                         17.34

$                 17.01

$               20.41





    Low


$                            20.40

$                     19.40

$                     21.21

$                     16.12

$                         13.70

$                 12.56

$               16.75
















Shares outstanding at period end: Basic

6,468,625

6,465,601

6,648,645

6,639,888

6,715,170

6,711,422

6,688,710




Shares outstanding at period end: Diluted

6,482,648

6,479,624

6,657,239

6,653,200

6,728,482

6,724,734

6,703,252
















Performance ratios: (Year to Date Period End, annualized)











Return on average assets


0.99 %

0.89 %

0.76 %

0.78 %

0.93 %

0.95 %

0.94 %




Adjusted return on average assets (1)


1.01 %

0.98 %

0.85 %

0.94 %

0.93 %

0.95 %

0.94 %




Return on average shareholders' equity


11.52 %

10.48 %

9.07 %

9.68 %

11.44 %

11.43 %

11.87 %




Adjusted return on average shareholders' equity (1)


11.78 %

11.52 %

10.11 %

11.87 %

11.44 %

11.43 %

11.87 %




Net interest margin (Non-GAAP), includes tax exempt income of $176 and $578


3.34 %

3.31 %

3.12 %

3.26 %

3.30 %

3.39 %

3.53 %




Net interest margin GAAP


3.32 %

3.29 %

3.10 %

3.22 %

3.25 %

3.34 %

3.48 %




Efficiency ratio - non-GAAP (1)

62.46 %

63.48 %

65.71 %

65.12 %

66.41 %

66.00 %

67.02 %
















(1) Efficiency ratio is a non-GAAP measure calculated by dividing total operating expenses by the sum of tax equivalent net interest income and other operating income, less gains/(losses) on sales of securities and/or fixed assets.

September 30,

June 30,

March 31,

December 31,

September 30,

June 30,

March 31,






2024

2024

2024

2023

2023

2023

2023




Financial Condition at period end:











Assets


$                    1,916,126

$              1,868,599

$              1,912,953

$              1,905,860

$                 1,928,201

$         1,928,393

$       1,937,442




Earning assets


$                    1,722,346

$              1,695,425

$              1,695,962

$              1,725,236

$                 1,717,244

$         1,707,522

$       1,652,688




Gross loans


$                    1,447,883

$              1,422,975

$              1,412,327

$              1,406,667

$                 1,380,019

$         1,350,038

$       1,289,080





Commercial Real Estate

$                       502,828

$                 506,273

$                 492,819

$                 493,703

$                    491,284

$            483,485

$           453,356





Acquisition and Development

$                         92,909

$                   88,215

$                   83,424

$                   77,060

$                       79,796

$              79,003

$             76,980





Commercial and Industrial

$                       277,994

$                 260,168

$                 274,722

$                 274,604

$                    254,650

$            249,683

$           241,959





Residential Mortgage

$                       519,168

$                 511,354

$                 501,990

$                 499,871

$                    491,686

$            475,540

$           456,198





Consumer


$                         54,984

$                   56,965

$                   59,372

$                   61,429

$                       62,603

$              62,327

$             60,587




Investment securities


$                       267,214

$                 267,151

$                 278,716

$                 311,466

$                    330,053

$            350,844

$           357,061




Total deposits


$                    1,540,395

$              1,537,071

$              1,563,453

$              1,550,977

$                 1,575,069

$         1,579,959

$       1,591,285





Noninterest bearing

$                       419,437

$                 423,970

$                 422,759

$                 427,670

$                    429,691

$            466,628

$           468,554





Interest bearing


$                    1,120,958

$              1,113,101

$              1,140,694

$              1,123,307

$                 1,145,378

$         1,113,331

$       1,122,731




Shareholders' equity


$                       173,979

$                 164,177

$                 165,481

$                 161,873

$                    154,990

$            155,156

$           152,868
















Capital ratios:

























Tier 1 to risk weighted assets

14.61 %

14.51 %

14.58 %

14.42 %

14.60 %

14.40 %

14.90 %





Common Equity Tier 1 to risk weighted assets

12.66 %

12.54 %

12.60 %

12.44 %

12.60 %

12.40 %

12.82 %





Tier 1 Leverage


11.88 %

11.69 %

11.48 %

11.30 %

11.25 %

11.25 %

11.47 %





Total risk based capital

15.83 %

15.75 %

15.83 %

15.64 %

15.81 %

15.60 %

16.15 %

















Asset quality:
























Net (charge-offs)/recoveries for the quarter

$                             (109)

$                    (1,309)

$                       (459)

$                       (195)

$                             (83)

$                  (398)

$                 (245)




Nonperforming assets: (Period End)












Nonaccrual loans


$                            8,073

$                     9,438

$                   16,007

$                     3,956

$                         3,479

$                 2,972

$               3,258





Loans 90 days past due and accruing

538

526

120

543

145

160

87


















Total nonperforming loans and 90 day past due

$                            8,611

$                     9,964

$                   16,127

$                     4,499

$                         3,624

$                 3,132

$               3,345


















Other real estate owned

$                            2,860

$                     2,978

$                     4,402

$                     4,493

$                         4,878

$                 4,482

$               4,598





Modified loans


$                            1,016

$                         893

$                              -

$                              -

$                                  -

$                         -

$                        -
















Allowance for credit losses to gross loans

1.24 %

1.26 %

1.27 %

1.24 %

1.24 %

1.25 %

1.31 %




Allowance for credit losses to non-accrual loans

223.09 %

189.90 %

112.34 %

441.86 %

492.84 %

568.81 %

517.83 %




Allowance for credit losses to non-performing assets

157.00 %

138.49 %

87.59 %

194.40 %

473.12 %

539.79 %

212.40 %




Non-performing and 90 day past due loans to total loans

0.59 %

0.70 %

1.14 %

0.32 %

0.26 %

0.23 %

0.26 %




Non-performing loans and 90 day past due loans to total assets

0.45 %

0.53 %

0.84 %

0.24 %

0.19 %

0.16 %

0.17 %




Non-accrual loans to total loans

0.56 %

0.66 %

1.13 %

0.28 %

0.25 %

0.22 %

0.25 %




Non-performing assets to total assets


0.60 %

0.69 %

1.07 %

0.47 %

0.44 %

0.39 %

0.41 %
















 

Consolidated Statement of Condition


















(Dollars in thousands - Unaudited)


September 30, 2024


June 30, 2024


March 31, 2024


December 31, 2023










Assets









Cash and due from banks

$

61,140

$

43,635

$

85,578

$

48,343

Interest bearing deposits in banks


1,252


1,457


1,354


1,410

Cash and cash equivalents


62,392


45,092


86,932


49,753

Investment securities – available for sale (at fair value)


93,160


92,954


95,580


97,169

Investment securities – held to maturity (at cost)


174,054


174,197


183,136


214,297

Restricted investment in bank stock, at cost


5,765


3,395


3,390


5,250

Loans held for sale


232


447


175


443

Loans


1,447,883


1,422,975


1,412,327


1,406,667

Unearned fees


(333)


(306)


(314)


(340)

Allowance for credit losses


(18,010)


(17,923)


(17,982)


(17,480)

Net loans


1,429,540


1,404,746


1,394,031


1,388,847

Premises and equipment, net


30,704


29,688


30,268


31,459

Goodwill and other intangible assets


11,856


11,938


12,021


12,103

Bank owned life insurance


48,608


48,267


47,933


47,607

Deferred tax assets


9,357


11,214


10,736


11,948

Other real estate owned, net


2,860


2,978


4,402


4,493

Operating lease asset


1,163


1,230


1,299


1,367

Accrued interest receivable and other assets


46,435


42,453


43,050


41,124

Total Assets

$

1,916,126

$

1,868,599

$

1,912,953

$

1,905,860

Liabilities and Shareholders' Equity









Liabilities:









Non-interest bearing deposits

$

419,437

$

423,970

$

422,759

$

427,670

Interest bearing deposits


1,120,958


1,113,101


1,140,694


1,123,307

Total deposits


1,540,395


1,537,071


1,563,453


1,550,977

Short-term borrowings


50,206


62,564


79,494


45,418

Long-term borrowings


120,929


70,929


70,929


110,929

Operating lease liability


1,343


1,412


1,484


1,556

Allowance for credit loss on off balance sheet exposures


856


801


858


873

Accrued interest payable and other liabilities


26,994


30,352


29,925


32,904

Dividends payable


1,424


1,293


1,329


1,330

Total Liabilities


1,742,147


1,704,422

$

1,747,472


1,743,987

Shareholders' Equity: 









Common Stock – par value $0.01 per share; Authorized 25,000,000 shares;
issued and outstanding 6,4668,625 shares at September 30, 2024 and
6,639,888 at December 31, 2023


65


65


66


66

Surplus


20,288


20,280


23,865


23,734

Retained earnings


184,239


179,892


176,272


173,900

Accumulated other comprehensive loss


(30,613)


(36,060)


(34,722)


(35,827)

Total Shareholders' Equity


173,979


164,177


165,481


161,873

Total Liabilities and Shareholders' Equity

$

1,916,126

$

1,868,599

$

1,912,953

$

1,905,860










 

Historical Income Statement
























2024


2023



Q3


Q2


Q1


Q4


Q3

Q2

Q1

In thousands





(Unaudited)

Interest income















Interest and fees on loans

$

21,018

$

20,221

$

19,218

$

19,290

$

18,055

$

16,780

$

15,444

Interest on investment securities















Taxable


1,647


1,697


1,744


1,834


1,792


1,779


1,768

Exempt from federal income tax


56


53


53


53


123


268


270

Total investment income


1,703


1,750


1,797


1,887


1,915


2,047


2,038

Other


536


1,142


883


1,014


1,194


1,145


347

Total interest income


23,257


23,113


21,898


22,191


21,164


19,972


17,829

Interest expense















Interest on deposits


6,579


6,398


6,266


6,498


5,672


4,350


2,678

Interest on short-term borrowings


467


509


461


54


33


29


31

Interest on long-term borrowings


983


968


1,359


1,445


1,475


1,419


602

Total interest expense


8,029


7,875


8,086


7,997


7,180


5,798


3,311

Net interest income


15,228


15,238


13,812


14,194


13,984


14,174


14,518

Credit loss expense/(credit)















Loans


195


1,251


961


530


322


434


414

Debt securities held to maturity


14


—


—


—


45


—


—

Off balance sheet credit exposures


55


(57)


(15)


(111)


(104)


(39)


129

Provision for credit losses


264


1,194


946


419


263


395


543

Net interest income after provision for credit losses


14,964


14,044


12,866


13,775


13,721


13,779


13,975

Other operating income















Net losses on investments, available for sale


—


—


—


1


—


—


—

Gains on sale of residential mortgage loans


141


59


82


59


182


86


54

Losses on disposal of fixed assets


—


—


—


(29)


—


—


—

Net gains/(losses)


141


59


82


31


182


86


54

Other Income















Service charges on deposit accounts


555


556


556


567


569


546


516

Other service charges


236


225


215


223


230


244


232

Trust department


2,328


2,255


2,188


2,148


2,139


2,025


1,970

Debit card income


1,000


999


932


1,120


995


1,031


955

Bank owned life insurance


340


334


326


325


320


311


305

Brokerage commissions


297


362


495


360


245


258


297

Other


156


51


81


50


218


68


64

Total other income


4,912


4,782


4,793


4,793


4,716


4,483


4,339

Total other operating income


5,053


4,841


4,875


4,824


4,898


4,569


4,393

Other operating expenses















Salaries and employee benefits


7,160


7,256


7,157


6,390


6,964


6,870


7,296

FDIC premiums


256


285


269


268


254


277


193

Equipment


627


635


923


912


718


747


780

Occupancy


709


652


954


1,169


745


742


785

Data processing


1,333


1,422


1,318


1,384


1,388


1,306


1,306

Marketing


151


184


134


311


242


160


120

Professional services


477


449


486


631


488


520


494

Contract labor


149


84


183


170


155


157


134

Telephone


97


103


109


125


115


116


110

Other real estate owned


124


14


86


(370)


139


18


124

Investor relations


84


91


53


65


74


123


83

Contributions


65


66


50


12


74


79


64

Other


1,082


1,123


1,159


1,242


1,429


1,396


1,149

Total other operating expenses


12,314


12,364


12,881


12,309


12,785


12,511


12,638

Income before income tax expense


7,703


6,521


4,860


6,290


5,834


5,837


5,730

Provision for income tax expense


1,932


1,607


1,162


317


1,321


1,423


1,355

Net Income

$

5,771

$

4,914

$

3,698

$

5,973

$

4,513

$

4,414

$

4,375

Basic net income per common share

$

0.89

$

0.75

$

0.56

$

0.26

$

0.67

$

0.66

$

0.66

Diluted net income per common share

$

0.89

$

0.75

$

0.56

$

0.26

$

0.67

$

0.66

$

0.65
















Weighted average number of basic shares outstanding


6,468


6,527


6,642


6,649


6,714


6,704


6,675

Weighted average number of diluted shares outstanding


6,482


6,537


6,655


6,663


6,728


6,718


6,697

Dividends declared per common share

$

0.22

$

0.20

$

0.20

$

0.20

$

0.20

$

0.20

$

0.20
















 

Non-GAAP Financial Measures (unaudited)

Reconciliation of as reported (GAAP) and non-GAAP financial measures














The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company's management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company's operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company's performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

The following non-GAAP financial measures exclude accelerated depreciation expenses related to the branch closures.




Three months ended
September 30,


Nine months ended
September 30,



2024


2023


2024


2023

(in thousands, except for per share amount)













Net income - as reported


$

5,771


$

4,513


$

14,383


$

13,302

Adjustments:













    Accelerated depreciation expenses



—



—



562



—

     Income tax effect of adjustments



—



—



(137)



—

Adjusted net income (non-GAAP)


$

5,771


$

4,513


$

14,808


$

13,302














Diluted earnings per share - as reported


$

0.89


$

0.67


$

2.19


$

1.99

Adjustments:













    Accelerated depreciation expenses



—



—



0.08



—

    Income tax effect of adjustments



—



—



(0.02)



—

Adjusted basic and diluted earnings per share (non-GAAP)


$

0.89


$

0.67


$

2.25


$

1.99





























As of or for the three months ended



As of or for the nine months ended



September 30,



Septmber 30,

(in thousands, except per share data)


2024


2023



2024



2023

Per Share Data




0




1





Basic net income per share (1) - as reported


$

0.89


$

0.67


$

2.20


$

1.99

Basic net income per share (1) - non-GAAP



0.89



0.67



2.26



1.99

Diluted net income per share (1) - as reported


$

0.89


$

0.67


$

2.19


$

1.98

Diluted net income per share (1) - non-GAAP



0.89



0.67



2.25



1.98

Basic book value per share


$

26.90


$

23.08







Diluted book value per share


$

26.84


$

23.03

































Significant Ratios:



As of or for the nine months ended



















September 30,







Return on Average Assets (1) - as reported



0.99 %



0.93 %







    Accelerated depreciation expenses



0.03 %



—







    Income tax effect of adjustments



-0.01 %



—







Adjusted Return on Average Assets (1) (non-GAAP)



1.01 %



0.93 %




















Return on Average Equity (1) - as reported



11.52 %



11.44 %







   Accelerated depreciation expenses



0.34 %



—







   Income tax effect of adjustments



(0.08 %)



—







Adjusted Return on Average Equity (1) (non-GAAP)



11.78 %



11.44 %




















(1) See reconciliation of this non-GAAP financial measure provided elsewhere herein.














 


















Three Months Ended




September 30




2024


2023


(dollars in thousands)


Average
Balance


Interest


Average
Yield/Rate


Average
Balance


Interest


Average
Yield/Rate


Assets


















Loans


$

1,433,508


$

21,035


5.84

%

$

1,363,821


$

18,071


5.26

%

Investment Securities:


















     Taxable



276,343



1,646


2.37

%


333,468



1,792


2.13

%

     Non taxable



7,795



100


5.10

%


13,826



219


6.28

%

     Total



284,138



1,746


2.44

%


347,294



2,011


2.30

%

Federal funds sold



33,372



451


5.38

%


75,404



1,093


5.75

%

Interest-bearing deposits with other banks



2,179



26


4.75

%


1,812



25


5.47

%

Other interest earning assets



3,987



59


5.89

%


4,771



76


6.32

%

Total earning assets



1,757,184



23,317


5.28

%


1,793,102



21,276


4.71

%

Allowance for credit losses



(18,197)








(17,110)







Non-earning assets



173,875








178,115







Total Assets


$

1,912,862







$

1,954,107







Liabilities and Shareholders' Equity


















Interest-bearing demand deposits


$

370,040


$

1,604


1.72

%

$

368,409


$

1,354


1.46

%

Interest-bearing money markets - retail



422,393



3,793


3.57

%


325,810



2,430


2.96

%

Interest-bearing money markets - brokered



1



—


0.10

%


—



—


—

%

Savings deposits



176,799



44


0.10

%


209,070



54


0.10

%

Time deposits - retail



141,354



1,021


2.87

%


154,503



918


2.36

%

Time deposits - brokered



8,641



117


5.39

%


68,850



916


5.28

%

Short-term borrowings



57,553



467

1

3.23

%


49,190



33


0.27

%

Long-term borrowings



73,864



983


5.29

%


110,929



1,475


5.28

%

Total interest-bearing liabilities



1,250,645



8,029


2.55

%


1,286,761



7,180


2.21

%

Non-interest-bearing deposits



459,309








478,673







Other liabilities



32,155








32,327







Shareholders' Equity



170,753








156,346







Total Liabilities and Shareholders' Equity


$

1,912,862







$

1,954,107







Net interest income and spread





$

15,288


2.73

%




$

14,096


2.50

%

Net interest margin








3.46

%







3.12

%



















 


















Nine Months Ended




September 30,




2024


2023


(dollars in thousands)


Average
Balance


Interest


Average
Yield/
Rate


Average
Balance


Interest


Average
Yield/
Rate


Assets


















Loans


$

1,418,964


$

60,506


5.70

%

$

1,320,674


$

50,323


5.09

%

Investment Securities:


















     Taxable



288,977



5,087


2.35

%


337,014



5,339


2.12

%

     Non taxable



7,800



289


4.95

%


21,963



1,183


7.20

%

     Total



296,777



5,376


2.42

%


358,977



6,522


2.43

%

Federal funds sold



54,624



2,246


5.49

%


66,708



2,502


5.01

%

Interest-bearing deposits with other banks



1,628



75


6.15

%


2,827



70


3.31

%

Other interest earning assets



4,161



240


7.70

%


3,643



114


4.18

%

Total earning assets



1,776,154



68,443


5.15

%


1,752,829



59,531


4.54

%

Allowance for loan losses



(18,020)








(16,311)







Non-earning assets



185,660








174,411







Total Assets


$

1,943,794







$

1,910,929







Liabilities and Shareholders' Equity


















Interest-bearing demand deposits


$

362,102



4,541


1.68

%

$

358,883


$

3,375


1.26

%

Interest-bearing money markets - retail



402,314



10,567


3.51

%


324,583



5,537


2.28

%

Interest-bearing money markets - brokered



37



1


3.61

%


—



—


—

%

Savings deposits



183,096



138


0.10

%


227,179



189


0.11

%

Time deposits - retail



148,458



3,155


2.84

%


134,732



1,750


1.74

%

Time deposits - brokered



20,967



841


5.36

%


46,918



1,849


5.27

%

Short-term borrowings



70,755



1,437


2.71

%


51,780



93


0.24

%

Long-term borrowings



82,571



3,310


5.35

%


89,394



3,496


5.23

%

Total interest-bearing liabilities



1,270,300



23,990


2.52

%


1,233,469



16,289


1.77

%

Non-interest-bearing deposits



473,610








490,891







Other liabilities



33,134








31,108







Shareholders' Equity



166,750








155,461







Total Liabilities and Shareholders' Equity


$

1,943,794







$

1,910,929







Net interest income and spread





$

44,453


2.63

%




$

43,242


2.77

%

Net interest margin








3.34

%







3.30

%



















 

Cision View original content:https://www.prnewswire.com/news-releases/first-united-corporation-announces-third-quarter-2024-financial-results-302281786.html

SOURCE First United Corporation