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what it is
It is a community bank that takes your deposits, makes loans, and sells wealth, trust, and insurance services.
how it gets paid
Last year First United made $18M in revenue. net interest spread was the main engine at $10.8M, or 60% of sales.
why it's growing
Revenue grew 4.0% last year. Quarterly EPS improved through 2024, moving from $0.56 in the first quarter to $0.95 in the fourth quarter.
what just happened
Earnings snapped back in 2024, with full-year EPS climbing to $3.15 from $2.25 in 2023.
At a glance
C++ balance sheet — some cracks in the foundation
60/100 earnings predictability — reasonably predictable
9.8x trailing p/e — the market's not buying it — or you found a deal
2.9% dividend yield — cash in your pocket every quarter
$3.15 fy2024 eps est
xvary composite: 48/100 — below average
What they do
It is a community bank that takes your deposits, makes loans, and sells wealth, trust, and insurance services.
This bank keeps more of your financial life in one place. In 2025, it had about $1.7 billion of deposits and roughly $1.8 billion of wealth assets, based on its 2025 annual report summary. Switching banks sounds easy until your checking, mortgage, IRA, insurance, and trust accounts all live under one roof, which means leaving is a paperwork project.
How they make money
$18M
annual revenue · their business grew +4.0% last year
net interest spread
$10.8M
deposit account fees
$2.7M
mortgage banking
$1.8M
wealth and trust services
$1.8M
insurance and other services
$0.9M
The products that matter
property and business lending
Real estate and commercial loans
81% of the $2.1B loan book
this is the whole story. 81% of loans are tied to property, so your credit risk is heavily linked to local real estate values and borrower health.
credit engine
core bank funding
Deposit accounts
$1.7B in deposits
deposits are the fuel. this $1.7B funding base supports the loan book and helps decide whether margins stay healthy or get squeezed.
funding base
fees and service income
Non-interest income
$3.6M · 20% of mix shown
the fee side is smaller at $3.6M in the snapshot mix. that's the catch. when fee income is thin, you depend even more on clean credit and decent spreads.
smaller cushion
Key numbers
$3.15
fy2024 eps
EPS (earnings per share → profit for each share you own → so what: it is the clearest snapshot of shareholder profit) rebounded from $2.25 in 2023 to $3.15 in 2024, a 40.0% recovery.
9.8x
trailing p/e
P/E (price-to-earnings → how much you pay for each dollar of profit → so what: lower leaves less room for hype and more room for rerating) is cheap versus the market.
$121M
long-term debt
That debt equals 34% of capital, which is manageable for a bank this size but still limits flexibility if credit losses rise.
2.9%
dividend yield
That yield pays you cash while you wait, and the bank's past dividend growth rate of 27.0% shows management has been willing to raise it fast.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 50 / 100
- long-term debt $121M (34% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for FUNC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Earnings snapped back in 2024, with full-year EPS climbing to $3.15 from $2.25 in 2023.
Quarterly EPS improved through 2024, moving from $0.56 in the first quarter to $0.95 in the fourth quarter. That is the quiet part out loud: this small bank looked weak in 2023, then fixed it quarter by quarter in 2024.
$18M
revenue
$3.15
eps
40.0%
eps growth
the number that mattered
The number that mattered was $3.15 in full-year EPS, because it was up $0.90 from 2023 and makes a 9.8x earnings multiple look cheap.
source: company earnings report, 2026
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What could go wrong
FUNC's main risk is simple: 81% of the $2.1B loan book sits in real estate, inside a small regional footprint, with a C++ balance sheet that does not leave much room for a credit surprise.
high
real estate concentration
81% of the $2.1B loan book is tied to property. if credit quality slips there, it is not a side issue — it is the issue.
a local property downturn would hit the core asset base
med
margin compression
the bank's 3.2% net interest margin and 27.6% net margin look healthy now. if deposit costs rise or loan yields fall, that spread narrows fast.
profitability can shrink without headline loan growth changing much
med
regional dependence
this is a Maryland and West Virginia story more than a diversified national one. you do not have many other markets offsetting a local slowdown.
regional weakness can show up in both loan demand and repayment quality
low
thin coverage
there is no published long-range price target on this page, and institutional ownership detail is thin. small banks like this can stay cheap for a long time when fewer people are paying attention.
cheap can stay cheap when coverage stays thin
most of the downside traces back to one place: a property-heavy loan book funded by a small regional franchise. if that book stays clean, the low multiple helps. if it cracks, 9.8x earnings is not a shield.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
April 27, 2026. Consensus EPS is $0.92. That is the next proof point for whether the Q4 beat was momentum or just one good quarter.
metric
earnings versus dividend coverage
Quarterly EPS was $1.11 and the next dividend is $0.26. You want that gap to stay wide because that is what keeps the yield feeling safe.
risk
real estate exposure still sitting at 81%
The bank can live with concentration when credit is clean. If local property conditions soften, this stops being a detail and starts being the thesis.
trend
whether the cheap multiple actually rerates
At 9.8x trailing earnings, the stock is priced for caution. More quarters like the recent $1.11 EPS print are how you earn a better multiple.
Analyst rankings
earnings predictability
60 / 100
in human-speak, analysts see a bank that is reasonably modelable but still exposed to the usual small-bank surprises.
balance sheet grade
C++
That is not distress territory. It is also not the kind of balance sheet that lets you stop paying attention.
source: institutional data
Institutional activity
institutional ownership data for FUNC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$38
current price
n/a
target midpoint · n/a from current
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