First United Q3 net income rises on loan, margin growth
First United Q3 net income rises on loan, margin growth
Overview
US bank holding company reported Q3 net income and EPS up yr/yr on loan and margin growth
Company's net interest margin improved to 3.93% from 3.63% a year earlier
Outlook
First United says loan pipelines remain robust heading into Q4 2026
Company cites continued inflationary pressures and interest rate uncertainty as reasons for disciplined reserves
First United remains focused on expense management and improving efficiency
Result Drivers
LOAN GROWTH - Co said increased loan balances and robust commercial and residential mortgage production drove higher net interest income
MARGIN IMPROVEMENT - Net interest margin rose due to increased loan yields and reduced funding costs, per CEO Jason Rush
WEALTH MANAGEMENT INCOME - Co said growth in trust and brokerage income contributed to higher non-interest income
Company press release: ID:nPn7pxb5ta
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS |
| $1.11 |
|
Q3 Net Income |
| $7.2 mln |
|
Q3 Net Interest Income |
| $19.6 mln |
|
Q3 Pretax Profit | Miss | $9.5 mln | $9.62 mln (2 Analysts) |
Q3 Basic EPS |
| $1.11 |
|
Q3 Net Interest Margin |
| 3.93% |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "hold."
Wall Street's median 12-month price target for First United Corp is $47.25, about 6.8% above its October 16 closing price of $44.24
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago
Reuters Recommended Reads
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Oct 19 - Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition
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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.)
Recent news on First United
See all newsFirst United Corp reports results for the quarter ended September 30 - Earnings Summary
First United Q3 net income rises on loan, margin growth
First United Corp expected to post earnings of $1.12 a share - Earnings Preview
First United Corp reports results for the quarter ended June 30 - Earnings Summary
Corrected: First United Q2 net income falls on one-time expense