First United | 8-K: FY2025 Revenue: USD 121.42 M

Revenue: As of FY2025, the actual value is USD 121.42 M.EPS: As of FY2025, the actual value is USD 3.77, missing the estimate of USD 3.84.EBIT: As of FY2025, the actual value is USD -35.58 M.Net IncomeGAAP Net Income: 马里兰第一联合 reported $24.5 million for the year ended December 31, 2025, compared to $20.6 million for the same period in 2024. For the fourth quarter of 2025, GAAP net income was $5.8 million, down from $6.2 million in the fourth quarter of 2024 and $6.9 million in the third quarter of 2025.Non-GAAP Net Income: Excluding specific items, non-GAAP net income was $25.8 million for the year ended December 31, 2025, up from $21.0 million in 2024. For the fourth quarter of 2025, non-GAAP net income was $7.2 million, compared to $6.2 million in the fourth quarter of 2024 and $6.9 million in the third quarter of 2025. Consolidated non-GAAP net income for Q4 2025 was $7.2 million, compared to $6.2 million in Q4 2024 and $6.9 million in the linked quarter. For the full year 2025, consolidated non-GAAP net income was $25.8 million, an increase from $21.0 million for 2024.Net Interest Income and MarginNet Interest Income (GAAP): $17.987 million for Q4 2025, compared to $15.700 million for Q4 2024. For the twelve months ended December 31, 2025, it was $68.113 million, up from $59.978 million in 2024.Net Interest Margin (Non-GAAP, FTE basis): 3.75% for the fourth quarter of 2025. For the year ended December 31, 2025, the net interest margin was 3.67%, up from 3.38% in 2024. The Net Interest Margin (NIM) was 3.75% in Q4 2025 and 3.67% for 2025, compared to 3.38% for 2024.Operational MetricsProvision for Credit Losses: $0.7 million in the fourth quarter of 2025, up from $0.5 million in Q4 2024 and Q3 2025. For the full year 2025, provision for credit losses was $2.7 million, down from $2.9 million in 2024.Other Operating Income: $5.330 million for Q4 2025, an increase of $0.2 million compared to Q4 2024, primarily due to a $0.4 million increase in wealth management income. For the full year 2025, it increased by $0.7 million to $20.166 million, driven by wealth management income.Other Operating Expenses: $14.869 million for Q4 2025, an increase of $1.9 million compared to the third quarter of 2025, mainly due to a $1.6 million write-down on a legacy loan participation. Compared to Q4 2024, expenses increased by $2.8 million. For the full year 2025, non-interest expense increased by $3.8 million to $53.405 million compared to 2024.Efficiency Ratio (Non-GAAP): 58.19% for the year ended December 31, 2025, an improvement from 61.31% in 2024. The non-GAAP efficiency ratio was 56.29% for Q4 2025, an improvement from 56.97% for the linked quarter, and 58.19% for 2025, an improvement from 61.31% for 2024.Pre-provision Net Revenue: $10.2 million in Q4 2025, compared to $8.7 million in Q4 2024 and $9.7 million in the linked quarter. For 2025, it was $37.0 million, an increase from $30.7 million for 2024.Loan and Deposit ActivityCommercial Loan Originations: $108.0 million in Q4 2025, with total commercial production for the year ended December 31, 2025, at approximately $247.0 million, up from $189.5 million in 2024.Residential Mortgage Originations: $25.3 million in Q4 2025.Gross Loans: Increased by $40.9 million to $1.521 billion at December 31, 2025, from $1.480 billion at December 31, 2024. Total Gross Loans, including PPP, were $1,521 million in 2025, up from $1,481 million in 2024.Commercial Real Estate loans increased by $44.4 million.Residential Mortgage loans increased by $18.1 million.Commercial and Industrial loans decreased by $10.5 million.Consumer loans decreased by $6.1 million.Total Deposits: Increased by $160.3 million to $1.735 billion at December 31, 2025, from $1.574 billion at December 31, 2024. Total Deposits were $1,735 million in 2025, up from $1,575 million in 2024.Brokered time deposits increased by $50.0 million.Savings and money market accounts increased by $70.2 million.Non-interest-bearing deposits increased by $26.3 million.Loan to Deposit Ratio: 88% for 2025, down from 94% in 2024.Asset QualityAllowance for Credit Losses (ACL): $19.5 million at December 31, 2025, compared to $18.2 million at December 31, 2024.ACL to Loans Outstanding Ratio: Remained stable at 1.28% at December 31, 2025, compared to 1.23% at December 31, 2024. It remained stable at 1.28% in Q4 2025 and the linked quarter, and at December 31, 2025, and September 30, 2025.Net Charge-offs to Average Loans: 0.07% for the year ended December 31, 2025, an improvement from 0.16% in 2024. Net Charge-Offs / Average Loans was -0.07% for 2025, an improvement from -0.16% in 2024.Non-accrual Loans: Totaled $4.2 million at December 31, 2025, down from $4.9 million at December 31, 2024. Nonaccrual Loans / Total Loans was 0.41% for 2025, down from 0.59% in 2024.Non-Performing Assets (NPAs) / Total Assets: 0.28% for 2025, down from 0.33% in 2024.Capital and Other MetricsTotal Assets: $2.1 billion at December 31, 2025, an increase of $114.4 million since December 31, 2024. Total Assets increased by $63.5 million compared to September 30, 2025, and by $114.4 million compared to December 31, 2024.Shareholders’ Equity: $203.634 million at December 31, 2025, up from $179.295 million at December 31, 2024.Book Value per Share: $31.33 at December 31, 2025, compared to $27.71 at December 31, 2024.Cash Dividend: $0.26 per share declared in the fourth quarter of 2025.Capital Ratios (December 31, 2025):Tier 1 to risk weighted assets: 15.36%Common Equity Tier 1 to risk weighted assets: 13.52%Tier 1 Leverage: 12.21%Total risk based capital: 16.61%Common Equity Tier 1 (CET1) Ratio: 12.50%, well above the regulatory well-capitalized threshold of 6.5%.Tier 1 Ratio: 12.96%, above the regulatory well-capitalized threshold of 8%.Total Risk-Based Capital Ratio: 15.92%, above the regulatory well-capitalized threshold of 10%.Leverage Ratio: 11.88%, above the regulatory well-capitalized threshold of 5%.Tangible Book Value / Share: $29.57 for 2025, up from $25.89 in 2024.Tangible Common Equity (TCE) Ratio: 9.26% for 2025, up from 8.54% in 2024.Loan Portfolio Diversification (as of December 31, 2025)Total 1-4 Family loans constituted 35%, CRE - Non-Owner Occupied (NOO) was 22%, Commercial & Industrial (C&I) was 19%, CRE - Owner Occupied (OO) was 12%, Construction & Development (C&D) was 6%, Consumer was 3%, and Multi-family was 3%.Deposit Composition (as of December 31, 2025)Non-Interest Bearing (NIB) Demand deposits were 26%, Interest Bearing (IB) Demand was 23%, Money Market Accounts (MMA) & Savings were 39%, Retail Certificates of Deposit (CDs) were 9%, and Brokered CDs were 3%.Insured Deposits totaled $1,341,185,338 (77%) of total deposits. Uninsured – Uncollateralized Deposits were $292,051,697 (17%), and Uninsured - Collateralized Deposits were $101,925,345 (6%).Investment Portfolio (as of December 31, 2025)Total Investment Portfolio: $282.3 million.Sector Allocation: Treasury/Agency 26%, Fixed Mortgage-Backed Securities (MBS) 18%, Floating MBS 2%, Collateralized Mortgage Obligations (CMO) 28%, Municipal 5%, Corporate 0%, and Other 21%.Diversified Fee Income (as of December 31, 2025)Non-Interest Income as % of Operating Revenue: 23% for 2025.Non-Interest Income Mix: Trust and Brokerage 56%, Debit Card Income 20%, Service Charges 15%, Bank-owned Life Insurance (BOLI) 7%, Net Gain on Loan Sales 3%, and Other Noninterest Income 2%.Trust & Brokerage Assets Under Management (AUM): $1,840 million in 2025, up from $1,677 million in 2024.Outlook / GuidanceManagement is focusing on margin management for 2026, expecting higher cash levels at the end of 2025 to facilitate the repayment of outstanding debt and brokered deposits as they mature, with a $25.0 million brokered certificate of deposit already repaid in January 2026. 马里兰第一联合 aims for an EPS Growth (YoY) of 8% - 12%, Revenue Growth (YoY) of 6% - 8%, and Loan Growth of 7% - 10%, while targeting a Return on Average Assets (ROAA) between 1.25% - 1.45%, a Return on Average Tangible Common Equity (ROATCE) of 13% - 15%, and an Efficiency Ratio of 55% - 60%.