First United Corp FUNC

FinancialsBanking ServicesUnited States of America

Last close 45.83 USD on Nov 1, 2026, +25.7% year to date

Quant rating

Quant rating A Rank 86 of 799 in Financials

Growth A 90 of 799
Valuation B 147 of 799
Quality B 248 of 799
Revisions C 441 of 799
Momentum A 59 of 799

Wall Street consensus Buy (2.00)Average target 50.00 USD +9.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 296M
Enterprise value: 312M
52-week range: 34.48 – 46.59
3-year range: 16.60 – 46.59
Dividend yield: 2.44%
Beta (5 years): 0.53
Shares outstanding: 6.5M
Next earnings: Feb 2, 2027

About the company

First United Corporation is the parent company of First United Bank & Trust (the Bank), a Maryland trust company with commercial banking powers. The Company's segments include Community Banking and Wealth Management. The Community Banking segment is conducted through the Bank and involves delivering a broad range of financial products and services, including various loan and deposit products, to consumer, business, and not-for-profit customers. The Wealth Management segment is conducted through the Bank and offers corporate trustee services, trust and estate administration, individual retirement accounts (IRA) administration and custody services. The Bank also owns approximately 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC. The Bank operates 22 banking offices, one customer service center and 30 Automated Teller Machines in Allegany County, Frederick County, Garrett County, and more.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	101	92.0	81.2	62.4	58.3	–
Revenue growth	9.6%	13.4%	30.0%	7.2%	0.1%	11.6%
EPS (basic, normalized)	3.99	3.15	2.26	3.76	3.31	–
EPS growth	26.7%	39.7%	−40.1%	13.5%	27.8%	9.0%
Gross margin	–	–	–	–	–	–
Net margin	24.3%	22.4%	18.6%	40.1%	33.9%	27.9%
ROE	12.8%	12.1%	12.1%	18.3%	17.8%	14.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	14.0%
Long-term debt (mil)	30.9
Net debt (mil)	–
Total equity (mil)	212
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	101	+9.6%	3.1x	31.33	+13.8%	1.5x	3.97	+26.0%	11.5x
2026	96.8	−4.1%	3.2x	34.39	+9.8%	1.3x	4.49	+13.0%	10.2x
2027	102	+5.8%	3.0x	38.09	+10.7%	1.2x	4.87	+8.6%	9.4x
2028	110	+7.4%	2.8x	41.79	+9.7%	1.1x	5.19	+6.6%	8.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	96.8	+0.4%	+0.4%	+0.8%	4.49	+2.3%	+2.3%	+5.5%
2027	102	+0.4%	+0.4%	+0.5%	4.87	+3.5%	+3.5%	+1.5%
2028	110	–	–	–	5.19	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	16.5	20.1	20.3	20.8	20.8	21.8	17.7	35.9	23.3	23.9
Sales mean (mil)	18.8	19.3	20.3	20.5	20.6	21.3	22.1	22.7	22.8	23.6
Surprise	−12.1%	+3.8%	−0.1%	+1.3%	+1.0%	+2.5%	−20.2%	+57.8%	+2.0%	+1.7%
EPS reported	0.56	0.75	0.89	0.95	0.89	0.92	1.05	1.10	1.02	1.13
EPS mean	0.56	0.66	0.79	0.86	0.80	0.84	0.89	0.96	0.92	1.05
Surprise	0.0%	+13.6%	+12.7%	+10.5%	+11.3%	+9.5%	+18.0%	+14.6%	+10.9%	+7.6%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
FUNC First United Corp	296M	14.0%	24.3%	1.16x	10.2x	9.4x	1.3x	1.2x
UBSI United Bankshares, Inc.	6.5B	13.3%	27.6%	1.11x	13.0x	12.2x	1.2x	1.1x
AUB Atlantic Union Bankshares Corporation	5.5B	10.9%	14.4%	1.11x	10.4x	9.7x	1.1x	1.0x
SFBS ServisFirst Bancshares Inc	4.4B	11.8%	27.9%	1.05x	12.6x	11.5x	1.6x	1.4x
BANF BancFirst Corp	3.7B	19.1%	31.6%	1.50x	14.2x	13.5x	1.8x	1.6x
TOWN TowneBank	3.4B	12.2%	20.0%	1.25x	11.5x	10.4x	1.1x	1.0x
Mean		13.6%	24.3%	1.20x	12.0x	11.1x	1.3x	1.2x
Median		12.8%	25.9%	1.13x	12.0x	10.9x	1.3x	1.2x

Technical analysis

1M+5.2%
3M+1.2%
1Y+30.6%
3Y+206.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, First United Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	101	92.0	81.2	62.4	58.3	58.2
Total interest expense	32.7	32.0	24.3	4.8	5.7	9.7
Net interest income	68.1	60.0	56.9	57.6	52.5	48.5
Loan loss provision	2.7	2.9	1.6	−0.6	−0.8	–
Net interest income after loan loss provision	65.4	57.0	55.2	58.3	53.4	48.5
Non-interest income	20.6	19.8	14.5	18.1	20.7	18.6
Non-interest expense	−53.4	−49.6	−50.2	−43.1	−47.8	−49.3
Net income before taxes	32.5	27.2	19.5	33.2	26.3	17.8
Provision for taxes	8.0	6.7	4.4	8.1	6.5	3.9
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	24.5	20.6	15.1	25.0	19.8	13.8
Extraordinary items	–	–	–	–	–	–
Net income	24.5	20.6	15.1	25.0	19.8	13.8
Basic weighted average shares (mil)	6.5	6.5	6.7	6.7	6.7	7.0
Diluted weighted average shares (mil)	6.5	6.5	6.7	6.7	6.7	7.0
Basic EPS excluding extraordinary items	3.78	3.15	2.25	3.77	2.95	1.98
Basic EPS, normalized	3.99	3.15	2.26	3.76	3.31	2.59

Balance sheet in millions of USD, fiscal years

Balance sheet, First United Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	130	77.0	48.3	72.7	110	147
Other earning assets	280	272	313	371	358	301
Net loans	1,502	1,462	1,389	1,265	1,137	1,150
Property, plant & equipment	30.7	31.3	32.8	36.8	36.9	39.3
Goodwill	11.4	11.8	12.1	12.4	12.1	11.0
Intangibles	–	–	–	–	–	–
Long-term investments	1.0	–	–	–	–	0.3
Other long-term assets	29.5	27.8	22.3	18.6	11.6	8.0
Other assets	103	90.8	88.1	71.5	64.3	77.1
Total assets	2,087	1,973	1,906	1,848	1,730	1,733
Liabilities
Accounts payable	1.0	0.5	0.6	19.4	15.8	26.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1.2	1.4	1.6	2.4	2.8	3.0
Total deposits	1,735	1,575	1,551	1,571	1,469	1,422
Other bearing liabilities	65.0	90.0	80.0	–	0	70.0
Short-term borrowings	17.7	65.4	45.4	64.6	57.7	49.2
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	30.9	30.9	30.9	30.9	30.9	30.9
Minority interest	–	–	–	–	–	–
Other liabilities	32.9	30.7	34.5	8.4	11.4	0.9
Total liabilities	1,884	1,794	1,744	1,696	1,588	1,602
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	21.6	20.5	23.7	24.4	23.7	30.1
Retained earnings (accumulated deficit)	207	189	174	166	145	130
Treasury stock	–	–	–	–	–	–
Other equity	−25.3	−30.2	−35.8	−39.0	−27.3	−28.9
Total equity	204	179	162	152	142	131
Total liabilities & shareholders' equity	2,087	1,973	1,906	1,848	1,730	1,733

Cash flow statement in millions of USD, fiscal years

Cash flow statement, First United Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	24.5	20.6	15.1	25.0	19.8	13.8
Depreciation, depletion & amortization	2.9	3.6	4.1	3.3	3.3	3.3
Deferred taxes	−0.6	−0.8	−0.9	0.6	0.6	0.5
Non-cash items	−1.2	−1.6	−0.9	−1.4	−3.2	−2.4
Changes in working capital	−6.3	0.5	5.0	−1.0	−0.4	0.9
Cash from operations	19.4	22.3	22.5	26.5	20.0	16.2
Investing activities
Capital expenditures	−4.0	−1.9	−0.4	−3.6	−1.1	−1.6
Other investing cash flows	−44.0	−36.5	−81.4	−169	−27.3	−190
Cash from investing	−48.0	−38.4	−81.7	−172	−28.4	−191
Financing activities
Financing cash flow items	160	23.9	−19.8	101	47.0	280
Cash dividends paid	−6.0	−5.4	−5.2	−4.0	−3.9	−3.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−72.4	26.2	59.6	7.1	−68.4	−2.1
Cash from financing	81.9	44.7	34.7	104	−25.3	275
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	53.3	28.6	−24.6	−41.4	−33.7	99.5
Free cash flow	15.4	20.4	22.1	23.0	18.9	14.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.