0001104659-26-025836
SEC filingFirst United Corporation reported net income of $24.5 million for fiscal year 2025, with basic and diluted earnings per share of $4.00. The company generated total interest income of $100.8 million, primarily from interest and fees on loans ($90.3 million) and investment securities ($7.4 million). After interest expense of $32.7 million, net interest income was $68.1 million. Total other operating income contributed $20.6 million, while operating expenses totaled $53.4 million, led by salaries and employee benefits ($29.3 million). The balance sheet shows total assets of $2.09 billion, with net loans of $1.50 billion and total deposits of $1.74 billion. Cash flow from operations was $19.4 million, with net cash used in investing activities of $48.0 million and net cash provided by financing activities of $81.9 million, resulting in a $53.3 million increase in cash and cash equivalents. The company maintained strong capital with total shareholders' equity of $203.6 million.
First United Corporation reported net income of $24.5 million for fiscal year 2025, with basic and diluted earnings per share of $4.00 based on 6.5 million weighted average shares outstanding. The company generated total interest income of $100.8 million, primarily from interest and fees on loans ($90.3 million) and investment securities ($7.4 million). After interest expense of $32.7 million, net interest income was $68.1 million. Total other operating income contributed $20.6 million, including net gains of $402,000 and total other income of $20.2 million. Operating expenses totaled $53.4 million, with salaries and employee benefits ($29.3 million) representing the largest component. Income before income tax expense was $32.5 million, with provision for income tax expense of $8.0 million.
The company's revenue primarily consists of interest income from lending and investment activities. Interest and fees on loans generated $90.3 million, representing approximately 89.6% of total interest income. Investment securities contributed $7.4 million in interest income, with $7.2 million from taxable securities and $218,000 from tax-exempt securities. Other interest income added $3.1 million. Non-interest income sources included net gains on sales of residential mortgage loans ($533,000), net gains on sales of investment securities ($97,000), and total other income of $20.2 million. The document does not provide segment breakdown or geographic mix data for revenue analysis.
The company's net interest margin can be inferred from the relationship between net interest income ($68.1 million) and interest-earning assets, though specific margin percentages are not provided in the data. Operating expenses of $53.4 million represented the largest cost component, with salaries and employee benefits ($29.3 million) accounting for approximately 54.9% of total operating expenses. Other significant expenses included data processing ($6.2 million), occupancy ($2.9 million), equipment ($2.2 million), and professional services ($2.4 million). Credit loss expense totaled $2.7 million, including $2.3 million for loans, $43,000 for debt securities held to maturity, and $355,000 for unfunded commitments.
Operating activities generated $19.4 million in cash flow, starting with net income of $24.5 million and including adjustments such as provision for credit losses ($2.7 million), depreciation ($2.5 million), and changes in working capital items. Investing activities used $48.0 million in cash, primarily for net increase in loans ($42.0 million), purchases of investment securities ($24.7 million total), and purchases of premises and equipment ($4.0 million). Financing activities provided $81.9 million in cash, driven by net increase in deposits ($160.3 million) and proceeds from long-term borrowings ($90.0 million), partially offset by cash dividends paid ($6.0 million), stock repurchase ($4.0 million), and payments on long-term borrowings ($25.0 million). The balance sheet shows total assets of $2.09 billion, with net loans of $1.50 billion, investment securities of $278.5 million, and cash and cash equivalents of $131.6 million. Total liabilities were $1.88 billion, primarily consisting of total deposits of $1.74 billion. Shareholders' equity was $203.6 million, including retained earnings of $207.3 million and accumulated other comprehensive loss of $25.3 million.
The document does not contain management guidance, strategic priorities, or specific forward-looking statements about the company's outlook. The filing presents historical financial results for fiscal year 2025 without providing explicit projections or expectations for future periods. Risk factors and strategic initiatives that might typically appear in the Management's Discussion and Analysis section are not included in the provided data. Investors should refer to the complete 10-K filing for comprehensive information about the company's business strategy, risk factors, and future outlook.