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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 in the United States. It operates through Community Banking and Wealth Management segments. The company offers deposit products, such as checking, savings, money market, individual retirement (IRA), employee benefit, and health savings accounts; regular and IRA certificates of deposit (CD); and demand deposits. It also provides business and personal loans; commercial loans secured by real estate, commercial equipment, and vehicles or other assets of the borrower; residential mortgages; home equity lines of credit; real estate construction loans to builders and individuals for single-family dwellings; and consumer loans, including indirect and direct auto loans, student loans, and other secured and unsecured lines of credit and term loans. In addition, the company offers brokerage; certificate of deposit account registry and IntraFi cash services; treasury management, cash sweep, and various checking opportunities; trust services, such as personal trust, investment agency accounts, charitable trusts, estate administration, and estate planning, as well as retirement accounts, including IRA rollovers, 401(k) accounts, and defined benefit plans; safe deposit and night depository facilities; and insurance products. Further, it provides online, mobile, and digital banking; debit and credit cards; business support; merchant services; remote deposit capture; positive pay; sweep and escrow accounts; check recovery and ordering; equipment loans; floorplan lending; mobile wallet and deposit; credit insights; personal finance; bill pay; CD and trust secured loans; boat and RV loans; and retirement planning services. First United Corporation was founded in 1900 and is headquartered in Oakland, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $89M | - | $25M | $15M | 12.0% | 11.4% | 19.2% |
| 2024 | $80M | - | $21M | $20M | 11.5% | 11.9% | 36.6% |
| 2023 | $71M | - | $15M | $22M | 9.3% | -5.7% | -39.9% |
| 2022 | $76M | - | $25M | $23M | 16.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 75.65 | 71.32 | 79.79 | 88.87 |
| Pretax Income | 33.18 | 19.48 | 27.23 | 32.53 |
| Tax Provision | 8.13 | 4.42 | 6.66 | 8.02 |
| Net Income | 25.05 | 15.06 | 20.57 | 24.52 |
| Net Income Common Stockholders | 25.05 | 15.06 | 20.57 | 24.52 |
| Interest Expense | 4.79 | 24.29 | 32.02 | 32.73 |
| Interest Income | 62.42 | 81.16 | 91.99 | 100.85 |
| Selling General And Administration | 26.41 | 30.43 | 30.78 | 32.32 |
| Normalized Income | 25.02 | 15.08 | 20.57 | 24.69 |
| Basic EPS | 3.77 | 2.25 | 3.15 | 3.78 |
| Diluted EPS | 3.76 | 2.24 | 3.15 | 3.77 |
| Tax Effect Of Unusual Items | 0.01 | -0.01 | 0 | -0.06 |
| Tax Rate For Calcs | 0.24 | 0.23 | 0.24 | 0.25 |
| Total Unusual Items | 0.03 | -0.03 | 0 | -0.23 |
| Total Unusual Items Excluding Goodwill | 0.03 | -0.03 | 0 | -0.23 |
| Net Income From Continuing Operation Net Minority Interest | 25.05 | 15.06 | 20.57 | 24.52 |
| Reconciled Depreciation | 3.65 | 4.92 | 3.79 | 3.06 |
| Net Interest Income | 57.63 | 56.87 | 59.98 | 68.11 |
| Net Income From Continuing And Discontinued Operation | 25.05 | 15.06 | 20.57 | 24.52 |
| Rent Expense Supplemental | 0.48 | 0.47 | 0.41 | 0.38 |
| Diluted Average Shares | 6.66 | 6.66 | 6.54 | 6.50 |
| Basic Average Shares | 6.64 | 6.65 | 6.53 | 6.49 |
| Diluted NI Availto Com Stockholders | 25.05 | 15.06 | 20.57 | 24.52 |
| Net Income Including Noncontrolling Interests | 25.05 | 15.06 | 20.57 | 24.52 |
| Net Income Continuous Operations | 25.05 | 15.06 | 20.57 | 24.52 |
| Special Income Charges | 0.03 | -0.03 | 0 | -0.23 |
| Other Special Charges | -0.03 | 0.03 | 0 | 0.23 |
| Gain On Sale Of Security | 0.09 | -4.26 | -0.01 | 0.05 |
| Selling And Marketing Expense | 0.54 | 0.83 | 0.67 | 0.90 |
| General And Administrative Expense | 25.87 | 29.59 | 30.10 | 31.41 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 0.64 | 0.99 | 1.07 | 1.05 |
| Rent And Landing Fees | 0.48 | 0.47 | 0.41 | 0.38 |
| Salaries And Wages | 24.75 | 28.14 | 28.63 | 29.98 |
| Operating Revenue | 75.65 | 71.32 | 79.79 | 88.87 |
| Occupancy And Equipment | 7.07 | 6.60 | 5.55 | 5.08 |
| Professional Expense And Contract Services Expense | 1.54 | 2.13 | 1.95 | 2.45 |
| Other Non Interest Expense | 8.11 | 11.09 | 11.36 | 13.56 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First United Corporationthis co. | FUNC | $239M | 9.50 | 1.17 | 12.0% | - |
| C&F Financial Corporation | CFFI | $249M | 8.81 | 0.94 | 10.2% | - |
| Ames National Corporation | ATLO | $248M | 11.57 | 1.19 | 9.2% | - |
| Kingstone Companies, Inc. | KINS | $245M | 5.89 | 1.99 | 33.2% | 4.55 |
| Chain Bridge Bancorp, Inc. | CBNA | $243M |
| 11.18 |
| 1.43 |
| 12.0% |
| - |
| Princeton Bancorp, Inc. | BPRN | $242M | 12.49 | 0.88 | 6.9% | - |
| Security National Financial Corporation | SNFCA | $238M | 7.63 | 0.58 | 7.8% | 4.28 |
| Hawthorn Bancshares, Inc. | HWBK | $232M | 9.82 | 1.33 | 13.7% | - |
| LCNB Corp. | LCNB | $231M | 10.07 | 0.84 | 8.4% | - |
| Peer Median | - | 9.95 | 1.07 | 9.7% | 4.42 | |