First United Q3 EPS $0.89 vs $0.67 YoY; dividend raised 10% to $0.22

FIRST UNITED CORP/MD/

2024-Q3 EPS reported $2.19

Net income $5.8M, diluted EPS $0.89 vs $0.67 Q3 2023; YTD net income $14.4M.
Net interest margin (FTE) 3.46%; commercial loan production $52.1M, residential $19.9M.
Provision for credit losses fell to $0.3M from $1.2M in Q2; non-accrual loans rose to $8.1M.
Dividend increased 10% to $0.22 per share; book value $26.90, up from $24.38 at year-end.
Obtained $90M FHLB borrowings at 3.89%, used to repay $41.1M BTFP and $40M maturing FHLB.

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