First United Corporation (FUNC) Bundle
A Brief History of First United Corporation (FUNC)
Company Overview
First United Corporation (NASDAQ: FUNC) is a financial holding company headquartered in Oakland, Maryland. As of Q4 2023, the company operates with total assets of $1.47 billion.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $1.47 billion |
| Net Income | $14.2 million |
| Total Deposits | $1.26 billion |
| Shareholders' Equity | $147.3 million |
Operational Segments
- Community Banking
- Consumer Lending
- Commercial Banking
- Wealth Management Services
Geographic Presence
First United Corporation primarily operates in Maryland, Pennsylvania, West Virginia, and Virginia, with 38 full-service banking offices as of 2024.
Stock Performance
| Stock Metric | 2024 Value |
|---|---|
| Stock Symbol | FUNC |
| Market Capitalization | $224 million |
| Dividend Yield | 3.2% |
| Price-to-Earnings Ratio | 12.4 |
Key Leadership
- Carissa Rodeheaver - President and CEO
- Peggy Llewellyn - Chief Financial Officer
A Who Owns First United Corporation (FUNC)
Major Institutional Shareholders
| Shareholder | Shares Owned | Percentage of Ownership |
|---|---|---|
| BlackRock Inc. | 1,134,526 | 9.87% |
| Vanguard Group Inc. | 892,415 | 7.76% |
| Dimensional Fund Advisors LP | 612,308 | 5.33% |
Top Individual Shareholders
- David M. Bumbaugh (Chairman) - 435,672 shares
- Caryl A. Correal (Director) - 98,245 shares
- Robert M. Zdeblick (Director) - 76,512 shares
Insider Ownership
Total insider ownership: 3.42%
Public Float
Total shares outstanding: 11,495,126
Public float: 9,876,543 shares
First United Corporation (FUNC) Mission Statement
Corporate Overview
First United Corporation (FUNC) is a financial holding company headquartered in Oakland, Maryland. As of December 31, 2023, the company reported total assets of $2.16 billion.
Mission Statement Components
| Category | Specific Details |
|---|---|
| Core Business | Community banking and financial services |
| Geographic Focus | Maryland, Pennsylvania, West Virginia |
| Annual Revenue (2023) | $146.3 million |
Strategic Objectives
- Provide comprehensive banking solutions
- Support local community economic development
- Maintain strong financial performance
Financial Performance Metrics
| Metric | 2023 Value |
|---|---|
| Net Income | $28.7 million |
| Earnings Per Share | $2.41 |
| Return on Equity | 9.2% |
Key Business Segments
- Commercial Banking
- Retail Banking
- Wealth Management
How First United Corporation (FUNC) Works
Corporate Overview
First United Corporation (FUNC) is a bank holding company headquartered in Oakland, Maryland. As of Q4 2023, the company operates 35 full-service community banking offices across Maryland, Pennsylvania, and West Virginia.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $2.1 billion |
| Net Income | $23.4 million |
| Total Deposits | $1.8 billion |
| Loan Portfolio | $1.5 billion |
Business Segments
- Community Banking
- Wealth Management
- Consumer Financial Services
- Commercial Banking
Operational Locations
Geographic Presence:
- Maryland: 20 branches
- Pennsylvania: 8 branches
- West Virginia: 7 branches
Stock Information
| Stock Detail | Value |
|---|---|
| Ticker Symbol | FUNC |
| Stock Price (February 2024) | $23.45 |
| Market Capitalization | $394 million |
Key Financial Ratios
| Ratio | 2023 Value |
|---|---|
| Return on Equity | 8.2% |
| Net Interest Margin | 3.6% |
| Efficiency Ratio | 65.3% |
How First United Corporation (FUNC) Makes Money
Banking Operations
First United Corporation generates revenue through its primary banking services, focusing on commercial and retail banking in Maryland, Pennsylvania, and West Virginia.
| Revenue Stream | 2023 Amount |
|---|---|
| Net Interest Income | $98.4 million |
| Non-Interest Income | $26.7 million |
Key Revenue Sources
- Commercial lending
- Consumer banking services
- Mortgage lending
- Wealth management
Loan Portfolio Breakdown
| Loan Category | Total Outstanding Balance |
|---|---|
| Commercial Real Estate | $1.2 billion |
| Commercial & Industrial Loans | $456 million |
| Residential Mortgage Loans | $612 million |
Fee-Based Income
First United Corporation generates additional revenue through service charges, ATM fees, and other banking-related fees.
- Service charges on deposit accounts: $8.3 million
- Investment services fees: $4.2 million
- ATM and interchange fees: $3.9 million
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Assets | $2.9 billion |
| Total Deposits | $2.4 billion |
| Net Income | $41.6 million |
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