FIRST UNITED CORPORATION ANNOUNCES SECOND QUARTER 2025 FINANCIAL RESULTS
Earnings Assertion Overview
On a GAAP foundation, internet revenue for the second quarter of 2025 was $6.0 million. This compares to $5.8 million for the primary quarter of 2025 and $4.9 million for the second quarter of 2024.
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Q2 2025 |
Q1 2025 |
Q2 2024 |
|
|
Web Earnings, GAAP (hundreds of thousands) |
$ 6.0 |
$ 5.8 |
$ 4.9 |
|
Diluted internet revenue per share, GAAP |
$ 0.92 |
$ 0.89 |
$ 0.75 |
The $1.1 million enhance in quarterly internet revenue when in comparison with the second quarter of 2024 was primarily pushed by a $1.5 million enhance in internet curiosity revenue, a $0.3 million lower in provision for credit score loss, and a $0.2 million enhance in non-interest revenue, partially offset by will increase in non-interest expense of $0.6 million and revenue tax expense of $0.4 million. Evaluating the second quarter of 2025 to the identical interval of 2024, curiosity and charges on loans elevated by $2.1 million as a consequence of from the repricing of adjustable-rate loans and development in our mortgage portfolio. Curiosity expense elevated by $0.3 million when evaluating year-over-year quarterly expense as elevated funding was offset by reductions in deposit charges and borrowing prices. Different working revenue elevated by $0.2 million pushed primarily by will increase in wealth administration revenue, and different working bills elevated by $0.6 million pushed by a $0.2 million enhance in internet OREO bills, a $0.2 million enhance in skilled providers and contract labor bills, and a $0.2 million enhance in knowledge processing prices.
In comparison with the linked quarter, internet revenue elevated barely as internet curiosity revenue elevated by $0.7 million as a consequence of curiosity and charges on loans, and different working revenue elevated by $0.2 million due to will increase in good points in gross sales of residential mortgages, belief division revenue and debit card revenue. These will increase had been partially offset by a $0.2 million enhance within the provision for credit score losses and a $0.4 million enhance in different working bills pushed by elevated internet OREO bills and knowledge processing, skilled providers, and investor relations bills.
Web revenue for the primary six months of 2025 was $11.8 million in comparison with $8.6 million for a similar interval in 2024. Web curiosity revenue elevated by $3.7 million. Provision for credit score losses decreased by $0.6 million associated due primarily to a $1.1 million charge-off associated to gear loans of 1 industrial relationship in 2024. Different working revenue elevated by $0.3 million primarily as a consequence of will increase in good points on gross sales of residential mortgages and wealth administration revenue. These will increase had been partially offset by a $0.3 million enhance in different working bills that was primarily associated to a $0.2 million enhance in salaries and worker advantages, a $0.1 million enhance in advertising and marketing {and professional} providers bills, and a $0.2 million enhance in internet OREO prices.
Web Curiosity Earnings and Web Curiosity Margin
Web curiosity revenue, on a non-GAAP, FTE foundation, elevated by $1.5 million for the second quarter of 2025 when in comparison with the second quarter of 2024. This enhance was pushed by a rise of $1.8 million in curiosity revenue as a consequence of a $2.1 million enhance in curiosity revenue on loans that resulted from a rise of 26 foundation factors in the general yield on the mortgage portfolio, upward repricing of adjustable-rate loans, and a rise in common balances of $74.1 million. Curiosity revenue on Federal funds offered decreased by $0.4 million as a consequence of a lower of 129 foundation factors in common charges and a lower of $16.0 million in common balances. Curiosity expense elevated by $0.3 million when in comparison with the second quarter of 2024. Curiosity expense paid on deposits elevated by $0.4 million as a consequence of a $73.3 million enhance in common balances, partially offset by a lower of two foundation factors on the speed paid. Curiosity paid on short-term borrowings decreased by $0.5 million when in comparison with the identical interval of 2024 because of the reimbursement of the $40.0 million from the Financial institution Time period Funding Program (“BTFP”) late within the third quarter of 2024. Curiosity paid on long-term borrowings elevated by $0.4 million when in comparison with the second quarter of 2024 as a consequence of a $50.0 million enhance in common balances, partially offset by a lower in 100 foundation factors on charges paid.
Evaluating the second quarter of 2025 to the primary quarter of 2025, internet curiosity revenue, on a non-GAAP, FTE foundation, elevated by $0.7 million. This enhance was pushed by a $0.8 million enhance in curiosity revenue that resulted from a rise in curiosity and charges on loans of $0.5 million as common mortgage balances elevated by $6.3 million and common yield elevated by 6 foundation factors. Curiosity expense was steady when evaluating the second quarter of 2025 to the linked quarter.
Evaluating the six months ended June 30, 2025 to the six months ended June 30, 2024, internet curiosity revenue, on a non-GAAP, FTE foundation, elevated by $3.7 million. Curiosity revenue elevated by $3.9 million and was pushed by a rise of $4.6 million on curiosity and charges on loans as common mortgage balances elevated by $74.7 million and the general yield elevated by 36 foundation factors in correlation with upward repricing of adjustable-rate loans. Curiosity expense on deposits elevated by $0.8 million as the typical deposit balances elevated by $75.3 million, pushed by will increase of $4.8 million in demand deposit accounts, $76.6 million in cash market balances and $15.9 million in brokered time deposits, partially offset by decreases in financial savings balances of $16.1 million and $6.1 million in retail time deposits. Curiosity expense on short-term borrowings decreased by $0.9 million because of the Financial institution’s utilization of the BTFP program in 2024 and subsequent reimbursement late within the third quarter of 2024. The online curiosity margin for the six months ended June 30, 2025 was 3.61% in comparison with 3.31% for the six months ended June 30, 2024.
Non-Curiosity Earnings
Different working revenue, together with internet good points, for the second quarter of 2025 elevated by $0.2 million when in comparison with the identical interval of 2024. This enhance was pushed by a $0.1 million enhance in wealth administration revenue, reflecting greater market valuations and expanded relationships with each new and current purchasers. Moreover, good points on gross sales of residential mortgages elevated by $0.1 million as a consequence of development in manufacturing year-over-year.
On a linked quarter foundation, different working revenue, together with internet good points, elevated by $0.2 million. Debit card revenue elevated by $0.1 million, and good points on gross sales of residential mortgages elevated by $0.1 million as a consequence of greater manufacturing volumes. Wealth administration revenue was steady when in comparison with the prior quarter.
Different working revenue for the six months ended June 30, 2025 elevated by $0.3 million when in comparison with the identical interval of 2024. This was attributable to a $0.2 million enhance in wealth administration revenue, pushed by enhancing market situations, elevated annuity gross sales and development in new and current buyer relationships. Positive factors on gross sales of residential mortgages elevated by $0.1 million. Service cost and debit card revenue had been each steady when evaluating the primary six months of 2025 to the identical interval of 2024.
Non-Curiosity Expense
Working bills elevated by $0.6 million within the second quarter of 2025 when in comparison with the second quarter of 2024. Web OREO bills elevated by $0.2 million as a consequence of a $0.1 million achieve on the sale of OREO property within the second quarter of 2024 and a rise in prices related to one OREO property within the second quarter of 2025. Knowledge processing charges elevated by $0.2 million {and professional} providers bills elevated by $0.1 million. Salaries and worker advantages elevated by $0.1 million as a consequence of a $0.3 million enhance in wage expense associated to regular benefit will increase efficient April 1, 2025, partially offset by decreases in worker life and medical health insurance expense as a consequence of decreased claims.
Working bills elevated by $0.4 million for the second quarter of 2025 when in comparison with the linked quarter. Web OREO bills elevated by $0.1 million due primarily to prices related to one OREO property within the second quarter of 2025. Moreover, knowledge processing, skilled providers, and investor relations bills every elevated by $0.1 million when in comparison with the linked quarter.
For the six months ended June 30, 2025, non-interest expense elevated by $0.3 million when in comparison with the six months ended June 30, 2024. Salaries and worker advantages elevated by $0.2 million as a consequence of regular benefit will increase efficient April 1, 2025, will increase in inventory compensation expense on account of to elevated inventory costs and 401K bills offset by lowered life and medical health insurance prices associated to lowered claims in 2025. Web OREO bills elevated by $0.2 million as a consequence of a $0.1 million achieve on the sale of OREO in 2024 in addition to one-time expense related to an OREO property recorded within the second quarter of 2025, will increase of $0.1 million in advertising and marketing {and professional} providers and a rise in knowledge processing bills of $0.9 million. These will increase had been partially offset by a $0.7 million lower in occupancy and gear bills associated to accelerated depreciation expense acknowledged within the first quarter of 2024 associated to department closures.
The efficient revenue tax charges as a share of revenue for the six-month durations ended June 30, 2025 and June 30, 2024 had been 24.7% and 24.3%, respectively.
Stability Sheet Overview
Complete property at June 30, 2025 had been $2.0 billion, representing a $34.4 million enhance since December 31, 2024. Throughout the first six months of 2025, the funding portfolio elevated by $9.6 million as bonds had been bought to realize yield in anticipation of potential declines in long-term charges. Gross loans elevated by $21.7 million. Administration expects stronger development within the second half of the yr as a consequence of sturdy mortgage pipelines. Different property, together with deferred taxes, premises and gear, financial institution owned life insurance coverage, pension property, and accrued curiosity receivable, elevated by $4.0 million.
Complete liabilities at June 30, 2025 had been $1.8 billion, representing a $22.6 million enhance since December 31, 2024. Complete deposits elevated by $39.4 million when in comparison with December 31, 2024 due primarily to the $50.0 million in new brokered deposits that had been obtained in January 2025 to fund the reimbursement of the $50.0 million in in a single day borrowings that had been excellent at December 31, 2024. Financial savings and cash market accounts elevated by $25.5 million and retail time deposits elevated by $3.9 million. Curiosity-bearing demand deposits, primarily our ICS product, decreased by $39.1 million due primarily to seasonal fluctuations in municipal deposit accounts, and non-interest-bearing deposits decreased by $0.9 million as a consequence of elevated spending by companies and shoppers associated to inflation. Quick-term borrowings decreased by $14.5 million as a consequence of a $20.9 million lower in in a single day borrowings, partially offset by will increase in balances of the in a single day funding sweep product.
Excellent loans of $1.5 billion at June 30, 2025 mirrored a $21.7 million enhance since December 31, 2024.
|
Mortgage Sort (in hundreds of thousands) |
Change since |
Change since |
|
Business |
$21.9 |
$21.9 |
|
1 to 4 Household Mortgages |
$1.9 |
$3.2 |
|
Shopper |
($1.2) |
($3.4) |
|
Gross Loans |
$22.6 |
$21.7 |
Since December 31, 2024, industrial actual property loans elevated by $24.4 million, acquisition and improvement loans elevated by $3.6 million, industrial and industrial loans decreased by $6.1 million, residential mortgage loans elevated by $3.2 million, and shopper loans decreased by $3.4 million.
New industrial mortgage manufacturing for the second quarter of 2025 was roughly $65.1 million. The pipeline of business loans as of June 30, 2025 was $32.3 million and unfunded, dedicated industrial development loans totaled roughly $47.0 million. Business amortization and payoffs had been roughly $27.0 million for the three months ended June 30, 2025, due primarily to pay-offs of short-term industrial loans in addition to regular amortizations of the industrial mortgage portfolio.
New shopper mortgage mortgage manufacturing for the second quarter of 2025 was roughly $19.2 million, with most of this manufacturing comprised of in-house mortgages. The pipeline of in-house, portfolio loans as of June 30, 2025 was $11.4 million. Unfunded commitments associated to residential development loans totaled $10.0 million at June 30, 2025.
Complete deposits at June 30, 2025 elevated by $39.4 million when in comparison with December 31, 2024.
|
Deposit Sort (in hundreds of thousands) |
Change since |
Change since |
|
Non-Curiosity-Bearing |
$3.4 |
($0.9) |
|
Curiosity-Bearing Demand |
($21.2) |
($39.1) |
|
Financial savings and Cash Market |
$6.7 |
$25.5 |
|
Time Deposits- Retail |
$1.7 |
$3.9 |
|
Tim Deposits- Brokered |
$0.0 |
$50.0 |
|
Complete Deposits |
($9.4) |
$39.4 |
In January 2025, $50.0 million in brokered time deposits with a mean rate of interest of 4.24% had been obtained to fund the reimbursement of $50.0 million in in a single day borrowings that had been excellent at December 31, 2024. Financial savings and cash market accounts elevated by $25.5 million due primarily to the enlargement of present and new relationships all through the primary six months of 2025. Non-interest-bearing checking deposits decreased by $0.9 million and interest-bearing checking deposits decreased by $39.1 million due primarily to seasonal fluctuations in municipal and industrial account balances and elevated spending by companies and shoppers associated to inflation. Retail time deposits elevated by $3.9 million since December 31, 2024.
The ebook worth of the Company’s widespread inventory was $29.43 per share at June 30, 2025 in comparison with $27.71 per share at December 31, 2024. At June 30, 2025, there have been 6,494,611 primary excellent shares and 6,506,493 diluted excellent shares of widespread inventory. The rise within the ebook worth at June 30, 2025 was because of the undistributed internet revenue of $8.9 million for the primary six months of 2025.
Asset High quality
The allowance for credit score losses (“ACL”) was $19.0 million at June 30, 2025 in comparison with $17.9 million at June 30, 2024 and $18.2 million at December 31, 2024. The supply for credit score losses was $0.9 million for the quarter ended June 30, 2025 in comparison with $1.2 million for the quarter ended June 30, 2024 and $0.7 million for the primary quarter of 2025. The decreased provision expense recorded within the second quarter of 2025 when in comparison with the identical interval in 2024 was primarily as a consequence of $1.1 million in charge-offs associated to at least one non-accrual industrial mortgage relationship that occurred in 2024. The rise in provision expense in comparison with the linked quarter was as a consequence of a rise of $22.6 in unfunded mortgage commitments quarter over quarter. Asset high quality remained sturdy in the course of the second quarter of 2025. Web charge-offs of $0.2 million had been recorded for the quarter ended June 30, 2025 in comparison with internet charge-offs of $1.3 million for the quarter ended June 30, 2024. The ratio of the ACL to loans excellent has been constant at 1.27% at June 30, 2025 in contrast to1.25% at March 31, 2025 and 1.26% at June 30, 2024.
The ratio of internet cost offs to common loans was 0.07% for the six months ended June 30, 2025, and 0.25% for the six months ended June 30, 2024. The industrial and industrial portfolio had internet cost offs of 0.25% and 0.89% for the six-month durations ended June 30, 2025 and 2024, respectively. This shift was due primarily to cost offs of apparatus mortgage balances on one non-accrual industrial relationship throughout 2024. The acquisition and improvement portfolio had internet recoveries of 0.13% and 0.01% for the six-month durations ended June 30, 2025 and 2024, respectively. This shift was due primarily to recoveries acknowledged in 2025 associated to at least one relationship that was beforehand charged off in 2021. The lower in internet cost offs in shopper loans within the first six months of 2025 was primarily pushed by roughly $0.3 million in cost offs of demand deposit balances in the course of the first quarter of 2024. Particulars of the ratios, by mortgage kind, are proven beneath. Our particular property group continues to actively accumulate on charged-off loans, leading to general low internet charge-off ratios.
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Ratio of Web (Cost Offs)/Recoveries to Common Loans |
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|
6/30/2025 |
6/30/2024 |
|
|
Mortgage Sort |
(Cost Off) / Restoration |
(Cost Off) / Restoration |
|
Business Actual Property |
0.00 % |
0.01 % |
|
Acquisition & Improvement |
0.13 % |
0.01 % |
|
Business & Industrial |
(0.25 %) |
(0.89 %) |
|
Residential Mortgage |
0.01 % |
(0.01 %) |
|
Shopper |
(0.96 %) |
(2.02 %) |
|
Complete Web (Cost Offs)/Recoveries |
(0.07 %) |
(0.25 %) |
Non-accrual loans totaled $3.8 million at June 30, 2025 in comparison with $4.9 million at December 31, 2024. The lower in non-accrual balances at June 30, 2025 was associated to principal reductions.
Non-accrual loans which were topic to partial charge-offs totaled $0.7 million at each June 30, 2025 and December 31, 2024. Loans secured by 1-4 household residential actual property properties within the technique of foreclosures totaled $0.1 million and $1.6 million at June 30, 2025 and December 31, 2024, respectively. As a share of the mortgage portfolio, accruing loans overdue 30 days or extra was 0.27% at June 30, 2025 in comparison with 0.32% at December 31, 2024 and 0.26% as June 30, 2024.
ABOUT FIRST UNITED CORPORATION
First United Company is a Maryland company chartered in 1985 and a monetary holding firm registered with the Board of Governors of the Federal Reserve System below the Financial institution Holding Firm Act of 1956, as amended, that elected monetary holding firm standing in 2021. The Company’s main enterprise is serving because the dad or mum firm of the Financial institution, First United Statutory Belief I (“Belief I”) and First United Statutory Belief II (“Belief II” and along with Belief I, “the Trusts”), each Connecticut statutory enterprise trusts. The Trusts had been fashioned for the aim of promoting belief most well-liked securities that certified as Tier 1 capital. The Financial institution has two shopper finance firm subsidiaries- Oak First Mortgage Middle, Inc., a West Virginia company, and OakFirst Mortgage Middle, LLC, a Maryland restricted legal responsibility firm – and two subsidiaries that it makes use of to carry actual property acquired by foreclosures or by deed in lieu of foreclosures – First OREO Belief, a Maryland statutory belief, and FUBT OREO I, LLC, a Maryland restricted legal responsibility firm. As well as, the Financial institution owns 99.9% of the restricted partnership pursuits in Liberty Mews Restricted Partnership, a Maryland restricted partnership fashioned for the aim of buying, creating and working low-income housing models in Garrett County, Maryland, and a 99.9% non-voting membership curiosity in MCC FUBT Fund, LLC, an Ohio restricted legal responsibility firm fashioned for the aim of buying, creating and working low-income housing models in Allegany County, Maryland (the “MCC Fund”). The Company’s web site is www.mybank.com.
FORWARD-LOOKING STATEMENTS
This press launch accommodates forward-looking statements as outlined by the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements don’t characterize historic details, however are statements about administration’s beliefs, plans and targets in regards to the future, in addition to its assumptions and judgments regarding such beliefs, plans and targets. These statements are evidenced by phrases akin to “anticipate,” “estimate,” “ought to,” “anticipate,” “consider,” “intend,” and related expressions. Though these statements replicate administration’s good religion beliefs and projections, they don’t seem to be ensures of future efficiency and so they could not show true. The beliefs, plans and targets on which forward-looking statements are based mostly contain dangers and uncertainties that would trigger precise outcomes to vary materially from these addressed within the forward-looking statements. For a dialogue of those dangers and uncertainties, see the part of the periodic stories that First United Company information with the Securities and Alternate Fee entitled “Danger Elements”. As well as, buyers ought to perceive that the Company is required below usually accepted accounting ideas to judge subsequent occasions by the submitting of the consolidated monetary statements included in its Quarterly Report on Type 10-Q for the quarter ended June 30, 2025 and the impression that any such occasions have on our vital accounting assumptions and estimates made as of June 30, 2025, which may require us to make changes to the quantities mirrored on this press launch.
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FIRST UNITED CORPORATION |
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Oakland, MD |
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Inventory Image : FUNC |
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Monetary Highlights – Unaudited |
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({Dollars} in hundreds, besides per share knowledge) |
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Three Months Ended |
Six Months Ended |
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June 30, |
June 30, |
June 30, |
June 30, |
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2025 |
2024 |
2025 |
2024 |
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Outcomes of Operations: |
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|
Curiosity revenue |
$ 24,871 |
$ 23,113 |
$ 48,933 |
$ 45,011 |
|||||
|
Curiosity expense |
8,164 |
7,875 |
16,210 |
15,961 |
|||||
|
Web curiosity revenue |
16,707 |
15,238 |
32,723 |
29,050 |
|||||
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Provision for credit score losses |
860 |
1,194 |
1,516 |
2,140 |
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Different working revenue |
4,940 |
4,782 |
9,762 |
9,575 |
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Web good points |
146 |
59 |
238 |
141 |
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Different working expense |
12,974 |
12,364 |
25,550 |
25,245 |
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Earnings earlier than taxes |
$ 7,959 |
$ 6,521 |
$ 15,657 |
$ 11,381 |
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Earnings tax expense |
1,975 |
1,607 |
3,867 |
2,769 |
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Web revenue |
$ 5,984 |
$ 4,914 |
$ 11,790 |
$ 8,612 |
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Per share knowledge: |
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Primary internet revenue per share |
$ 0.92 |
$ 0.75 |
$ 1.82 |
$ 1.31 |
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Diluted internet revenue per share |
$ 0.92 |
$ 0.75 |
$ 1.81 |
$ 1.31 |
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Adjusted Primary internet revenue (1) |
$ 0.92 |
$ 0.75 |
$ 1.82 |
$ 1.37 |
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Adjusted Diluted internet revenue (1) |
$ 0.92 |
$ 0.75 |
$ 1.81 |
$ 1.37 |
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Dividends declared per share |
$ 0.22 |
$ 0.20 |
$ 0.44 |
$ 0.40 |
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E book worth |
$ 29.43 |
$ 25.39 |
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Diluted ebook worth |
$ 29.38 |
$ 25.34 |
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Tangible ebook worth per share |
$ 27.64 |
$ 23.55 |
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Diluted Tangible ebook worth per share |
$ 27.59 |
$ 23.49 |
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Closing market worth |
$ 31.01 |
$ 20.42 |
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Market Vary: |
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Excessive |
$ 32.09 |
$ 22.88 |
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Low |
$ 25.90 |
$ 19.40 |
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Shares excellent at interval finish: Primary |
6,494,611 |
6,465,601 |
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Shares excellent at interval finish: Diluted |
6,506,493 |
6,479,624 |
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Efficiency ratios: (12 months to Date Interval Finish, annualized) |
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Return on common property |
1.20 % |
0.89 % |
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Adjusted return on common property |
1.20 % |
0.98 % |
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Return on common shareholders’ fairness |
12.78 % |
10.48 % |
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Adjusted return on common shareholders’ fairness |
12.78 % |
11.52 % |
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Web curiosity margin (Non-GAAP), consists of tax exempt revenue of $104 and $116 |
3.61 % |
3.31 % |
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Web curiosity margin GAAP |
3.60 % |
3.29 % |
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Effectivity ratio – non-GAAP (1) |
59.66 % |
63.48 % |
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(1) Effectivity ratio is a non-GAAP measure calculated by dividing complete working bills by the sum of tax equal internet curiosity revenue and different working revenue, much less good points/(losses) on gross sales of securities and/or fastened property. |
June 30, |
December 31 |
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2025 |
2024 |
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Monetary Situation at interval finish: |
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Property |
$ 2,007,471 |
$ 1,973,022 |
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Incomes property |
$ 1,789,747 |
$ 1,758,665 |
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Gross loans |
$ 1,502,481 |
$ 1,480,793 |
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Business Actual Property |
$ 550,717 |
$ 526,364 |
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Acquisition and Improvement |
$ 98,937 |
$ 95,314 |
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Business and Industrial |
$ 281,484 |
$ 287,534 |
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Residential Mortgage |
$ 521,968 |
$ 518,815 |
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Shopper |
$ 49,375 |
$ 52,766 |
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Funding securities |
$ 279,541 |
$ 269,991 |
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Complete deposits |
$ 1,614,207 |
$ 1,574,829 |
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Noninterest bearing |
$ 425,784 |
$ 426,737 |
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Curiosity bearing |
$ 1,188,423 |
$ 1,148,092 |
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Shareholders’ fairness |
$ 191,147 |
$ 179,295 |
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Capital ratios: |
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Tier 1 to threat weighted property |
15.22 % |
14.70 % |
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Frequent Fairness Tier 1 to threat weighted property |
13.32 % |
12.79 % |
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Tier 1 Leverage |
12.08 % |
11.88 % |
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Complete threat based mostly capital |
16.47 % |
15.92 % |
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Asset high quality: |
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Web charge-offs for the quarter |
$ (151) |
$ (362) |
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Nonperforming property: (Interval Finish) |
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Nonaccrual loans |
$ 3,813 |
$ 4,931 |
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Loans 90 days overdue and accruing |
535 |
918 |
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Complete nonperforming loans and 90 day overdue |
$ 4,348 |
$ 5,849 |
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Different actual property owned |
$ 3,035 |
$ 3,062 |
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Different repossessed property |
$ 2,802 |
$ 2,802 |
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Modified loans |
$ 1,198 |
$ 1,006 |
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Allowance for credit score losses to gross loans |
1.27 % |
1.23 % |
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Allowance for credit score losses to non-accrual loans |
499.45 % |
368.49 % |
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Allowance for credit score losses to non-performing property |
186.98 % |
155.13 % |
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Non-performing and 90 day overdue loans to complete loans |
0.29 % |
0.39 % |
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Non-performing loans and 90 day overdue loans to complete property |
0.22 % |
0.30 % |
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Non-accrual loans to complete loans |
0.25 % |
0.33 % |
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Non-performing property to complete property |
0.51 % |
0.59 % |
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FIRST UNITED CORPORATION |
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Oakland, MD |
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Inventory Image : FUNC |
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Monetary Highlights – Unaudited |
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June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
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({Dollars} in hundreds, besides per share knowledge) |
2025 |
2025 |
2024 |
2024 |
2024 |
2024 |
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Outcomes of Operations: |
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Curiosity revenue |
$ 24,871 |
$ 24,062 |
$ 23,725 |
$ 23,257 |
$ 23,113 |
$ 21,898 |
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Curiosity expense |
8,164 |
8,046 |
8,025 |
8,029 |
7,875 |
8,086 |
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Web curiosity revenue |
16,707 |
16,016 |
15,700 |
15,228 |
15,238 |
13,812 |
|
|
Provision for credit score losses |
860 |
656 |
529 |
264 |
1,194 |
946 |
|
|
Different working revenue |
4,940 |
4,822 |
4,924 |
4,912 |
4,782 |
4,793 |
|
|
Web good points |
146 |
92 |
132 |
141 |
59 |
82 |
|
|
Different working expense |
12,974 |
12,576 |
12,081 |
12,314 |
12,364 |
12,881 |
|
|
Earnings earlier than taxes |
$ 7,959 |
$ 7,698 |
$ 8,146 |
$ 7,703 |
$ 6,521 |
$ 4,860 |
|
|
Earnings tax expense |
1,975 |
1,892 |
1,960 |
1,932 |
1,607 |
1,162 |
|
|
Web revenue |
$ 5,984 |
$ 5,806 |
$ 6,186 |
$ 5,771 |
$ 4,914 |
$ 3,698 |
|
|
Per share knowledge: |
|||||||
|
Primary internet revenue per share |
$ 0.92 |
$ 0.90 |
$ 0.95 |
$ 0.89 |
$ 0.75 |
$ 0.56 |
|
|
Diluted internet revenue per share |
$ 0.92 |
$ 0.89 |
$ 0.95 |
$ 0.89 |
$ 0.75 |
$ 0.56 |
|
|
Adjusted primary internet revenue (1) |
$ 0.92 |
$ 0.90 |
$ 0.95 |
$ 0.89 |
$ 0.75 |
$ 0.62 |
|
|
Adjusted diluted internet revenue (1) |
$ 0.92 |
$ 0.89 |
$ 0.95 |
$ 0.89 |
$ 0.75 |
$ 0.62 |
|
|
Dividends declared per share |
$ 0.22 |
$ 0.22 |
$ 0.22 |
$ 0.22 |
$ 0.22 |
$ 0.20 |
|
|
E book worth |
$ 29.43 |
$ 28.35 |
$ 27.71 |
$ 26.90 |
$ 25.39 |
$ 24.89 |
|
|
Diluted ebook worth |
$ 29.38 |
$ 28.27 |
$ 27.65 |
$ 26.84 |
$ 25.34 |
$ 24.86 |
|
|
Tangible ebook worth per share |
$ 27.64 |
$ 26.55 |
$ 25.89 |
$ 25.06 |
$ 23.55 |
$ 23.08 |
|
|
Diluted Tangible ebook worth per share |
$ 27.59 |
$ 26.47 |
$ 25.83 |
$ 25.01 |
$ 23.49 |
$ 23.05 |
|
|
Closing market worth |
$ 31.01 |
$ 30.02 |
$ 33.71 |
$ 29.84 |
$ 20.42 |
$ 22.91 |
|
|
Market Vary: |
|||||||
|
Excessive |
$ 32.09 |
$ 41.61 |
$ 36.17 |
$ 30.77 |
$ 22.88 |
$ 23.85 |
|
|
Low |
$ 25.90 |
$ 29.38 |
$ 29.63 |
$ 20.40 |
$ 19.40 |
$ 21.21 |
|
|
Shares excellent at interval finish: Primary |
6,494,611 |
6,478,634 |
6,471,096 |
6,468,625 |
6,465,601 |
6,648,645 |
|
|
Shares excellent at interval finish: Diluted |
6,506,493 |
6,497,454 |
6,485,119 |
6,482,648 |
6,479,624 |
6,657,239 |
|
|
Efficiency ratios: (12 months to Date Interval Finish, annualized) |
|||||||
|
Return on common property |
1.20 % |
1.19 % |
1.06 % |
0.99 % |
0.89 % |
0.76 % |
|
|
Adjusted return on common property (1) |
1.20 % |
1.19 % |
1.08 % |
1.01 % |
0.98 % |
0.85 % |
|
|
Return on common shareholders’ fairness |
12.78 % |
12.83 % |
12.16 % |
11.52 % |
10.48 % |
9.07 % |
|
|
Adjusted return on common shareholders’ fairness (1) |
12.78 % |
12.83 % |
12.42 % |
11.78 % |
11.52 % |
10.11 % |
|
|
Web curiosity margin (Non-GAAP), consists of tax exempt revenue of $104 and $116 |
3.61 % |
3.56 % |
3.38 % |
3.34 % |
3.31 % |
3.12 % |
|
|
Web curiosity margin GAAP |
3.60 % |
3.55 % |
3.36 % |
3.32 % |
3.29 % |
3.10 % |
|
|
Effectivity ratio – non-GAAP (1) |
59.66 % |
59.95 % |
61.31 % |
62.46 % |
63.48 % |
65.71 % |
|
|
(1) Effectivity ratio is a non-GAAP measure calculated by dividing complete working bills by the sum of tax equal internet curiosity revenue and different working revenue, much less good points/(losses) on gross sales of securities and/or fastened property. |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
|
2025 |
2025 |
2024 |
2024 |
2024 |
2024 |
||
|
Monetary Situation at interval finish: |
|||||||
|
Property |
$ 2,007,471 |
$ 1,979,753 |
$ 1,973,022 |
$ 1,916,126 |
$ 1,868,599 |
$ 1,912,953 |
|
|
Incomes property |
$ 1,789,747 |
$ 1,762,891 |
$ 1,758,665 |
$ 1,722,346 |
$ 1,695,425 |
$ 1,695,962 |
|
|
Gross loans |
$ 1,502,481 |
$ 1,479,869 |
$ 1,480,793 |
$ 1,447,883 |
$ 1,422,975 |
$ 1,412,327 |
|
|
Business Actual Property |
$ 550,717 |
$ 532,764 |
$ 526,364 |
$ 502,828 |
$ 506,273 |
$ 492,819 |
|
|
Acquisition and Improvement |
$ 98,937 |
$ 94,063 |
$ 95,314 |
$ 92,909 |
$ 88,215 |
$ 83,424 |
|
|
Business and Industrial |
$ 281,484 |
$ 282,370 |
$ 287,534 |
$ 277,994 |
$ 260,168 |
$ 274,722 |
|
|
Residential Mortgage |
$ 521,968 |
$ 520,072 |
$ 518,815 |
$ 519,168 |
$ 511,354 |
$ 501,990 |
|
|
Shopper |
$ 49,375 |
$ 50,600 |
$ 52,766 |
$ 54,984 |
$ 56,965 |
$ 59,372 |
|
|
Funding securities |
$ 279,541 |
$ 275,143 |
$ 269,991 |
$ 267,214 |
$ 267,151 |
$ 278,716 |
|
|
Complete deposits |
$ 1,614,207 |
$ 1,623,574 |
$ 1,574,829 |
$ 1,540,395 |
$ 1,537,071 |
$ 1,563,453 |
|
|
Noninterest bearing |
$ 425,784 |
$ 422,415 |
$ 426,737 |
$ 419,437 |
$ 423,970 |
$ 422,759 |
|
|
Curiosity bearing |
$ 1,188,423 |
$ 1,201,159 |
$ 1,148,092 |
$ 1,120,958 |
$ 1,113,101 |
$ 1,140,694 |
|
|
Shareholders’ fairness |
$ 191,147 |
$ 183,694 |
$ 179,295 |
$ 173,979 |
$ 164,177 |
$ 165,481 |
|
|
Capital ratios: |
|||||||
|
Tier 1 to threat weighted property |
15.22 % |
14.87 % |
14.70 % |
14.61 % |
14.51 % |
14.58 % |
|
|
Frequent Fairness Tier 1 to threat weighted property |
13.32 % |
12.97 % |
12.79 % |
12.66 % |
12.54 % |
12.60 % |
|
|
Tier 1 Leverage |
12.08 % |
11.94 % |
11.88 % |
11.88 % |
11.69 % |
11.48 % |
|
|
Complete threat based mostly capital |
16.47 % |
16.10 % |
15.92 % |
15.83 % |
15.75 % |
15.83 % |
|
|
Asset high quality: |
|||||||
|
Web (charge-offs)/recoveries for the quarter |
$ (151) |
$ (360) |
$ (362) |
$ (109) |
$ (1,309) |
$ (459) |
|
|
Nonperforming property: (Interval Finish) |
|||||||
|
Nonaccrual loans |
$ 3,813 |
$ 4,026 |
$ 4,931 |
$ 8,073 |
$ 9,438 |
$ 16,007 |
|
|
Loans 90 days overdue and accruing |
535 |
233 |
918 |
538 |
526 |
120 |
|
|
Complete nonperforming loans and 90 day overdue |
$ 4,348 |
$ 4,259 |
$ 5,849 |
$ 8,611 |
$ 9,964 |
$ 16,127 |
|
|
Different actual property owned |
$ 3,035 |
$ 3,062 |
$ 3,062 |
$ 2,860 |
$ 2,978 |
$ 4,402 |
|
|
Different repossessed property |
$ 2,802 |
$ 2,802 |
$ 2,802 |
$ 42 |
$ 32 |
$ 68 |
|
|
Modified/restructured loans |
$ 1,198 |
$ 1,021 |
$ 1,006 |
$ 1,016 |
$ 893 |
$ – |
|
|
Allowance for credit score losses to gross loans |
1.27 % |
1.25 % |
1.23 % |
1.24 % |
1.26 % |
1.27 % |
|
|
Allowance for credit score losses to non-accrual loans |
499.45 % |
458.69 % |
368.49 % |
223.09 % |
189.90 % |
112.34 % |
|
|
Allowance for credit score losses to non-performing property |
186.98 % |
182.43 % |
155.13 % |
157.00 % |
138.49 % |
87.59 % |
|
|
Non-performing and 90 day overdue loans to complete loans |
0.29 % |
0.29 % |
0.39 % |
0.59 % |
0.70 % |
1.14 % |
|
|
Non-performing loans and 90 day overdue loans to complete property |
0.22 % |
0.22 % |
0.30 % |
0.45 % |
0.53 % |
0.84 % |
|
|
Non-accrual loans to complete loans |
0.25 % |
0.27 % |
0.33 % |
0.56 % |
0.66 % |
1.13 % |
|
|
Non-performing property to complete property |
0.51 % |
0.51 % |
0.59 % |
0.60 % |
0.69 % |
1.07 % |
|
|
Consolidated Assertion of Situation |
||||||
|
({Dollars} in hundreds – Unaudited) |
June 30, 2025 |
March 31, 2025 |
December 31, 2024 |
|||
|
Property |
||||||
|
Money and due from banks |
$ |
77,313 |
$ |
82,813 |
$ |
77,020 |
|
Curiosity bearing deposits in banks |
1,800 |
1,618 |
1,307 |
|||
|
Money and money equivalents |
79,113 |
84,431 |
78,327 |
|||
|
Funding securities – obtainable on the market (at truthful worth) |
103,582 |
99,998 |
94,494 |
|||
|
Funding securities – held to maturity (at price) |
174,951 |
174,144 |
175,497 |
|||
|
Fairness investments with readily determinable truthful market values |
1,008 |
1,001 |
— |
|||
|
Restricted funding in financial institution inventory, at price |
5,815 |
5,815 |
5,768 |
|||
|
Loans held on the market |
110 |
— |
806 |
|||
|
Loans |
1,502,481 |
1,479,869 |
1,480,793 |
|||
|
Unearned charges |
(533) |
(457) |
(442) |
|||
|
Allowance for credit score losses |
(19,044) |
(18,467) |
(18,170) |
|||
|
Web loans |
1,482,904 |
1,460,945 |
1,462,181 |
|||
|
Premises and gear, internet |
29,644 |
30,010 |
30,081 |
|||
|
Goodwill and different intangible property |
11,609 |
11,691 |
11,773 |
|||
|
Financial institution owned life insurance coverage |
49,642 |
49,293 |
48,952 |
|||
|
Deferred tax property |
9,151 |
10,021 |
9,989 |
|||
|
Different actual property owned, internet |
3,035 |
3,062 |
3,062 |
|||
|
Working lease asset |
1,058 |
1,131 |
1,204 |
|||
|
Pension asset |
18,537 |
16,064 |
17,824 |
|||
|
Accrued curiosity receivable and different property |
37,312 |
32,147 |
33,064 |
|||
|
Complete Property |
$ |
2,007,471 |
$ |
1,979,753 |
$ |
1,973,022 |
|
Liabilities and Shareholders’ Fairness |
||||||
|
Liabilities: |
||||||
|
Non-interest bearing deposits |
$ |
425,784 |
$ |
422,415 |
$ |
426,737 |
|
Curiosity bearing deposits |
1,188,423 |
1,201,159 |
1,148,092 |
|||
|
Complete deposits |
1,614,207 |
1,623,574 |
1,574,829 |
|||
|
Quick-term borrowings |
50,954 |
20,342 |
65,409 |
|||
|
Lengthy-term borrowings |
120,929 |
120,929 |
120,929 |
|||
|
Working lease legal responsibility |
1,231 |
1,308 |
1,384 |
|||
|
Allowance for credit score loss on off steadiness sheet exposures |
995 |
863 |
863 |
|||
|
Accrued curiosity payable and different liabilities |
26,579 |
27,617 |
28,889 |
|||
|
Dividends payable |
1,429 |
1,426 |
1,424 |
|||
|
Complete Liabilities |
1,816,324 |
1,796,059 |
1,793,727 |
|||
|
Shareholders’ Fairness: |
||||||
|
Frequent Inventory – par worth $0.01 per share; Approved 25,000,000 shares; issued and excellent 6,494,611 shares at June 30, 2025; 6,478,634 at March 31, 2025; and 6,471,096 at December 31, 2024 |
65 |
65 |
65 |
|||
|
Surplus |
21,121 |
20,606 |
20,476 |
|||
|
Retained earnings |
197,938 |
193,382 |
189,002 |
|||
|
Gathered different complete loss |
(27,977) |
(30,359) |
(30,248) |
|||
|
Complete Shareholders’ Fairness |
191,147 |
183,694 |
179,295 |
|||
|
Complete Liabilities and Shareholders’ Fairness |
$ |
2,007,471 |
$ |
1,979,753 |
$ |
1,973,022 |
|
Historic Earnings Assertion |
||||||||||||
|
2025 |
2024 |
|||||||||||
|
Q2 |
Q1 |
This fall |
Q3 |
Q2 |
Q1 |
|||||||
|
In hundreds |
(Unaudited) |
|||||||||||
|
Curiosity revenue |
||||||||||||
|
Curiosity and charges on loans |
$ |
22,294 |
$ |
21,755 |
$ |
21,299 |
$ |
21,018 |
$ |
20,221 |
$ |
19,218 |
|
Curiosity on funding securities |
||||||||||||
|
Taxable |
1,776 |
1,763 |
1,672 |
1,647 |
1,697 |
1,744 |
||||||
|
Exempt from federal revenue tax |
57 |
45 |
47 |
56 |
53 |
53 |
||||||
|
Complete funding revenue |
1,833 |
1,808 |
1,719 |
1,703 |
1,750 |
1,797 |
||||||
|
Different |
744 |
499 |
707 |
536 |
1,142 |
883 |
||||||
|
Complete curiosity revenue |
24,871 |
24,062 |
23,725 |
23,257 |
23,113 |
21,898 |
||||||
|
Curiosity expense |
||||||||||||
|
Curiosity on deposits |
6,788 |
6,683 |
6,585 |
6,579 |
6,398 |
6,266 |
||||||
|
Curiosity on short-term borrowings |
21 |
20 |
40 |
467 |
509 |
461 |
||||||
|
Curiosity on long-term borrowings |
1,355 |
1,343 |
1,400 |
983 |
968 |
1,359 |
||||||
|
Complete curiosity expense |
8,164 |
8,046 |
8,025 |
8,029 |
7,875 |
8,086 |
||||||
|
Web curiosity revenue |
16,707 |
16,016 |
15,700 |
15,228 |
15,238 |
13,812 |
||||||
|
Credit score loss expense/(credit score) |
||||||||||||
|
Loans |
728 |
657 |
522 |
195 |
1,251 |
961 |
||||||
|
Debt securities held to maturity |
— |
— |
— |
14 |
— |
— |
||||||
|
Off steadiness sheet credit score exposures |
132 |
(1) |
7 |
55 |
(57) |
(15) |
||||||
|
Provision for credit score losses |
860 |
656 |
529 |
264 |
1,194 |
946 |
||||||
|
Web curiosity revenue after provision for credit score losses |
15,847 |
15,360 |
15,171 |
14,964 |
14,044 |
12,866 |
||||||
|
Different working revenue |
||||||||||||
|
Positive factors on sale of residential mortgage loans |
146 |
92 |
132 |
141 |
59 |
82 |
||||||
|
Web good points/(losses) |
146 |
92 |
132 |
141 |
59 |
82 |
||||||
|
Different Earnings |
||||||||||||
|
Service prices on deposit accounts |
577 |
547 |
553 |
555 |
556 |
556 |
||||||
|
Different service prices |
214 |
206 |
211 |
236 |
225 |
215 |
||||||
|
Belief division |
2,386 |
2,323 |
2,323 |
2,328 |
2,255 |
2,188 |
||||||
|
Debit card revenue |
983 |
921 |
1,134 |
1,000 |
999 |
932 |
||||||
|
Financial institution owned life insurance coverage |
348 |
341 |
345 |
340 |
334 |
326 |
||||||
|
Brokerage commissions |
370 |
421 |
295 |
297 |
362 |
495 |
||||||
|
Different |
62 |
63 |
63 |
156 |
51 |
81 |
||||||
|
Complete different revenue |
4,940 |
4,822 |
4,924 |
4,912 |
4,782 |
4,793 |
||||||
|
Complete different working revenue |
5,086 |
4,914 |
5,056 |
5,053 |
4,841 |
4,875 |
||||||
|
Different working bills |
||||||||||||
|
Salaries and worker advantages |
7,319 |
7,331 |
6,456 |
7,160 |
7,256 |
7,157 |
||||||
|
FDIC premiums |
267 |
245 |
260 |
256 |
285 |
269 |
||||||
|
Gear |
565 |
578 |
490 |
627 |
635 |
923 |
||||||
|
Occupancy |
675 |
689 |
563 |
709 |
652 |
954 |
||||||
|
Knowledge processing |
1,600 |
1,503 |
1,688 |
1,333 |
1,422 |
1,318 |
||||||
|
Advertising |
196 |
238 |
205 |
151 |
184 |
134 |
||||||
|
Skilled providers |
589 |
476 |
536 |
477 |
449 |
486 |
||||||
|
Contract labor |
166 |
163 |
181 |
149 |
84 |
183 |
||||||
|
Phone |
96 |
98 |
99 |
97 |
103 |
109 |
||||||
|
Different actual property owned |
208 |
92 |
47 |
124 |
14 |
86 |
||||||
|
Investor relations |
132 |
62 |
65 |
84 |
91 |
53 |
||||||
|
Contributions |
78 |
56 |
53 |
65 |
66 |
50 |
||||||
|
Different |
1,083 |
1,045 |
1,438 |
1,082 |
1,123 |
1,159 |
||||||
|
Complete different working bills |
12,974 |
12,576 |
12,081 |
12,314 |
12,364 |
12,881 |
||||||
|
Earnings earlier than revenue tax expense |
7,959 |
7,698 |
8,146 |
7,703 |
6,521 |
4,860 |
||||||
|
Provision for revenue tax expense |
1,975 |
1,892 |
1,960 |
1,932 |
1,607 |
1,162 |
||||||
|
Web Earnings |
$ |
5,984 |
$ |
5,806 |
$ |
6,186 |
$ |
5,771 |
$ |
4,914 |
$ |
3,698 |
|
Primary internet revenue per widespread share |
$ |
0.92 |
$ |
0.90 |
$ |
0.95 |
$ |
0.89 |
$ |
0.75 |
$ |
0.56 |
|
Diluted internet revenue per widespread share |
$ |
0.92 |
$ |
0.89 |
$ |
0.95 |
$ |
0.89 |
$ |
0.75 |
$ |
0.56 |
|
Weighted common variety of primary shares excellent |
6,489 |
6,474 |
6,470 |
6,468 |
6,527 |
6,642 |
||||||
|
Weighted common variety of diluted shares excellent |
6,506 |
6,490 |
6,484 |
6,482 |
6,537 |
6,655 |
||||||
|
Dividends declared per widespread share |
$ |
0.22 |
$ |
0.22 |
$ |
0.22 |
$ |
0.22 |
$ |
0.20 |
$ |
0.20 |
|
Non-GAAP Monetary Measures (unaudited) |
||||||||||||
|
Reconciliation of as reported (GAAP) and non-GAAP monetary measures |
||||||||||||
|
The next tables beneath present a reconciliation of sure monetary measures calculated below usually accepted accounting ideas (“GAAP”) (as reported) and non-GAAP. A non-GAAP monetary measure is a numerical measure of historic or future monetary efficiency, monetary place or money flows that excludes or consists of quantities which might be required to be disclosed in essentially the most instantly comparable measure calculated and offered in accordance with GAAP in the US. The Firm’s administration believes the presentation of non-GAAP monetary measures present buyers with a better understanding of the Firm’s working outcomes along with the outcomes measured in accordance with GAAP. Whereas administration makes use of these non-GAAP measures in its evaluation of the Firm’s efficiency, this info shouldn’t be seen as an alternative to monetary outcomes decided in accordance with GAAP or thought of to be extra necessary than monetary outcomes decided in accordance with GAAP. |
||||||||||||
|
The next non-GAAP monetary measures exclude accelerated depreciation bills associated to the department closures. |
||||||||||||
|
Three months ended June 30, |
Six months ended June 30, |
|||||||||||
|
2025 |
2024 |
2025 |
2024 |
|||||||||
|
(in hundreds, apart from per share quantity) |
||||||||||||
|
Web revenue – as reported |
$ |
5,984 |
$ |
4,914 |
$ |
11,790 |
$ |
8,612 |
||||
|
Changes: |
||||||||||||
|
Accelerated depreciation bills |
— |
— |
— |
562 |
||||||||
|
Earnings tax impact of changes |
— |
— |
— |
(137) |
||||||||
|
Adjusted internet revenue (non-GAAP) |
$ |
5,984 |
$ |
4,914 |
$ |
11,790 |
$ |
9,037 |
||||
|
Diluted earnings per share – as reported |
$ |
0.92 |
$ |
0.75 |
$ |
1.81 |
$ |
1.31 |
||||
|
Changes: |
||||||||||||
|
Accelerated depreciation bills |
— |
— |
— |
0.08 |
||||||||
|
Earnings tax impact of changes |
— |
— |
— |
(0.02) |
||||||||
|
Adjusted primary and diluted earnings per share (non-GAAP) |
$ |
0.92 |
$ |
0.75 |
$ |
1.81 |
$ |
1.37 |
||||
|
As of or for the three months ended |
As of or for the six months ended |
|||||||||||
|
June 30, |
June 30, |
|||||||||||
|
(in hundreds, besides per share knowledge) |
2025 |
2024 |
2025 |
2024 |
||||||||
|
Per Share Knowledge |
||||||||||||
|
Primary internet revenue per share – as reported |
$ |
0.92 |
$ |
0.75 |
$ |
1.82 |
$ |
1.31 |
||||
|
Primary internet revenue per share – non-GAAP |
0.92 |
0.75 |
1.82 |
1.37 |
||||||||
|
Diluted internet revenue per share – as reported |
$ |
0.92 |
$ |
0.75 |
$ |
1.81 |
$ |
1.31 |
||||
|
Diluted internet revenue per share – non-GAAP |
0.92 |
0.75 |
1.81 |
1.37 |
||||||||
|
Primary ebook worth per share |
$ |
29.43 |
$ |
25.39 |
||||||||
|
Diluted ebook worth per share |
$ |
29.38 |
$ |
25.34 |
||||||||
|
As of or for the six months ended |
||||||||||||
|
Vital Ratios: |
||||||||||||
|
June 30, |
||||||||||||
|
Return on Common Property – as reported |
1.20 % |
0.89 % |
||||||||||
|
Accelerated depreciation bills |
– |
0.12 % |
||||||||||
|
Earnings tax impact of changes |
– |
(0.03 %) |
||||||||||
|
Adjusted Return on Common Property (non-GAAP) |
1.20 % |
0.98 % |
||||||||||
|
Return on Common Fairness – as reported |
12.78 % |
10.48 % |
||||||||||
|
Accelerated depreciation bills |
– |
1.38 % |
||||||||||
|
Earnings tax impact of changes |
– |
(0.34 %) |
||||||||||
|
Adjusted Return on Common Fairness (non-GAAP) |
12.78 % |
11.52 % |
||||||||||
|
(1) See reconcilation of this non-GAAP monetary measure supplied elsewhere herein. |
||||||||||||
|
Three Months Ended |
|||||||||||||||||
|
June 30 |
|||||||||||||||||
|
2025 |
2024 |
||||||||||||||||
|
({dollars} in hundreds) |
Common |
Curiosity |
Common |
Common |
Curiosity |
Common |
|||||||||||
|
Property |
|||||||||||||||||
|
Loans |
$ |
1,489,485 |
22,304 |
6.01 |
% |
$ |
1,415,353 |
$ |
20,237 |
5.75 |
% |
||||||
|
Funding Securities: |
|||||||||||||||||
|
Taxable |
283,914 |
1,776 |
2.51 |
% |
268,522 |
1,697 |
2.54 |
% |
|||||||||
|
Non taxable |
7,424 |
101 |
5.46 |
% |
7,800 |
95 |
4.90 |
% |
|||||||||
|
Complete |
291,338 |
1,877 |
2.58 |
% |
276,322 |
1,792 |
2.61 |
% |
|||||||||
|
Federal funds offered |
50,675 |
628 |
4.97 |
% |
66,658 |
1,037 |
6.26 |
% |
|||||||||
|
Curiosity-bearing deposits with different banks |
3,799 |
20 |
2.11 |
% |
2,194 |
18 |
3.30 |
% |
|||||||||
|
Different curiosity incomes property |
5,815 |
96 |
6.62 |
% |
3,390 |
87 |
10.32 |
% |
|||||||||
|
Complete incomes property |
1,841,112 |
24,925 |
5.43 |
% |
1,763,917 |
23,171 |
5.28 |
% |
|||||||||
|
Allowance for credit score losses |
(18,685) |
(18,184) |
|||||||||||||||
|
Non-earning property |
175,323 |
198,749 |
|||||||||||||||
|
Complete Property |
$ |
1,997,750 |
$ |
1,944,482 |
|||||||||||||
|
Liabilities and Shareholders’ Fairness |
|||||||||||||||||
|
Deposits |
|||||||||||||||||
|
Curiosity-bearing demand deposits |
$ |
357,725 |
$ |
1,520 |
1.70 |
% |
$ |
369,835 |
$ |
1,495 |
1.63 |
% |
|||||
|
Curiosity-bearing cash markets- retail |
473,262 |
3,578 |
3.03 |
% |
400,747 |
3,515 |
3.53 |
% |
|||||||||
|
Curiosity-bearing cash markets- brokered |
496 |
5 |
4.04 |
% |
111 |
1 |
3.62 |
% |
|||||||||
|
Financial savings deposits |
168,854 |
45 |
0.11 |
% |
182,988 |
46 |
0.10 |
% |
|||||||||
|
Time deposits – retail |
147,433 |
1,122 |
3.05 |
% |
146,420 |
1,016 |
2.79 |
% |
|||||||||
|
Time deposits – brokered |
50,000 |
518 |
4.16 |
% |
24,396 |
325 |
5.36 |
% |
|||||||||
|
Complete deposits |
1,197,770 |
6,788 |
2.27 |
% |
1,124,497 |
6,398 |
2.29 |
% |
|||||||||
|
Quick-term borrowings |
19,811 |
21 |
0.43 |
% |
71,900 |
509 |
2.85 |
% |
|||||||||
|
Lengthy-term borrowings |
120,929 |
1,355 |
4.49 |
% |
70,929 |
968 |
5.49 |
% |
|||||||||
|
Complete interest-bearing liabilities |
1,338,510 |
8,164 |
2.45 |
% |
1,267,326 |
7,875 |
2.50 |
% |
|||||||||
|
Non-interest-bearing deposits |
440,779 |
479,232 |
|||||||||||||||
|
Different liabilities |
29,889 |
32,884 |
|||||||||||||||
|
Shareholders’ Fairness |
188,572 |
165,040 |
|||||||||||||||
|
Complete Liabilities and Shareholders’ Fairness |
$ |
1,997,750 |
$ |
1,944,482 |
|||||||||||||
|
Web curiosity revenue and unfold |
$ |
16,761 |
2.98 |
% |
$ |
15,296 |
2.78 |
% |
|||||||||
|
Web curiosity margin |
3.65 |
% |
3.49 |
% |
|||||||||||||
|
Six Months Ended |
|||||||||||||||||
|
June 30, |
|||||||||||||||||
|
2025 |
2024 |
||||||||||||||||
|
({dollars} in hundreds) |
Common |
Curiosity |
Common |
Common |
Curiosity |
Common |
|||||||||||
|
Property |
|||||||||||||||||
|
Loans |
$ |
1,486,334 |
$ |
44,072 |
5.98 |
% |
$ |
1,411,619 |
$ |
39,471 |
5.62 |
% |
|||||
|
Funding Securities: |
|||||||||||||||||
|
Taxable |
284,612 |
3,539 |
2.51 |
% |
281,524 |
3,441 |
2.46 |
% |
|||||||||
|
Non taxable |
6,977 |
182 |
5.26 |
% |
7,803 |
189 |
4.87 |
% |
|||||||||
|
Complete |
291,589 |
3,721 |
2.57 |
% |
289,327 |
3,630 |
2.52 |
% |
|||||||||
|
Federal funds offered |
46,213 |
1,012 |
4.42 |
% |
65,251 |
1,795 |
5.53 |
% |
|||||||||
|
Curiosity-bearing deposits with different banks |
3,174 |
35 |
2.22 |
% |
1,352 |
49 |
7.29 |
% |
|||||||||
|
Different curiosity incomes property |
5,795 |
196 |
6.82 |
% |
4,248 |
181 |
8.57 |
% |
|||||||||
|
Complete incomes property |
1,833,105 |
49,036 |
5.39 |
% |
1,771,797 |
45,126 |
5.12 |
% |
|||||||||
|
Allowance for mortgage losses |
(18,550) |
(17,940) |
|||||||||||||||
|
Non-earning property |
174,298 |
201,873 |
|||||||||||||||
|
Complete Property |
$ |
1,988,853 |
$ |
1,955,730 |
|||||||||||||
|
Liabilities and Shareholders’ Fairness |
|||||||||||||||||
|
Deposits |
|||||||||||||||||
|
Curiosity-bearing demand deposits |
$ |
366,170 |
$ |
3,173 |
1.75 |
% |
$ |
361,358 |
$ |
2,936 |
1.63 |
% |
|||||
|
Curiosity-bearing cash markets- retail |
468,732 |
7,125 |
3.07 |
% |
392,164 |
6,774 |
3.47 |
% |
|||||||||
|
Curiosity-bearing cash markets- brokered |
316 |
6 |
3.83 |
% |
55 |
1 |
3.66 |
% |
|||||||||
|
Financial savings deposits |
170,178 |
88 |
0.10 |
% |
186,280 |
94 |
0.10 |
% |
|||||||||
|
Time deposits – retail |
145,984 |
2,176 |
3.01 |
% |
152,049 |
2,134 |
2.82 |
% |
|||||||||
|
Time deposits – brokered |
43,059 |
903 |
4.23 |
% |
27,198 |
724 |
5.35 |
% |
|||||||||
|
Complete deposits |
1,194,439 |
13,471 |
2.27 |
% |
1,119,104 |
12,663 |
2.28 |
% |
|||||||||
|
Quick-term borrowings |
21,423 |
41 |
0.39 |
% |
72,626 |
970 |
2.69 |
% |
|||||||||
|
Lengthy-term borrowings |
120,929 |
2,698 |
4.50 |
% |
86,973 |
2,327 |
5.38 |
% |
|||||||||
|
Complete interest-bearing liabilities |
1,336,791 |
16,210 |
2.45 |
% |
1,278,703 |
15,960 |
2.51 |
% |
|||||||||
|
Non-interest-bearing deposits |
435,362 |
478,655 |
|||||||||||||||
|
Different liabilities |
30,682 |
33,624 |
|||||||||||||||
|
Shareholders’ Fairness |
186,018 |
164,748 |
|||||||||||||||
|
Complete Liabilities and Shareholders’ Fairness |
$ |
1,988,853 |
$ |
1,955,730 |
|||||||||||||
|
Web curiosity revenue and unfold |
$ |
32,826 |
2.94 |
% |
$ |
29,166 |
2.61 |
% |
|||||||||
|
Web curiosity margin |
3.61 |
% |
3.31 |
% |
|||||||||||||
View unique content material to obtain multimedia:https://www.prnewswire.com/news-releases/first-united-corporation-announces-second-quarter-2025-financial-results-302509115.html
SOURCE First United Company
2025-07-21 12:10:00
