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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% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 75.65 | 71.32 | 79.79 | 88.87 |
| Operating Revenue | - | 75.65 | 71.32 | 79.79 | 88.87 |
| Selling General And Administration | - | 26.41 | 30.43 | 30.78 | 32.32 |
| Interest Income | - | 62.42 | 81.16 | 91.99 | 100.85 |
| Interest Expense | - | 4.79 | 24.29 | 32.02 | 32.74 |
| Net Interest Income | - | 57.63 | 56.87 | 59.98 | 68.11 |
| Pretax Income | - | 33.18 | 19.48 | 27.23 | 32.53 |
| Tax Provision | - | 8.13 | 4.42 | 6.66 | 8.02 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.01 | -0.01 | 0 | -0.06 |
| Net Income Continuous Operations | - | 25.05 | 15.06 | 20.57 | 24.52 |
| Net Income From Continuing And Discontinued Operation | - | 25.05 | 15.06 | 20.57 | 24.52 |
| Net Income From Continuing Operation Net Minority Interest | - | 25.05 | 15.06 | 20.57 | 24.52 |
| Net Income | - | 25.05 | 15.06 | 20.57 | 24.52 |
| Net Income Common Stockholders | - | 25.05 | 15.06 | 20.57 | 24.52 |
| Net Income Including Noncontrolling Interests | - | 25.05 | 15.06 | 20.57 | 24.52 |
| Normalized Income | - | 25.02 | 15.08 | 20.57 | 24.69 |
| Diluted NI Availto Com Stockholders | - | 25.05 | 15.06 | 20.57 | 24.52 |
| Basic Average Shares | - | 6.64 | 6.65 | 6.53 | 6.49 |
| Diluted Average Shares | - | 6.66 | 6.66 | 6.54 | 6.50 |
| Reconciled Depreciation | - | 3.64 | 4.92 | 3.79 | 3.06 |
| Total Unusual Items | - | 0.03 | -0.03 | 0 | -0.23 |
| Total Unusual Items Excluding Goodwill | - | 0.03 | -0.03 | 0 | -0.23 |
| Special Income Charges | - | 0.03 | -0.03 | 0 | -0.23 |
| Other Special Charges | 1.91 | -0.03 | 0.03 | - | 0.23 |
| Gain On Sale Of Security | - | 0.09 | -4.26 | -0.01 | 0.05 |
| General And Administrative Expense | - | 25.87 | 29.59 | 30.10 | 31.41 |
| Other Gand A | 2.37 | - | - | - | - |
| Salaries And Wages | - | 24.75 | 28.14 | 28.63 | 29.98 |
| Insurance And Claims | - | 0.64 | 0.99 | 1.07 | 1.05 |
| Rent Expense Supplemental | - | 0.48 | 0.47 | 0.41 | 0.38 |
| Selling And Marketing Expense | - | 0.54 | 0.83 | 0.67 | 0.90 |
| Rent And Landing Fees | - | 0.48 | 0.47 | 0.41 | 0.38 |
| 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 | 11.08 | 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 | $256M | 10.45↓ discount | 1.26 | 12.0% | - |
| Western New England Bancorp, Inc. | WNEB | $266M | 17.40 | 1.07 | 6.2% | - |
| Open Lending Corporation | LPRO | $265M | -62.51 | 3.53 | -5.7% | 33.19 |
| Franklin Financial Services Corporation | FRAF | $261M | 12.28 | 1.49 | 12.1% | - |
| Citizens, Inc. | CIA |
| - |
| - |
| - |
| - |
| - |
| $259M |
| 17.74 |
| 1.10 |
| 6.2% |
| - |
| Ames National Corporation | ATLO | $258M | 13.58 | 1.24 | 9.2% | - |
| First National Corporation | FXNC | $256M | 14.47 | 1.38 | 9.5% | - |
| Security National Financial Corporation | SNFCA | $245M | 7.62 | 0.60 | 7.8% | - |
| Hawthorn Bancshares, Inc. | HWBK | $244M | 10.26 | 1.40 | 13.7% | - |
| Peer Median | - | 12.93 | 1.31 | 8.5% | 33.19 | |