Capital allocation remains disciplined with $1.7 million in quarterly dividends and $2.2 million in share buybacks during 2026Q1, supported by a robust cash flow from operations of $13.9 million.
| 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 from Operations | 26.33M | 19.37M | 22.28M | 22.47M | 26.54M | 20.02M | 16.17M | 16.39M | 18.29M | 12.92M | 11.49M | 22.2M | 3.89M | 18.68M | 15.21M | 63.04M | 142.64M | 3.95M | 17.44M | 14.48M | 13.1M | 46.71M | 8.18M | 10.39M | 12.72M | -636K | 12.42M | 5.6M | 7.5M | 7.2M | 10.3M |
| Operating CF Growth % | -12.84% | -13.05% | -0.84% | -15.34% | 32.58% | 23.82% | -1.35% | -10.41% | 41.55% | 12.45% | -48.23% | 471.11% | -79.19% | 22.83% | -75.88% | -55.81% | 3514.88% | -77.38% | 20.42% | 10.61% | -71.96% | 471.28% | -21.3% | -18.33% | 2100% | -105.12% | 121.84% | -25.33% | 4.17% | -30.1% | 74.58% |
| Net Income | 25.37M | 24.52M | 20.57M | 15.06M | 25.05M | 19.77M | 13.84M | 13.13M | 10.67M | 5.27M | 7.28M | 12.99M | 5.6M | 6.45M | 4.66M | 3.63M | -10.2M | -11.32M | 8.87M | 12.79M | 12.58M | 12.15M | 7.63M | 10.75M | 9.65M | 9.17M | 8.31M | 8M | 7.4M | 6.6M | 6.5M |
| Depreciation & Amortization | 3.26M | 2.87M | 3.79M | 4.92M | 3.65M | 3.43M | 3.55M | 3.39M | 2.44M | 1.9M | 1.69M | 1.77M | 1.94M | 2.04M | 1.99M | 2.62M | 3.25M | 3.8M | 3.52M | 3.24M | 2.99M | 3.56M | 4.03M | 4.27M | 1.75M | 1.57M | 1.53M | 1.4M | 1.8M | 1.3M | 1.6M |
| Deferred Taxes | -544K | -576K | -825K | -889K | 595K | 550K | 527K | 953K | 1.34M | 9.26M | 2.12M | 3.85M | 636K | 1.29M | 400K | -1.54M | -1.84M | -9.04M | -3.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 8.15M | 2.79M | 24K | 1.56M | -3.19M | -2.87M | -278K | -2.25M | 1.42M | 632K | 1.29M | 314K | 1.66M | 3.04M | 7.33M | 42.62M | 147.22M | 41.47M | 13.7M | 2.95M | 488K | 31.32M | 1.21M | -1.11M | 877K | 2.35M | 2.32M | 2M | 900K | 900K | 800K |
| Working Capital Changes | -10.51M | -10.98M | -1.76M | 1.3M | -89K | -1.33M | -1.82M | 897K | 2.18M | -4.32M | -1.08M | 3.08M | -6.07M | 5.77M | 743K | 15.63M | 4.14M | -20.94M | -5.66M | -4.49M | -2.96M | -325K | -4.68M | -3.52M | 440K | -13.72M | 258K | -5.8M | -2.6M | -1.6M | 1.4M |
| Cash from Investing | -49.21M | -48.01M | -38.44M | -81.71M | -172.4M | -28.43M | -191.28M | -32.52M | -113.71M | -7.66M | 11.89M | 18.76M | -2.38M | -63.56M | 75.58M | 14.95M | 7.97M | 70.53M | -208.81M | -131.67M | -41.14M | -112.06M | -122.61M | -22.22M | -150.29M | 45.53M | -49.44M | -142.4M | -75.4M | -44.7M | -38.1M |
| Purchase of Investments | -28.38M | -25.64M | -11.22M | -3.99M | -73.34M | -134.14M | -205.74M | -47.51M | -10.57M | -44.78M | -65.67M | -51.35M | -160.5M | -205.08M | -98.79M | -178.33M | -201.41M | -81.87M | -232.81M | -163.49M | -89.57M | -139.12M | -129.91M | -277.59M | -160.81M | -235.84M | -210.98M | -264.5M | -71.2M | -65.3M | -78.5M |
| Sale/Maturity of Investments | 25.3M | 21.83M | 52.51M | 53.86M | 31.53M | 80.12M | 135.8M | 56.55M | 19.63M | 44.02M | 101.5M | 110.14M | 188.59M | 80.53M | 116.78M | 164.71M | 128.16M | 156.35M | 130.23M | 116.8M | 59.28M | 116.19M | 141.26M | 266.24M | 74.57M | 278.42M | 211.14M | 185.5M | 65.3M | 81M | 64.3M |
| Net Investment Activity | -3.08M | -3.81M | 41.29M | 49.87M | -41.8M | -54.02M | -69.94M | 9.04M | 9.07M | -762K | 35.83M | 58.79M | 28.09M | -124.56M | 18M | -13.62M | -73.25M | 74.48M | -102.58M | -46.69M | -30.29M | -22.92M | 11.35M | -11.35M | -86.24M | 42.58M | 160K | -79M | -5.9M | 15.7M | -14.2M |
| Acquisitions | 0 | 0 | 0 | 0 | -600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.45M | -680K | 0 | 0 | 0 | 66.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -42.13M | -40.23M | -77.8M | -131.22M | -126.42M | 26.72M | -119.74M | -37.58M | -113.3M | -333K | -20.02M | -38.66M | -29.75M | 61.94M | 58.86M | 28.8M | 85.08M | -507K | -101.23M | -80.17M | -5.57M | -83.6M | -124.66M | -72.72M | -60.67M | 5.24M | -46.98M | -61.2M | -68.1M | -59M | -22.9M |
| Cash from Financing | 28.3M | 81.92M | 44.73M | 34.68M | 104.46M | -25.31M | 274.56M | 42.57M | 35.21M | 15.17M | -12.22M | -24.27M | -9.12M | 4.88M | -72.82M | -312.19M | -40.27M | 95.89M | 184.87M | 118.18M | 26.76M | 65.81M | 118.32M | 13.87M | 123.11M | -39.12M | 42.44M | 144.6M | 63.9M | 38.9M | 28.1M |
| Dividends Paid | -6.23M | -5.97M | -5.37M | -5.22M | -3.99M | -3.89M | -3.65M | -3.13M | -1.91M | -1.22M | -2.02M | -2.7M | -9.1M | 0 | 0 | 0 | -1.93M | -6.08M | -4.77M | -4.8M | -4.66M | -4.54M | -4.38M | -4.26M | -4.14M | -4.01M | -3.9M | -3.8M | -3.8M | -3.6M | -4.2M |
| Share Repurchases | -2.17M | 0 | -4.03M | -1.5M | 0 | -7.18M | -2.75M | 0 | 0 | 0 | -10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.39M | -524K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 329K | 315K | 290K | 293K | 217K | 215K | 198K | 170K | 119K | 9.19M | 0 | 1K | 0 | 0 | 0 | 0 | 48K | 488K | 362K | 0 | 502K | 493K | 129K | 125K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -1.84M | 315K | -3.74M | -1.2M | 217K | -6.96M | -2.56M | 170K | 119K | 9.19M | -10M | 1K | 0 | 0 | 0 | 0 | 48K | 488K | -1.03M | -524K | 502K | 493K | 129K | 125K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | 1000K | 1000K | 1000K | -1000K | 432K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K |
| Other Financing | 127.13M | 160.32M | 23.85M | -19.76M | 101.36M | 47.01M | 280.33M | 74.5M | 28.26M | 25.16M | 15.44M | 17.47M | 3.92M | 519K | -50.9M | -273.86M | -10.94M | 81.28M | 96.34M | 121.36M | 15.53M | 105.19M | 100.5M | 8.8M | 33.09M | -33.21M | 51.41M | 87.1M | 11.4M | 47.5M | 28.3M |
| Net Change in Cash | 5.42M | 53.28M | 28.57M | -24.56M | -41.41M | -33.71M | 99.45M | 26.44M | -60.21M | 20.44M | 11.17M | 16.69M | -7.61M | -40.01M | 17.96M | -234.21M | 109.64M | 170.37M | -6.5M | 991K | -1.28M | 451K | 3.89M | 2.03M | -14.46M | 5.78M | 5.43M | 7.9M | -17.6M | -16.2M | -16M |
| Exchange Rate Effect | 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 | 100K | -13.6M | -17.6M | -16.3M |
| Cash at Beginning | 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 | 23.32M | 24.61M | 24.16M | 20.27M | 18.24M | 32.7M | 26.92M | 21.49M | 13.6M | 17.6M | 16.2M | 16M |
| Cash at End | 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 | 24.32M | 23.32M | 24.61M | 24.16M | 20.27M | 18.24M | 32.7M | 26.92M | 21.5M | 0 | 0 | 0 |
| Interest Paid | 34.03M | 34.18M | 32.14M | 23.82M | 4.78M | 5.97M | 9.76M | 11.48M | 8.11M | 7.3M | 8.32M | 9.81M | 0 | 9.5M | 12.06M | 0 | 29.75M | 33.54M | 44.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 8.54M | 8.48M | 5.38M | 6.13M | 7.51M | 5.66M | 1.21M | 1.01M | 530K | 175K | 540K | 125K | 0 | 1.03M | 620K | 0 | 300K | 1.88M | 7.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 22.32M | 15.4M | 20.36M | 22.12M | 22.97M | 18.89M | 14.56M | 12.42M | 8.81M | 6.36M | 7.57M | 20.83M | 3.17M | 17.73M | 13.93M | 62.8M | 138.78M | 500K | 14.89M | 10.35M | 7.81M | 41.17M | -1.11M | 6.19M | 9.34M | -2.93M | 9.81M | 3.4M | 6.1M | 5.8M | 9.3M |
| FCF Growth % | -3.85% | -24.33% | -7.95% | -3.7% | 21.56% | 29.72% | 17.3% | 40.93% | 38.47% | -15.93% | -63.66% | 557.66% | -82.14% | 27.36% | -77.83% | -54.75% | 27656.2% | -96.64% | 43.89% | 32.54% | -81.03% | 3801.98% | -117.97% | -33.71% | 418.74% | -129.87% | 188.41% | -44.26% | 5.17% | -37.63% | 106.67% |
Indirect auto loan volatility
According to reported financial statements, First United Corporation has maintained consistent net income generation, with quarterly earnings reaching $6.7 million in 2026Q1, providing a stable foundation for organic capital growth despite the inherent volatility in operating cash flows typical of regional depository institutions during shifting interest rate cycles.
The bank's ability to generate steady net income suggests that its core trust and wealth management operations provide a necessary buffer against the cyclicality of its lending business. Investors should monitor whether this internal capital generation remains sufficient to support loan growth without necessitating external equity dilution.
Based on the provided cash flow data, the bank has transitioned from significant divestment activity in 2023Q4, where it realized $24.9 million in proceeds, to a more balanced reinvestment posture, with $6.6 million in purchases recorded during 2026Q1 as the institution manages its interest-earning asset duration.
The shift from heavy asset liquidation to more measured reinvestment suggests that management is attempting to stabilize the balance sheet against interest rate volatility. This activity warrants further investigation to determine if the bank is successfully locking in higher yields or merely replacing maturing securities at current market rates.
As reported in recent filings, First United Corporation has demonstrated a consistent commitment to shareholder returns, with quarterly dividend payments holding steady at approximately $1.7 million in early 2026, while opportunistic share buybacks of $2.2 million in 2026Q1 indicate a management preference for returning excess capital to investors.
The consistency of dividend payments appears to signal management's confidence in the sustainability of its fee-based revenue streams. However, the intermittent nature of share repurchases suggests that capital return remains secondary to maintaining regulatory capital buffers in a competitive regional banking environment.
Based on the company's reported figures, the provision for credit losses reached $879,000 in 2026Q1, reflecting a strategic effort to align reserve levels with the evolving risk profile of the indirect auto and commercial loan portfolios as macro-economic conditions for regional borrowers continue to show signs of stress.
The fluctuation in provisioning levels suggests that the bank is actively managing its credit risk rather than relying on static reserve models. Analysts should monitor whether these provisions remain adequate if the indirect auto loan segment experiences a sustained increase in charge-offs beyond current expectations.
Quick answers to the most common questions about buying FUNC stock.
First United Corporation (FUNC) generated $19.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
First United Corporation (FUNC) generated $15.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
First United Corporation (FUNC) spent $4.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, First United Corporation (FUNC) returned $6.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.