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First United Corporation (FUNC+1.11%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $2.0 billion, net loans of $1.5 billion, and deposits of $1.6 billion. Shareholders' equity at December 31, 2024, was $179.3 million.
Net income for the year was $20.6 million, compared to $15.1 million in the previous year. The increase in net income was attributed to higher net interest income and lower operating expenses.
The provision for credit losses was $2.9 million, with net charge-offs of $2.2 million. The allowance for credit losses to loans outstanding was 1.23%.
Other operating income increased by $5.4 million, primarily due to a $4.2 million loss recognized in the previous year from the sale of available-for-sale securities.
Total deposits increased by $23.9 million, with interest-bearing demand deposits and money market accounts showing significant growth.
The company reported a net interest margin of 3.38%, up from 3.26% in the previous year, driven by an increase in interest income.
First United Corporation's capital ratios remain strong, with the Bank categorized as well-capitalized under regulatory measures.
The filing details the company's risk management strategies, including its approach to managing interest rate risk and maintaining liquidity.
The company continues to focus on its core markets in Maryland and West Virginia, providing a range of banking services through its network of branches and ATMs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First United Corporation annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.