First United Corporation (FUNC) Income Statement

30Y historyFree accessUpdated daily

Net interest income grew about 42% from 2024Q1 to 2026Q3 and the efficiency ratio improved to 54.8%, though a $1.9M provision in 2026Q3 suggests rising credit cost pressure.

Annual statement

FUNC Income Statement

First United Corporation (FUNC) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

Net Interest Income	74.26M	68.11M	59.98M	56.87M	57.63M	52.54M	48.55M	46.39M	44.18M	39.58M	37.64M	35.63M	35.52M	38.18M	39.15M	38.29M	41.58M	53.24M	52.17M	44.23M	40.93M	40.34M	36.67M	34.1M	31.89M	29.85M	28.48M	27.7M	25.3M	24.4M	22.9M
NII Growth %	51.36%	13.56%	5.47%	-1.32%	9.69%	8.23%	4.65%	5%	11.63%	5.15%	5.66%	0.31%	-6.98%	-2.46%	2.24%	-7.92%	-21.89%	2.04%	17.95%	8.06%	1.46%	10.03%	7.52%	6.94%	6.83%	4.82%	2.81%	9.49%	3.69%	6.55%	1.33%
Net Interest Margin %	3.54%	3.26%	3.04%	2.98%	3.12%	3.04%	2.8%	3.21%	3.19%	2.95%	2.86%	2.69%	2.67%	2.86%	2.96%	2.75%	2.45%	3.05%	3.18%	2.99%	3.03%	3.08%	2.98%	3.08%	3.34%	3.65%	3.36%	3.49%	3.95%	4.29%	4.37%
Interest Income	105.01M	100.85M	91.99M	81.16M	62.42M	58.26M	58.2M	57.92M	52.29M	46.95M	45.86M	45.03M	46.39M	49.91M	53.11M	59.5M	70.75M	85.34M	95.22M	93.56M	80.27M	69.76M	60.68M	57.7M	57.59M	62.62M	63.15M	54.8M	47.2M	43.4M	39.3M
Interest Expense	30.75M	32.73M	32.02M	24.29M	4.79M	5.71M	9.65M	11.53M	8.11M	7.37M	8.22M	9.41M	10.87M	11.73M	13.96M	21.21M	29.16M	32.1M	43.04M	49.33M	39.34M	29.41M	24.02M	23.6M	25.7M	33.38M	35.04M	27.1M	21.9M	19M	16.4M
Loan Loss Provision	4.31M	2.74M	2.92M	1.57M	-627K	-817K	5.4M	1.32M	2.11M	2.53M	3.12M	1.05M	2.51M	380K	9.39M	9.16M	15.73M	15.59M	12.93M	2.31M	1.17M	1.08M	2.53M	833K	1.51M	2.93M	2.2M	2.3M	1.2M	900K	700K
Non-Interest Income	19.49M	18.33M	19.81M	14.45M	18.02M	20.36M	18.72M	16.79M	15.24M	14.34M	14.66M	14.44M	14.02M	13.39M	14.85M	16.43M	9.34M	15.8M	16.49M	15.09M	14.04M	14.09M	12.97M	11.87M	9.01M	9.92M	8.16M	7.4M	6.3M	6M	4.9M
Non-Interest Income %	20.79%	21.21%	24.83%	20.26%	23.82%	27.93%	27.83%	26.57%	25.65%	26.59%	28.03%	28.84%	28.3%	25.97%	27.5%	30.02%	18.34%	22.89%	24.02%	25.44%	25.54%	25.88%	26.13%	25.82%	22.02%	24.94%	22.27%	21.08%	19.94%	19.74%	17.63%
Total Net Revenue	93.75M	86.45M	79.79M	71.32M	75.65M	72.9M	67.26M	63.18M	59.42M	53.91M	52.3M	50.06M	49.53M	51.57M	54M	54.72M	50.92M	69.04M	68.67M	59.33M	54.98M	54.43M	49.64M	45.97M	40.9M	39.77M	36.63M	35.1M	31.6M	30.4M	27.8M
Revenue Growth %	8.79%	8.34%	11.87%	-5.72%	3.77%	8.38%	6.47%	6.32%	10.22%	3.08%	4.47%	1.07%	-3.95%	-4.49%	-1.31%	7.44%	-26.24%	0.54%	15.74%	7.91%	1%	9.66%	7.98%	12.4%	2.83%	8.56%	4.37%	11.08%	3.95%	9.35%	3.35%
Non-Interest Expense	56.09M	51.17M	49.64M	50.27M	43.1M	47.41M	44.07M	45.39M	43.88M	39.17M	39.12M	29.55M	40.15M	42.5M	39.03M	42.57M	53.41M	73.27M	43.3M	38.48M	35.49M	34.65M	35.97M	29.82M	26.04M	23.38M	22M	20.7M	19M	19.6M	17.5M
Efficiency Ratio	59.83%	59.19%	62.21%	70.48%	56.97%	65.03%	65.52%	71.85%	73.85%	72.65%	74.79%	59.02%	81.06%	82.4%	72.28%	77.8%	104.89%	106.13%	63.05%	64.85%	64.56%	63.67%	72.46%	64.87%	63.67%	58.79%	60.04%	58.97%	60.13%	64.47%	62.95%
Operating Income	33.35M	32.53M	27.23M	19.48M	33.18M	26.31M	17.79M	16.46M	13.43M	12.21M	10.06M	19.46M	6.87M	8.7M	5.58M	2.99M	-18.21M	-19.82M	12.44M	18.54M	18.32M	18.7M	11.13M	15.31M	13.35M	12.86M	12.07M	12.1M	11.4M	9.9M	9.6M
Operating Margin %	35.57%	37.63%	34.13%	27.31%	43.86%	36.09%	26.45%	26.06%	22.6%	22.65%	19.24%	38.88%	13.87%	16.86%	10.33%	5.47%	-35.77%	-28.71%	18.12%	31.25%	33.32%	34.35%	22.43%	33.32%	32.64%	32.33%	32.96%	34.47%	36.08%	32.57%	34.53%
Operating Income Growth %	-	19.47%	39.81%	-41.3%	26.12%	47.9%	8.04%	22.59%	9.96%	21.36%	-48.29%	183.4%	-21.03%	55.97%	86.43%	116.42%	8.1%	-259.27%	-32.88%	1.2%	-2.03%	67.94%	-27.3%	14.72%	3.83%	6.5%	-0.22%	6.14%	15.15%	3.13%	14.29%
Pretax Income	33.35M	32.53M	27.23M	19.48M	33.18M	26.31M	17.79M	16.46M	13.43M	12.21M	10.06M	19.46M	6.87M	8.7M	5.58M	2.99M	-18.21M	-19.82M	12.44M	18.54M	18.32M	18.7M	11.13M	15.31M	13.35M	12.86M	12.07M	12.1M	11.4M	9.9M	9.6M
Pretax Margin %	35.57%	37.63%	34.13%	27.31%	43.86%	36.09%	26.45%	26.06%	22.6%	22.65%	19.24%	38.88%	13.87%	16.86%	10.33%	5.47%	-35.77%	-28.71%	18.12%	31.25%	33.32%	34.35%	22.43%	33.32%	32.64%	32.33%	32.96%	34.47%	36.08%	32.57%	34.53%
Income Tax	8.06M	8.02M	6.66M	4.42M	8.13M	6.54M	3.95M	3.34M	2.76M	6.95M	2.78M	6.47M	1.27M	2.22M	913K	-635K	-8.02M	-8.5M	3.57M	5.75M	5.74M	6.55M	3.51M	4.57M	3.69M	3.69M	3.76M	4.1M	4M	3.3M	3.1M
Effective Tax Rate %	24.17%	24.65%	24.46%	22.67%	24.51%	24.85%	22.19%	20.26%	20.58%	56.86%	27.65%	33.26%	18.51%	25.55%	16.37%	-21.23%	44.02%	42.87%	28.71%	30.99%	31.35%	35.02%	31.5%	29.81%	27.68%	28.69%	31.16%	33.88%	35.09%	33.33%	32.29%
Net Income	25.29M	24.52M	20.57M	15.06M	25.05M	19.77M	13.84M	13.13M	10.67M	5.27M	7.28M	12.99M	5.6M	6.47M	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
Net Margin %	26.97%	28.36%	25.78%	21.12%	33.11%	27.12%	20.58%	20.78%	17.95%	9.77%	13.92%	25.95%	11.3%	12.56%	8.64%	6.63%	-20.02%	-16.4%	12.92%	21.56%	22.88%	22.32%	15.37%	23.38%	23.61%	23.06%	22.69%	22.79%	23.42%	21.71%	23.38%
Net Income Growth %	1.46%	19.18%	36.58%	-39.88%	26.7%	42.84%	5.42%	23.08%	102.45%	-27.63%	-43.95%	132.11%	-13.56%	38.86%	28.6%	135.56%	9.95%	-227.65%	-30.66%	1.72%	3.51%	59.32%	-29.04%	11.33%	5.3%	10.32%	3.89%	8.11%	12.12%	1.54%	16.07%
Net Income (Continuing)	25.29M	24.52M	20.57M	15.06M	25.05M	19.77M	13.84M	13.13M	10.67M	5.27M	7.28M	12.99M	5.6M	6.47M	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
EPS (Diluted)	3.91	3.77	3.15	2.25	3.76	2.94	2.04	1.85	1.51	0.58	0.84	1.65	0.48	0.75	0.48	0.33	-1.90	-2.06	1.44	2.06	2.03	1.97	1.24	1.76	1.58	1.50	1.36	1.29	1.19	1.04	0.99
EPS Growth %	1.83%	19.68%	40%	-40.16%	27.89%	44.12%	10.27%	22.52%	160.34%	-30.95%	-49.09%	243.75%	-36%	56.25%	45.45%	117.37%	7.77%	-243.06%	-30.1%	1.48%	3.05%	58.87%	-29.55%	11.39%	5.33%	10.29%	5.43%	8.4%	14.42%	5.05%	16.47%
EPS (Basic)	-	3.78	3.15	2.25	3.77	2.95	2.04	1.85	1.51	0.58	0.84	1.65	0.48	0.75	0.48	0.33	-1.90	-2.06	1.44	2.06	2.03	1.97	1.24	1.76	1.58	1.50	1.36	1.29	1.19	1.04	0.99
Diluted Shares Outstanding	6.46M	6.5M	6.54M	6.7M	6.66M	6.72M	7.01M	7.1M	7.08M	6.93M	6.26M	6.25M	6.27M	6.25M	6.24M	6.22M	6.2M	6.17M	6.18M	6.2M	6.18M	6.15M	6.13M	6.12M	6.12M	6.12M	6.13M	6.22M	6.28M	6.4M	6.55M

Key Metrics

Growth RegimeExpanding

ProfitabilityModerate

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Credit cost volatility and thin margins

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Net Interest Income Rebuilding Through Volume Growth

As reported in quarterly figures, First United's net interest income climbed from $13.8M in 2024Q1 to $19.6M in 2026Q3, with 12.7% year-over-year growth in the latest quarter suggesting repricing and balance sheet expansion are supporting earnings.

The sequential expansion in NII from a depressed 2024Q1 base points to the bank benefiting from a combination of balance sheet growth and a stabilizing funding cost environment. The 12.7% year-over-year gain in 2026Q3 indicates momentum has persisted rather than fading after the initial rebound. Investors should monitor whether deposit betas remain contained, since further funding cost pressure could compress the spread gains underpinning this trajectory.

Net Interest Margin Holding Near Eight Tenths

Based on the supplied quarterly data, First United's net interest margin has held at roughly 0.8% to 0.9% across the period, a level that appears modest and may indicate limited asset-side pricing power relative to the bank's funding base.

A margin in the high-0.8% range is thin for a regional bank and suggests the institution operates with a relatively expensive funding mix or a loan book with limited yield premium. The absence of meaningful margin expansion despite NII growth implies that earning asset growth, rather than spread improvement, is driving income gains. This warrants further investigation into deposit composition and asset repricing timing.

Efficiency Ratio Improving From Elevated Levels

The efficiency ratio fell from 68.9% in 2024Q1 to 54.8% in 2026Q3 according to reported figures, indicating meaningful operating leverage as revenue growth outpaced expense growth over the period.

Improvement of more than 14 percentage points in the efficiency ratio is a substantial operating leverage signal, suggesting revenue scaled faster than the cost base. The most recent reading near 55% is more competitive, though it remains dependent on sustained top-line growth. Whether expense discipline holds will determine if this gain proves durable.

Provision Expense Volatility Requires Monitoring

Quarterly provision expense ranged from $250K to $1.9M across the period, with the most recent quarter at $1.9M, a level that may indicate rising credit cost pressure relative to earlier periods in the dataset.

Provision swings of this magnitude against quarterly pre-provision earnings of roughly $8M to $10M show credit costs are a meaningful earnings variable. The jump to $1.9M in 2026Q3 after a $467K quarter may reflect loan growth, reserve builds, or emerging credit deterioration, and the supplied data cannot distinguish among these. Investors should monitor charge-off and reserve trends in subsequent filings.

Fee Income Share Subject to Quarterly Swings

Non-interest income as a share of total revenue moved between 15.8% and 26.1% across the ten quarters, with the 2025Q4 trough at 15.8% suggesting fee income is not yet a stable earnings anchor.

Fee share oscillating by more than ten percentage points quarter to quarter points to lumpy, possibly transaction-driven or gain-dependent fee streams rather than recurring wealth or service revenue. Non-interest income in dollar terms has been relatively flat near $5M, reinforcing that growth has come mostly from the net interest line. A more recurring fee base would reduce earnings sensitivity to rate and transaction cycles.

Thin Margin Growth May Be Balance Sheet Driven

Based on reported figures, First United's earnings gains may rest on balance sheet expansion rather than spread improvement, since NIM stayed near 0.8% to 0.9% while NII rose about 42% from 2024Q1 to 2026Q3.

If margins are flat while NII grows, the increase likely reflects a larger earning asset base, which can dilute returns if credit costs rise or if the incremental loans carry similar or lower spreads. The 2026Q3 provision of $1.9M, the highest in the dataset, may test whether recent growth was underwritten at the same quality as the existing book. Investors should monitor loan growth composition and reserve adequacy before extrapolating the current trajectory.

FUNC — Frequently Asked Questions

Quick answers to the most common questions about buying FUNC stock.

What was First United Corporation's (FUNC) revenue in 2025?

For fiscal year 2025, First United Corporation (FUNC) reported total revenue of $86.4M. This represents a 211.0% increase compared to $27.8M in 1996.

Is First United Corporation (FUNC) profitable?

First United Corporation (FUNC) is profitable, generating $24.5M in net income for the fiscal year ending 2025 with a net profit margin of 28.4%.

What is First United Corporation's operating profit margin?

First United Corporation (FUNC) reported an operating income of $32.5M, resulting in an operating profit margin of 37.6%. This margin reflects the operational efficiency of the business before interest and taxes.

What is First United Corporation's gross profit and gross margin?

First United Corporation (FUNC) generated $83.7M in gross profit for the year, representing a gross profit margin of 96.8%. This demonstrates the company's core pricing power and production efficiency.