CSIMarket
 
First United Corporation  (FUNC)
Other Ticker:  
 
    Sector  Financial    Industry Commercial Banks
   Industry Commercial Banks
   Sector  Financial
 
Price: $21.8700 $0.07 0.321%
Day's High: $22.1 Week Perf: -1.44 %
Day's Low: $ 21.70 30 Day Perf: 3.11 %
Volume (M): 36 52 Wk High: $ 24.29
Volume (M$): $ 785 52 Wk Avg: $17.77
Open: $21.94 52 Wk Low: $12.56



 Market Capitalization (Millions $) 146
 Shares Outstanding (Millions) 7
 Employees 364
 Revenues (TTM) (Millions $) 70
 Net Income (TTM) (Millions $) 15
 Cash Flow (TTM) (Millions $) -25
 Capital Exp. (TTM) (Millions $) 0

First United Corporation

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 “Federal Reserve”) under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). 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”), both Connecticut statutory business trusts, and First United Statutory Trust III, a Delaware statutory business trust (“Trust III” and together with Trust I and Trust II, the “Trusts”). The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital. The Bank has three wholly-owned subsidiaries: OakFirst Loan Center, Inc., a West Virginia finance company; OakFirst Loan Center, LLC, a Maryland finance company (collectively, the “OakFirst Loan Centers”), and First OREO Trust, a Maryland statutory trust formed for the purposes of servicing and disposing of the real estate that the Bank acquires through foreclosure or by deed in lieu of foreclosure. The Bank also owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland.

The Bank operates 25 banking offices, one call center and 26 Automated Teller Machines (“ATMs”) in Allegany County, Frederick County, Garrett County, and Washington County in Maryland, and in Mineral County, Berkeley County and Monongalia County in West Virginia. The Bank is an independent community bank providing a complete range of retail and commercial banking services to businesses and individuals in its market areas. Services offered are essentially the same as those offered by the regional institutions that compete with the Bank and include checking, savings, money market deposit accounts, and certificates of deposit, business loans, personal loans, mortgage loans, lines of credit, and consumer-oriented retirement accounts including individual retirement accounts (“IRAs”) and employee benefit accounts. In addition, the Bank provides full brokerage services through a networking arrangement with Cetera Investment Services, LLC., a full service broker-dealer. The Bank also provides safe deposit and night depository facilities, insurance products and trust services. The Bank’s deposits are insured by the Federal Deposit Insurance Corporation (the “FDIC”).

Lending Activities— Our lending activities are conducted through the Bank. Since 2010, the Bank has not originated any new loans through the OakFirst Loan Centers and their sole activity is servicing existing loans.

The Bank’s commercial loans are primarily secured by real estate, commercial equipment, vehicles or other assets of the borrower. Repayment is often dependent on the successful business operations of the borrower and may be affected by adverse conditions in the local economy or real estate market. The financial condition and cash flow of commercial borrowers is therefore carefully analyzed during the loan approval process, and continues to be monitored throughout the duration of the loan by obtaining business financial statements, personal financial statements and income tax returns. The frequency of this ongoing analysis depends upon the size and complexity of the credit and collateral that secures the loan. It is also the Bank’s general policy to obtain personal guarantees from the principals of the commercial loan borrowers.

Commercial real estate (“CRE”) loans are primarily those secured by land for residential and commercial development, agricultural purpose properties, service industry buildings such as restaurants and motels, retail buildings and general purpose business space. The Bank attempts to mitigate the risks associated with these loans through low loan to value ratio standards, thorough financial analyses, and management’s knowledge of the local economy in which the Bank lends.

The risk of loss associated with CRE construction lending is controlled through conservative underwriting procedures such as loan to value ratios of 80% or less, obtaining additional collateral when prudent, analysis of cash flows, and closely monitoring construction projects to control disbursement of funds on loans.

The Bank’s residential mortgage portfolio is distributed between variable and fixed rate loans. Some loans are booked at fixed rates in order to meet the Bank’s requirements under the federal Community Reinvestment Act (the “CRA”) or to complement our asset liability mix. Other fixed rate residential mortgage loans are originated in a brokering capacity on behalf of other financial institutions, for which the Bank receives a fee. As with any consumer loan, repayment is dependent on the borrower’s continuing financial stability, which can be adversely impacted by factors such as job loss, divorce, illness, or personal bankruptcy. Residential mortgage loans exceeding an internal loan-to-value ratio require private mortgage insurance. Title insurance protecting the Bank’s lien priority, as well as fire and casualty insurance, is also required.

Home equity lines of credit, included within the residential mortgage portfolio, are secured by the borrower’s home and can be drawn on at the discretion of the borrower. These lines of credit are at variable interest rates.

The Bank also provides residential real estate construction loans to builders and individuals for single family dwellings. Residential construction loans are usually granted based upon “as completed” appraisals and are secured by the property under construction. Site inspections are performed to determine pre-specified stages of completion before loan proceeds are disbursed. These loans typically have maturities of six to 12 months and may have a fixed or variable rate. Permanent financing for individuals offered by the Bank includes fixed and variable rate loans with three, five or seven year adjustable rate mortgages.

A variety of other consumer loans are also offered to customers, including indirect and direct auto loans, and other secured and unsecured lines of credit and term loans. Careful analysis of an applicant’s creditworthiness is performed before granting credit, and on-going monitoring of loans outstanding is performed in an effort to minimize risk of loss by identifying problem loans early.


Deposit Activities— The Bank offers a full array of deposit products including checking, savings and money market accounts, regular and IRA certificates of deposit, Christmas Savings accounts, College Savings accounts, and Health Savings accounts. The Bank also offers the Certificate of Deposit Account Registry Service®, or CDARS®, program to municipalities, businesses, and consumers through which the Bank provides access to multi-million-dollar certificates of deposit and the Insured Cash Sweep, or ICS, program to municipalities, businesses, and consumers through which the Bank provides access to multi-million-dollar savings and demand deposits. Both programs are FDIC-insured. In addition, we offer our commercial customers packages which include Treasury Management, Cash Sweep and various checking opportunities.


Trust Services—The Bank’s Trust Department offers a full range of trust services, including personal trust, investment agency accounts, charitable trusts, retirement accounts including IRA roll-overs, 401(k) accounts and defined benefit plans, estate administration and estate planning.



   Company Address: 19 South Second Street Oakland 21550 MD
   Company Phone Number: 470-4356   Stock Exchange / Ticker: NASDAQ FUNC
   FUNC is expected to report next financial results on March 23, 2024.


Customers Net Income fell by FUNC's Customers Net Profit Margin fell to

-4.36 %

11.29 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

Stock Performances by Major Competitors

5 Days Decrease / Increase
     
BAC        0.14% 
C        2.05% 
COF   -2.85%    
JPM        1.49% 
PNC   -0.91%    
WFC        0.28% 
• View Complete Report
   



First United Corporation

2. Analyzing the Implications of First United Corporation's Revenue Contraction in the Fourth Quarter of 2023



During the past week, First United Corporation witnessed a drop of -0.58% in its shares. However, when compared to a year before, the company's shares exhibited an impressive improvement of 29.39%. With shares trending higher and just 8.6% below its 52-week high, it is important to dive deeper into First United Corporation's financial results and analyze how these figures will impact the company's future.
Revenue Reduction and Profitability Slump:
First United Corporation experienced a significant revenue reduction of -29.525% during the fourth quarter of the 2023 earnings season. This slump in revenue had a direct impact on profitability, with a decline of -74.76%. The company recorded $14.38 million in revenue for the latest period, in stark contrast to the $20.41 million generated the previous year. Similarly, earnings per share (EPS) dropped to $0.26 from $1.04 in the prior year.

First United Corporation

Commercial Banks Company Witnessed a Disturbing Decline in EPS during the Recent Fiscal Period



In the face of a tumultuous market, First United Corporation's financial results for the most recent fiscal period have reflected a mix of both challenges and progress. While the company experienced a decline in net profit per share and revenue depreciation, there are indications of resilience and potential for growth. An analysis of the numbers provides a comprehensive understanding of First United Corporation's current position and future prospects.
Profitability and Revenue:
First United Corporation witnessed a drop in net profit per share by -35.58% to $0.67 per share compared to $1.04 per share a year before. However, it is worth noting that there was an improvement of 1.52% from the preceding quarter. Furthermore, the revenue depreciated by -6.67% to $18.62 million from $19.95 million in the previous year's corresponding quarter. Sequentially, there was a surge in revenue by 1.477% from $18.35 million. While these numbers might raise concerns, it is important to place them within the context of the wider Commercial Banks industry, which showed revenue gains in the third quarter of 2023.

First United Corporation

First United Corporation Reports Modest 3.235% Rise in Revenue for Second Quarter 2023, Faces Challenges with -19.51% Decline in Earnings per Share


Introduction
First United Corporation, a Commercial Banks company, recently announced its financial results for the fiscal quarter ending June 30, 2023. While the company experienced a revenue increase of 3.235%, reaching $18.35 million, its earnings per share (EPS) saw a decline of -19.51% to $0.66. This decline in EPS indicates that First United Corporation faced challenges during this period.
Revenue Growth and Comparison
First United Corporation's revenue growth of 3.235% is commendable in itself, but it falls slightly behind the growth reported by its contemporaries in the Commercial Banks industry, which experienced a 12.66% relative increase. This comparison suggests that while First United Corporation demonstrated growth, it was not as robust as other companies within the same sector.

First United Corporation

First United Corporation Faces Dismal First Quarter as Earnings Contract Despite Revenue Growth

The most recent financial report of First United Corporation highlights significant challenges that the company is facing in maintaining its financial performance. A revenue advance of a mere 0.956% was not enough to prevent a severe income contraction of -24.42% in the first quarter of 2023 compared to the same period a year before. This is alarming news for investors who had hoped to see a more robust financial performance from the company.
The figures in the report show that First United Corporation's revenue for the reporting period was $18.37 million, with earnings per share at $0.65. However, these numbers pale in comparison to the previous reporting period, as income has faded by -37.29%, from $1.04 per share, and revenue deteriorated by -10.005%, from $20.41 million. The net income of $4.375 million in the most recent fiscal period represents a -23.45% drop from $5.715 million in the corresponding period of the previous year. This downward trend is a massive cause for concern for investors in the company.






 

First United's Segments
 
 
• View Complete Report




Help

About us

Advertise

CSIMarket Company, Sector, Industry, Market Analysis, Stock Quotes, Earnings, Economy, News and Research. 
   Copyright © 2024 CSIMarket, Inc. All rights reserved. This site uses cookies to make your browsing experince better. By using this site, you agree to the Terms of Service and Privacy Policy - UPDATED (Read about our Privacy Policy)

Intraday data delayed per exchange requirements. All quotes are in local exchange time. Intraday data delayed 15 minutes for Nasdaq, and other exchanges. Fundamental and financial data for Stocks, Sector, Industry, and Economic Indicators provided by CSIMarket.com