#United States #Q4 2024 #First United #FUNC #Oakland, MD

First United Corporation Q4 2024 Financial Results

On February 5, 2025, First United Corporation (NASDAQ: FUNC), the holding company of First United Bank & Trust, unveiled its financial outcomes for the fourth quarter of 2024. The figures indicate a successful conclusion to the financial year, characterized by notable loan growth and a robust net income.

Financial Highlights

The Corporation's consolidated net income reached $6.2 million for the fourth quarter, translating to $0.95 per diluted share. This represents a significant increase from the previous year's fourth quarter net income of $1.8 million or $0.26 per diluted share. For comparison, the net income for the third quarter of 2024 stood at $5.8 million or $0.89 per diluted share.

For the entire year ending December 31, 2024, First United reported a net income of $20.6 million ($3.15 per diluted share), a considerable rise from $15.1 million ($2.25 per diluted share) in 2023. Carissa Rodeheaver, Chairman, President, and CEO, emphasized the strong performance throughout the year, highlighting loan growth as a vital contributor to the results. During the final quarter, commercial loan originations reached $72.2 million, while residential mortgage originations amounted to $23.3 million.

Operational Insights

The net interest margin, calculated on a non-GAAP basis, was 3.48% for the fourth quarter, indicating continued financial health against competitive pressures. The growth in loan production was attributed to closing several loans that had been in the pipeline for months, alongside the strategic efforts of the wealth department, which helped in fostering and expanding customer relationships.

On the deposits front, total deposits increased by $34.4 million, driven by seasonal changes in municipal deposits. The operating expenses also showed a slight decrease of $0.2 million in comparison to the previous quarter, reflecting the Corporation's commitment to efficiency amidst evolving market conditions.

Looking Ahead

As we approach 2025, the focus remains on enhancing market share for loans and deposits, as well as boosting the Corporation's wealth management presence. First United Corporation is keen to invest additional resources into these initiatives to capitalize on the momentum gained during 2024.

Overall, the fourth-quarter results affirm First United Corporation's strong position within the banking sector, showcasing an effective business strategy amid challenging competition. The robust performance is expected to provide a positive trajectory for the company as it enters the new fiscal year.

For further information, please visit First United Corporation's official website.