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].

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]

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 ...

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 ...