First United Q3 net income $4.5M, EPS $0.67 down from $1.04 YoY; NIM compresses to 3.12%

FIRST UNITED CORP/MD/

2023-Q3 EPS reported $1.98

Net income $4.5M ($0.67/sh) vs $6.9M ($1.04) in Q3 2022; YTD $13.3M ($1.99) vs $18.1M ($2.72).
Net interest margin (FTE) 3.12% vs 3.66% Q3 2022; nine-month NIM 3.30% vs 3.53%.
Gross loans grew $100.5M YTD to $1.4B; commercial +$50.9M, residential +$47.3M.
Deposits decreased $4.9M QoQ but up $4.3M YTD; brokered deposits $61.1M, non-interest bearing down $76.9M.
Allowance for credit losses 1.24% of loans; provision $0.3M vs $0.4M prior quarter.

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 0.95

FIRST UNITED CORP/MD/ reported three- and nine-month periods ended September 30, 2023 results: net income $4.5 million, EPS $0.67 per share (basic and diluted).

Period: three- and nine-month periods ended September 30, 2023
Net income: $4.5 million
EPS: $0.67 per share (basic and diluted)
Result: reported results

Exact text from the filing

On October 23, 2023, First United Corporation (the “Corporation”) issued a press release describing its financial results for the three- and nine-month periods ended September 30, 2023.

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FIRST UNITED CORP/MD/ filing history →

Source: SEC EDGAR

accession 0001104659-23-111443

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