First United Q1 net income $3.7M ($0.56 EPS) vs $4.4M a year ago; NIM compresses, non-accruals surge

FIRST UNITED CORP/MD/

2023-Q3 EPS reported $0.56

Q1 2024 net income $3.7M ($0.56 diluted EPS) vs $4.4M ($0.65) in Q1 2023.
Net interest margin (FTE) fell to 3.12% from 3.53% a year ago; $0.4M interest reversal on non-accrual loans.
Non-accrual loans jumped to $16.0M from $4.0M at Dec 31, driven by two commercial relationships totaling $12.1M.
Provision for credit losses rose to $0.9M from $0.5M in Q1 2023 due to increased qualitative risk factors.
Borrowed $40M from Fed BTFP at 4.87% in January; repaid $40M FHLB advance in March.

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 0.9

FIRST UNITED CORP/MD/ reported the three-month period ended March 31, 2024 results: net income $3.7 million, EPS $0.56 per diluted share.

Period: the three-month period ended March 31, 2024
Net income: $3.7 million
EPS: $0.56 per diluted share
Result: reported results

Exact text from the filing

Consolidated net income was $3.7 million for the first quarter of 2024, or $0.56 per diluted share

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493 earnings releases filed in the last 30 days. Browse all earnings releases →

FIRST UNITED CORP/MD/ filing history →

Source: SEC EDGAR

accession 0001104659-24-050934

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