Financial Performance - Consolidated net income for Q4 2024 was $6.2 million, or $0.95 per diluted share, compared to $1.8 million, or $0.26 per diluted share, in Q4 2023, representing a 244% year-over-year increase [2][5]. - For the year ended December 31, 2024, net income increased by $5.5 million compared to 2023, with net interest income rising by $3.1 million [9]. - Net income for the three months ended December 31, 2024, was $6,186,000, a significant increase from $1,758,000 in the same period of 2023, representing a growth of 252% [39]. - Basic net income per share rose to $0.95 for the three months ended December 31, 2024, compared to $0.26 for the same period in 2023, marking an increase of 265% [39]. - Adjusted net income (non-GAAP) for the twelve months ended December 31, 2024, was $20,994,000, up from $18,800,000 in 2023, reflecting an increase of 11.7% [50]. Income and Expenses - Net interest income increased by $1.5 million year-over-year, driven by a $2.0 million increase in interest and fees on loans due to new loans booked at higher rates and growth in the loan portfolio [6][10]. - Operating expenses decreased by $0.6 million for the year ended December 31, 2024, primarily due to a $1.0 million decrease in occupancy and equipment expenses related to branch closures [18]. - Interest expense on deposits for Q1 2024 was $6,585, compared to $6,498 in Q4 2023, showing an increase of 1.3% [46]. Assets and Liabilities - Total assets increased by $67.2 million to $2.0 billion as of December 31, 2024, with gross loans increasing by $74.1 million [20]. - Total liabilities increased by $49.7 million to $1.8 billion as of December 31, 2024 [21]. - Total assets as of December 31, 2024, were $1,944,571,000, a decrease from $1,983,568,000 in 2023 [51]. Loans and Deposits - Loan production included $72.2 million in commercial loan originations and $23.3 million in residential mortgage originations during Q4 2024 [7]. - Total deposits rose by $23.9 million, driven by a $35.9 million increase in interest-bearing demand deposits and a $61.5 million increase in money market accounts [27]. - Outstanding loans grew by $32.9 million since September 30, 2024, totaling $1.5 billion, with a $74.1 million increase since December 31, 2023 [23]. Shareholder Information - A cash dividend of $0.22 per common share was declared in Q4 2024 [7]. - The book value of common stock increased to $27.71 per share from $24.38 per share year-over-year, supported by undistributed net income of $15.1 million [30]. - Closing market value of the stock was $33.71 as of December 31, 2024, compared to $23.51 at the end of 2023, indicating a significant appreciation of 43.3% [39]. Credit Quality - The allowance for credit losses was $18.2 million, with a provision for credit losses of $0.5 million for Q4 2024 [31]. - Non-accrual loans increased to $4.9 million, up from $4.0 million at the end of 2023, primarily due to two commercial and industrial loan relationships [34]. - The ratio of net charge-offs to average loans was 0.16% for the year ended December 31, 2024, compared to 0.07% for the previous year [32]. Efficiency and Returns - The efficiency ratio improved to 61.31% for the year, down from 65.12% in the previous year, demonstrating enhanced operational efficiency [40]. - Return on average assets increased to 1.06% for the year ended December 31, 2024, compared to 0.78% in 2023, showing improved asset utilization [39]. - Return on Average Equity (ROAE) for the twelve months ended December 31, 2024, was 12.16%, compared to 9.68% in 2023, showing enhanced efficiency in generating profits [50]. Future Outlook - Management plans to maintain a stable investment portfolio in 2025 by reinvesting proceeds from amortization and maturities into higher-yielding securities [22]. - The company plans to continue focusing on market expansion and new product development to drive future growth [50].

Core Viewpoint - First United Corporation reported strong financial results for the fourth quarter and the full year of 2024, with significant increases in net income and net interest income compared to previous periods, driven by robust loan growth and effective management of expenses [1][2][3]. Financial Performance - Consolidated net income for Q4 2024 was $6.2 million, or $0.95 per diluted share, compared to $1.8 million, or $0.26 per diluted share, in Q4 2023, and $5.8 million, or $0.89 per diluted share, in Q3 2024 [1][3][4]. - For the year ended December 31, 2024, net income was $20.6 million, or $3.15 per diluted share, up from $15.1 million, or $2.25 per diluted share, in 2023 [1][4][6]. Income Statement Overview - Net interest income increased by $1.5 million year-over-year in Q4 2024, driven by a $2.0 million increase in interest and fees on loans [4][7]. - Operating income, including net gains/losses, increased by $5.4 million for the year, primarily due to a loss recognized in 2023 related to investment portfolio restructuring [6][11]. Loan and Deposit Growth - Outstanding loans reached $1.5 billion at December 31, 2024, reflecting a growth of $74.1 million since December 31, 2023 [21][22]. - Total deposits increased by $23.9 million compared to December 31, 2023, with significant growth in interest-bearing demand deposits and money market accounts [25][26]. Non-Interest Income - Other operating income for Q4 2024 increased by $4.4 million compared to the same period in 2023, with gains on sales of residential mortgages and wealth management income contributing to this growth [11][13]. Operating Expenses - Operating expenses decreased by $0.2 million in Q4 2024 compared to Q4 2023, primarily due to a reduction in occupancy and equipment expenses related to branch closures [14][16]. - For the year ended December 31, 2024, operating expenses decreased by $0.6 million compared to 2023, driven by lower occupancy and equipment costs [16]. Balance Sheet Overview - Total assets increased by $67.2 million to $2.0 billion as of December 31, 2024, with cash and interest-bearing deposits in other banks rising by $28.6 million [18]. - Total liabilities increased by $49.7 million, with total deposits rising and short-term borrowings increasing by $20.0 million [19][27]. Asset Quality - The allowance for credit losses was $18.2 million at December 31, 2024, compared to $17.5 million at the end of 2023, with a provision for credit losses of $0.5 million for Q4 2024 [29][30]. - Non-accrual loans totaled $4.9 million at December 31, 2024, an increase from $4.0 million at the end of 2023 [30][32]. Capital Ratios - The book value of the Corporation's common stock was $27.71 per basic share at December 31, 2024, up from $24.38 per share at the end of 2023 [28][38]. - Capital ratios showed improvement, with Tier 1 to risk-weighted assets at 14.70% compared to 14.42% in 2023 [38].

Group 1 - First United Corp. (NASDAQ: FUNC) is the holding company for First United Bank & Trust located in Maryland, operating 22 banking offices and one customer service center [3] - The majority of First United's branches are situated in Maryland, indicating a strong regional presence [3] Group 2 - The investment group European Small Cap Ideas focuses on high-quality investment opportunities in the small-cap space, emphasizing capital gains and dividend income [2] - The group offers two model portfolios: the European Small Cap Ideas portfolio and the European REIT Portfolio, along with weekly updates and educational content [2]

Group 1 - First United Corporation's Board of Directors declared a cash dividend of $0.22 per share, payable on February 3, 2025, to shareholders of record as of January 17, 2025 [1] Group 2 - First United Corporation is the parent company of First United Bank & Trust, which operates as a Maryland trust company with commercial banking powers [2] - The Bank has several wholly-owned subsidiaries, including OakFirst Loan Center, Inc. and OakFirst Loan Center, LLC, which are finance companies [2] - The Bank also owns interests in partnerships focused on acquiring, developing, and operating low-income housing units in Maryland [2]

Table of Contents Common Stock FUNC Nasdaq Stock Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended September 30, 2024 ◻ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from _______________ to ________________ Commission file number 0-14237 First United Corporation (Exact name of registrant as specified in its cha ...

TUCSON, Ariz., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Alignment Health Plan, an award-winning Medicare Advantage plan from Alignment Health, has been named to U.S. News & World Report's 2025 Best Insurance Companies for Medicare Advantage (MA) Honor Roll in Arizona. With 149 MA plans offered in Arizona, Alignment is one of only five insurers in the state to earn the "Best" ranking badge, which recognizes insurers with a U.S. News rating above 3.8 on a 5-point scale.1 To calculate its 2025 rankings, U.S. News & W ...

Exhibit 99.1 FIRST UNITED CORPORATION ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS OAKLAND, MARYLAND— October 21, 2024: First United Corporation (the "Corporation, "we", "us", and "our") (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the "Bank"), today announced financial results for the three- and nine-month periods ended September 30, 2024. Consolidated net income was $5.8 million for the third quarter of 2024, or $0.89 per diluted share, compared to $4.5 mil ...

First United Corporation (FUNC) came out with quarterly earnings of $0.89 per share, beating the Zacks Consensus Estimate of $0.79 per share. This compares to earnings of $0.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.66%. A quarter ago, it was expected that this company would post earnings of $0.66 per share when it actually produced earnings of $0.75, delivering a surprise of 13.64%.Over the last four quarters, the ...

OAKLAND, Md., Oct. 21, 2024 /PRNewswire/ -- First United Corporation (the "Corporation, "we", "us", and "our") (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the "Bank"), today announced financial results for the three- and nine-month periods ended September 30, 2024.  Consolidated net income was $5.8 million for the third quarter of 2024, or $0.89 per diluted share, compared to $4.5 million, or $0.67 per diluted share, for the third quarter of 2023 and $4.9 mill ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus. While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividen ...