First United Corp (OQ:FUNC)
Business Focus: Banks
| Sector: Financials | Industry: Banks |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 19 S 2nd St OAKLAND MD 21550 |
| Tel: | 1-301-533-2390 |
| Website: | https://www.mybank.com |
| IR: | See website |
| Key People | ||
| Carissa Lynn Rodeheaver Chairman of the Board, President, Chief Executive Officer | Tonya K. Sturm Chief Financial Officer, Senior Vice President, Treasurer, Secretary | Jason Barry Rush Chief Operating Officer, Senior Vice President |
| Robert L. Fisher Senior Vice President and Chief Revenue Officer | Keith R. Sanders Senior Vice President, Senior Trust Officer | |
| Business Overview |
| First United Corporation is the parent company of First United Bank & Trust (the Bank), a Maryland trust company with commercial banking powers. The Company's segments include Community Banking, and Trust and Investment Services. The Community Banking segment is conducted through the Bank and involves delivering a broad range of financial products and services, including various loan and deposit products, to consumer, business, and not-for-profit customers. The Trust and Investment Services segment is conducted through the Bank and offers corporate trustee services, trust and estate administration, individual retirement accounts (IRA) administration and custody services. The Bank also owns approximately 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC. The Bank operates approximately 26 banking offices, one customer service center and 33 automated teller machines. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, First United Corp interest income increased 30% to $81.2M. Net interest income after loan loss provision decreased 5% to $55.3M. Net income decreased 40% to $15.1M. Net interest income after loan loss provision reflects Net Interest Margin - Total - % decrease of 8% to 3.26%, Net Interest Spread - Total - % decrease of 21% to 2.68%, Interest on investment securities: Exemp decrease of 35% to $714K. |
| Employees: | 304 as of Dec 31, 2023 |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $175.48M as of Dec 31, 2023 |
| Annual revenue (TTM): | $81.16M as of Dec 31, 2023 |
| EBITDA (TTM): | $28.69M as of Dec 31, 2023 |
| Net annual income (TTM): | $15.06M as of Dec 31, 2023 |
| Free cash flow (TTM): | $16.90M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $28.00M as of Dec 31, 2023 |
| Shares outstanding: | 6,643,161 as of Feb 29, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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