Oakland, Michigan-based First United Corporation (NASDAQ: FUNC) saw its share prices obtain some strength, on revealing earnings results for the three- and six-month periods ended June 30, 2022.
Consolidated net income was $5.4 million for the second quarter of 2022, or $0.82 per diluted share, 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.
Year-to-date income was $11.1 million as of June 30, 2022, or $1.68 per diluted share, compared to $7.8 million, or $1.15 per diluted share for the same period of 2021.
Said CEO Carissa Rodeheaver,"the rising interest rate environment has been the catalyst to our increasing net interest margin as we have seen rising loan yields and have maintained our deposit pricing. Income from our wealth department has declined, despite strong production, resulting from lower asset values related to the declining stock market and lower bond values.
“Our efficiency ratio continues to positively reflect our utilization of technology and our intense focus on expenses. We also increased our provision expense this quarter given our strong loan growth and the volatile economy. Overall, we continue to be pleased with our strong financial results and attribute that to the dedication and hard work of our employees."
FUNC shares obtained three cents to begin the week’s trading at $18.03.
