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]

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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 ...

Core Viewpoint - First United Corporation reported a strong financial performance for the third quarter of 2024, with net income increasing to $5.8 million, driven by stable net interest income and improved asset quality [1][3]. Financial Highlights - Consolidated net income for Q3 2024 was $5.8 million, or $0.89 per diluted share, compared to $4.5 million, or $0.67 per diluted share in Q3 2023 [1][3]. - Year-to-date net income reached $14.4 million, or $2.19 per diluted share, up from $13.3 million, or $1.98 per diluted share for the same period in 2023 [1][3]. - Net interest margin on a non-GAAP, fully tax equivalent basis was 3.46% for Q3 2024 [2]. Income Statement Overview - Net interest income increased by $1.2 million year-over-year, primarily due to a $3.0 million rise in interest on loans [3][4]. - Non-interest income saw a slight increase, attributed to gains on sales of residential mortgages and wealth management income [2][5]. - Non-interest expenses remained stable, with a decrease of $0.5 million compared to Q3 2023 [6]. Balance Sheet Overview - Total assets as of September 30, 2024, were $1.9 billion, reflecting a $10.3 million increase since December 31, 2023 [7]. - Total liabilities decreased by $1.8 million, with total deposits down by $10.6 million compared to December 31, 2023 [7][10]. - Outstanding loans increased to $1.4 billion, with significant growth in commercial and residential mortgage loans [7][8]. Asset Quality - The allowance for credit losses was $18.0 million, with a ratio of 1.24% to loans outstanding [11][16]. - Non-accrual loans totaled $8.1 million, an increase from $4.0 million at December 31, 2023 [11][16]. - The ratio of year-to-date net charge-offs to average loans was 0.18% for the nine-month period ended September 30, 2024 [11]. Shareholder Information - A cash dividend of $0.22 per common share was declared in Q3 2024, representing a 10% increase over the previous quarter [2][3]. - The book value of common stock increased to $26.90 per share at September 30, 2024, compared to $24.38 at December 31, 2023 [10].

Company Overview - First United Corporation (FUNC) is headquartered in Oakland and operates in the Finance sector [3] - The stock has experienced a price change of 26.67% since the beginning of the year [3] Dividend Information - FUNC currently pays a dividend of $0.20 per share, resulting in a dividend yield of 2.69%, which is slightly above the Banks - Northeast industry's yield of 2.68% and significantly higher than the S&P 500's yield of 1.5% [3] - The annualized dividend of $0.80 has increased by 2.6% from the previous year [4] - Over the past five years, FUNC has raised its dividend three times, achieving an average annual increase of 13.88% [4] - The current payout ratio is 28%, indicating that FUNC pays out 28% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for FUNC's earnings in 2024 is projected at $3 per share, reflecting a year-over-year growth rate of 7.14% [5] Investment Considerations - Dividends are favored by investors for various reasons, including improving stock investing profits and providing tax advantages [6] - High-yielding stocks may face challenges during periods of rising interest rates, but FUNC is considered a compelling investment opportunity due to its strong dividend profile [7] - FUNC currently holds a Zacks Rank of 3 (Hold), indicating a stable investment outlook [7]

Group 1 - First United Corporation's Board of Directors declared a cash dividend of $0.22 per share, payable on November 1, 2024, to shareholders of record as of October 18, 2024 [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 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]

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments. 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 ...

First United Corporation (FUNC) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tr ...