First United Q1 2023 net income $4.4M ($0.65 diluted), down 23% YoY

FIRST UNITED CORP/MD/

2023-Q1 EPS reported $0.65

Net income $4.4M vs $5.7M Q1 2022; diluted EPS $0.65 vs $0.86.
Net interest margin (FTE) 3.53% vs 3.40% YoY; NII increased $1.2M.
Total assets $1.9B; cash +$81.6M; added $80M FHLB borrowings and $61.1M brokered deposits.
Gross loans +$9.6M; ACL ratio 1.31% (up from 1.14% in Dec 2022) due to CECL adoption.
Non-interest expense +$2.1M YoY driven by salaries, benefits, and higher health insurance claims.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST UNITED CORP/MD/ reported the three-month period ended March 31, 2023 results: net income $4.4 million, EPS $0.65 per diluted share.

Period: the three-month period ended March 31, 2023
Net income: $4.4 million
EPS: $0.65 per diluted share
Result: reported results

Exact text from the filing

Consolidated net income was $4.4 million for the first quarter of 2023, or $0.65 per diluted share, compared to $5.7 million, or $0.86 per diluted share, for the first quarter of 2022 and $7.0 million, or $1.04 per diluted share, for the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0001104659-23-049555

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