First United Corporation reported a net income of $11.8 million for the six months ended June 30, 2025, translating to $1.82 per basic share, a significant increase from $8.6 million, or $1.31 per share, during the same period in 2024. For the second quarter of 2025, net income reached $6.0 million, or $0.92 per share, compared to $4.9 million, or $0.75 per share, in the prior year. The increase in profitability was primarily driven by a $3.9 million rise in interest income, largely attributed to higher loan balances and interest rates, alongside a reduction in the provision for credit losses.
Total assets for the corporation increased to $2.0 billion as of June 30, 2025, up from $1.973 billion at the end of 2024. This growth was supported by a $21.7 million increase in gross loans, which reached $1.5 billion, and a $9.6 million rise in the investment portfolio. Total deposits also rose by $39.4 million, totaling $1.6 billion, with notable increases in savings and money market accounts. The corporation's total liabilities increased to $1.8 billion, reflecting a $22.6 million rise since the end of 2024.
In terms of operational metrics, First United Corporation's loan portfolio composition remained stable, with commercial real estate loans accounting for 36% and residential mortgages making up 35% of total loans. The corporation reported a decrease in non-accrual loans to $3.8 million, down from $4.9 million at the end of 2024, indicating improved credit quality. The allowance for credit losses stood at $19.0 million, representing 1.27% of gross loans, reflecting management's assessment of expected credit losses.
Strategically, First United Corporation has focused on enhancing its wealth management services, which contributed to a $0.2 million increase in non-interest income for the second quarter of 2025. The corporation's management anticipates continued growth in the second half of the year, driven by a strong loan pipeline and expanding customer relationships. The outlook remains positive, with expectations for further increases in net interest income and overall profitability as market conditions improve.
About FIRST UNITED CORP/MD/
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