BUZZ-First United jumps after Q4 profit beats estimates

Reuters

Feb 07, 2025

BUZZ-First United jumps after Q4 profit beats estimates

** Shares of community bank First United FUNC.O jump 9.5% to $36.69

** FUNC late Wednesday posted Q4 adjusted profit of 95 cents/shr, beating Wall Street expectations of 86 cents/shr — LSEG

** Q4 net interest income rose by $1.5 million to $15.7 million, beating estimates of $15.4 million

** The NII beat was powered by new loans booked at higher rates as well as the repricing of variable rate loans

** Meanwhile, FUNC recorded $72.2 million in commercial loan originations and $23.3 million in residential mortgage originations in Q4

** 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 — CEO Carissa Rodeheaver

** Raymond James says it was solid execution across the board by FUNC during the quarter, with loan growth being broad-based

** FUNC stock soared 43.4% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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