First United (FUNC) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $6.2 million ($0.95 per diluted share), up from $1.8 million ($0.26) in Q4 2023 and $5.8 million ($0.89) in Q3 2024; full-year 2024 net income was $20.6 million ($3.15 per share), up from $15.1 million ($2.25) in 2023.

• Robust loan growth and strong wealth management performance contributed to results; expense discipline and margin management maintained despite competitive pressures.

• Book value per share rose to $27.71 at year-end 2024 from $24.38 a year earlier; 201,800 shares repurchased at $19.99 average price.

Financial highlights

• Net interest margin (non-GAAP, FTE) was 3.48% for Q4 2024 and 3.38% for full-year 2024, up from 3.26% in 2023.

• Q4 2024 commercial loan originations were $72.2 million; residential mortgage originations were $23.3 million.

• Operating expenses decreased by $0.2 million year-over-year in Q4; efficiency ratio improved to 61.31% for 2024 from 65.12% in 2023.

• Cash dividend of $0.22 per share declared in Q4 2024; total dividends for 2024 were $0.84 per share.

• Total assets at year-end 2024 were $2.0 billion, up $67.2 million from 2023; total deposits increased by $23.9 million year-over-year.

Outlook and guidance

• Management plans to invest additional resources in 2025 to grow loan and deposit market share and expand wealth management presence.

• Portfolio expected to remain stable in 2025, with reinvestment of maturities into higher-yielding securities.