First United Corporation reported a net income of $6.7 million for the first quarter of 2026, translating to earnings of $1.03 per diluted share, an increase from $5.8 million or $0.89 per diluted share in the same period last year. The corporation's total assets decreased to $2.0 billion from $2.1 billion at the end of 2025, primarily due to a reduction in cash and cash equivalents. The net interest income rose to $18.1 million, up from $16.0 million year-over-year, driven by higher interest and fees on loans, which increased by $0.7 million due to new loans booked at higher rates and the repricing of adjustable-rate loans.
The corporation's total deposits increased by $15.5 million to $1.75 billion, with notable growth in savings and money market accounts, which rose by $44.4 million. However, non-interest-bearing and interest-bearing demand deposits saw slight declines due to seasonal fluctuations. The loan portfolio showed a modest increase, with total loans rising to $1.53 billion, reflecting a $3.8 million increase since December 31, 2025. The growth was primarily in commercial real estate and acquisition and development loans, while commercial and industrial loans decreased due to payoffs and competitive pricing.
Operationally, First United Corporation has focused on enhancing its loan production capabilities, with new commercial loan production reaching approximately $98 million in the first quarter. The corporation's pipeline remains strong, with unfunded commitments in commercial construction loans totaling around $43 million. The allowance for credit losses increased to $19.95 million, reflecting a proactive approach to managing credit risk amid changing economic conditions.
Looking ahead, First United Corporation remains optimistic about its growth trajectory, supported by a robust loan pipeline and strategic initiatives aimed at expanding its market presence. The management anticipates continued improvements in net interest income and overall financial performance, despite potential challenges posed by fluctuating interest rates and economic uncertainties. The corporation's capital ratios indicate a well-capitalized status, positioning it favorably for future growth opportunities.
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.
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