First United Q2 net income falls to $4.4M from $5.4M YoY; NIM narrows to 3.39%

FIRST UNITED CORP/MD/

2023-Q2 EPS reported $1.31

Net income of $4.4M ($0.66/sh) vs $5.4M ($0.82/sh) in Q2 2022; YTD net income $8.8M vs $11.1M.
Net interest margin (FTE) fell to 3.39% from 3.53% linked quarter and 3.46% a year ago.
Gross loans grew $61M linked quarter to $1.4B; commercial loans up $39.9M.
Allowance for credit losses at 1.25% of loans; non-accrual loans $3.0M, down from $3.5M at year-end.
Book value per share rose to $23.12 from $22.77 at Dec 31, 2022.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

FIRST UNITED CORP/MD/ reported financial results for three- and six-month periods ended June 30, 2023.

Period: three- and six-month periods ended June 30, 2023
Result: reported results

Exact text from the filing

On July 24, 2023, First United Corporation (the “Corporation”) issued a press release describing its financial results for the three- and six-month periods ended June 30, 2023.

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FIRST UNITED CORP/MD/ filing history →

Source: SEC EDGAR

accession 0001104659-23-084295

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