First United Corporation (FUNC) 10-Year Financial Performance & Capital Metrics

FUNC • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingNortheast Community Banks

AboutFirst United Corporation operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals. The company offers various deposit products, including checking accounts, savings and money market accounts, regular and individual retirement accounts (IRA) certificates of deposit, Christmas savings accounts, college savings accounts, and health savings accounts; Certificate of Deposit Account Registry Service program and Insured Cash Sweep program to municipalities, businesses, and consumers; and commercial customers packages, which include treasury management, cash sweep, and various checking opportunities. It also provides loans, such as commercial loans secured by real estate, commercial equipment, vehicles, or other assets of the borrower; commercial real estate loans for residential and commercial development, agricultural purpose properties, and service industry buildings; residential mortgage loans; home equity lines of credit; residential real estate construction loans; and indirect and direct auto loans, student loans, term loans, and other secured and unsecured lines of credit and term loans. In addition, the company offers various trust services, including personal trust, investment agency accounts, charitable trusts, retirement accounts that consist of IRA roll-overs, 401(k) accounts and defined benefit plans, estate administration, and estate planning services; insurance products; brokerage services; and safe deposit and night depository facilities. It operates 26 banking offices, one customer care center, and 34 automated teller machines in Allegany, Frederick, Garrett, and Washington counties in Maryland; and in Mineral, Berkeley, Monongalia, and Harrison counties in West Virginia. First United Corporation was founded in 1900 and is headquartered in Oakland, Maryland.Show more

Net Interest Income $60M +5.5%
Total Revenue $112M +16.9%
Net Income $21M +36.6%
Return on Equity 12.06% +25.6%
Net Interest Margin 3.04% +1.9%
Efficiency Ratio 44.4% -15.6%
ROA 1.06% +32.2%
Equity / Assets 9.09% +7.0%
Book Value per Share 27.42 +13.5%
Tangible BV/Share 25.61 +14.6%
Debt/Equity 1.05 +7.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 44.4% efficiency ratio
✓Healthy dividend yield of 2.1%
✓Share count reduced 2.4% through buybacks
✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.35%

5Y8.4%

3Y12.46%

TTM-

Profit (Net Income) CAGR

10Y13.9%

5Y9.39%

3Y1.33%

TTM54.41%

EPS CAGR

10Y20.7%

5Y11.23%

3Y2.33%

TTM55.69%

ROCE

10Y Avg8.04%

5Y Avg10.4%

3Y Avg10.89%

Latest8.52%

Peer Comparison

Northeast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DCOMDime Community Bancshares, Inc.	1.37B	31.13	56.60	0.1%	4.5%	4.02%	6.79%	0.70
EBCEastern Bankshares, Inc.	4.4B	19.56	29.64	91.64%	11.17%	1.3%	6.14%	0.01
LYGLloyds Banking Group plc	80.5B	5.48	21.92	10.79%	11.75%	9.93%		1.76
CFGCitizens Financial Group, Inc.	26.03B	60.61	20.00	1.31%	12.22%	6.6%	7.22%	0.51
PFSProvident Financial Services, Inc.	2.65B	20.29	19.32	63.91%	10.13%	7.51%	16.04%	0.93
CBUCommunity Bank System, Inc.	3.3B	62.73	18.24	24.44%	19.4%	10.34%	6.71%	0.57
VLYValley National Bancorp	6.7B	12.02	17.42	6.51%	10.65%	6.53%	8.18%	0.50
INDBIndependent Bank Corp.	3.8B	76.62	16.95	6.89%	19.72%	7.76%	5.51%	0.23

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	35.63M	37.64M	39.58M	44.18M	46.39M	48.55M	52.54M	57.63M	56.87M	59.98M
NII Growth %	0%	0.06%	0.05%	0.12%	0.05%	0.05%	0.08%	0.1%	-0.01%	0.05%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	45.03M	45.86M	46.95M	52.29M	57.92M	58.2M	58.26M	62.42M	81.16M	91.99M
Interest Expense	9.41M	8.22M	7.37M	8.11M	11.53M	9.65M	5.71M	4.79M	24.29M	32.02M
Loan Loss Provision	1.05M	3.12M	2.53M	2.11M	1.32M	5.4M	-817K	-627K	1.57M	2.92M
Non-Interest Income+	14.44M	14.66M	14.34M	15.24M	16.79M	18.72M	20.36M	18.02M	14.45M	19.81M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	59.47M	60.52M	61.29M	67.54M	74.71M	76.92M	78.61M	80.44M	95.61M	111.8M
Revenue Growth %	-0.02%	0.02%	0.01%	0.1%	0.11%	0.03%	0.02%	0.02%	0.19%	0.17%
Non-Interest Expense	29.55M	39.12M	39.17M	43.88M	45.39M	44.07M	47.41M	43.1M	50.27M	49.64M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	19.46M	10.06M	12.21M	13.43M	16.46M	17.79M	26.31M	33.18M	19.48M	27.23M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1.83%	-0.48%	0.21%	0.1%	0.23%	0.08%	0.48%	0.26%	-0.41%	0.4%
Pretax Income+	19.46M	10.06M	12.21M	13.43M	16.46M	17.79M	26.31M	33.18M	19.48M	27.23M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	6.47M	2.78M	6.95M	2.76M	3.34M	3.95M	6.54M	8.13M	4.42M	6.66M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	12.99M	7.28M	5.27M	10.67M	13.13M	13.84M	19.77M	25.05M	15.06M	20.57M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.32%	-0.44%	-0.28%	1.02%	0.23%	0.05%	0.43%	0.27%	-0.4%	0.37%
Net Income (Continuing)	12.99M	7.28M	5.27M	10.67M	13.13M	13.84M	19.77M	25.05M	15.06M	20.57M
EPS (Diluted)+	1.65	0.84	0.58	1.51	1.85	2.04	2.94	3.76	2.25	3.15
EPS Growth %	2.44%	-0.49%	-0.31%	1.6%	0.23%	0.1%	0.44%	0.28%	-0.4%	0.4%
EPS (Basic)	1.65	0.84	0.58	1.51	1.85	2.04	2.95	3.77	2.25	3.15
Diluted Shares Outstanding	6.25M	6.26M	6.93M	7.08M	7.1M	7.01M	6.72M	6.66M	6.7M	6.54M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	52.14M	63.31M	83.75M	23.54M	49.98M	149.43M	115.72M	74.31M	49.75M	78.33M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.14B	1.12B	1.12B	1.23B	1.26B	1.45B	1.48B	1.63B	1.7B	1.73B
Investments Growth %	-0.01%	-0.02%	0%	0.09%	0.03%	0.15%	0.02%	0.1%	0.05%	0.02%
Long-Term Investments	972.66M	979.18M	976.18M	1.09B	1.13B	1.22B	1.19B	1.5B	1.6B	1.66B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	11M	11M	11M	11M	11M	11M	12.05M	12.43M	11M	11M
Intangible Assets	0	0	0	0	0	0	0	0	1.1M	769K
PP&E (Net)	25.2M	27.16M	30.88M	37.85M	41.37M	39.27M	36.94M	36.85M	32.83M	31.29M
Other Assets	52.94M	57.09M	57.5M	55.31M	51.99M	63.76M	64.26M	81.69M	91.8M	101.2M
Total Current Assets	241.87M	224.43M	251.66M	181.63M	197.35M	390M	415.96M	206.25M	154.41M	157.41M
Total Non-Current Assets	1.08B	1.09B	1.08B	1.2B	1.24B	1.34B	1.31B	1.64B	1.75B	1.82B
Total Assets+	1.32B	1.32B	1.34B	1.38B	1.44B	1.73B	1.73B	1.85B	1.91B	1.97B
Asset Growth %	-0.01%	-0%	0.02%	0.03%	0.04%	0.2%	-0%	0.07%	0.03%	0.04%
Return on Assets (ROA)	0.01%	0.01%	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Accounts Payable	20.53M	22.53M	18.92M	19.89M	20.23M	16.74M	15.79M	151K	612K	489K
Total Debt+	183.37M	167.74M	169.77M	178.64M	152.9M	153.05M	91.39M	97.87M	157.9M	187.72M
Net Debt	131.22M	104.43M	86.02M	155.09M	102.92M	3.62M	-24.33M	23.55M	108.15M	109.39M
Long-Term Debt	147.54M	131.74M	120.93M	100.93M	100.93M	100.93M	30.93M	30.93M	110.93M	120.93M
Short-Term Debt	35.83M	36M	48.84M	77.71M	48.73M	49.16M	57.7M	64.56M	45.42M	65.41M
Other Liabilities	0	0	0	19.89M	20.23M	10.21M	11.39M	26.58M	33.78M	29.75M
Total Current Liabilities	1.06B	1.07B	1.11B	1.15B	1.19B	1.49B	1.54B	1.64B	1.6B	1.64B
Total Non-Current Liabilities	147.54M	131.74M	120.93M	120.82M	124.4M	114.1M	45.08M	59.88M	146.26M	152.06M
Total Liabilities	1.2B	1.2B	1.23B	1.27B	1.32B	1.6B	1.59B	1.7B	1.74B	1.79B
Total Equity+	120.77M	113.7M	108.39M	117.07M	125.94M	131.05M	141.9M	151.79M	161.87M	179.29M
Equity Growth %	0.11%	-0.06%	-0.05%	0.08%	0.08%	0.04%	0.08%	0.07%	0.07%	0.11%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.06%	0.05%	0.09%	0.11%	0.11%	0.14%	0.17%	0.1%	0.12%
Book Value per Share	19.33	18.15	15.64	16.54	17.74	18.69	21.13	22.79	24.16	27.42
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	63K	63K	71K	71K	71K	70K	66K	67K	66K	65K
Additional Paid-in Capital	21.99M	22.18M	31.55M	31.92M	32.36M	30.15M	23.66M	24.41M	23.73M	20.48M
Retained Earnings	87.67M	92.92M	101.36M	109.48M	119.48M	129.69M	145.49M	166.34M	173.9M	189M
Accumulated OCI	-18.94M	-21.46M	-24.59M	-24.4M	-25.97M	-28.86M	-27.31M	-39.03M	-35.83M	-30.25M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	30M	20M	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	22.2M	11.49M	12.92M	18.29M	16.39M	16.17M	20.02M	26.54M	22.47M	22.28M
Operating CF Growth %	4.71%	-0.48%	0.12%	0.42%	-0.1%	-0.01%	0.24%	0.33%	-0.15%	-0.01%
Net Income	12.99M	7.28M	5.27M	10.67M	13.13M	13.84M	19.77M	25.05M	15.06M	20.57M
Depreciation & Amortization	1.77M	1.69M	1.9M	2.44M	3.39M	3.55M	3.43M	3.65M	4.92M	3.79M
Deferred Taxes	3.85M	2.12M	9.26M	1.34M	953K	527K	550K	595K	-889K	-825K
Other Non-Cash Items	314K	1.29M	632K	1.42M	-2.25M	-278K	-2.87M	-3.19M	1.56M	24K
Working Capital Changes	3.08M	-1.08M	-4.32M	2.18M	897K	-1.82M	-1.33M	-89K	1.3M	-1.76M
Cash from Investing+	18.76M	11.89M	-7.66M	-113.71M	-32.52M	-191.28M	-28.43M	-172.4M	-81.71M	-38.44M
Purchase of Investments	-51.35M	-65.67M	-44.78M	-10.57M	-47.51M	-205.74M	-134.14M	-73.34M	-3.99M	-11.22M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	-600K	0	0
Other Investing	-38.66M	-20.02M	-333K	-113.3M	-37.58M	-119.74M	26.72M	-126.42M	-131.22M	-77.8M
Cash from Financing+	-24.27M	-12.22M	15.17M	35.21M	42.57M	274.56M	-25.31M	104.46M	34.68M	44.73M
Dividends Paid	-2.7M	-2.02M	-1.22M	-1.91M	-3.13M	-3.65M	-3.89M	-3.99M	-5.22M	-5.37M
Share Repurchases	0	-10M	0	0	0	-2.75M	-7.18M	0	-1.5M	-4.03M
Stock Issued	1K	0	9.19M	119K	170K	198K	215K	217K	293K	290K
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	-1000K	432K	-1000K	1000K	1000K	1000K
Other Financing	17.47M	15.44M	25.16M	28.26M	74.5M	280.33M	47.01M	101.36M	-19.76M	23.85M
Net Change in Cash+	16.69M	11.17M	20.44M	-60.21M	26.44M	99.45M	-33.71M	-41.41M	-24.56M	28.57M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	35.45M	52.14M	63.31M	83.75M	23.54M	49.98M	149.43M	115.72M	74.31M	49.75M
Cash at End	52.14M	63.31M	83.75M	23.54M	49.98M	149.43M	115.72M	74.31M	49.75M	78.33M
Interest Paid	9.81M	8.32M	7.3M	8.11M	11.48M	9.76M	5.97M	4.78M	23.82M	32.14M
Income Taxes Paid	125K	540K	175K	530K	1.01M	1.21M	5.66M	7.51M	6.13M	5.38M
Free Cash Flow+	20.83M	7.57M	6.36M	8.81M	12.42M	14.56M	18.89M	22.97M	22.12M	20.36M
FCF Growth %	5.58%	-0.64%	-0.16%	0.38%	0.41%	0.17%	0.3%	0.22%	-0.04%	-0.08%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.31%	6.21%	4.75%	9.46%	10.81%	10.77%	14.49%	17.06%	9.6%	12.06%
Return on Assets (ROA)	0.98%	0.55%	0.4%	0.78%	0.93%	0.87%	1.14%	1.4%	0.8%	1.06%
Net Interest Margin	2.69%	2.86%	2.95%	3.19%	3.21%	2.8%	3.04%	3.12%	2.98%	3.04%
Efficiency Ratio	49.68%	64.63%	63.91%	64.98%	60.76%	57.3%	60.3%	53.58%	52.58%	44.4%
Equity / Assets	9.13%	8.63%	8.08%	8.46%	8.73%	7.56%	8.2%	8.21%	8.49%	9.09%
Book Value / Share	19.33	18.15	15.64	16.54	17.74	18.69	21.13	22.79	24.16	27.42
NII Growth	0.31%	5.66%	5.15%	11.63%	5%	4.65%	8.23%	9.69%	-1.32%	5.47%
Dividend Payout	-	-	-	17.92%	23.8%	26.34%	19.68%	15.91%	34.64%	26.12%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Trust Department	7.15M	7.45M	8.65M	8.24M	8.28M	9.09M
Trust Department Growth	-	4.17%	16.17%	-4.69%	0.46%	9.80%
Debit Card Income	2.71M	2.9M	3.64M	3.96M	4.1M	4.07M
Debit Card Income Growth	-	7.24%	25.57%	8.62%	3.61%	-0.88%
Service Charges on Deposit Accounts	-	-	1.77M	1.98M	2.2M	2.22M
Service Charges on Deposit Accounts Growth	-	-	-	11.86%	10.95%	1.00%
Brokerage Commissions	919K	1M	1.08M	1.05M	1.16M	1.45M
Brokerage Commissions Growth	-	9.25%	7.77%	-3.05%	10.58%	24.91%
Other Service Charges	-	-	909K	925K	929K	887K
Other Service Charges Growth	-	-	-	1.76%	0.43%	-4.52%
Service Charges	2.19M	1.93M	-	-	-	-
Service Charges Growth	-	-12.00%	-	-	-	-

Frequently Asked Questions

Valuation & Price

First United Corporation (FUNC) has a price-to-earnings (P/E) ratio of 12.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

First United Corporation (FUNC) grew revenue by 16.9% over the past year. This is strong growth.

Yes, First United Corporation (FUNC) is profitable, generating $24.9M in net income for fiscal year 2024 (18.4% net margin).

Dividend & Returns

Yes, First United Corporation (FUNC) pays a dividend with a yield of 2.08%. This makes it attractive for income-focused investors.

First United Corporation (FUNC) has a return on equity (ROE) of 12.1%. This is reasonable for most industries.

Industry Metrics

First United Corporation (FUNC) has a net interest margin (NIM) of 3.0%. This indicates healthy earnings from lending activities.

First United Corporation (FUNC) has an efficiency ratio of 44.4%. This is excellent, indicating strong cost control.

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