Overview

* First United Q3 net income rises to $6.9 mln, EPS at $1.07

* Pretax profit for Q3 beats analyst expectations

* Company declares cash dividend of $0.26 per share

Outlook

* Company did not provide specific guidance for future quarters or full year

Result Drivers

* NET INTEREST MARGIN - Increased net interest margin driven by higher loan yields and stable funding costs

* LOAN PRODUCTION - Strong loan production with $29.8 mln in commercial loan originations and $20.8 mln in residential mortgage originations

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $1.07

Q3 Net $6.90

Income mln

Q3 Net $17.40

Interest mln

Income

Q3 Beat $9.24 $7.61

Pretax mln mln (1

Profit Analyst)

Q3 Basic $1.07

EPS

Q3 Net 3.63%

Interest

Margin

Q3 $510,000

Provisio

n for

Credit

Loan

Losses

Analyst Coverage

* The one available analyst rating on the shares is "buy"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for First United Corp ( FUNC ) is $42.00, about 19% above its October 17 closing price of $34.02

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)