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First United Corporation

First United Corporation

NASDAQ•FUNC
CEO: Ms. Carissa L. Rodeheaver CPA, CFP
Sector: Financial Services
Industry: Banks - Regional
Listing Date: 1992-09-03
First 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. It offers various deposit products, which includes checking, savings, money market deposit, and regular and individual retirement accounts (IRAs), as well as certificates of deposit. The company loan portfolio includes 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, such as restaurants and motels, retail buildings, and general purpose business space; residential mortgage loans; home equity lines of credit; residential real estate construction loans; and indirect and direct auto loans, student loans, and other secured and unsecured lines of credit and term loans. It also offers access to multi-million-dollar certificates of deposit and the Intrafi cash service, including multi-million-dollar savings and demand deposits to municipalities, businesses, and consumers; and treasury management, cash sweep, and various checking services. In addition, the company provides trust services, which includes personal trust, investment agency accounts, charitable trusts, retirement accounts, including IRA roll-overs, 401(k) accounts and defined benefit plans, estate administration, and estate planning; and insurance products, brokerage services, and safe deposit and night depository facilities. First United Corporation was founded in 1900 and is headquartered in Oakland, Maryland.
Contact Information
19 South Second Street, Oakland, MD, 21550-0009, United States
301-334-9471
N/A
Market Cap
$246.36M
P/E (TTM)
9.9
15.1
Dividend Yield
2.5%
52W High
$42.50
52W Low
$24.66
52W Range
74%
Rank37Top 34.1%
4.4
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 4.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$31.05M+9.74%
4-Quarter Trend

EPS

$1.07+20.23%
4-Quarter Trend

FCF

$168.00K-71.43%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Strong NII Growth Reported Nine-month Net Interest Income grew $5.8M to $50.1M, primarily driven by loan repricing at higher rates and new production.
Net Interest Margin Expansion GAAP Net Interest Margin expanded 31 basis points year-over-year, reaching 3.63% for the nine months ended September 30, 2025.
Asset Quality Shows Improvement Total non-accrual loans decreased to $3.8M (0.26% of portfolio) from $4.9M at year-end 2024; ACL coverage remains high.
Capital Adequacy Maintained Total Capital Ratio strengthened to 15.42% as of September 30, 2025, keeping the Bank classified as 'well capitalized' by regulators.

Risk Factors

Reliance on Economic Forecasts ACL determination relies heavily on subjective management judgment and economic forecasts, which may result in future reserve adjustments.
Interest Rate Risk Exposure The asset-sensitive position benefits from rising rates, but simulation models show potential NII volatility under extreme rate movements.
Funding Mix Shift Noted The company secured $50.0M in brokered time deposits to fund overnight borrowing repayment, indicating reliance on rate-sensitive funding.
Commercial Loan Amortization Commercial loan payoffs were unusually high in Q3 2025 at $29.4M, potentially slowing overall loan portfolio growth momentum.

Outlook

Managing NIM Volatility Management utilizes simulation models to manage short-term Net Interest Income risk, ensuring changes remain within established policy limits.
Credit Loss Scenario Planning ACL modeling evaluates best-case (7% reserve reduction) and worst-case (68% reserve increase) scenarios for future provisioning needs.
New Accounting Adoption The Corporation plans to adopt ASU 2023-09 regarding income tax disclosures in its annual report for the period ending December 31, 2025.
Loan Portfolio Monitoring Loan portfolio segments are closely monitored, especially Commercial Real Estate (37% of loans), for credit quality deterioration.

Peer Comparison

Revenue (TTM)

C&F Financial CorporationCFFI
$178.57M
+8.3%
Investar Holding CorporationISTR
$155.26M
+0.5%
Parke Bancorp, Inc.PKBK
$142.20M
+12.6%

Gross Margin (Latest Quarter)

LCNB Corp.LCNB
73.8%
+10.6pp
First United CorporationFUNC
71.6%
+0.8pp
Timberland Bancorp, Inc.TSBK
71.5%
+5.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PKBK$301.51M8.811.1%0.0%
TSBK$286.35M9.811.4%1.1%
MBCN$283.48M17.97.3%5.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
2.6%
Moderate Growth
4Q Net Income CAGR
3.9%
Profitability Slowly Improving
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Feb 4, 2026
|
EPS:$0.96
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 5, 2025|
    Revenue: $31.05M+9.7%
    |
    EPS: $1.07+20.2%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 13, 2025|
    Revenue: $29.96M+7.2%
    |
    EPS: $0.92+22.7%
    Beat
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 7, 2025|
    Revenue: $28.88M+7.9%
    |
    EPS: $0.90+60.7%
    Beat
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 20, 2025|
    Revenue: $111.80M+16.9%
    |
    EPS: $3.15+40.0%
    Beat
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $28.30M+8.8%
    |
    EPS: $0.89+32.8%
    Beat
  • Form 10-K/A - FY 2023

    Period End: Dec 31, 2023|Filed: Sep 10, 2024|
    Revenue: $95.61M+18.9%
    |
    EPS: $2.25-40.3%
    Beat
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: $27.94M+13.9%
    |
    EPS: $0.75+13.6%
    Beat
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 8, 2024|
    Revenue: $26.77M+20.5%
    |
    EPS: $0.56-15.2%
    Meet