First United Corporation reported a net income of $6.9 million for the third quarter of 2025, translating to $1.07 per share, an increase from $5.8 million or $0.89 per share in the same quarter of 2024. For the first nine months of 2025, net income reached $18.7 million, up from $14.4 million in the prior year, with earnings per share rising from $2.20 to $2.89. The growth in profitability was primarily driven by a $2.2 million increase in net interest income, attributed to higher interest rates on loans and increased loan production, alongside a $0.3 million rise in non-interest income.

The corporation's total assets increased to $2.0 billion as of September 30, 2025, up from $1.97 billion at the end of 2024. This growth was supported by a $16 million increase in gross loans, which reached $1.5 billion, and a $104 million rise in total deposits, now totaling $1.68 billion. The increase in deposits was largely due to new brokered time deposits and growth in savings and money market accounts. The company also reported a decrease in short-term borrowings, which fell by $45.2 million, reflecting a strategic shift in funding sources.

Operationally, First United Corporation saw a strong performance in its loan portfolio, with commercial loan production for the third quarter amounting to approximately $29.8 million, contributing to a year-to-date total of $139 million. The commercial pipeline remains robust, with $50.4 million in potential loans. The corporation's non-accrual loans decreased to $3.8 million from $4.9 million at the end of 2024, indicating improved credit quality. The allowance for credit losses stood at $19.1 million, representing 1.28% of gross loans.

Looking ahead, First United Corporation remains optimistic about its growth trajectory, supported by a strong loan pipeline and strategic management of its interest rate risk. The company continues to focus on expanding its market presence while maintaining a well-capitalized position, as indicated by its compliance with regulatory capital requirements. The management's outlook suggests a commitment to leveraging current market conditions to enhance profitability and shareholder value.

About FIRST UNITED CORP/MD/

First United Corporation is a Maryland-based bank holding company providing community banking, trust, and wealth management services. Its primary activities include retail and commercial banking, mortgage lending, and trust services across Maryland and West Virginia. The company emphasizes personalized customer service, diversified revenue streams, and regulatory compliance, operating through its subsidiary First United Bank & Trust with assets of $2 billion.

This description was generated via AI from an annual report. Updated 8 months ago.

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