First United Corporation
- Open
- 43.70
- Day high
- 43.84
- Day low
- 42.86
- Prev close
- 43.16
- Volume
- 10K
- Mkt cap
- $277M
- P/E (TTM)
- 11.1
- EPS (TTM)
- $3.87
- P/B
- 1.3
- P/S
- 2.3
- Yield
- 2.42%
- Per share
- $1.04
- ▼Insiders net selling -$488K over the last 3 months (5 open-market buys, 3 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
First United Corporation (FUNC) is a Financial Services company listed on NASDAQ. The stock is up 18% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 3 sales (SEC Form 4).
First United Corporation (FUNC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FUNC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 20, 2026 | $1.05 | $1.13 | +7.6% | $24M | +1.5% |
| Apr 20, 2026 | $0.92 | $1.02 | +10.9% | $23M | +2.0% |
| Feb 4, 2026 | $0.96 | $1.10 | +14.6% | $21M | -6.3% |
| Oct 21, 2025 | $0.89 | $1.07 | +20.5% | $22M | +1.6% |
| Jul 21, 2025 | $0.84 | $0.92 | +9.5% | $22M | +1.8% |
| Mar 20, 2025 | — | $0.95 | — | $29M | — |
| Jul 22, 2024 | $0.66 | $0.75 | +13.6% | $20M | +3.7% |
| Jul 24, 2023 | $0.72 | $0.66 | -8.3% | $19M | -4.7% |
| Mar 24, 2023 | — | $1.04 | — | $22M | — |
| Oct 20, 2022 | $0.96 | $1.04 | +8.3% | $20M | +0.6% |
| Jul 25, 2022 | $0.88 | $0.82 | -6.8% | $18M | -1.8% |
| Apr 21, 2022 | $0.79 | $0.86 | +8.9% | $18M | -0.3% |
FUNC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 5, 2026 | Rodeheaver Carissa Lynnother: Retired director | Buy | 103 | $45.84 |
| Aug 5, 2026 | Sturm Tonya K.officer: EVP & CFO | Buy | 2 | $45.84 |
| Aug 5, 2026 | Boal Brian R.director | Buy | 74 | $45.84 |
| Aug 5, 2026 | Rodeheaver Carissa Lynnother: Retired director | Buy | 37 | $45.32 |
| Aug 5, 2026 | Rush Jason Barrydirector, officer: Chairman, President & CEO | Buy | 64 | $45.84 |
| Jul 29, 2026 | Fisher Robert L. IIofficer: EVP & Chief Banking Officer | Sell | 5,250 | $45.29 |
| Jul 28, 2026 | RUDY IRVIN ROBERTdirector | Sell | 1,000 | $44.58 |
| Jul 27, 2026 | Sanders Keithofficer: EVP & Chief Wealth Officer | Sell | 5,000 | $43.68 |
| Jun 30, 2026 | Rodeheaver Carissa Lynndirector | Grant | 3,023 | — |
| Jun 30, 2026 | Rodeheaver Carissa Lynndirector | Grant | 1,085 | — |
| Jun 30, 2026 | Rodeheaver Carissa Lynndirector | Tax | 2,638 | $37.54 |
| May 29, 2026 | Barr John F.director | Grant | 1,000 | — |
| May 29, 2026 | DiPietro Christydirector | Grant | 1,395 | — |
| May 29, 2026 | Chadha Sanudirector | Grant | 1,263 | — |
| May 29, 2026 | RUDY IRVIN ROBERTdirector | Grant | 1,000 | — |
Source: FUNC SEC Form 4 filings, latest Aug 5, 2026. For informational purposes only — not investment advice.
See the full FUNC insider & 13F page →First United Corporation company profile
Overview
First United Corporation (NASDAQ:FUNC) is a regional bank holding company founded in 1900 and headquartered in Oakland, Maryland. The company operates through its subsidiary, First United Bank & Trust, serving customers across western Maryland and northern West Virginia through 26 banking offices and 34 ATMs. As a community-focused financial institution with over 120 years of history, First United has established itself as a key provider of banking services in the rural and small-town markets of the Mid-Atlantic region.
Business
First United Corporation operates in the regional banking industry, providing traditional commercial and retail banking services to individuals, businesses, and municipalities in its geographic footprint. Regional banks like First United serve as intermediaries between depositors and borrowers, collecting deposits from customers and lending those funds to generate interest income. The company's core services include deposit products such as checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). These products allow customers to safely store their money while earning interest, and provide the bank with funding for its lending operations. First United also offers specialized deposit services including Individual Retirement Accounts (IRAs), health savings accounts, and sweep programs for larger institutional clients. On the lending side, First United provides commercial loans secured by real estate, equipment, vehicles, and other business assets. The bank also originates commercial real estate loans for residential and commercial development projects, agricultural properties, and service industry buildings. For individual customers, the bank offers residential mortgage loans, home equity lines of credit, construction loans, and various consumer loans including auto loans and student loans. Beyond traditional banking, First United operates a trust and wealth management division that provides personal trust services, investment management, estate planning, retirement account administration, and charitable trust services. The company also offers insurance products and brokerage services through partnerships, providing customers with comprehensive financial services under one roof.
Revenue model
First United generates revenue primarily through net interest income, which is the difference between interest earned on loans and investments and interest paid on deposits and borrowed funds. This spread-based business model is fundamental to banking, where the bank essentially "rents" money from depositors at lower rates and lends it to borrowers at higher rates. The bank's loan portfolio, comprising commercial real estate loans, business loans, and residential mortgages, generates the majority of interest income. Deposit customers, including individuals, businesses, and municipalities, provide the funding base, with the bank paying interest on these deposits at rates typically lower than what it charges borrowers. Non-interest income provides additional revenue streams through trust and wealth management fees, insurance commissions, loan origination fees, deposit service charges, and other banking fees. The trust division generates recurring fee income based on assets under management, providing more stable revenue compared to interest-sensitive income. Several factors influence First United's profitability margins. Interest rate environments significantly impact net interest margins - rising rates can improve margins if loan rates adjust faster than deposit costs, while falling rates can compress margins. Credit quality affects profitability through loan loss provisions, with economic downturns potentially increasing defaults and reducing earnings. Competition from larger banks and credit unions can pressure both loan pricing and deposit rates. Regulatory compliance costs represent a fixed expense burden that can be challenging for smaller regional banks to absorb. Economic conditions in the bank's geographic footprint directly impact loan demand and credit quality, as the bank's fortunes are tied to the local economy's health.
Competitive moat
First United's competitive moat is relatively modest, typical of smaller regional banks operating in rural markets. The bank's primary defensive characteristics include local market knowledge and relationships built over more than a century of operations in western Maryland and northern West Virginia. These deep community ties can provide advantages in understanding local credit risks and maintaining customer loyalty in markets where personal relationships matter significantly. The bank's geographic concentration in smaller, rural markets provides some protection from direct competition with major national banks, which often find such markets less attractive due to lower population density and limited growth potential. However, this same geographic concentration also represents a vulnerability, as the bank's fortunes are closely tied to the economic health of a relatively small region. First United faces significant competitive pressures that limit its moat strength. Larger regional and national banks can offer more competitive rates, broader product suites, and superior digital banking platforms that appeal to customers seeking convenience and advanced features. Credit unions in the area may offer more attractive deposit rates and loan terms due to their tax-advantaged status. Fintech companies and online banks increasingly provide banking services without geographic constraints, potentially attracting customers with better rates or user experiences. The bank's small size limits its ability to invest heavily in technology infrastructure, digital banking capabilities, and specialized lending expertise that larger competitors can provide. This creates ongoing challenges in retaining customers, particularly younger demographics who prioritize digital banking features. Overall, First United operates in a highly competitive industry with limited barriers to entry and faces constant pressure from larger, better-resourced competitors.
Risks & safety
First United presents a moderate margin of safety profile typical of small regional banks, with manageable but not exceptional financial strength. • Liquidity position: Strong with $78.3 million in cash and short-term investments as of Q4 2024, providing adequate liquidity buffer • Debt levels: Debt-to-equity ratio of 0.96 indicates moderate leverage typical for banks, though elevated compared to non-financial companies • Solvency risk: Low immediate risk with positive operating cash flows of $22.3 million in 2024 and consistent profitability • Valuation metrics: P/E ratio of 8.8 suggests reasonable valuation, though P/B ratio of 1.22 indicates modest premium to book value • Profitability trends: ROE of 11.5% in 2024 demonstrates solid returns, though down from 16.5% in 2022 • Asset quality considerations: Limited visibility into loan loss provisions and non-performing assets from available data, representing potential risk factor in economic downturns
Recent development
Based on the available financial data spanning 2022-2024, First United has experienced mixed operational performance reflecting broader challenges in the banking sector. The bank's revenue declined from $75.7 million in 2022 to $69.7 million in 2023, before recovering to $79.8 million in 2024, suggesting some volatility in core business performance. Net income showed similar patterns, declining from $25.0 million in 2022 to $15.1 million in 2023, then recovering to $20.6 million in 2024. This earnings volatility likely reflects the challenging interest rate environment that has pressured many regional banks' net interest margins and the economic uncertainty that has affected credit quality and loan demand. The bank's balance sheet has grown modestly, with total assets increasing from $1.85 billion in 2022 to $1.97 billion in 2024. However, the composition has shifted significantly, with cash and short-term investments increasing substantially from $74.3 million to $78.3 million, potentially indicating challenges in deploying excess liquidity into higher-yielding loans or investments. Return on equity declined from a strong 16.5% in 2022 to 11.5% in 2024, reflecting both the earnings pressure and balance sheet growth. The bank has maintained positive operating cash flows throughout this period, demonstrating fundamental business stability despite the challenging operating environment.
FUNC company profile · for informational purposes only — not investment advice.
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