First United * Earnings * Stock
First United Corporation (NASDAQ: FUNC), situated in Oakland, Michigan, had a little increase in share price following the release of its earnings
reports for the three and six months ended June 30, 2022.
Compared to $4.4 million, or $0.66 per diluted share, for the second quarter of 2021 and $5.7 million,
or $0.86 per diluted share, for the first quarter of 2022, consolidated net income for the second quarter of 2022 was $5.4 million, or $0.82 per diluted share.
As of June 30, 2022, the year's total income was $11.1 million, or $1.68 per dilutive share, as opposed to $7.8 million, or $1.15 per dilutive share, for the same time in 2021.
Carissa Rode Beaver, CEO, said "As we have experienced rising loan yields and kept our deposit pricing the environment of rising interest rates has been the engine for our growing net interest margin.
Despite high productivity, our wealth department's income has decreased as a result of lower asset values linked to the slumping stock market and lower bond values.
"Our efficiency ratio continues to be favourable, reflecting our use of technology and our keen attention to costs.
Due to the unstable economy and our substantial loan growth this quarter, we also increased our provision expense.
Overall, we're still happy with our solid financial performance and we credit our staff members for their commitment and labour of love."
During the first trading day of the week at $18.03, FUNC shares gained three cents.