First United Corporation (FUNC) Income Statement Analysis

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Complete financial analysis of First United Corporation (FUNC) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of First United Corporation, a leading company in the Banks – Regional industry within the Financial Services sector.

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First United Corporation (FUNC)

Industry: Banks - Regional

Sector: Financial Services

Website: https://mybank.com

About First United Corporation

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. The company offers various deposit products, including checking accounts, savings and money market accounts, regular and individual retirement accounts (IRA) certificates of deposit, Christmas savings accounts, college savings accounts, and health savings accounts; Certificate of Deposit Account Registry Service program and Insured Cash Sweep program to municipalities, businesses, and consumers; and commercial customers packages, which include treasury management, cash sweep, and various checking opportunities. It also provides loans, such as commercial loans secured by real estate, commercial equipment, vehicles, or other assets of the borrower; commercial real estate loans for residential and commercial development, agricultural purpose properties, and service industry buildings; residential mortgage loans; home equity lines of credit; residential real estate construction loans; and indirect and direct auto loans, student loans, term loans, and other secured and unsecured lines of credit and term loans. In addition, the company offers various trust services, including personal trust, investment agency accounts, charitable trusts, retirement accounts that consist of IRA roll-overs, 401(k) accounts and defined benefit plans, estate administration, and estate planning services; insurance products; brokerage services; and safe deposit and night depository facilities. It operates 26 banking offices, one customer care center, and 34 automated teller machines in Allegany, Frederick, Garrett, and Washington counties in Maryland; and in Mineral, Berkeley, Monongalia, and Harrison counties in West Virginia. First United Corporation was founded in 1900 and is headquartered in Oakland, Maryland.

Metric	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995	1994	1993	1992	1991
Revenue	69.72M	75.68M	73.66M	67.12M	63.17M	59.42M	53.86M	52.30M	46.54M	49.69M	50.97M	54.00M	54.03M	50.40M	69.25M	65.94M	59.33M	54.98M	54.43M	49.64M	45.97M	40.90M	39.17M	36.27M	34.90M	31.60M	30.40M	27.80M	26.90M	25.60M	24.60M	20.20M	18.80M
Cost of Revenue	38.57M	33.84M	32.69M	32.70M	35.01M	33.32M	30.02M	28.79M	30.75M	29.42M	29.57M	27.01M	28.48M	27.48M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	31.15M	41.85M	40.97M	34.42M	28.17M	26.11M	23.85M	23.51M	15.80M	20.27M	21.40M	26.99M	25.55M	22.92M	69.25M	65.94M	59.33M	54.98M	54.43M	49.64M	45.97M	40.90M	39.17M	36.27M	34.90M	31.60M	30.40M	27.80M	26.90M	25.60M	24.60M	20.20M	18.80M
Gross Profit Ratio	44.67%	55.29%	55.62%	51.28%	44.58%	43.94%	44.27%	44.95%	33.94%	40.79%	41.98%	49.99%	47.29%	45.47%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
General & Administrative	29.60M	25.25M	25.94M	22.55M	25.90M	25.65M	23.69M	22.15M	23.42M	22.02M	21.82M	21.47M	25.33M	23.94M	25.43M	21.53M	20.63M	19.08M	18.43M	16.91M	16.00M	13.92M	12.50M	11.36M	10.40M	9.50M	9.20M	8.90M	9.10M	8.80M	7.60M	6.00M	5.70M
Selling & Marketing	762.00K	543.00K	535.00K	573.00K	418.00K	530.00K	536.00K	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SG&A	43.32M	25.79M	26.47M	23.13M	26.32M	26.18M	23.69M	22.15M	23.42M	22.02M	21.82M	21.47M	25.33M	23.94M	25.43M	21.53M	20.63M	19.08M	18.43M	16.91M	16.00M	13.92M	12.50M	11.36M	10.40M	9.50M	9.20M	8.90M	9.10M	8.80M	7.60M	6.00M	5.70M
Other Expenses	0.00	-10.85M	-73.82M	-71.90M	-73.01M	-13.46M	-11.58M	-13.05M	-12.56M	0.00	0.00	0.00	19.00K	8.36M	26.69M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Expenses	43.32M	543.00K	-47.35M	-48.77M	-46.69M	26.18M	23.69M	22.15M	23.42M	22.02M	21.82M	21.47M	25.33M	23.94M	25.43M	21.53M	20.63M	19.08M	18.43M	16.91M	16.00M	13.92M	12.50M	11.36M	10.40M	9.50M	9.20M	8.90M	9.10M	8.80M	7.60M	6.00M	5.70M
Cost & Expenses	43.32M	34.38M	-47.35M	-48.77M	-46.69M	26.18M	-7.81M	-8.17M	-14.98M	-5.60M	-5.96M	-9.23M	6.85M	17.48M	25.43M	21.53M	20.63M	19.08M	18.43M	16.91M	16.00M	13.92M	12.50M	11.36M	10.40M	9.50M	9.20M	8.90M	9.10M	8.80M	7.60M	6.00M	5.70M
Interest Income	81.16M	62.42M	58.26M	58.20M	57.92M	52.29M	46.95M	45.86M	45.03M	46.39M	49.91M	53.11M	59.50M	70.75M	85.34M	95.22M	93.57M	80.27M	69.76M	60.68M	57.70M	57.59M	62.62M	63.15M	54.80M	47.20M	43.40M	39.30M	37.30M	33.10M	32.50M	30.50M	33.90M
Interest Expense	24.29M	4.79M	5.71M	9.66M	11.53M	8.11M	7.37M	8.22M	9.41M	10.87M	11.73M	13.97M	21.21M	29.16M	32.10M	43.04M	49.33M	39.34M	29.41M	24.02M	23.60M	25.70M	33.38M	35.04M	27.10M	21.90M	19.00M	16.40M	14.70M	11.30M	11.40M	12.80M	17.60M
Depreciation & Amortization	4.92M	3.65M	3.43M	3.55M	3.39M	2.44M	1.90M	1.69M	1.77M	1.94M	2.04M	1.99M	2.62M	3.25M	3.80M	3.52M	3.24M	2.99M	3.56M	4.03M	4.27M	1.75M	1.57M	1.53M	1.40M	1.80M	1.30M	1.60M	1.50M	1.60M	2.20M	1.50M	800.00K
EBITDA	0.00	36.83M	29.74M	21.34M	19.86M	15.87M	14.11M	11.77M	21.23M	8.86M	10.74M	7.66M	0.00	0.00	0.00	27.20M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA Ratio	0.00%	50.17%	40.37%	32.64%	31.47%	40.35%	39.88%	38.20%	58.26%	39.60%	44.03%	39.88%	49.63%	28.17%	23.22%	89.48%	119.86%	110.31%	94.93%	78.93%	93.95%	99.77%	122.06%	134.13%	116.33%	111.08%	99.34%	99.28%	91.45%	86.33%	92.68%	110.40%	134.57%
Operating Income	14.47M	34.33M	26.31M	18.36M	16.49M	21.54M	14.29M	14.65M	22.49M	14.12M	13.27M	15.34M	-19.00K	-8.36M	-10.68M	13.77M	15.09M	14.04M	14.09M	35.15M	11.87M	39.05M	46.24M	47.11M	39.20M	33.30M	28.90M	26.00M	23.10M	20.50M	20.60M	20.80M	24.50M
Operating Income Ratio	20.75%	45.35%	35.72%	27.35%	26.10%	36.25%	26.53%	28.02%	48.31%	28.41%	26.04%	28.41%	-0.04%	-16.60%	-15.42%	20.88%	25.44%	25.54%	25.88%	70.81%	25.82%	95.49%	118.05%	129.91%	112.32%	105.38%	95.07%	93.53%	85.87%	80.08%	83.74%	102.97%	130.32%
Total Other Income/Expenses	5.01M	-5.31M	5.60M	-789.00K	-5.55M	-6.72M	-5.29M	-8.05M	-3.02M	-9.39M	-11.50M	-9.76M	3.01M	-18.21M	-19.82M	-1.33M	3.45M	4.28M	4.61M	-3.63M	3.45M	13.35M	12.86M	12.07M	12.10M	11.40M	9.90M	9.60M	8.40M	9.20M	9.20M	8.00M	6.90M
Income Before Tax	19.48M	33.18M	26.31M	18.36M	16.47M	13.43M	12.21M	10.06M	15.94M	6.87M	8.67M	5.58M	2.99M	-18.21M	-19.82M	12.44M	18.54M	18.32M	18.70M	11.13M	15.32M	13.35M	12.86M	12.07M	12.10M	11.40M	9.90M	9.60M	8.40M	9.20M	9.20M	8.00M	6.90M
Income Before Tax Ratio	27.93%	43.84%	35.72%	27.35%	26.06%	22.60%	22.68%	19.24%	34.25%	13.82%	17.01%	10.33%	5.54%	-36.14%	-28.62%	18.87%	31.25%	33.32%	34.35%	22.43%	33.32%	32.64%	32.83%	33.29%	34.67%	36.08%	32.57%	34.53%	31.23%	35.94%	37.40%	39.60%	36.70%
Income Tax Expense	4.42M	8.13M	6.54M	4.10M	3.36M	2.76M	6.95M	2.78M	5.07M	1.27M	2.22M	913.00K	-635.00K	-8.02M	-8.50M	3.57M	5.75M	5.74M	6.55M	3.51M	4.57M	3.70M	3.69M	3.76M	4.10M	4.00M	3.30M	3.10M	2.80M	3.00M	3.20M	2.50M	2.10M
Net Income	15.06M	25.05M	19.77M	13.84M	13.13M	10.67M	5.27M	7.28M	10.88M	5.60M	6.45M	4.66M	3.63M	-10.20M	-11.32M	8.87M	12.79M	12.58M	12.15M	7.63M	10.75M	9.66M	9.17M	8.31M	8.00M	7.40M	6.60M	6.50M	5.60M	6.20M	6.00M	5.50M	4.80M
Net Income Ratio	21.60%	33.10%	26.84%	20.62%	20.78%	17.95%	9.78%	13.92%	23.37%	11.26%	12.65%	8.64%	6.71%	-20.23%	-16.35%	13.45%	21.56%	22.88%	22.32%	15.37%	23.38%	23.61%	23.41%	22.92%	22.92%	23.42%	21.71%	23.38%	20.82%	24.22%	24.39%	27.23%	25.53%
EPS	2.25	3.77	2.95	1.98	1.85	1.51	0.58	0.84	1.65	0.48	0.75	0.48	0.33	-1.64	-1.84	1.44	2.06	2.03	1.97	1.24	1.76	1.58	1.50	1.36	1.29	1.19	1.04	0.99	0.85	0.95	0.92	1.02	0.88
EPS Diluted	2.25	3.76	2.94	1.97	1.85	1.51	0.58	0.84	1.65	0.48	0.75	0.48	0.33	-1.64	-1.84	1.44	2.06	2.03	1.97	1.24	1.76	1.58	1.50	1.36	1.29	1.19	1.04	0.99	0.85	0.95	0.92	1.02	0.88
Weighted Avg Shares Out	6.69M	6.65M	6.71M	7.00M	7.10M	7.08M	6.93M	6.26M	6.25M	6.22M	6.21M	6.19M	6.22M	6.20M	6.17M	6.16M	6.20M	6.18M	6.15M	6.13M	6.12M	6.12M	6.12M	6.11M	6.20M	6.21M	6.33M	6.55M	6.56M	6.49M	6.50M	5.38M	5.43M
Weighted Avg Shares Out (Dil)	6.70M	6.66M	6.72M	7.01M	7.10M	7.08M	6.93M	6.26M	6.25M	6.27M	6.25M	6.24M	6.22M	6.20M	6.17M	6.18M	6.20M	6.18M	6.15M	6.13M	6.12M	6.12M	6.12M	6.13M	6.22M	6.28M	6.40M	6.55M	6.56M	6.58M	6.50M	5.38M	5.43M

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OAKLAND, Md. , Nov. 20, 2024 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC) announces that its Board of Directors declared a cash dividend of $.22 per share that will be payable on February 3, 2025, to holders of record of...

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