The EPS miss vs consensus is the headline, but the underlying NIM expansion to 4.05% and robust loan pipeline ($138M commercial) suggest improving revenue trajectory. Watch Q4 for continued margin expansion and whether provision normalizes; the elevated provision is tied to loan growth, not credit deterioration.
Price Chart
Executive Summary
First United Corp reported Q3 2026 GAAP net income of $7.2M ($1.11 diluted EPS), up from $6.9M ($1.07) a year ago but below the $1.24 consensus estimate. Net interest margin expanded to 4.05% (FTE), loan growth was solid (+$83.7M YTD), and credit quality remained strong with non-accrual loans declining. The EPS miss vs consensus is notable, but the underlying operational trends (NIM expansion, fee income growth, expense discipline) are positive.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP net income $7.2M ($1.11 diluted EPS) vs $6.9M ($1.07) in Q3 2025
- EPS of $1.11 missed consensus estimate of $1.24 (-10.5%)
- Net interest margin (FTE) expanded to 4.05% from 3.69% a year ago
- Gross loans grew $83.7M YTD to $1.605B, with $115M in commercial originations in Q3
- Provision for credit losses increased to $1.9M from $0.5M a year ago due to loan growth and uncertainty
- Non-accrual loans fell to $3.2M from $4.2M at year-end 2025
- Dividend increased to $0.28/share from $0.26 in Q2 2026
- Efficiency ratio improved to 56.51% YTD from 58.73% a year ago
Financial Impact
Net income $7.2M, diluted EPS $1.11 vs consensus $1.24; net interest income $19.6M (+12.7% YoY); provision $1.9M (up $1.4M YoY)
Risk Factors
- EPS miss vs consensus (-10.5%) may pressure the stock near-term
- Provision expense nearly quadrupled YoY to $1.9M, driven by loan growth and economic uncertainty
- Modified loans jumped to $6.9M from $1.2M at year-end, with one $5.9M C&I loan receiving a term extension
- Accruing loans past due 30+ days increased to 0.45% from 0.32% at year-end
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-116913 |
| Document: tm2627814d1_ex99-2.htm | 0001104659-26-116913 |
| Document: tm2627814d1_8k.htm | 0001104659-26-116913 |
| Document: 0001104659-26-116913-index-headers.html | 0001104659-26-116913 |
| Document: 0001104659-26-116913-index.html | 0001104659-26-116913 |
| Document: 0001104659-26-116913.txt | 0001104659-26-116913 |
| 8-K Data (Synthetic) | 0001104659-26-116913 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | 8-K | $41.85 | awaiting T+60 | — | $46.03 (+9.99%) |
Oct 19, 2026 8d ago | Press Release | $41.85 | awaiting T+60 | — | $46.03 (−9.99%) |
Sep 29, 2026 28d ago | 8-K | $43.42 | awaiting T+60 | — | $46.03 (+6.01%) |
Sep 24, 2026 4w ago | 8-K | $43.30 | awaiting T+60 | — | $46.03 (+6.30%) |
Sep 23, 2026 4w ago | Press Release | $43.30 | awaiting T+60 | — | $46.03 (−6.30%) |
Jul 29, 2026 12w ago | Insider Cluster | $44.73 $45.92 | ▲ +2.66% | ▼ −2.07% | $46.03 (+2.91%) |
Jul 28, 2026 13w ago | Insider Cluster | $45.59 $44.08 | ▼ −3.31% | ▼ −7.66% | $46.03 (+0.97%) |
Jul 20, 2026 14w ago | Press Release | $44.18 $44.09 | ▼ −0.20% | ▼ −4.18% | $46.03 (+4.19%) |
Jun 18, 2026 18w ago | 8-K | $42.25 $45.02 | ▲ +6.56% | ▲ +4.81% | $46.03 (+8.95%) |
Jun 11, 2026 19w ago | Institutional Cluster | $41.65 $44.36 | ▼ −6.49% | ▼ −2.10% | $46.03 (−10.52%) |
US Market Status
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