First United Q2 FY26 net income falls 5.29% to $5.7 million
FUNC•Margin, lending, and credit losses
Net interest margin rose to 3.98% on a non-GAAP FTE basis, up 0.15 percentage point from Q1’s 3.83%.
Commercial loan originations were USD 66.0 million; residential mortgage originations totaled USD 33.9 million, with management citing a robust loan pipeline.
Provision for credit losses was USD 0.8 million; a cash dividend of USD 0.26 per share was declared.
Q2 net income and adjusted results
First United posts Q2 GAAP net income of USD 5.7 million, or USD 0.87 per diluted share, down from USD 6.0 million a year earlier.
Results included a USD 1.7 million after-tax consulting charge tied to core processing contract negotiations; non-GAAP net income was USD 7.3 million.
