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OAKLAND, Md. - First United Corporation (NASDAQ: FUNC) reported fourth quarter earnings that surpassed analyst expectations, sending shares up 9.3% in trading on Monday.
The bank holding company posted earnings per share of $0.95 for Q4 2024, beating the consensus estimate of $0.86. Revenue came in at $20.62 million, also topping projections of $20.49 million.
Net income for the quarter was $6.2 million, up significantly from $1.8 million in Q4 2023. The company attributed the strong performance to robust loan growth, increased net interest income, and disciplined expense management.
"We are proud to announce another strong quarter to conclude the 2024 year," said Carissa Rodeheaver, Chairman, President and CEO. "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."
Net interest margin on a fully tax equivalent basis was 3.48% for Q4, up from 3.26% in the prior year period. Total (EPA:TTEF) loans increased by $74.1 million YoY to $1.5 billion at year-end.
The company maintained its quarterly dividend of $0.22 per share. First United’s book value per share rose to $27.71 at December 31, 2024, compared to $24.38 a year earlier.
Looking ahead, management expressed optimism about growth prospects for 2025, with plans to invest in expanding loan and deposit market share as well as the company’s wealth management presence.
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