First United ( (FUNC) ) has released its Q4 earnings. Here is a breakdown of the information First United presented to its investors.
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First United Corporation, a Maryland-based bank holding company, operates as the parent company of First United Bank & Trust, focusing on providing financial services and products through its subsidiaries, including consumer finance and real estate management arms.
In its fourth quarter of 2024 earnings report, First United Corporation announced a significant increase in net income, reaching $6.2 million, up from $1.8 million in the same quarter of the previous year. The company also reported robust loan growth and a strategic focus on expanding its wealth management services and loan portfolio, despite competitive market conditions.
Key financial highlights include a net interest margin of 3.48%, strong commercial and residential mortgage loan originations totaling nearly $95.5 million, and a $34.4 million increase in deposits, driven by municipal deposit fluctuations. The company also declared a cash dividend of $0.22 per share for the fourth quarter.
Operating expenses saw a slight decrease compared to the linked quarter, attributed to reduced incentive pay and health insurance claims, despite increased data processing expenses. For the full year, net income was $20.6 million, a $5.5 million rise from 2023, driven by an increase in interest and fees on loans and a decrease in operating expenses.
Looking forward, First United’s management remains optimistic about 2025, with plans to invest in expanding loan and deposit market share and increasing the company’s presence in wealth management. The company aims to maintain its pricing discipline and operational efficiency amidst ongoing market challenges.
