Business
FIRST UNITED CORPORATION ANNOUNCES FOURTH QUARTER 2024 FINANCIAL RESULTS
OAKLAND, Md., Feb. 5, 2025 /PRNewswire/ -- First United Corporation (the "Corporation, "we", "us", and "our") (NASDAQ: FUNC), a bank holding company and the
About this update from First
[{"type":"text","content":"OAKLAND, Md., Feb. 5, 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- and 12-month periods ended December 31, 2024. Consolidated net income was $6.2 million for the fourth quarter of 2024, or $0.95 per diluted share, compared to $1.8 million, or $0.26 per diluted share, for the fourth quarter of 2023 and $5.8 million, or $0.89 per diluted share, for the third quarter of 2024. For the year ended December 31, 2024, net income was $20.6 million, or $3.15 per diluted share, compared to $15.1 million, or $2.25 per diluted share, for the year ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nAccording to Carissa Rodeheaver, Chairman, President and CEO, \"We are proud to announce another strong quarter to conclude the 2024 year. Loan growth was robust during the quarter as we were able to close a few loans that had been in the pipeline for several months. Our wealth department was a large contributor to our success during the year as they continue to establish new and grow existing customer relationships. Throughout 2024 we maintained our pricing and expense discipline ending the year with a strong margin, despite the intense competition in our markets, and a solid efficiency ratio. Our teams collaborated and demonstrated the First United values as they worked to customize financial solutions for our customers and to support the communities that we serve. We are excited to enter 2025 with a focus on investing additional resources to grow our loan and deposit market share and increase our wealth presence.\" \nFinancial Highlights:\nNet interest margin, on a non-GAAP, fully tax equivalent (\"FTE\") basis, was 3.48% for the fourth quarter of 2024Loan production was strong, with $72.2 million in commercial loan originations and $23.3 million in residential mortgage originations in the fourth quarterProvision expense increased in the fourth quarter due to loan growth, partially offset by stable asset quality and qualitative factorsDeposits increased by $34.4 million due to seasonal fluctuations in municipal deposit balances, partially offset by runoff of retail certificates of deposit due to competitive pricingOperating income, including ne...