A Business at a Glance
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FIRST UNITED CORP/MD/
FUNC
$290M
Mkt Cap
$44.57
+1.43%
FIRST UNITED CORP/MD/ (FUNC) has a current P/E ratio of 11.6, compared to its historical median P/E of 9.6. The stock is currently considered Fair based on its historical valuation range.
FIRST UNITED CORP/MD/ (FUNC) has a 5-year average return on invested capital (ROIC) of 9.2%. This is below average and may indicate limited pricing power.
FIRST UNITED CORP/MD/ (FUNC) has a market capitalization of $290M. It is classified as a small-cap stock.
Yes, FIRST UNITED CORP/MD/ (FUNC) pays a dividend with a trailing twelve-month yield of 2.06%.
Based on historical P/E analysis, FIRST UNITED CORP/MD/ (FUNC) appears fair. The current P/E of 11.6 is 21% above its historical median of 9.6. The estimated fair value CAGR (P/E method) is 11.3%.
FIRST UNITED CORP/MD/ (FUNC) operates in the National Commercial Banks industry, within the Financials sector.
FIRST UNITED CORP/MD/ (FUNC) reported annual revenue of $121 million in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS First United Corporation is a Maryland corporation chartered in 1985 and a bank holding company registered with the Board of Governors of the Federal Reserve System (the “FRB”) under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021. The Corporation’s primary business is serving as the parent company of First United Bank & Trust, a Maryland trust company (the “Bank”), First United Statutory Trust I (“Trust I”) and First United Statutory Trust II (“Trust II” and together with Trust I, the “Trusts”), both Connecticut statutory business trusts. The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital. The Bank has two consumer finance company subsidiaries - OakFirst Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company (together with OakFirst Loan Center, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 121M | 121M | 112M | 96M | 80M | 79M |
| Net Income | 25M | 25M | 21M | 15M | 25M | 20M |
| EPS | $3.77 | $3.77 | $3.15 | $2.25 | $3.76 | $2.95 |
| Free Cash Flow | 15M | 15M | 20M | 22M | 23M | 19M |
| ROIC | 13.2% | 8.2% | 7.2% | 6.6% | 14.1% | 9.8% |
| Gross Margin | 75.1% | 75.1% | 74.3% | 78.2% | 93.2% | 91.7% |
| Debt/Equity | 0.56 | 0.56 | 1.04 | 0.97 | 0.63 | 0.62 |
| Dividends/Share | $0.92 | $0.96 | $0.84 | $0.80 | $0.63 | $0.60 |
| Operating Income | 33M | 33M | 27M | 19M | 33M | 26M |
| Operating Margin | 26.8% | 26.8% | 24.4% | 20.4% | 41.2% | 33.3% |
| ROE | 12.0% | 12.8% | 12.1% | 9.6% | 17.1% | 14.5% |
| Shares Outstanding | 7M | 7M | 7M | 7M | 7M | 7M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 60M | 71M | 61M | 61M | 67M | 75M | 77M | 79M | 80M | 96M | 112M | 121M | 121M |
| Gross Margin | 77.8% | 85.3% | 81.3% | 83.8% | 84.8% | 82.8% | 80.4% | 91.7% | 93.2% | 78.2% | 74.3% | 75.1% | 75.1% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 20M | 21M | 21M | 22M | 24M | 25M | 21M | 22M | 24M | 28M | 28M | 29M | 29M |
| EBIT | 405K | 19M | 622K | 472K | 13M | 16M | 18M | 26M | 33M | 19M | 27M | 33M | 33M |
| Op. Margin | 0.7% | 27.4% | 1.0% | 0.8% | 19.9% | 22.0% | 23.2% | 33.3% | 41.2% | 20.4% | 24.4% | 26.8% | 26.8% |
| Net Income | 3.0M | 10M | 5.3M | 4.1M | 11M | 13M | 14M | 20M | 25M | 15M | 21M | 25M | 25M |
| Net Margin | 5.0% | 14.5% | 8.7% | 6.6% | 15.8% | 17.6% | 18.0% | 25.0% | 31.1% | 15.7% | 18.4% | 20.2% | 20.2% |
| Non-Recurring | 862K | 2.0M | 477K | 401K | 1.3M | 1.5M | -150K | 74K | 33K | -6K | 0 | 1.4M | 1.4M |
| Returns on Capital | |||||||||||||
| ROIC | 1.0% | 3.7% | 2.0% | 1.7% | 4.8% | 5.9% | 6.0% | 9.8% | 14.1% | 6.6% | 7.2% | 8.2% | 13.2% |
| ROE | 2.8% | 9.0% | 4.5% | 3.7% | 9.5% | 10.8% | 10.8% | 14.5% | 17.1% | 9.6% | 12.1% | 12.8% | 12.0% |
| ROA | 0.2% | 0.8% | 0.4% | 0.3% | 0.8% | 0.9% | 0.9% | 1.1% | 1.4% | 0.8% | 1.1% | 1.2% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.9M | 22M | 11M | 13M | 18M | 16M | 16M | 20M | 27M | 22M | 22M | 19M | 19M |
| Free Cash Flow | 3.2M | 21M | 7.6M | 6.4M | 8.8M | 12M | 15M | 19M | 23M | 22M | 20M | 15M | 15M |
| Owner Earnings | 1.8M | 20M | 9.6M | 11M | 16M | 13M | 13M | 16M | 23M | 18M | 18M | 16M | 16M |
| CapEx | 720K | 1.4M | 3.9M | 6.6M | 9.5M | 4.0M | 1.6M | 1.1M | 3.6M | 353K | 1.9M | 4.0M | 4.0M |
| Maint. CapEx | 1.9M | 1.8M | 1.7M | 1.9M | 2.4M | 3.1M | 3.3M | 3.3M | 3.1M | 3.8M | 3.3M | 2.5M | 2.5M |
| Growth CapEx | 0 | 0 | 2.2M | 4.7M | 7.0M | 858K | 0 | 0 | 499K | 0 | 0 | 1.4M | 1.4M |
| D&A | 1.9M | 1.8M | 1.7M | 1.9M | 2.4M | 3.1M | 3.3M | 3.3M | 3.1M | 3.8M | 3.3M | 2.5M | 2.5M |
| CapEx/OCF | 18.5% | 6.2% | 34.1% | 50.8% | 51.8% | 24.2% | 9.9% | 5.6% | 13.5% | 1.6% | 8.6% | N/A | 20.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 9.1M | 2.7M | 2.0M | 0 | 1.9M | 3.1M | 3.6M | 3.9M | 4.0M | 5.2M | 5.4M | 6.0M | 6.0M |
| Dividend Yield | 22.4% | 6.3% | 3.8% | N/A | 1.8% | 2.7% | 4.1% | 3.8% | 3.5% | 5.0% | 3.3% | N/A | 2.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 2.8M | 7.2M | 0 | 1.5M | 4.0M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 2.9% | 6.8% | N/A | 1.0% | 1.9% | 0.0% | 0.0% |
| Stock-Based Comp | 134K | 191K | 192K | 192K | 249K | 268K | 345K | 472K | 532K | 527K | 483K | 760K | 760K |
| Debt Repayment | 66K | 35M | 16M | 11M | 20M | 29M | 432K | 70M | 6.9M | 19M | 80M | 25M | 25M |
| Balance Sheet | |||||||||||||
| Net Debt | 187M | 131M | 104M | 86M | 155M | 100M | -226M | -314M | -105M | 107M | 108M | -18M | -18M |
| Cash & Equiv. | 35M | 52M | 63M | 84M | 24M | 50M | 149M | 116M | 74M | 50M | 78M | 132M | 132M |
| Long-Term Debt | 183M | 148M | 132M | 121M | 101M | 101M | 101M | 31M | 31M | 111M | 121M | 96M | 96M |
| Debt/Equity | 2.04 | 1.52 | 1.48 | 1.57 | 1.53 | 1.19 | 1.15 | 0.62 | 0.63 | 0.97 | 1.04 | 0.56 | 0.56 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.2 |
| Equity | 109M | 121M | 114M | 108M | 117M | 126M | 131M | 142M | 152M | 162M | 179M | 204M | 204M |
| Total Assets | 1.3B | 1.3B | 1.3B | 1.3B | 1.4B | 1.4B | 1.7B | 1.7B | 1.8B | 1.9B | 2.0B | 2.1B | 2.1B |
| Total Liabilities | 1.2B | 1.2B | 1.2B | 1.2B | 1.3B | 1.3B | 1.6B | 1.6B | 1.7B | 1.7B | 1.8B | 1.9B | 1.9B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.0M | 1.4M | 1.1M | 769K | 440K | 440K |
| Retained Earnings | 77M | 88M | 93M | 101M | 109M | 119M | 130M | 145M | 166M | 174M | 189M | 207M | 207M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.48 | 1.65 | 0.84 | 0.58 | 1.51 | 1.85 | 1.97 | 2.95 | 3.76 | 2.25 | 3.15 | 3.77 | 3.77 |
| Owner EPS | 0.29 | 3.25 | 1.54 | 1.55 | 2.21 | 1.83 | 1.78 | 2.43 | 3.44 | 2.71 | 2.83 | 2.47 | 2.47 |
| Book Value | 17.46 | 19.36 | 18.17 | 15.51 | 16.57 | 17.75 | 18.65 | 21.17 | 22.79 | 24.18 | 27.46 | 31.32 | 31.32 |
| Cash Flow/Share | 0.62 | 3.56 | 1.84 | 1.85 | 2.59 | 2.31 | 2.30 | 2.99 | 3.98 | 3.36 | 3.41 | 2.98 | 4.16 |
| Dividends/Share | 1.46 | 0.43 | 0.32 | 0.00 | 0.27 | 0.44 | 0.52 | 0.60 | 0.63 | 0.80 | 0.84 | 0.96 | 0.92 |
| Shares Out. | 6.2M | 6.2M | 6.3M | 7.0M | 7.1M | 7.1M | 7.0M | 6.7M | 6.7M | 6.7M | 6.5M | 6.5M | 6.5M |
| Valuation | |||||||||||||
| P/E Ratio | 13.8 | 5.2 | 14.4 | 23.2 | 8.0 | 10.5 | 6.8 | 5.3 | 4.7 | 9.6 | 10.4 | N/A | 11.8 |
| P/FCF | 13.1 | 2.6 | 10.0 | 14.8 | 9.7 | 11.1 | 6.5 | 5.6 | 5.1 | 6.6 | 10.5 | N/A | 18.8 |
| EV/EBIT | 563.9 | 7.1 | 289.8 | 381.5 | 11.2 | 8.5 | 3.5 | 2.5 | 3.7 | 6.5 | 6.1 | N/A | 8.4 |
| Price/Book | 0.4 | 0.4 | 0.7 | 0.9 | 0.7 | 1.1 | 0.7 | 0.7 | 0.8 | 0.9 | 1.2 | N/A | 1.4 |
| Price/Sales | 0.8 | 0.7 | 1.0 | 1.6 | 1.8 | 1.8 | 1.3 | 1.4 | 1.5 | 1.5 | 2.0 | N/A | 2.4 |
| FCF Yield | 7.6% | 38.6% | 10.0% | 6.8% | 10.3% | 9.0% | 15.4% | 17.9% | 19.5% | 15.3% | 9.5% | N/A | 5.3% |
| Market Cap | 41M | 54M | 76M | 94M | 85M | 138M | 95M | 106M | 118M | 145M | 213M | 0 | 290M |
| Avg. Price | 6.52 | 6.86 | 8.58 | 11.96 | 14.89 | 16.04 | 12.55 | 15.40 | 17.33 | 15.68 | 24.78 | 0.00 | 44.57 |
| Year-End Price | 6.64 | 8.65 | 12.12 | 13.46 | 12.09 | 19.38 | 13.46 | 15.76 | 17.68 | 21.66 | 32.69 | 0.00 | 44.57 |
FIRST UNITED CORP/MD/ passes 5 of 9 quality checks, suggesting mixed fundamentals.
FIRST UNITED CORP/MD/ trades at 11.6x trailing earnings, compared to its 15-year median P/E of 9.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.6x vs a median of 9.7x. The company's 5-year average ROIC is 9.2% with a gross margin of 82.5%. Total shareholder yield (dividends) is 2.1%. At current prices, the estimated annualized return to fair value is +12.5%.
FIRST UNITED CORP/MD/ (FUNC) has a net profit margin of 20.2%. This is a strong margin indicating high profitability.
FIRST UNITED CORP/MD/ (FUNC) generated $15 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST UNITED CORP/MD/ (FUNC) has a debt-to-equity ratio of 0.56. This indicates moderate leverage.
FIRST UNITED CORP/MD/ (FUNC) reported earnings per share (EPS) of $3.77 in its most recent fiscal year.
FIRST UNITED CORP/MD/ (FUNC) has a return on equity (ROE) of 12.8%. This indicates moderate shareholder returns.
FIRST UNITED CORP/MD/ (FUNC) has a 5-year average gross margin of 82.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for FIRST UNITED CORP/MD/ (FUNC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST UNITED CORP/MD/ (FUNC) has a book value per share of $31.32, based on its most recent annual SEC filing.
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