The bank has strengthened its capital base through earnings retention, growing total equity to $205.3 million in 2026Q1 while maintaining a conservative equity-to-assets ratio of 0.10.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 733.94M | 151.66M | 149.94M | 146.92M | 200.2M | 402.49M | 376.32M | 181.28M | 161.18M | 230.22M | 203.31M | 222.37M | 256.57M | 379.65M | 306.34M | 310.13M | 299.31M | 189.67M | 19.3M | 25.8M | 25.79M | 29.61M | 26.01M | 21.75M | 24.45M | 23.99M | 36.05M | 41.7M | 13.6M | 17.6M | 16.3M |
| Cash & Due from Banks | 89.85M | 131.61M | 78.33M | 49.75M | 74.31M | 115.72M | 149.43M | 49.98M | 23.54M | 83.75M | 63.31M | 52.14M | 35.45M | 43.06M | 83.07M | 65.11M | 299.31M | 189.67M | 19.3M | 25.8M | 25.79M | 29.61M | 26.01M | 21.75M | 24.45M | 23.99M | 36.05M | 41.7M | 13.6M | 17.6M | 16.3M |
| Short Term Investments | 282.71M | 20.04M | 71.61M | 97.17M | 125.89M | 286.77M | 226.88M | 131.31M | 137.64M | 146.47M | 140M | 170.23M | 221.12M | 336.59M | 223.27M | 245.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.79B | 1.53B | 1.73B | 1.7B | 1.63B | 1.48B | 1.45B | 1.26B | 1.23B | 1.12B | 1.12B | 1.14B | 1.16B | 1.14B | 1.09B | 1.16B | 1.22B | 1.38B | 1.47B | 1.34B | 1.22B | 1.18B | 1.12B | 1.01B | 884.15M | 738.03M | 768.36M | 720.6M | 606.4M | 533.3M | 490.7M |
| Investments Growth % | -30.31% | -11.98% | 1.89% | 4.58% | 9.84% | 2.23% | 14.56% | 2.97% | 9.36% | 0.31% | -2.08% | -1.35% | 1.88% | 4.7% | -6.71% | -4.36% | -11.51% | -6.73% | 9.99% | 9.87% | 3.02% | 6.22% | 10.46% | 14.2% | 19.8% | -3.95% | 6.63% | 18.83% | 13.71% | 8.68% | 7.92% |
| Long-Term Investments | 5.99B | 1.51B | 1.66B | 1.6B | 1.5B | 1.19B | 1.22B | 1.13B | 1.09B | 976.18M | 979.18M | 972.66M | 937.38M | 800.55M | 862.82M | 919.21M | 1.22B | 1.38B | 1.47B | 1.34B | 1.22B | 1.18B | 1.12B | 1.01B | 884.15M | 738.03M | 768.36M | 720.6M | 606.4M | 533.3M | 490.7M |
| Accounts Receivables | 36.99M | 7.9M | 7.47M | 7.49M | 6.05M | 4.82M | 6.24M | 16.06M | 20.45M | 21.43M | 21.11M | 19.5M | 21.85M | 28.83M | 25.01M | 28.71M | 44.86M | 51.56M | 24.32M | 27.37M | 21.2M | 22.81M | 18.95M | 36.11M | 31.84M | 34.69M | 20.94M | 20.7M | 12M | 8.9M | 7.4M |
| Goodwill & Intangibles | 11.36M | 11.44M | 11.77M | 12.1M | 12.43M | 12.05M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 14.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 11.36M | 11.44M | 11M | 11M | 12.43M | 12.05M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 11M | 12.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 769K | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 30.02M | 30.68M | 31.29M | 32.83M | 36.85M | 36.94M | 39.27M | 41.37M | 37.85M | 30.88M | 27.16M | 25.2M | 25.63M | 26.91M | 29.45M | 30.83M | 32.95M | 31.72M | 31.12M | 31.41M | 29.85M | 27.05M | 23.52M | 16.6M | 13.16M | 11.53M | 10.83M | 9.8M | 9.1M | 9.3M | 9.3M |
| Other Assets | 72.18M | 371.76M | 101.2M | 91.8M | 81.69M | 64.26M | 63.76M | 51.99M | 55.31M | 57.5M | 57.09M | 52.94M | 53.96M | 57.9M | 57.27M | 58.84M | 60.93M | 50.84M | 43.68M | 38.9M | 37.55M | 32.29M | 32.95M | 8.66M | 0 | 9.88M | 11.4M | 500K | 0 | -100K | -100K |
| Total Current Assets | 409.68M | 159.56M | 157.41M | 154.41M | 206.25M | 415.96M | 390M | 197.35M | 181.63M | 251.66M | 224.43M | 241.87M | 278.42M | 408.48M | 331.35M | 338.85M | 344.17M | 241.23M | 43.62M | 53.17M | 46.98M | 52.42M | 44.96M | 57.85M | 56.28M | 58.69M | 57M | 62.4M | 25.6M | 26.5M | 23.7M |
| Total Non-Current Assets | 1.63B | 1.93B | 1.82B | 1.75B | 1.64B | 1.31B | 1.34B | 1.24B | 1.2B | 1.08B | 1.09B | 1.08B | 1.05B | 925.56M | 989.43M | 1.05B | 1.35B | 1.5B | 1.6B | 1.43B | 1.3B | 1.26B | 1.19B | 1.05B | 898.1M | 759.43M | 790.59M | 730.9M | 615.5M | 542.5M | 499.9M |
| Total Assets | 2.04B | 2.09B | 1.97B | 1.91B | 1.85B | 1.73B | 1.73B | 1.44B | 1.38B | 1.34B | 1.32B | 1.32B | 1.33B | 1.33B | 1.32B | 1.39B | 1.7B | 1.74B | 1.64B | 1.48B | 1.35B | 1.31B | 1.23B | 1.11B | 954.39M | 818.11M | 847.59M | 793.3M | 641.1M | 569M | 523.6M |
| Asset Growth % | 21.85% | 5.8% | 3.52% | 3.12% | 6.84% | -0.21% | 20.13% | 4.22% | 3.26% | 1.72% | -0.4% | -0.66% | -0.09% | 0.96% | -5.04% | -18.01% | -2.72% | 6.39% | 10.83% | 9.6% | 2.92% | 6.42% | 11.16% | 16.12% | 16.66% | -3.48% | 6.84% | 23.74% | 12.67% | 8.67% | 7.47% |
| Return on Assets (ROA) | 1.24% | 1.21% | 1.06% | 0.8% | 1.4% | 1.14% | 0.87% | 0.93% | 0.78% | 0.4% | 0.55% | 0.98% | 0.42% | 0.49% | 0.34% | 0.23% | -0.59% | -0.67% | 0.57% | 0.9% | 0.95% | 0.96% | 0.65% | 1.04% | 1.09% | 1.1% | 1.01% | 1.12% | 1.22% | 1.21% | 1.29% |
| Accounts Payable | 0 | 953K | 489K | 612K | 151K | 15.79M | 16.74M | 20.23M | 19.89M | 18.92M | 22.53M | 20.53M | 19.57M | 28.41M | 23M | 22.51M | 0 | 0 | 14.53M | 12.89M | 14.2M | 11.62M | 8.09M | 9.22M | 9.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 51.61M | 114.77M | 187.72M | 157.9M | 97.87M | 91.39M | 153.05M | 152.9M | 178.64M | 169.77M | 167.74M | 183.37M | 222.41M | 226.35M | 221.99M | 280.78M | 282.24M | 318.11M | 327.9M | 267.38M | 265.71M | 250.31M | 285.65M | 263.57M | 468.63M | 120.1M | 122M | 127M | 64.6M | 6.2M | 8M |
| Net Debt | -38.23M | -16.84M | 109.39M | 108.15M | 23.55M | -24.33M | 3.62M | 102.92M | 155.09M | 86.02M | 104.43M | 131.22M | 186.96M | 183.28M | 138.92M | 215.67M | -17.07M | 128.44M | 308.59M | 241.57M | 239.92M | 220.7M | 259.63M | 241.83M | 444.18M | 96.11M | 85.94M | 85.3M | 51M | -11.4M | -8.3M |
| Long-Term Debt | 30.93M | 95.93M | 120.93M | 110.93M | 30.93M | 30.93M | 100.93M | 100.93M | 100.93M | 120.93M | 131.74M | 147.54M | 182.61M | 182.67M | 182.74M | 207.04M | 243.1M | 270.54M | 277.4M | 178.45M | 166.33M | 128.37M | 175.41M | 191.74M | 198.77M | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 19.59M | 17.66M | 65.41M | 45.42M | 64.56M | 57.7M | 49.16M | 48.73M | 77.71M | 48.84M | 36M | 35.83M | 39.8M | 43.68M | 39.26M | 73.74M | 39.14M | 47.56M | 50.49M | 88.92M | 99.38M | 121.94M | 110.23M | 71.84M | 269.86M | 120.1M | 122M | 127M | 64.6M | 6.2M | 8M |
| Other Liabilities | 31.43M | 31.26M | 29.75M | 33.78M | 26.58M | 11.39M | 10.21M | 20.23M | 19.89M | 0 | 0 | 0 | 0 | 0 | 0 | -36.87M | 16.92M | 675K | -13.43M | 1.23M | 1.17M | 1.16M | 1.13M | 1.09M | -213.2M | 9.13M | 9.11M | 8.6M | 5.5M | 5.1M | 5.4M |
| Total Current Liabilities | 1.77B | 1.76B | 1.64B | 1.6B | 1.64B | 1.54B | 1.49B | 1.19B | 1.15B | 1.11B | 1.07B | 1.06B | 1.04B | 1.05B | 1.04B | 1.12B | 1.34B | 1.37B | 1.3B | 1.19B | 1.08B | 1.09B | 968.98M | 831.22M | 889.53M | 737.9M | 772.97M | 726.6M | 577.1M | 507.2M | 461.4M |
| Total Non-Current Liabilities | 63.46M | 128.37M | 152.06M | 146.26M | 59.88M | 45.08M | 114.1M | 124.4M | 120.82M | 120.93M | 131.74M | 147.54M | 182.61M | 182.67M | 182.74M | 170.18M | 260.02M | 271.22M | 263.97M | 179.69M | 167.5M | 129.54M | 176.54M | 192.83M | -14.43M | 9.13M | 9.11M | 8.6M | 5.5M | 5.1M | 5.4M |
| Total Liabilities | 1.83B | 1.88B | 1.79B | 1.74B | 1.7B | 1.59B | 1.6B | 1.32B | 1.27B | 1.23B | 1.2B | 1.2B | 1.22B | 1.23B | 1.22B | 1.29B | 1.6B | 1.64B | 1.57B | 1.37B | 1.25B | 1.22B | 1.15B | 1.02B | 875.11M | 747.04M | 782.08M | 735.2M | 582.6M | 512.3M | 466.8M |
| Total Equity | 205.26M | 203.63M | 179.29M | 161.87M | 151.79M | 141.9M | 131.05M | 125.94M | 117.07M | 108.39M | 113.7M | 120.77M | 109M | 101.34M | 98.91M | 96.66M | 95.64M | 100.57M | 72.69M | 104.67M | 96.86M | 92.04M | 86.36M | 84.19M | 79.28M | 71.08M | 65.51M | 58.1M | 58.5M | 56.7M | 56.8M |
| Equity Growth % | 56.18% | 13.57% | 10.76% | 6.64% | 6.97% | 8.28% | 4.06% | 7.58% | 8% | -4.67% | -5.86% | 10.8% | 7.56% | 2.46% | 2.33% | 1.06% | -4.9% | 38.35% | -30.55% | 8.06% | 5.23% | 6.58% | 2.57% | 6.19% | 11.55% | 8.49% | 12.76% | -0.68% | 3.17% | -0.18% | 2.34% |
| Equity / Assets (Capital Ratio) | 10.07% | 9.76% | 9.09% | 8.49% | 8.21% | 8.2% | 7.56% | 8.73% | 8.46% | 8.08% | 8.63% | 9.13% | 8.18% | 7.6% | 7.49% | 6.95% | 5.64% | 5.77% | 4.43% | 7.08% | 7.18% | 7.02% | 7.01% | 7.6% | 8.31% | 8.69% | 7.73% | 7.32% | 9.12% | 9.96% | 10.85% |
| Return on Equity (ROE) | 12.7% | 12.8% | 12.06% | 9.6% | 17.06% | 14.49% | 10.77% | 10.81% | 9.46% | 4.75% | 6.21% | 11.31% | 5.32% | 6.47% | 4.77% | 3.77% | -10.39% | -13.07% | 10% | 12.7% | 13.32% | 13.62% | 8.94% | 13.15% | 12.84% | 13.43% | 13.45% | 13.72% | 12.85% | 11.63% | 11.58% |
| Book Value per Share | 31.61 | 31.31 | 27.42 | 24.16 | 22.79 | 21.13 | 18.69 | 17.74 | 16.54 | 15.64 | 18.15 | 19.33 | 17.38 | 16.20 | 15.85 | 15.53 | 15.42 | 16.30 | 11.77 | 16.89 | 15.68 | 14.96 | 14.08 | 13.76 | 12.96 | 11.62 | 10.69 | 9.35 | 9.31 | 8.86 | 8.67 |
| Tangible BV per Share | 29.86 | 29.55 | 25.61 | 22.35 | 20.92 | 19.33 | 17.12 | 16.19 | 14.98 | 14.05 | 16.39 | 17.57 | 15.63 | 14.44 | 14.08 | 13.21 | 15.42 | 16.30 | 11.77 | 16.89 | 15.68 | 14.96 | 14.08 | 13.76 | 12.96 | 11.62 | 10.69 | 9.35 | 9.31 | 8.86 | 8.67 |
| Common Stock | 64K | 65K | 65K | 66K | 67K | 66K | 70K | 71K | 71K | 71K | 63K | 63K | 62K | 62K | 62K | 62K | 62K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 100K | 0 | 0 | 0 |
| Additional Paid-in Capital | 19.36M | 21.55M | 20.48M | 23.73M | 24.41M | 23.66M | 30.15M | 32.36M | 31.92M | 31.55M | 22.18M | 21.99M | 21.8M | 21.66M | 21.57M | 21.5M | 21.42M | 21.3M | 20.52M | 21.4M | 21.45M | 20.95M | 20.45M | 20.32M | 20.2M | 20.2M | 20.2M | 20.3M | 0 | 0 | 0 |
| Retained Earnings | 212.25M | 207.28M | 189M | 173.9M | 166.34M | 145.49M | 129.69M | 119.48M | 109.48M | 101.36M | 92.92M | 87.67M | 77.38M | 73.84M | 69.17M | 66.2M | 64.18M | 76.12M | 93.09M | 88.86M | 80.93M | 73.01M | 65.41M | 62.2M | 55.74M | 50.25M | 45.13M | 40.7M | 36.6M | 32.9M | 29.9M |
| Accumulated OCI | -26.42M | -25.27M | -30.25M | -35.83M | -39.03M | -27.31M | -28.86M | -25.97M | -24.4M | -24.59M | -21.46M | -18.94M | -20.23M | -24.21M | -21.82M | -20.96M | -19.82M | -26.66M | -40.98M | -5.66M | -5.58M | -1.98M | 437K | 1.6M | 3.28M | 562K | 119K | -3M | 500K | 300K | 200K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 30M | 30M | 29.99M | 29.93M | 29.86M | 29.8M | 29.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Deposit beta and liquidity
As reported in recent financial statements, First United Corporation has grown its total assets from $1.9 billion in 2024Q1 to $2.0 billion by 2026Q1, a trend largely supported by the expansion of its investment securities portfolio rather than aggressive, high-risk loan book growth.
The reliance on securities to drive asset growth suggests a conservative management posture that prioritizes liquidity over aggressive credit expansion. This strategy appears to insulate the balance sheet from immediate credit cycle volatility, though it may limit the potential for significant net interest margin expansion in the near term.
Based on the company's quarterly filings, equity has steadily increased from $165.5 million in 2024Q1 to $205.3 million in 2026Q1, reflecting a consistent ability to retain earnings that bolsters the bank's capital position against potential macro-economic headwinds in its core operating regions.
The steady rise in equity relative to total assets suggests that the bank is effectively managing its capital buffers, providing a cushion for potential loan losses. Investors should monitor whether this capital accumulation continues to support dividend stability or if it signals a need for future balance sheet optimization.
According to the provided balance sheet data, cash and cash equivalents fluctuated between $45.1 million and $131.6 million over the last ten quarters, indicating that the institution maintains a flexible liquidity position to meet short-term obligations while managing its broader investment securities portfolio.
The bank's ability to maintain this liquidity profile while simultaneously growing its asset base suggests a disciplined approach to funding. This liquidity management appears to be a key component of the bank's stability, particularly given the competitive pressures in its rural and suburban deposit markets.
As evidenced by the $1.8 billion investment securities portfolio reported in 2026Q1, the bank holds a significant portion of its assets in securities, which may expose the balance sheet to unrealized losses if interest rates remain elevated for an extended period of time.
While the securities portfolio provides a stable income stream, the concentration of assets in this category warrants further investigation into the duration and interest rate sensitivity of these holdings. A prolonged high-rate environment could potentially pressure the bank's tangible book value if these securities are not held to maturity.
Quick answers to the most common questions about buying FUNC stock.
As of 2025, First United Corporation (FUNC) had total assets of $2.09B including $159.6M in current assets.
First United Corporation (FUNC) carries total debt of $114.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
First United Corporation (FUNC) has total shareholders' equity (book value) of $203.6M ($31.31 book value per share). Book value represents the net worth of the company belonging to common stock holders.
First United Corporation (FUNC) reported a current ratio of 0.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.