# First United Corporation (FUNC)

> Source: Nexqual · https://nexqual.com/FUNC · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, First United Corporation (FUNC), nexqual.com/FUNC" · informational, not investment advice.

**Price:** USD 45.93 (+0.02% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 45.92 · day 45.59–46.59 · 52w 33.9–46.59 · market cap $296M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $93.3M, net income $25.1M (26.8% margin) (SEC filings).
- Valuation: P/E 11.8x (avg 10.4x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $501K; 3 not under a Rule 10b5-1 plan ($501K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +26.7% vs S&P 500 +13.4%; 5Y +186.7% vs S&P 500 +76.9%.
- Next earnings: 2026-10-26, EPS estimate USD 1.24, revenue estimate $25.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $73.3M | $75.7M | $71.3M | $79.8M | $88.7M | $93.3M |
| Net income | $19.8M | $25.0M | $15.1M | $20.6M | $24.5M | $25.1M |
| EPS (diluted) | $2.95 | $3.76 | $2.25 | $3.15 | $3.77 | — |
| Free cash flow | $18.9M | $23.0M | $22.1M | $20.4M | $15.4M | $26.0M |
| Net margin | 27.0% | 33.1% | 21.1% | 25.8% | 27.6% | 26.8% |
| Revenue growth | +9.2% | +3.3% | -5.7% | +11.9% | +11.1% | — |
| Cash + short-term investments | $116M | $74.3M | $49.8M | $78.3M | $132M | — |
| Total debt | $88.6M | $95.5M | $156M | $186M | $114M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.8x · P/S 3.2x · P/FCF 11.4x · P/B 1.4x · FCF yield 8.77% · Earnings yield 8.45% · Dividend yield (paid, TTM) 2.19%
P/E at fiscal year-ends: Dec 2025 9.9x, Dec 2024 10.7x, Dec 2023 10.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-28 | Fisher Robert L. Ii | EVP & Chief Banking Officer | 5,250 | $238K | 36.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-24 | Rudy Irvin Robert | Director | 1,000 | $45K | 2.6% | No | Too little history (no open-market trades in 2023) |
| 2026-07-23 | Sanders Keith | EVP & Chief Wealth Officer | 5,000 | $218K | 32.6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-01 | Raymond James | Target raised | Outperform | $44 → $50 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +26.7% | +186.7% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +26.8% | +23.5% |
| Volatility (annualized) | 26.1% | 33.6% |
| Max drawdown | -13.9% (Dec 2025→Feb 2026) | -43.8% (Mar 2022→May 2023) |

## Peers (Banks - Regional)
BBD (Banco Bradesco Sa) USD 4.07 +3.04% · FITB (Fifth Third Bancorp) USD 52.98 -0.47% · DB (Deutsche Bank AG) USD 31.2 -0.89% · TFC (Truist Financial Corporation) USD 48.44 +0.04% · NWG (NatWest Group plc) USD 16.8 -1.12% · NU (Nu Holdings Ltd.) USD 15.16 +2.92%

## More
Full page: https://nexqual.com/FUNC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Trust Department | $9.8M | 53.3% | +8.0% |
| Debit Card Income | $4.1M | 22.0% | -0.2% |
| Service Charges | $2.3M | 12.2% | +1.6% |
| Brokerage Commissions | $1.4M | 7.8% | -0.3% |
| Other Service Charges | $845,000 | 4.6% | -4.7% |
| Total revenue | $18.4M | 100% | — |

## Company outlook (8-K filed 2026-10-19)

- "The increase in salaries and benefits was the result of new hires to complete the build out of talent in our West and East regions, annual merit increases in April 2026, increased incentives related to the accruals for projected annual payouts, and increased life and health insurance costs due to higher claims, partially offset by the reduction of costs associated with loan originations."
- "Short-term borrowings increased by $15.2 million at September 30, 2026 when compared to December 31, 2025 as a result of overnight borrowings in anticipation of loan funding."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.24 | $1.19 | +3.8% | $25.5M | 2 |
| Next quarter (ends 2027-03-31) | $1.17 | $1.09 | +6.4% | $24.9M | 2 |
| Current fiscal year (ends 2026-12-31) | $4.49 | $4.50 | -0.3% | $98.1M | 2 |
| Next fiscal year (ends 2027-12-31) | $4.87 | $4.71 | +3.5% | $103.6M | 2 |