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Group 1 - First United Corporation (FUNC) reported quarterly earnings of $0.89 per share, exceeding the Zacks Consensus Estimate of $0.80 per share, and up from $0.62 per share a year ago, representing an earnings surprise of 11.25% [1] - The company posted revenues of $20.89 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.39%, compared to year-ago revenues of $18.61 million [2] - First United has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates three times during the same period [2] Group 2 - The stock has underperformed, losing about 16.9% since the beginning of the year, compared to the S&P 500's decline of 10.2% [3] - The current consensus EPS estimate for the coming quarter is $0.81 on revenues of $21.1 million, and for the current fiscal year, it is $3.45 on revenues of $85.8 million [7] - The Zacks Industry Rank for Banks - Northeast is currently in the top 23% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Consolidated net income for Q1 2025 was $5.8 million, or $0.89 per diluted share, compared to $3.7 million, or $0.56 per diluted share in Q1 2024, reflecting a 56.8% year-over-year increase[2][5][6] - Net income for the quarter ended March 31, 2025, was $5.806 million, an increase of 57.0% from $3.698 million for the same period in 2024[32] - Basic net income per share for Q1 2025 was $0.90, down from $0.95 in Q4 2024[35] - Net income for Q1 2025 was $5,806,000, a decrease of 6.1% compared to $6,186,000 in Q4 2024[35] - Adjusted net income (non-GAAP) for Q1 2025 was $5,806 thousand, compared to $4,123 thousand in Q1 2024, reflecting a 40.8% increase[42] Asset and Deposit Growth - Total assets increased by $6.7 million to $2.0 billion as of March 31, 2025, with cash and interest-bearing deposits in other banks rising by $6.1 million[17] - Total assets at the end of Q1 2025 were $1,979,753,000, a slight increase from $1,973,022,000 in Q4 2024[36] - Total deposits increased to $1.623 billion at March 31, 2025, from $1.575 billion at December 31, 2024, representing a growth of 3.0%[33] - Total deposits increased to $1,623,574,000 in Q1 2025, up from $1,574,829,000 in Q4 2024[36] - Total deposits rose to $1,623,574 thousand, up 3.08% from $1,574,829 thousand in the previous quarter[37] Loan Production and Quality - Loan production included $36.1 million in commercial loan originations and $11.4 million in residential mortgage originations during Q1 2025[7][21][22] - The pipeline of commercial loans as of March 31, 2025, was $56.0 million, indicating potential future growth[21] - Non-accrual loans totaled $4.0 million at March 31, 2025, down from $4.9 million at December 31, 2024, indicating a decrease of 18.4%[27] - Nonperforming loans and 90-day past due loans totaled $4,259,000 in Q1 2025, down from $5,849,000 in Q4 2024[36] - The allowance for credit losses (ACL) was $18.5 million at March 31, 2025, compared to $18.0 million at March 31, 2024, and $18.2 million at December 31, 2024, with a ratio of ACL to loans outstanding at 1.25%[25] Interest Income and Margins - Net interest margin on a non-GAAP, fully tax equivalent basis was 3.56% for Q1 2025, driven by increased loan yields and stable funding costs[7] - The net interest income for the quarter ended March 31, 2025, was $16.016 million, up from $13.812 million in the same quarter of 2024, reflecting a growth of 15.9%[32] - Net interest income for Q1 2025 was $16,016 thousand, an increase of 8.7% compared to $13,812 thousand in Q1 2024[38] - The net interest spread improved to 2.89%, up from 2.29% in the same quarter last year, indicating enhanced profitability from interest-earning assets[44] Operating Expenses and Efficiency - Operating expenses increased by $0.5 million compared to the linked quarter, primarily due to a $0.9 million increase in salaries and employee benefits[15] - The efficiency ratio (non-GAAP) improved to 59.95% for the quarter ended March 31, 2025, compared to 65.71% for the same period in 2024[32] - The efficiency ratio (non-GAAP) improved to 59.95% in Q1 2025 from 61.31% in Q4 2024[35] Shareholder Value - The book value of common stock increased to $28.35 per share at March 31, 2025, up from $27.71 per share at December 31, 2024[24] - The closing market value of the stock was $30.02 at March 31, 2025, compared to $22.91 at March 31, 2024, reflecting an increase of 31.5%[32] - The closing market value decreased to $30.02 in Q1 2025 from $33.71 in Q4 2024[35] - Shareholders' equity increased to $183,463 thousand from $163,944 thousand, representing an increase of 11.8%[44] Tax and Regulatory Metrics - The effective income tax rate for Q1 2025 was 24.6%, compared to 23.9% in Q1 2024[16] - Tier 1 capital ratio was 14.87% at the end of Q1 2025, up from 14.70% in Q4 2024[36] Other Financial Metrics - The return on average assets for the year-to-date period ended March 31, 2025, was 1.19%, up from 0.76% for the same period in 2024[32] - Return on average assets for Q1 2025 was 1.19%, an increase from 1.06% in Q4 2024[35] - Return on average assets improved to 1.19% in Q1 2025, up from 0.76% in Q1 2024[43] - Return on average equity increased to 12.83% in Q1 2025, compared to 9.07% in Q1 2024[43]

OAKLAND, Md., April 21, 2025 /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-month period ended March 31, 2025. Consolidated net income was $5.8 million for the first quarter of 2025, or $0.89 per diluted share, compared to $3.7 million, or $0.56 per diluted share, for the first quarter of 2024 and $6.2 million, or $0.95 p ...

Core Viewpoint - The market anticipates First United Corporation (FUNC) to report a year-over-year increase in earnings driven by higher revenues for the quarter ended March 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - First United is expected to post quarterly earnings of $0.80 per share, reflecting a year-over-year increase of +29% [3]. - Revenues are projected to reach $20.6 million, which is a 10.7% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 7.95% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for First United matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likelihood of actual earnings deviating from the consensus estimate, with positive readings being more predictive of earnings beats [6][7]. - A positive Earnings ESP combined with a strong Zacks Rank significantly increases the chances of a positive surprise, with a success rate of nearly 70% [8]. Historical Performance - First United has consistently beaten consensus EPS estimates, achieving this in the last four quarters [13]. - In the most recent quarter, the company exceeded expectations by delivering earnings of $0.95 per share against an expected $0.86, resulting in a surprise of +10.47% [12]. Industry Context - In the Zacks Banks - Northeast industry, HBT Financial is expected to report earnings of $0.57 per share, unchanged from the previous year, with revenues anticipated at $56.7 million, up 8.4% [17]. - HBT Financial's consensus EPS estimate has remained stable, but a lower Most Accurate Estimate has led to an Earnings ESP of -3.51%, combined with a Zacks Rank of 4, indicating challenges in beating the consensus [18].

Financial Performance - Net income for the year ended December 31, 2024, was $20.6 million, up from $15.1 million in 2023, representing a 36.8% increase [189]. - Adjusted net income on a non-GAAP basis for 2024 was $21.0 million, compared to $18.8 million in 2023, reflecting a 11.7% increase [190]. - Basic net income per common share increased to $3.15 in 2024 from $2.25 in 2023, representing a 40% growth [232]. - Comprehensive income for 2024 was $26,148,000, up from $18,259,000 in 2023, reflecting an increase of 43.4% [334]. - Net interest income for 2024 was $60.207 million, up from $57.497 million in 2023, reflecting a net interest margin of 3.38% compared to 3.26% in the previous year [219]. - Net interest income after provision for credit losses was $57,045,000 in 2024, up from $55,250,000 in 2023, reflecting a growth of 3.2% [332]. Loan and Credit Quality - Outstanding loans grew by $74.1 million to $1.5 billion as of December 31, 2024, with notable increases in commercial real estate loans by $32.7 million and residential mortgage loans by $18.9 million [194]. - The provision for credit losses increased to $2.9 million in 2024 from $1.7 million in 2023, with net charge-offs rising to $2.2 million from $0.9 million [191]. - The allowance for credit losses (ACL) ratio to loans outstanding was 1.23% at December 31, 2024, slightly down from 1.24% at December 31, 2023 [191]. - Non-accrual loans increased to $4.931 million in 2024 from $3.956 million in 2023, representing a rise in the non-accrual loans to total loans ratio to 0.33% [255]. - The total non-performing assets rose to $11.713 million in 2024 from $9.047 million in 2023, with non-performing loans to total loans ratio at 0.39% [255]. - The average balance of non-accrual loans increased to $8.471 million in 2024 from $3.171 million in 2023 [214]. Deposits and Funding - Total deposits increased by $23.9 million in 2024, with interest-bearing demand deposits rising by $35.9 million [196]. - Total deposits increased to $1,574,829,000 in 2024, compared to $1,550,977,000 in 2023, marking a growth of approximately 1.54% [330]. - Interest-bearing demand deposits rose by $35.9 million, including a shift of approximately $22.0 million to FDIC insured accounts [290]. - Money market accounts increased by $61.5 million, driven by the expansion of relationships and a shift from certificates of deposit [290]. - Total short-term borrowings increased by $20.0 million to $65,409 thousand in 2024, driven by a $50.0 million increase in overnight borrowings [294]. Asset Management - Total assets reached $2.0 billion at December 31, 2024, an increase of $67.2 million compared to the previous year [234]. - The investment portfolio decreased by $41.5 million primarily due to the maturities of $37.5 million of U.S. Treasury bonds [234]. - The fair value of available-for-sale securities decreased to $94.5 million from $97.2 million in 2023, a decline of $2.7 million [282]. - The total fair value of held-to-maturity securities decreased by $38.8 million to $175.6 million as of December 31, 2024 [282]. Operating Expenses - Other operating income increased by approximately $5.4 million compared to 2023, primarily due to improved wealth management income [192]. - Other operating expenses decreased by $0.6 million, mainly due to reduced occupancy and equipment expenses related to branch closures [193]. - Total other operating expenses decreased slightly to $49,640,000 in 2024 from $50,243,000 in 2023, a reduction of 1.2% [332]. Tax and Regulatory - The effective income tax rate increased to 24.5% in 2024 from 22.7% in 2023, attributed to changes in state income tax expense allocations [227]. - The Corporation's total risk-based capital ratio was 15.92% in 2024, up from 15.64% in 2023, exceeding the regulatory minimum of 8% [302]. Credit Loss Management - The allowance for credit losses (ACL) was $18.2 million at December 31, 2024, compared to $17.5 million at December 31, 2023, with a provision for credit losses of $2.9 million in 2024 [268]. - The allocation of the allowance for credit losses by major loan category showed that residential mortgage accounted for 39% of the total [279]. - Management uses a 10-point internal risk rating system to monitor the credit quality of the overall loan portfolio, with loans greater than 90 days past due classified as Substandard [354]. - The Corporation records an ACL on unfunded commitments through a charge to provision for credit loss expense, estimated by loan segment under the CECL model [379].

Group 1 - First United Corporation's Board of Directors declared a cash dividend of $0.22 per share, payable on May 1, 2025, to shareholders of record as of April 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 low-income housing development in Maryland [2]

Core Viewpoint - First United Corporation (FUNC) shows solid improvement in earnings estimates, indicating potential investment opportunities as the stock has gained short-term price momentum [1][2] Estimate Revisions - Analysts exhibit growing optimism regarding First United's earnings prospects, reflected in upward revisions of earnings estimates, which correlate strongly with stock price movements [2][3] - Current-quarter earnings are estimated at $0.86 per share, representing a year-over-year increase of +38.71%, with a 14.67% rise in the Zacks Consensus Estimate over the last 30 days [4] - For the full year, the earnings estimate is $3.75 per share, reflecting a +16.82% change from the previous year, with a 13.64% increase in the consensus estimate [5] Zacks Rank - First United currently holds a Zacks Rank 1 (Strong Buy), indicating strong potential for outperformance based on favorable estimate revisions [6] - Stocks with Zacks Rank 1 and 2 significantly outperform the S&P 500, suggesting a positive outlook for First United [6] Investment Outlook - The stock has increased by 28.1% over the past four weeks due to strong estimate revisions, indicating further upside potential [7]

Core Viewpoint - First United Corporation (FUNC) reported quarterly earnings of $0.95 per share, exceeding the Zacks Consensus Estimate of $0.86 per share, and showing an increase from $0.82 per share a year ago, indicating a positive earnings surprise of 10.47% [1][2] Financial Performance - The company achieved revenues of $20.62 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 0.65%, and up from $18.99 million year-over-year [2] - Over the last four quarters, First United has consistently surpassed consensus EPS estimates four times and topped revenue estimates two times [2] Stock Performance and Outlook - First United shares have declined approximately 2.5% since the beginning of the year, contrasting with the S&P 500's gain of 2.7% [3] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the upcoming quarter at $0.75 on revenues of $20.32 million, and for the current fiscal year at $3.30 on revenues of $85.13 million [7] Industry Context - The Zacks Industry Rank for Banks - Northeast, to which First United belongs, is currently in the top 7% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

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].