FUNC - First United GAAP EPS of $0.65 revenue of $18.86M

2023-04-25 02:43:25 ET

• First United press release ( NASDAQ: FUNC ): Q1 GAAP EPS of $0.65.
• Revenue of $18.86M (+6.4% Y/Y).
• The ratio of the allowance for credit losses ("ACL") to loans outstanding was 1.31% at March 31, 2023 as compared to an allowance for loan loss of 1.14% at December 31, 2022 and 1.29% at March 31, 2022.
• Total provision expense related to credit losses was $0.5 million for the first quarter of 2023 as compared to a credit of $0.7 million for the fourth quarter of 2022 and a credit of $0.4 million for the first quarter of 2022.
• Net interest margin, on a non-GAAP, fully tax equivalent basis, was 3.53% for the first quarter of 2023 compared to 3.40% for the first quarter of 2022 and 3.63% for the fourth quarter of 2022.

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