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]

OAKLAND, Md., Sept. 25, 2024 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC) announces that its Board of Directors declared a cash dividend of $.22 per share that will be payable on November 1, 2024, to holders of record of the Corporation's common stock as of October 18, 2024. About First United Corporation First United Corporation is the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers. The Bank's wholly-owned subsidiaries include OakFirst Loan C ...

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 ...

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments. Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures ...

First United Corporation (FUNC) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, FUNC's 50-day simple moving average crossed above its 200-day simple moving average, known as a "golden cross." There are three stages to a golden cross. First, there must be a downtrend in a stock's price that eventually bottoms out. Then, the stock's shorter moving average crosses over its longer moving average, triggering a positive trend reversal. The ...

First United Corporation (FUNC) could be a solid choice for investors given the company's remarkably improving earnings outlook. While the stock has been a strong performer lately, this trend might continue since analysts are still raising their earnings estimates for the company. The upward trend in estimate revisions for this company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation betwe ...

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 tracked by the system. Most Powerful Force Impacting Stock Prices Harnessing the Power of Earnings Estimate Revisions Analysts have been steadily raising their estimates for First United. Over the past three months, the Zacks Consensus Estimate for the company has increased 9. ...

In terms of dividend growth, the company's current annualized dividend of $0.80 is up 2.6% from last year. Over the last 5 years, First United Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 13.88%. Future dividend growth will depend on earnings growth as well as payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. First United's current payout ratio is 28%. This means it paid out 28% of its ...