First United Corporation (FUNC)

FIRST UNITED CORPORATION ANNOUNCES THIRD QUARTER 2026 DIVIDENDJune 17, 2026 4:40 PM
PR Newswire (US) OAKLAND, Md., June 17, 2026 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC) announces that its Board of Directors declared a cash dividend of $.26 per share that will be paid on August 3, 2026, to holders of record of the Corporation's common stock as of the close of business on July 20, 2026.  About First United CorporationFirst United Corporation is the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers.  The Bank's wholly-owned subsidiaries include OakFirst Loan Center, Inc. and OakFirst Loan Center, LLC, both of which are finance companies, and First OREO Trust which was formed for the purposes of holding, 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, which was formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland and a 99.9% non-voting membership interest in MCC FUBT Fund, LC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland.  The Corporation's website is www.mybank.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/first-united-corporation-announces-third-quarter-2026-dividend-302803582.htmlSOURCE First United Corporation Original: FIRST UNITED CORPORATION ANNOUNCES THIRD QUARTER 2026 DIVIDEND

FIRST UNITED CORPORATION ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTSApril 20, 2026 4:36 PM
PR Newswire (US)

OAKLAND, Md., April 20, 2026 /PRNewswire/ -- First United Corporation (the "Corporation, "we", "us", and "our") (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the "Bank"), today announced financial results for the three-month period ended March 31, 2026.  Generally Accepted Accounting Principles ("GAAP") net income was $6.7 million for the first quarter of 2026, or $1.03 per diluted share, compared to $5.8 million, or $0.89 per diluted share, for the first quarter of 2025 and $5.8 million, or $0.89 per diluted share, for the fourth quarter of 2025.  Non-GAAP net income was $6.6 million, or $1.02 per diluted share, for the first quarter of 2026 compared to $5.8 million, or $0.89 per diluted share for the first quarter of 2025 and $7.2 million, or $1.10 per diluted share, for the fourth quarter of 2025.  Return on Average Assets and Return on Average Equity for the quarter ended March 31, 2026, were 1.29% and 13.06%, respectively.







According to Jason Rush, President and CEO, "We delivered strong earnings this quarter, driven by continued margin expansion. While overall growth was again tempered by elevated loan payoffs and paydowns, we maintained solid credit performance and believe our balance sheet is well-positioned. Our focus on operational efficiency and prudent risk management continues to yield results, positioning us well as we enter 2026 with positive momentum."First Quarter Financial Highlights:Net interest margin, on a non-GAAP, fully tax equivalent ("FTE") basis, was 3.83% for the first quarter of 2026, reflecting increased loan yields and reduced funding costs.Strong loan production during the quarter, with $98.0 million in commercial loan originations and $16.0 million in residential mortgage originations.Provision expense was $0.9 million in the first quarter, as a result of continued economic and political uncertainty and increased off-balance sheet loan commitments, slightly offset by improved qualitative factors.Deposits increased by $15.5 million, inclusive of the repayment of a $25.0 million brokered certificate of deposit.Operating income, including net gains, increased slightly by $0.1 million when compared to the linked quarter.Operating expenses decreased by $1.2 million when compared to the linked quarter related to a $1.2 million, net of tax, write-down on an other real estate owned ("OREO") property in the fourth quarter 2025.A cash dividend of $0.26 per common share was declared in the first quarter.Income Statement OverviewOn a GAAP basis, net income for the first quarter of 2026 was $6.7 million.  This compares to $5.8 million in the first and fourth quarters of 2025. 
Q1 2026Q4 2025Q1 2025Net Income, GAAP (millions)$ 6.7$ 5.8$ 5.8Net Income, non-GAAP (millions)$ 6.6$ 7.2$ 5.8Diluted net income per share, GAAP $ 1.03$ 0.89$ 0.89Diluted net income per share, non-GAAP$ 1.02$ 1.10$ 0.89First Quarter 2026 Compared to First Quarter 2025The $0.9 million increase in quarterly net income when compared to the first quarter of 2025 was primarily driven by a $2.1 million increase in net interest income, an increase of $0.4 million in non-interest income, inclusive of gains, partially offset by a $0.2 million increase in provision for credit losses as a result of increased off-balance sheet loan commitments, an increase in non-interest expense of $1.1 million, and an increase in income tax expense of $0.3 million.  Comparing the first quarter of 2026 to the same period of 2025, interest and fees on loans increased by $0.7 million resulting from new loans booked at higher rates late in 2025 and the repricing of adjustable-rate loans.  Interest expense decreased by $0.4 million when comparing year-over-year quarterly expense, resulting from the repayment of a $25.0 million brokered certificate of deposit in January 2026 and $65.0 million in Federal Home Loan Bank ("FHLB") borrowings in March 2026.  Other operating income increased by $0.4 million, driven by an increase in trust and brokerage income of $0.2 million resulting from increased production and a $0.2 million increase in bank owned life insurance ("BOLI") related to a one-time death benefit received in the first quarter of 2026.  Other operating expenses increased by $1.1 million driven by a $0.9 million increase in salaries and benefits as a result of filling open positions throughout 2025, normal merit increases in April 2025 and increased incentive payouts, partially offset by reduced life and health insurance expense due to reduced claims and an increase in the reduction of costs associated with loan originations related to increased loan production.  Professional services expenses increased by $0.1 million and data processing expenses increased by $0.2 million.  These increases were partially offset by reductions in other expenses such as miscellaneous loan fees and net periodic pension expenses.First Quarter 2026 Compared to Fourth Quarter 2025Compared to the linked quarter, net income increased by $0.9 million primarily due to reduced non-interest expenses, partially offset by a $0.2 million increase in provision expense.  Net interest income and non-interest income were stable when comparing the first quarter of 2026 to the fourth quarter of 2025.  Other operating expenses decreased by $1.2 million primarily driven by the $1.2 million, net of tax, write-down on an OREO property in the fourth quarter of 2025.  This decrease was partially offset by a $1.1  million increase in salaries and  benefit expenses driven by increased salaries of $0.2 million related to new hires in 2026, an increase of $0.4 million in incentive expense as a result of the reversal of incentives in the fourth quarter of 2025 related to slower loan growth than budgeted, an increase of $0.3 million as a result of maximum payouts in executive incentive plans, and an increase in taxes of $0.2 million associated with these increases.Net Interest Income and Net Interest MarginFirst Quarter 2026 Compared to First Quarter 2025Net interest income, on a non-GAAP, FTE basis, increased by $2.1 million for the first quarter of 2026 when compared to the first quarter of 2025.  This increase was driven by an increase of $1.7 million in interest income.  Interest income on loans increased by $0.7 million due to the increase of 21 basis points in overall yield on the loan portfolio as new loans were booked at higher rates during 2025 as well as the upward repricing of adjustable-rate loans.  Investment income increased slightly by $0.1 million as management continues to reinvest cashflows back into the portfolio resulting in an increase in yield of 14 basis points. Interest income on federal funds sold increased by $0.8 million due to an increase of $87.2 million in average cash balances held at the Federal Reserve Bank as a result of strong deposit growth in 2025.  Interest expense, in the first quarter of 2026, decreased by $0.4 million when compared to the first quarter of 2025.  Interest on deposits remained stable despite a $95.9 million increase in average deposit balances, primarily in interest bearing demand and money market deposits. Long-term borrowing expense decreased by $0.3 million for the first quarter of 2026 when compared to the same period of 2025 due to the repayment of $65.0 million of FHLB advances at their maturity in March of 2026.First Quarter 2026 Compared to Fourth Quarter 2025Comparing the first quarter of 2026 to the fourth quarter of 2025, net interest income, on a non-GAAP, FTE basis, remained stable.  Interest income decreased by $0.4 million driven by a decrease in average loan balances of $26.4 million in the first quarter of 2026 as a result of elevated loan payoffs during the first quarter of 2026.  The decrease in interest income was partially offset by a decrease in interest expense of $0.5 million.  Interest on deposits decreased by $0.4 million, driven by a decline in rate paid of 13 basis points despite an increase in average deposit balances of $28.4 million.  Long-term borrowing expense decreased by $0.1 million due to the repayment of $65.0 million in March 2026.  Management's strategic focus on margin management during the first quarter of 2026 resulted in an 8 basis point increase in the net interest margin to 3.83% as compared to 3.75% for the fourth quarter of 2025.Non-Interest IncomeFirst Quarter 2026 Compared to First Quarter 2025Other operating income increased by $0.4 million, driven by an increase in trust and brokerage income of $0.2 million, resulting from increased production as well as favorable increases in market values in assets under management, and a $0.2 million increase in BOLI related to a one-time death benefit received in the first quarter of 2026.First Quarter 2026 Compared to Fourth Quarter 2025On a linked quarter basis, other operating income, including net gains, increased slightly by $0.1 million.  Net gains increased by $0.2 million related to the loss on the sale of a branch office recognized in the fourth quarter of 2025.  BOLI income increased by $0.2 million attributable to the receipt of a one-time death benefit as discussed above.  These increases were partially offset by a decrease in debit card income of $0.2 million due to an annual incentive payment received in the fourth quarter of 2025. Non-Interest ExpenseFirst Quarter 2026 Compared to First Quarter 2025Other operating expenses increased by $1.1 million driven by a $0.9 million increase in salaries and benefits as a result of filling open positions throughout 2025, normal merit increases in April 2025 and increased incentive payouts, partially offset by reduced life and health insurance expense because of reduced claims and increased reductions in costs associated with loan originations.  Professional services expenses increased by $0.1 million and data processing expenses increased by $0.2 million.  These increases were partially offset by reductions in miscellaneous loan fees and net periodic pension expenses.First Quarter 2026 Compared to Fourth Quarter 2025Other operating expenses decreased by $1.2 million driven by the $1.2 million, net of tax, write-down on an OREO property and a $0.2 million, net of tax, contracted sale of a retail branch office in the fourth quarter of 2025. These decreases were partially offset  by a $1.1  million increase in salaries and  benefit expenses driven by increased salaries of $0.2 million related to new hires in 2026, an increase of $0.4 million in incentive expense related to the reversal of incentives in the fourth quarter of 2025 as a result of slower loan growth than budgeted,, an increase of $0.3 million related to maximum payouts on executive incentive plans, and an increase in payroll taxes of $0.2 million associated with the aforementioned salary increases.The effective income tax rates, as a percentage of income, for the three-month periods ended March 31, 2026 and 2025 were both 24.6%. Balance Sheet OverviewTotal assets at March 31, 2026 were $2.0 billion, representing a $48.4 million decrease since December 31, 2025.  During the first quarter of 2026, cash and interest-bearing deposits in other banks decreased by $41.8 million.  The investment portfolio increased by $3.2 million as cashflows of the bonds were reinvested in the first quarter of 2026 in an effort to gain yield before long-term rates decline. Gross loans increased slightly by $3.8 million.  While loan production was strong during the quarter, amortization and unusually high payoffs exceeded growth levels.  Pension assets decreased by $0.8 million due to decreased market values. Total liabilities at March 31, 2026 were $1.8 billion, representing a $50.1 million decrease since December 31, 2025.  Total deposits increased by $15.5 million when compared to December 31, 2025.  In January 2026, a $25.0 million brokered certificate of deposit with an interest rate of 4.23% matured and was repaid.  Savings and money market accounts increased by $44.4 million due primarily to the expansion of current and new relationships throughout the first three months of 2026.  Non-interest-bearing demand deposits decreased by $1.7 million and interest-bearing demand deposits decreased by $1.4 million due primarily to seasonal fluctuations in municipal and commercial account balances and increased spending by businesses and consumers.  Retail time deposits decreased by $0.8 million since December 31, 2025. Outstanding loans of $1.5 billion at March 31, 2026 reflected a $3.8 million increase since December 31, 2025.Loan Type(in millions)
Change since
December 31, 2025Commercial
$15.4Residential Mortgages
($10.6)Consumer
($1.0)Gross Loans
$ 3.8Since December 31, 2025, commercial real estate loans increased by $38.7 million as a result of new customer relationships, acquisition and development loans increased by $7.5 million, commercial and industrial loans decreased by $30.8 million as a result of payoffs related to approximately $15.0 million due to competitive pricing, approximately $5.3 million related to sales of businesses, and approximately $8.0 million as a result of a refinance to another institution, residential mortgage loans decreased by $10.6 million as a result of normal amortization, and consumer loans decreased by $1.0 million.New commercial loan production for the three months ended March 31, 2026 was approximately $98.0 million.  The pipeline of commercial loans as of March 31, 2026 was robust, and unfunded committed commercial construction loans totaled approximately $43.0 million.  Commercial amortization and payoffs were approximately $43.0 million through March 31, 2026, due primarily to pay-offs of short-term commercial loans as well as normal amortizations of the commercial loan portfolio.New consumer mortgage loan production for the first quarter of 2026 was approximately $16.0 million, with most of this production comprised of in-house mortgages.  The pipeline of in-house, portfolio loans as of March 31, 2026 was $17.5 million.  Unfunded commitments related to residential construction loans totaled $14.4 million at March 31, 2026.  Total deposits at March 31, 2026 increased by $15.5 million when compared to December 31, 2025.Deposit Type(in millions)
Change since
December 31, 2025Non-Interest-Bearing
($1.7)Interest-Bearing Demand
($1.4)Savings and Money Market
$44.4Time Deposits- Brokered
($25.0)Time Deposits- Retail
($0.8)Total Deposits
$15.5In January 2026, a $25.0 million brokered certificate of deposit, with an interest rate of 4.23%, was repaid at its maturity.  Savings and money market accounts increased by $44.4 million due primarily to the expansion of current and new relationships throughout the first three months of 2026.  Non-interest-bearing demand deposits decreased by $1.7 million and interest-bearing demand deposits decreased by $1.4 million due primarily to seasonal fluctuations in municipal and commercial account balances and increased spending by businesses and consumers.  Retail time deposits decreased by $0.8 million since December 31, 2025. The book value of the Corporation's common stock was $31.84 per share at March 31, 2026 compared to $31.33 per share at December 31, 2025.  At March 31, 2026, there were 6,446,717 basic outstanding shares and 6,459,155 diluted outstanding shares of common stock.  The increase in the book value at March 31, 2026 was due to the undistributed net income of $5.0 million for the first quarter of 2026.Asset QualityThe allowance for credit losses ("ACL") was $20.0 million at March 31, 2026 compared to $18.5 million recorded at March 31, 2025 and $19.5 million at December 31, 2025.  The provision for credit losses was $0.9 million for the quarter ended March 31, 2026 compared to $0.7 million for the quarter ended March 31, 2025 and the fourth quarter of 2025.  Asset quality remained strong during the first quarter of 2026.  Net charge-offs of $0.2 million were recorded for the quarter ended March 31, 2026 compared to net charge-offs of $0.4 million for the quarter ended March 31, 2025. The ratio of the ACL to loans outstanding was 1.31% at March 31, 2026 compared to 1.28% at December 31, 2025 and 1.25% at March 31, 2025. The ratio of net charge offs to average loans was 0.05% for the quarter ended March 31, 2026 and 0.10% for the quarter ended March 31, 2025.  The commercial and industrial portfolio had net charge offs of 0.11% and 0.50% for the quarters ended March 31, 2026 and 2025, respectively.  Net charge offs in consumer loans increased in the first quarter of 2026 when compared to the first quarter of 2025, from 0.65% to 1.23% .  The increase was primarily driven by an increase in charge-offs in unsecured consumer loans.  Details of the ratios, by loan type, are shown below.  Our special assets team continues to actively collect on charged-off loans, resulting in overall low net charge-off ratios.Ratio of Net (Charge Offs)/Recoveries to Average Loans
3/31/20263/31/2025Loan Type(Charge Off) / Recovery(Charge Off) / RecoveryCommercial Real Estate0.00 %0.00 %Acquisition & Development0.03 %0.26 %Commercial & Industrial(0.11 %)(0.50 %)Residential Mortgage0.00 %0.01 %Consumer(1.23 %)(0.65 %)Total Net (Charge Offs)/Recoveries(0.05 %)(0.10 %)Non-accrual loans totaled $4.7 million at March 31, 2026 compared to $4.2 million at December 31, 2025.  The increase in non-accrual balances at March 31, 2026 was related to one commercial loan moving to non-accrual status in the first quarter. Non-accrual loans that have been subject to partial charge-offs totaled $0.1 million at March 31, 2026 and $0.2 million at December 31, 2025.  There were no loans secured by 1-4 family residential real estate properties in the process of foreclosure at March 31, 2026.  Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $0.5 million at December 31, 2025.  As a percentage of the loan portfolio, accruing loans past due 30 days or more increased slightly to 0.35% at March 31, 2026 compared to 0.32% at December 31, 2025 and 0.42% as of March 31, 2025. ABOUT FIRST UNITED CORPORATIONFirst United Corporation is a Maryland corporation chartered in 1985 and a financial holding company registered with the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021.  The Corporation's primary business is serving as the parent company of the Bank, First United Statutory Trust I ("Trust I") and First United Statutory Trust II ("Trust II" and together with Trust I, "the Trusts"), both Connecticut statutory business trusts.  The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital.  The Bank has two consumer finance company subsidiaries- Oak First Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company – and one subsidiary that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure – First OREO Trust, a Maryland statutory trust.  In addition, the Bank 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, and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland and Mineral County, West Virginia.   The Corporation's website is www.mybank.com FORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the future, as well as its assumptions and judgments concerning such beliefs, plans and objectives.  These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions.  Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true.  The beliefs, plans and objectives on which forward-looking statements are based involve risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.  For a discussion of these risks and uncertainties, see the section of the periodic reports that First United Corporation files with the Securities and Exchange Commission entitled "Risk Factors". In addition, investors should understand that the Corporation is required under generally accepted accounting principles to evaluate subsequent events through the filing of the consolidated financial statements included in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and the impact that any such events have on our critical accounting assumptions and estimates made as of March 31, 2026, which could require us to make adjustments to the amounts reflected in this press release.FIRST UNITED CORPORATIONOakland, MDStock Symbol :  FUNCFinancial Highlights - Unaudited







(Dollars in thousands, except per share data)







Three Months Ended




March 31,
March 31,




2026
2025
Results of Operations:




     Interest income 
$                25,710
$                24,062
     Interest expense 
7,637
8,046
     Net interest income
18,073
16,016
     Provision for credit losses
879
656
     Other operating income
5,208
4,822
     Net gains

132
92
     Other operating expense
13,692
12,576
     Income before taxes
$                  8,842
$                  7,698
     Income tax expense
2,179
1,892
     Net income

$                  6,663
$                  5,806








Per share data:





     Basic net income per share
$                    1.03
$                    0.90
     Diluted net income per share
$                    1.03
$                    0.89
     Adjusted Basic net income (1)
$                    1.02
$                    0.90
     Adjusted Diluted net income (1)
$                    1.02
$                    0.89
     Dividends declared per share
$                    0.26
$                    0.22
     Basic book value per share 
$                  31.84
$                  28.35
     Adjusted basic book value per share (1)
$                  31.83
$                  20.87
     Diluted book value per share 
$                  31.78
$                  28.27
     Adjusted diluted book value per share (1)
$                  31.77
$                  20.85
     Tangible book value per share
$                  30.08
$                  26.55
     Adjusted tangible book value per share (1)
$                  30.07
$                  19.21
     Diluted Tangible book value per share
$                  30.02
$                  26.47
     Adjusted diluted tangible book value per share (1)
$                  30.01
$                  19.19








     Closing market value
$                  36.64
$                  30.02
     Market Range:




         High

$                  40.53
$                  41.61
         Low

$                  35.02
$                  29.38








Shares outstanding at period end: Basic
6,446,717
6,478,634
Shares outstanding at period end: Diluted
6,459,155
6,497,454








Performance ratios: (Year to Date Period End)




Return on average assets

1.29 %
1.19 %
Adjusted return on average assets (1)

1.28 %
1.19 %
Return on average shareholders' equity

13.06 %
12.83 %
Adjusted return on average shareholders' equity (1)

12.99 %
12.83 %
Net interest margin (non-GAAP), includes tax exempt income of $57 and $49

3.83 %
3.56 %
Net interest margin GAAP

3.82 %
3.55 %
Efficiency ratio - non-GAAP (2)
58.45 %
59.95 %








(1) See reconcilation of this non-GAAP financial measure provided elsewhere herein.




(2) Efficiency ratio is a non-GAAP measure calculated by dividing total operating expenses by the sum of tax equivalent net interest income and other operating income, less gains/(losses) on disposals of fixed assets.
March 31,
December 31,




2026
2025
Financial Condition at period end:




Assets

$           2,039,010
$           2,087,453
Earning assets

$           1,810,557
$           1,807,780
Gross loans

$           1,525,466
$           1,521,704
     Commercial Real Estate
$              609,491
$              570,808
     Acquisition and Development
$                97,785
$                90,272
     Commercial and Industrial
$              246,192
$              277,034
     Residential Mortgage
$              526,314
$              536,912
     Consumer

$                45,684
$                46,678
Investment securities
$              282,711
$              279,534
Total deposits

$           1,750,703
$           1,735,149
     Noninterest bearing
$              451,303
$              453,036
     Interest bearing
$           1,299,400
$           1,282,113
Shareholders' equity
$              205,262
$              203,634
















Capital ratios:













     Tier 1 to risk weighted assets
15.82 %
15.36 %
     Common Equity Tier 1 to risk weighted assets
13.94 %
13.52 %
     Tier 1 Leverage
12.23 %
12.21 %
     Total risk based capital
17.07 %
16.61 %








Asset quality:













Net charge-offs for the quarter
$                    (198)
$                      (99)
Nonperforming assets: (Period End)




     Nonaccrual loans
$                  4,695
$                  4,192
     Loans 90 days past due and accruing
66
477








     Total nonperforming loans and 90 day past due
$                  4,761
$                  4,669








     Other real estate owned
$                  1,083
$                  1,083
     Other repossessed assets
$                  2,692
$                  2,802
     Modified loans
$                  1,955
$                  1,209








Allowance for credit losses to gross loans
1.31 %
1.28 %
Allowance for credit losses to non-accrual loans
424.94 %
464.46 %
Allowance for credit losses to non-performing assets
233.73 %
227.61 %
Non-performing loans and 90 day past due loans to total loans
0.31 %
0.31 %
Non-performing loans and 90 day past due loans to total assets
0.23 %
0.22 %
Non-accrual loans to total loans
0.31 %
0.28 %
Non-performing assets to total assets

0.42 %
0.41 %
 FIRST UNITED CORPORATIONOakland, MDStock Symbol :  FUNCFinancial Highlights - Unaudited




















For the Three Months Ended



March 31,December 31,September 30,June 30,March 31,
(Dollars in thousands, except per share data)20262025202520252025
Results of Operations:





     Interest income $                  25,710$                  26,153$              25,762$           24,871$              24,062
     Interest expense 7,6378,1668,3598,1648,046
     Net interest income18,07317,98717,40316,70716,016
     Provision for credit losses879717510860656
     Other operating income5,2085,3305,0744,9404,822
     Net (losses)/gains132(97)26114692
     Other operating expense13,69214,86912,98612,97412,576
     Income before taxes$                    8,842$                    7,634$                9,242$             7,959$                7,698
     Income tax expense2,1791,8572,2941,9751,892
     Net income
$                    6,663$                    5,777$                6,948$             5,984$                5,806









Per share data:






     Basic net income per share $                      1.03$                      0.89$                  1.07$               0.92$                  0.90
     Diluted net income per share$                      1.03$                      0.89$                  1.07$               0.92$                  0.89
     Adjusted basic net income (1)$                      1.02$                      1.10$                  1.07$               0.92$                  0.90
     Adjusted diluted net income (1)$                      1.02$                      1.10$                  1.07$               0.92$                  0.89
     Dividends declared per share$                      0.26$                      0.26$                  0.26$               0.22$                  0.22
     Book value
$                    31.84$                    31.33$                30.65$             29.43$                28.35
     Diluted book value$                    31.78$                    31.27$                30.59$             29.38$                28.27
     Tangible book value per share$                    30.08$                    29.56$                28.87$             27.64$                26.55
     Diluted Tangible book value per share$                    30.02$                    29.50$                28.82$             27.59$                26.47









     Closing market value$                    36.64$                    37.19$                36.77$             31.01$                30.02
     Market Range:





         High
$                    40.53$                    40.79$                38.41$             32.09$                41.61
         Low
$                    35.02$                    33.63$                32.02$             25.90$                29.38









Shares outstanding at period end: Basic 6,446,7176,499,4766,496,9086,494,6116,478,634
Shares outstanding at period end: Diluted6,459,1556,511,3586,508,7906,506,4936,497,454









Performance ratios: (Year to Date Period End, annualized)





Return on average assets

1.29 %1.21 %1.24 %1.20 %1.19 %
Adjusted return on average assets (1)

1.28 %1.28 %1.24 %1.20 %1.19 %
Return on average shareholders' equity

13.06 %12.70 %13.23 %12.78 %12.83 %
Adjusted return on average shareholders' equity (1)

12.99 %13.39 %13.23 %12.78 %12.83 %
Net interest margin (Non-GAAP), includes tax exempt income of $57 and $49

3.83 %3.67 %3.64 %3.61 %3.56 %
Net interest margin GAAP

3.82 %3.66 %3.63 %3.60 %3.55 %
Efficiency ratio - non-GAAP (2)58.45 %58.19 %58.73 %59.66 %59.95 %
(1) See reconcilation of this non-GAAP financial measure provided elsewhere herein.





(2) Efficiency ratio is a non-GAAP measure calculated by dividing total operating expenses by the sum of tax equivalent net interest income and other operating income, less gains/(losses) on disposals of fixed assets.March 31,December 31,September 30,June 30,March 31,



20262025202520252025
Financial Condition at period end:





Assets
$             2,039,010$             2,087,453$         2,023,974$      2,007,471$         1,979,753
Earning assets
$             1,810,557$             1,807,780$         1,784,056$      1,789,747$         1,762,891
Gross loans
$             1,525,466$             1,521,704$         1,496,762$      1,502,481$         1,479,869
     Commercial Real Estate$                609,491$                570,808$            554,418$         550,717$            532,764
     Acquisition and Development$                  97,785$                  90,272$              93,968$           98,937$              94,063
     Commercial and Industrial$                246,192$                277,034$            279,079$         281,484$            282,370
     Residential Mortgage$                526,314$                536,912$            521,317$         521,968$            520,072
     Consumer
$                  45,684$                  46,678$              47,980$           49,375$              50,600
Investment securities$                282,711$                279,534$            278,898$         279,541$            275,143
Total deposits
$             1,750,703$             1,735,149$         1,678,902$      1,614,207$         1,623,574
     Noninterest bearing$                451,303$                453,036$            429,986$         425,784$            422,415
     Interest bearing$             1,299,400$             1,282,113$         1,248,916$      1,188,423$         1,201,159
Shareholders' equity$                205,262$                203,634$            199,099$         191,147$            183,694









Capital ratios:















     Tier 1 to risk weighted assets15.82 %15.36 %15.59 %15.22 %14.87 %
     Common Equity Tier 1 to risk weighted assets13.94 %13.52 %13.68 %13.32 %12.97 %
     Tier 1 Leverage12.23 %12.21 %12.10 %12.08 %11.94 %
     Total risk based capital17.07 %16.61 %16.84 %16.47 %16.10 %









Asset quality:















Net (charge-offs)/recoveries for the quarter$                     (198)$                       (99)$                  (435)$              (151)$                 (360)
Nonperforming assets: (Period End)





     Nonaccrual loans$                    4,695$                    4,192$                3,825$             3,813$                4,026
     Loans 90 days past due and accruing66477801535233









     Total nonperforming loans and 90 day past due$                    4,761$                    4,669$                4,626$             4,348$                4,259









     Other real estate owned$                    1,083$                    1,083$                2,718$             3,035$                3,062
     Other repossessed assets$                    2,692$                    2,802$                3,043$             2,802$                2,802
     Modified loans$                    1,955$                    1,209$                   998$             1,198$                1,021









Allowance for credit losses to gross loans1.31 %1.28 %1.28 %1.27 %1.25 %
Allowance for credit losses to non-accrual loans424.94 %464.46 %499.06 %499.45 %458.69 %
Allowance for credit losses to non-performing assets233.73 %227.61 %183.78 %186.98 %182.43 %
Non-performing loans and 90 day past due loans to total loans0.31 %0.31 %0.31 %0.29 %0.29 %
Non-performing loans and 90 day past due loans to total assets0.23 %0.22 %0.23 %0.22 %0.22 %
Non-accrual loans to total loans0.31 %0.28 %0.26 %0.25 %0.27 %
Non-performing assets to total assets

0.42 %0.41 %0.51 %0.51 %0.51 %
 Consolidated Statement of Condition








(Dollars in thousands - Unaudited)
March 31, 2026
December 31, 2025




Assets



Cash and due from banks$89,220$129,830Interest bearing deposits in banks
627
1,782Cash and cash equivalents
89,847
131,612Investment securities – available for sale (at fair value)
109,004
107,144Investment securities – held to maturity (at cost)
172,672
171,361Equity investments with readily determinable fair market values
1,035
1,029Restricted investment in bank stock, at cost
1,621
4,630Loans held for sale
132
130Loans
1,525,466
1,521,704Unearned fees
(512)
(476)Allowance for credit losses
(19,951)
(19,470)Net loans
1,505,003
1,501,758Premises and equipment, net
30,020
29,665Goodwill and other intangible assets
11,361
11,444Bank owned life insurance
50,125
50,360Deferred tax assets
9,141
8,730Other real estate owned, net
1,083
1,083Operating lease asset
939
1,015Pension asset
20,036
20,798Accrued interest receivable and other assets
36,991
46,694Total Assets$2,039,010$2,087,453Liabilities and Shareholders' Equity



Liabilities:



Non-interest bearing deposits$451,303$453,036Interest bearing deposits
1,299,400
1,282,113Total deposits
1,750,703
1,735,149Short-term borrowings
19,588
17,661Long-term borrowings
30,929
95,929Operating lease liability
1,095
1,180Allowance for credit loss on off balance sheet exposures
1,418
1,218Accrued interest payable and other liabilities
28,323
30,992Dividends payable
1,692
1,690Total Liabilities
1,833,748
1,883,819Shareholders' Equity:  



Common Stock – par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,446,717 at March 31, 2026 and 6,499,476 at December 31, 2025
64
65Surplus
19,360
21,551Retained earnings
212,255
207,284Accumulated other comprehensive loss
(26,417)
(25,266)Total Shareholders' Equity
205,262
203,634Total Liabilities and Shareholders' Equity$2,039,010$2,087,453 Historical Income Statement


























2026
2025

Q1Year to dateQ4Q3Q2
Q1In thousands
(Unaudited)









Interest income











Interest and fees on loans$22,502$90,328$23,219$23,060$22,294$21,755Interest on investment securities











Taxable
1,882
7,210
1,845
1,826
1,776
1,763Exempt from federal income tax
59
218
59
57
57
45Total investment income
1,941
7,428
1,904
1,883
1,833
1,808Other
1,267
3,092
1,030
819
744
499Total interest income
25,710
100,848
26,153
25,762
24,871
24,062Interest expense











Interest on deposits
6,631
27,524
7,044
7,009
6,788
6,683Interest on short-term borrowings
11
75
17
17
21
20Interest on long-term borrowings
995
5,136
1,105
1,333
1,355
1,343Total interest expense
7,637
32,735
8,166
8,359
8,164
8,046Net interest income
18,073
68,113
17,987
17,403
16,707
16,016Credit loss expense/(credit)











Loans
679
2,345
480
480
728
657Debt securities held to maturity
—
43
—
43
—
—Off balance sheet credit exposures
200
355
237
(13)
132
(1)Provision for credit losses
879
2,743
717
510
860
656Net interest income after provision for credit losses
17,194
65,370
17,270
16,893
15,847
15,360Other operating income











Net gains on investments, available for sale
—
97
—
97
—
—Gains on sale of residential mortgage loans
86
533
132
163
146
92Gains/(losses) on disposal of fixed assets
46
(228)
(229)
1
—
—Net gains/(losses)
132
402
(97)
261
146
92Other Income











Service charges on deposit accounts
547
2,255
568
563
577
547Other service charges
189
845
207
218
214
206Trust department
2,554
9,824
2,667
2,448
2,386
2,323Debit card income
931
4,057
1,173
980
983
921Bank owned life insurance
539
1,408
364
355
348
341Brokerage commissions
382
1,445
308
346
370
421Other
66
332
43
164
62
63Total other income
5,208
20,166
5,330
5,074
4,940
4,822Total other operating income
5,340
20,568
5,233
5,335
5,086
4,914Other operating expenses











Salaries and employee benefits
8,201
29,347
7,108
7,589
7,319
7,331FDIC premiums
279
1,051
273
266
267
245Equipment
521
2,217
559
515
565
578Occupancy
725
2,860
817
679
675
689Data processing
1,664
6,243
1,623
1,517
1,600
1,503Marketing
234
904
288
182
196
238Professional services
569
2,449
745
639
589
476Contract labor
166
634
178
127
166
163Telephone
96
380
97
89
96
98Other real estate owned
123
2,235
1,866
69
208
92Investor relations
60
306
55
57
132
62Contributions
65
344
120
90
78
56Other
989
4,435
1,140
1,167
1,083
1,045Total other operating expenses
13,692
53,405
14,869
12,986
12,974
12,576Income before income tax expense
8,842
32,533
7,634
9,242
7,959
7,698Provision for income tax expense
2,179
8,018
1,857
2,294
1,975
1,892Net Income$6,663$24,515$5,777$6,948$5,984$5,806Basic net income per share$1.03$3.78$0.89$1.07$0.92$0.90Diluted net income per share$1.03$3.77$0.89$1.07$0.92$0.89Weighted average number of basic shares outstanding
6,483
6,490
6,499
6,496
6,489
6,474Weighted average number of diluted shares outstanding
6,494
6,504
6,510
6,508
6,506
6,490Dividends declared per share$0.26$0.96$0.26$0.26$0.22$0.22 Non-GAAP Financial Measures (unaudited)Reconciliation of as reported (GAAP) and non-GAAP financial measures







The following tables below provide a reconciliation of certain financial measures calculated under
generally accepted accounting principles ("GAAP") (as reported) and non-GAAP. A non-GAAP
financial measure is a numerical measure of historical or future financial performance, financial
position or cash flows that excludes or includes amounts that are required to be disclosed in the
most directly comparable measure calculated and presented in accordance with GAAP in the
United States. The Company's management believes the presentation of non-GAAP financial
measures provide investors with a greater understanding of the Company's operating results in
addition to the results measured in accordance with GAAP. While management uses these non-
GAAP measures in its analysis of the Company's performance, this information should not be
viewed as a substitute for financial results determined in accordance with GAAP or considered to
be more important than financial results determined in accordance with GAAP. The following non-GAAP financial measures exclude gains on disposal of fixed assets in 2026.

Three months ended March 31,


2026
2025
(in thousands, except for per share amount)






Net income - as reported
$6,663
$5,806
Adjustments:






     Gain on disposal of fixed assets

(46)

—
     Income tax effect of adjustments

11

—
Adjusted net income (non-GAAP)
$6,628
$5,806








Basic and diluted earnings per share - as reported
$1.03
$0.89
Adjustments:






     Gain on disposal of fixed assets

(0.01)

—
Adjusted basic and diluted earnings per share (non-GAAP)
$1.02
$0.89


















As of or for the three months ended


March 31,
(in thousands, except per share data)
2026
2025
Per Share Data






Basic net income per share - as reported
$1.03
$0.90
Basic net income per share - non-GAAP
$1.02
$0.90
Diluted net income per share - as reported
$1.03
$0.89
Diluted net income per share - non-GAAP
$1.02
$0.89
Basic book value per share 
$31.84
$28.40
Adjusted basic book value per share (1) - non-GAAP
$31.83
$28.40
Diluted book value per share 
$31.78
$28.42
Tangible book value per share
$30.08
$26.55
Diluted Tangible book value per share
$30.02
$26.47








Basic book value per share - as reported
$31.84
$28.40
Adjustments:






     Gain on disposal of fixed assets

(0.01)

—
Adjusted basic book value per share (non-GAAP)
$31.83
$28.40








Diluted book value per share - as reported
$31.78
$28.40
Adjustments:






     Gain on disposal of fixed assets

(0.01)

—
Adjusted diluted book value per share (non-GAAP)
$31.77
$28.40











As of or for the three months ended
Significant Ratios:





March 31,



2026
2025
Return on Average Assets - as reported

1.29 %

1.19 %
     Adjustments:






     Gain on disposal of fixed assets

(0.01 %)

—
Adjusted Return on Average Assets (non-GAAP)

1.28 %

1.19 %








Return on Average Equity - as reported

13.06 %

12.83 %
     Adjustments:






     Gain on disposal of fixed assets

(0.07 %)

—
Adjusted Return on Average Equity (non-GAAP)

12.99 %

12.83 %
 


Three Months Ended



March 31,



2026
2025

(dollars in thousands)
Average
Balance
Interest
Average
Yield/Rate
Average
Balance
Interest
Average
Yield/Rate

Assets

















Loans
$1,483,206

22,513
6.16%$1,483,151

21,768
5.95%
Investment Securities:

















     Taxable

290,835

1,885
2.63%
284,303

1,763
2.51%
     Non taxable

7,498

105
5.68%
6,524

81
5.04%
     Total

298,333

1,990
2.71%
290,827

1,844
2.57%
Federal funds sold

128,969

1,169
3.68%
41,750

384
3.73%
Interest-bearing deposits with other banks

4,234

23
2.20%
8,488

15
0.72%
Other interest earning assets

4,219

72
6.92%
5,774

100
7.02%
Total earning assets

1,918,961

25,767
5.45%
1,829,990

24,111
5.34%
Allowance for credit losses

(21,654)






(18,413)






Non-earning assets

201,510






165,125






Total Assets
$2,098,817





$1,976,702






Liabilities and Shareholders' Equity

















Deposits

















     Interest-bearing demand deposits
$396,375
$1,668
1.71%$373,903
$1,652
1.79%
     Interest-bearing money markets- retail

548,853

3,675
2.72%
464,151

3,547
3.10%
     Interest-bearing money markets- brokered

168

1
2.41%
134

1
3.03%
     Savings deposits

159,673

38
0.10%
171,517

43
0.10%
     Time deposits - retail

150,022

924
2.50%
144,519

1,046
2.94%
     Time deposits - brokered

31,111

325
4.24%
36,041

394
4.43%
     Total deposits

1,286,202

6,631
2.09%
1,190,265

6,683
2.28%
Short-term borrowings

18,588

11
0.24%
23,053

20
0.35%
Long-term borrowings

87,262

995
4.62%
120,929

1,343
4.50%
Total interest-bearing liabilities

1,392,052

7,637
2.22%
1,334,247

8,046
2.45%
Non-interest-bearing deposits

466,475






427,518






Other liabilities

33,383






31,474






Shareholders' Equity

206,907






183,463






Total Liabilities and Shareholders' Equity
$2,098,817





$1,976,702






Net interest income and spread



$18,130
3.23%


$16,065
2.89%
Net interest margin






3.83%





3.56% 



View original content to download multimedia:https://www.prnewswire.com/news-releases/first-united-corporation-announces-first-quarter-2026-financial-results-302747749.htmlSOURCE First United Corporation

Original: FIRST UNITED CORPORATION ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS

FIRST UNITED CORPORATION ANNOUNCES SECOND QUARTER 2026 DIVIDENDMarch 4, 2026 4:14 PM
PR Newswire (US)

OAKLAND, Md., March 4, 2026 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC) announces that its Board of Directors declared a cash dividend of $.26 per share that will be payable on May 1, 2026, to holders of record of the Corporation's common stock as of the close of business on April 17, 2026. 







About First United CorporationFirst United Corporation is the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers.  The Bank's wholly-owned subsidiaries include OakFirst Loan Center, Inc. and OakFirst Loan Center, LLC, both of which are finance companies, and First OREO Trust which was formed for the purposes of holding, 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, which was formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland and a 99.9% non-voting membership interest in MCC FUBT Fund, LC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland.  The Corporation's website is www.mybank.com. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/first-united-corporation-announces-second-quarter-2026-dividend-302704515.htmlSOURCE First United Corporation

Original: FIRST UNITED CORPORATION ANNOUNCES SECOND QUARTER 2026 DIVIDEND

FIRST UNITED CORPORATION ANNOUNCES FOURTH QUARTER 2025 FINANCIAL RESULTSFebruary 4, 2026 4:05 PM
PR Newswire (US)

OAKLAND, Md., Feb. 4, 2026 /PRNewswire/ -- First United Corporation (the "Corporation", "we", "us", and "our") (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the "Bank"), today announced financial results for the three- and twelve-month periods ended December 31, 2025.  Generally Accepted Accounting Principles ("GAAP") net income was $24.5 million for the year, or $3.77 per diluted share compared to $20.6 million, or $3.15 per diluted share for the same period of 2024.  GAAP net income was $5.8 million for the fourth quarter of 2025, or $0.89 per diluted share, compared to $6.2 million, or $0.95 per diluted share, for the fourth quarter of 2024 and $6.9 million, or $1.07 per diluted share, for the third quarter of 2025.  Non-GAAP net income, exclusive of losses on contracted sale of a retail branch office, write-downs of other real estate owned ("OREO"), and net gains on sales of investments, was $25.8 million, or $3.97 per diluted share yielding record core earnings for the year ended December 31, 2025.  Non-GAAP net income, exclusive of accelerated depreciation of fixed assets associated with branch closures, was $21.0 million, or $3.21 per diluted share for the year ended December 31, 2024.   Non-GAAP net income was $7.2 million, or $1.10 per diluted share, for the fourth quarter of 2025 compared to $6.2 million, or $0.95 per diluted share for the fourth quarter of 2024 and $6.9 million, or $1.07 per diluted share, for the third quarter of 2025.  GAAP Return on Average Assets and Return on Average Equity for the year ended December 31, 2025, were 1.21% and 12.70%, respectively.







According to Carissa L. Rodeheaver, Executive Chairman of the Board, "2025 was a truly remarkable year for First United as we celebrated our 125th anniversary—an extraordinary milestone in our history. Throughout the year, we had the privilege of honoring the relationships we've built with our clients while highlighting our ongoing commitment to future generations through trust, innovation, and meaningful community impact. In addition to commemorating our legacy, we delivered a record year of core earnings, excluding a non-recurring markdown on a foreclosure property. Our performance was driven by a strong net interest margin, robust loan, deposit and trust production, and our continued disciplined approach to expense management.  As we look to the future, I am pleased to recognize Jason B. Rush as First United's newly appointed President and Chief Executive Officer. We are confident that Jason will continue to advance our mission and uphold our uncommon commitment to exceptional service and comprehensive financial solutions for our clients and communities."Fourth Quarter Financial Highlights:Net interest margin, on a non-GAAP, fully tax equivalent ("FTE") basis, was 3.75% for the fourth quarter of 2025, reflecting increased loan yields and stable funding costs.Strong loan production during the quarter, with $108.0 million in commercial loan originations and $25.3 million in residential mortgage originations, offset by unusually high payoffs in the commercial loan portfolio.Provision expense was $0.7 million in the fourth quarter resulting from increased loan growth and increased off-balance sheet loan commitments, partially offset by improved qualitative factors.Operating income, including net gains/(losses), for the fourth quarter decreased slightly by $0.1 million when compared to the linked quarter.Operating expenses for the fourth quarter increased by $1.9 million when compared to the linked quarter related to a write-down of $1.6 million on a legacy loan participation now residing in other real estate owned ("OREO").A cash dividend of $0.26 per share was declared in the fourth quarter.Income Statement OverviewOn a GAAP basis, net income for the fourth quarter of 2025 was $5.8 million, which was inclusive of a $1.2 million, net of tax, write-down on an OREO property and a $0.2 million, net of tax, contracted sale of a retail branch office compared to $6.9 million, which was inclusive of $0.1 million, net of tax, in net gains on sales of investment securities for the third quarter of 2025 and $6.2 million for the fourth quarter of 2024.  The write-down was attributable to a legacy participation loan, originated in 2013, that was taken into OREO several years ago.  The property is serviced by another lender and, following the cancellation of a previous contract, the Company made the decision, alongside other participants, to entertain a new letter of intent and to mark the property based on the new fair value.  Exclusive of these items, net income for the fourth quarter of 2025 was $7.2 million on a non-GAAP basis.
YTD 2025YTD 2024Q4 2025Q3 2025Q4 2024Net Income, GAAP (millions)$24.5$20.6$5.8$6.9$6.2Net Income, non-GAAP (millions)$25.8$21.0$7.2$6.8$6.2Diluted earnings per share, GAAP$3.77$3.15$0.89$1.07$0.95Diluted earnings per share, non-GAAP$3.97$3.21$1.11$1.06$0.95Fourth Quarter 2025 Compared to Fourth Quarter 2024On a GAAP basis, the $0.4 million decrease in quarterly net income when compared to the fourth quarter of 2024 was primarily driven by increases in provision expense of $0.2 million and non-interest expense of $2.8 million, offset by a $2.3 million increase in net interest income, primarily attributable to disciplined loan and deposit pricing and repricing of adjustable-rate loans and a $0.2 million increase in non-interest income.  Interest and fees on loans increased by $1.9 million primarily due to the repricing of adjustable-rate loans and new production booked at higher rates.  Quarterly interest expense increased slightly by $0.1 million on a year-over-year basis despite strong growth in deposits.  This minimal increase was a result of our strategic focus on reducing deposit costs along with the rate cuts by the Federal Reserve as well as reduced interest expense of $0.3 million on long-term borrowings due to the repayment of a $25.0 million Federal Home Loan Bank ("FHLB") advance at its maturity in September 2025.  Other operating income increased by $0.2 million primarily driven by a $0.4 million increase in wealth management income offset by a $0.2 million increase in net losses on the contracted sale of a retail branch office.  Other operating expenses increased by $2.8 million due to a $0.7 million increase in salaries and benefit expenses, a $0.3 million increase in equipment and occupancy expenses, a $0.2 million increase in professional services, and a $1.8 million increase in OREO expenses primarily driven by the $1.6 million fair value write-down discussed above.  These increases were partially offset by reductions in investor relations and other miscellaneous expenses, such as miscellaneous loan fees and employee benefits expenses.Fourth Quarter 2025 Compared to Third Quarter 2025Compared to the linked quarter, net income decreased by $1.2 million. Net interest income increased by $0.6 million due to an increase in interest and fees on loans of $0.2 million, an increase in interest on Federal Funds sold of $0.2 million, and a decrease of interest expense on long-term borrowings of $0.2 million.  Provision for credit losses increased by $0.2 million due to increased loan growth and an increase in unfunded loan commitment balances quarter over quarter.  Other operating income decreased by $0.1 million as a result of increases in wealth management income of $0.2 million and debit card income of $0.2 million, offset by a $0.2 million loss on the contracted sale of a retail branch office in the fourth quarter of 2025 and a decrease in other income of $0.1 million.  Non-interest expense increased by $1.9 million when comparing the fourth quarter to the linked quarter and was driven by the $1.6 million write-down and related expenses of the OREO property discussed above, slight increases in occupancy, data processing, marketing and professional services, offset by decreased salaries and benefits.  Income tax expense decreased by $0.4 million.Year to Date 2025 Compared to Year to Date 2024For the year ended December 31, 2025, net income increased by $3.9 when compared to the year ended December 31, 2024.   Net interest income increased by $8.1 million due to an $8.6 million increase in interest and fees on loans resulting from loans repricing at higher rates and new loan production booked at higher rates.  Interest expense increased by only $0.7 million despite strong deposit growth, driven by a $1.7 million increase in interest on deposits related to the strong growth in existing balances and new deposit accounts, primarily our money market product, and the purchase of a $50.0 million brokered certificate of deposit in January 2025. Interest expense on long-term borrowings increased by $0.4 million as a result of new borrowings late in the third quarter of 2024.  These increases were partially offset by a reduction in short-term borrowing costs of $1.4 million resulting from the repayment of $40.0 million in Bank Term Funding Program ("BTFP") balances late in the third quarter of 2024.  Provision for credit losses decreased by $0.2 million due primarily to strong credit quality, lower charge-offs, and lower loan growth in 2025 when compared to 2024.   Other operating income increased by $0.7 million primarily due to a $0.7 million increase in wealth management income driven by strong production.  Net gains were stable year over year, as a $0.2 million increase on gains from the sales of residential mortgages and investment securities was offset by a $0.2 million loss on the sale of a retail branch office.   These increases were partially offset by a $3.8 million increase in other operating expenses that was attributable to increases of  $1.3 million in salaries and employee benefits related to growth of our sales teams, $0.5 million in data processing expenses related to software agreements, $0.2 million in marketing expenses related to increased awareness of our 125th Anniversary, $0.5 million in professional services expenses from increased audit fees, and $1.9 million in net OREO expenses driven by the fair value write-down of $1.6 million as discussed above.  These increases were partially offset by a $0.5 million decrease in equipment and occupancy expenses as a result of accelerated depreciation expense related to the closure of four branches early in 2024.Net Interest Income and Net Interest MarginFourth Quarter 2025 Compared to Fourth Quarter 2024Net interest income, on a non-GAAP, FTE basis, increased by $2.3 million for the fourth quarter of 2025 when compared to the fourth quarter of 2024.  This increase was driven by an increase of $2.4 million in interest income due primarily to a $1.9 million increase in interest and fees on loans that resulted from an increase of 26 basis points in the overall yield on the loan portfolio.  This increase in yield was attributable to upward repricing of adjustable-rate loans and an increase in average balances of $57.3 million.  Interest income on investment securities increased by $0.2 million due to an increase in average balances of $9.9 million and an increase in yield of 17 basis points.  The increase in the investment portfolio resulted from management's strategic decision to reinvest cashflows in the higher rate environment to increase the yield on the portfolio.  Interest income from Federal funds sold increased by $0.3 million due to an increase of $31.3 million in average balances, partially offset by a decrease of 30 basis points in average rates.  Interest expense increased by $0.1 million when compared to the fourth quarter of 2024.  Interest expense paid on deposits increased by $0.5 million related to a $107.3 million increase in average balances driven by growth in money market accounts and the purchase of a $50.0 million brokered certificate of deposit in January 2025, partially offset by a decrease of 6 basis points on the rate paid.  Interest paid on long-term borrowings decreased by $0.3 million when compared to the fourth quarter of 2024 due to a $25.0 million decrease in average balances related to the repayment of a $25.0 million FHLB advance at its maturity in the third quarter of 2025 and a decrease of 4 basis points on rates paid.Fourth Quarter 2025 Compared to Third Quarter 2025Comparing the fourth quarter of 2025 to the third quarter of 2025, net interest income, on a non-GAAP, FTE basis, increased by $0.6 million.  This increase was driven by a $0.4 million increase in interest income as a result of an increase in interest and fees on loans of $0.2 million, as average loan balances increased by $7.8 million and average yield increased by 1 basis point.  Interest income from Federal funds sold increased by $0.2 million due to an increase of $17.1 million in average balances and an increase of 21 basis points in average rates.  Cash balances increased during the quarter due to repayment of loans late in the year and loan closings that were anticipated to occur in the fourth quarter of 2025 but were delayed until the first quarter of 2026.  Interest expense decreased by $0.2 million when compared to the third quarter of 2025.  Interest expense paid on deposits was stable as a $38.1 million increase in average balances was partially offset by a decrease of 6 basis points on the rate paid.  Interest paid on long-term borrowings decreased by $0.2 million when compared to the third quarter of 2025 due to a $21.7 million decrease in average balances related to the repayment of a $25.0 million FHLB advance at its maturity late in the third quarter, partially offset by an increase of 8 basis points on rates paid. Year to Date 2025 Compared to Year to Date 2024Comparing the year ended December 31, 2025, to the year ended December 31, 2024, net interest income, on a non-GAAP, FTE basis, increased by $8.1 million.  Interest income increased by $8.8 million driven by an increase of $8.6 million on interest and fees on loans, as average loan balances increased by $68.8 million and the overall yield increased by 31 basis points in correlation with upward repricing of adjustable-rate loans.  Interest income on the investment portfolio increased by $0.5 million as a result of reinvesting the cashflow back into the portfolio in an effort to increase the overall yield in the current rate environment.  The overall yield on the investment portfolio increased 17 basis points.  Interest expense increased by $0.7 million as a result of a $1.7 million increase in interest on deposits, as the average deposit balances increased by $90.0 million, driven by a $70.9 million increase in retail money market average balances and $30.9 million increase in average brokered time deposits, partially offset by decreases in average savings balances of $14.8 million.  The overall rate paid on deposits decreased 3 basis points.  Interest expense on short-term borrowings decreased by $1.4 million due to the Bank's utilization of the BTFP program in 2024 and subsequent repayment of the balances due under that program late in the third quarter of 2024. Long-term borrowing costs increased by $0.4 million as a result of an increase of $21.6 million in FHLB average balances due to borrowings obtained in the third quarter of 2024 and subsequent repayment of a $25.0 million advance at its maturity in September 2025, partially offset by a decrease in rate paid of 60 basis points. The net interest margin was 3.67% and 3.38% for the years ending December 31, 2025, and 2024, respectively.  Management continues to place a strong focus on margin management as we move into 2026.  Higher cash levels at December 31, 2025, should allow us to repay outstanding debt and brokered deposits at their maturities.  In January 2026, a $25.0 million brokered certificate of deposit was repaid at its maturity.Non-Interest IncomeFourth Quarter 2025 Compared to Fourth Quarter 2024Other operating income, including net gains, for the fourth quarter of 2025 increased by $0.2 million when compared to the same period of 2024.  This increase was driven by a $0.4 million increase in wealth management income, reflecting higher market valuations and expanded relationships with both new and existing clients.   This was partially offset by a $0.2 million increase in net losses related to the sale of a retail branch office due to the relocation to a more convenient site in Morgantown, WV, to better serve our customers. Fourth Quarter 2025 Compared to Third Quarter 2025On a linked quarter basis, other operating income, including net gains, decreased by $0.1 million.   A $0.2 million loss on the sale of the retail branch office was recognized in the fourth quarter of 2025, and net gains on sales of investment securities decreased by $0.1 million due to a gain on sales of available-for-sale securities recognized in the third quarter of 2025.  Wealth management income increased by $0.2 million and debit card income increased by $0.2 million due primarily to the receipt of an annual VISA cash incentive in the fourth quarter of 2025. Year to Date 2025 Compared to Year to Date 2024Other operating income for the year ended December 31, 2025 increased by $0.7 million when compared to the same period of 2024.  This increase was attributable to a $0.7 million increase in wealth management income, driven by improving market conditions, increased annuity sales, and growth in new and existing customer relationships. Net gains were stable year over year, as a $0.2 million increase in gains from the sales of residential mortgages and investment securities was offset by a $0.2 million loss on the sale of a retail office.  Service charge and debit card income were both stable when comparing the year ended December 31, 2025 to the same period of 2024.Non-Interest ExpenseFourth Quarter 2025 Compared to Fourth Quarter 2024Operating expenses increased by $2.8 million in the fourth quarter of 2025 when compared to the fourth quarter of 2024.  Net OREO expenses increased by $1.8 million as a result of the $1.6 million fair value write-down discussed above and an additional expense of $0.2 million associated with the same OREO property in 2025.  Salaries and employee benefits increased by $0.6 million due to a $0.4 million increase in salary expense related to normal merit increases effective April 1, 2025 and increased staffing levels, as we enhanced our sales presence in Morgantown, WV, and a $0.1 million increase in incentive expense, partially offset by decreases in employee life and health insurance expense due to decreased claims.  Additionally, occupancy and equipment expenses increased by $0.3 million and professional services increased by $0.2 million.    Fourth Quarter 2025 Compared to Third Quarter 2025Compared to the linked quarter, operating expenses increased by $1.9 million.  Net OREO expenses increased by $1.8 million related to the $1.6 million fair value write-down and an additional expense of $0.2 million associated with the same OREO property in the fourth quarter.  Equipment and occupancy expense increased by $0.2 million.  These increases were partially offset by a $0.5 reduction in salaries and employee benefits due primarily to reduced incentive expense and reduced health insurance costs on account of decreased claims.Year to Date 2025 Compared to Year to Date 2024For the year ended December 31, 2025, non-interest expense increased by $3.8 million when compared to the year ended December 31, 2024.  Salaries and employee benefits increased by $1.3 million related to normal merit increases effective April 1, 2025, increased salary expense as a result of increased staffing levels as we enhanced our sales presence in Morgantown, WV, increases in incentives, and 401(k) expenses, offset by reduced life and health insurance costs related to reduced claims in 2025. Net OREO expenses increased by $2.0 million due to the previously mentioned fair value write-down and expenses recorded in the fourth quarter of 2025.  Data processing expenses increased by $0.5 million due primarily to increased software agreements, and professional services expenses increased by $0.5 million driven by increased audit fees.   These increases were partially offset by a $0.5 million decrease in occupancy and equipment expenses related to accelerated depreciation expense related to branch closures that were recognized in the first quarter of 2024.The effective income tax rates as a percentage of income for the years ended December 31, 2025 and December 31, 2024 remained stable at 24.6% and 24.5%, respectively. Balance Sheet OverviewTotal assets at December 31, 2025 were $2.1 billion, representing a $114.4 million increase since December 31, 2024.  During the year, the investment portfolio increased by $9.5 million as bonds were purchased to lock in yield in anticipation of potential declines in long-term rates. Gross loans increased by $40.9 million as new production during the year was mitigated by amortization and unusually high payoffs in the commercial portfolio.  These payoffs were a result of sales of businesses of approximately $10.5 million and approximately $33.5 million related to refinancings and balance sheet restructurings.  Other assets, including deferred taxes, premises and equipment, bank owned life insurance, pension assets, accrued trust income receivable, and accrued interest receivable, increased by $13.6 million.Total liabilities at December 31, 2025 were $1.9 billion, representing a $90.1 million increase since December 31, 2024.  Total deposits increased by $160.3 million when compared to December 31, 2024.   Brokered time deposits increased by $50.0 million as new brokered time deposits were obtained in January 2025 to fund the repayment of the $50.0 million in overnight borrowings outstanding at December 31, 2024. In addition, savings and money market accounts increased by $70.2 million, retail time deposits increased by $7.8 million, and non-interest-bearing deposits increased by $26.3 million.  Interest-bearing demand deposits, primarily our IntraFi Cash Service product, increased by $6.0 million due primarily to seasonal fluctuations in municipal deposit accounts.  Short-term borrowings decreased by $47.7 million due to the purchase of the brokered time deposit mentioned above, which was partially offset by increases in the overnight investment sweep product.  Long-term borrowings decreased by $25.0 million due to the full repayment of a matured $25.0 million FHLB borrowing in September 2025.Outstanding loans of $1.5 billion at December 31, 2025 reflected a $40.9 million increase since December 31, 2024.Loan Type(in millions)Change since September 30, 2025Change since December 31, 2024Commercial $10.6$28.9Residential Mortgages$15.6$18.1Consumer($1.3)($6.1)Gross Loans($24.9)$40.9Since December 31, 2024, commercial real estate loans increased by $44.4 million, acquisition and development loans decreased by $5.0 million as construction projects were completed and rolled into permanent financing, commercial and industrial loans decreased by $10.5 million, residential mortgage loans increased by $18.1 million, and consumer loans decreased by $6.1 million as production continued to be outpaced by amortization. Commercial growth was offset during 2025 by unusually high payoffs as a result of clients utilizing cash to repay or consolidate debt.New commercial loan production for the fourth quarter of 2025 was approximately $108.0 million. Commercial production for the year ended December 31, 2025 was approximately $247.0 million, which compares to $189.5 million for the year ended December 31, 2024.  The commercial pipeline continued to be strong at December 31, 2025 at $61.0 million, and unfunded, commercial construction loans totaled approximately $46.5 million.  Commercial amortization and payoffs were approximately $79.1 million for the three months ended December 31, 2025.New consumer mortgage loan production for the fourth quarter of 2025 was approximately $25.3 million, most of which was comprised of in-house mortgages booked to our portfolio.  The pipeline of in-house, portfolio loans at December 31, 2025 was $4.5 million.  Unfunded commitments related to residential construction loans totaled $15.3 million at December 31, 2025.  Total deposits at December 31, 2025 increased by $160.3 million when compared to December 31, 2024.Deposit Type(in millions)Change since September 30, 2025Change since December 31, 2024Non-Interest-Bearing$23.1$26.3Interest-Bearing Demand$6.8$6.0Savings and Money Market$28.2$70.2Time Deposits- Retail($1.9)$7.8Time Deposits- Brokered$0.0$50.0Total Deposits$56.2$160.3In January 2025, $50.0 million in brokered time deposits with an average interest rate of 4.24% were obtained to fund the repayment of $50.0 million in overnight borrowings that were outstanding on December 31, 2024.  Savings and money market accounts increased by $70.2 million due primarily to the expansion of current and new relationships throughout 2025.  Non-interest-bearing checking deposits increased by $26.3 million due primarily to seasonal fluctuations of deposit balances of two commercial customers in the healthcare sector, and interest-bearing checking deposits increased by $6.0 million as we experienced seasonal fluctuations in municipal and commercial account balances.  Retail time deposits increased by $7.8 million since December 31, 2024.  Subsequently in January 2026, a $25.0 million brokered certificate of deposit was fully repaid at its maturity.The book value of the Corporation's common stock was $31.33 per share at December 31, 2025 compared to $27.71 per share at December 31, 2024. At December 31, 2025, there were 6,499,476 basic outstanding shares of common stock and 6,511,358 diluted outstanding shares of common stock.  The increase in the book value at December 31, 2025 was primarily due to the undistributed net income of $18.3 million.  The Board of Directors of the Corporation increased the quarterly dividend to $0.26 per share in the third quarter of 2025.Asset QualityThe allowance for credit losses ("ACL") was $19.5 million at December 31, 2025 compared to $18.2 million at December 31, 2024.  The provision for credit losses was $0.7 million for the quarter ended December 31, 2025 compared to $0.5 million for both of the quarters ended December 31, 2024 and September 30, 2025.  Provision for credit losses was $2.7 million for the year ended December 31, 2025 and $2.9 million for the year ended December 31, 2024.  The decreased provision expense in 2025 was primarily related to charge-offs in our commercial and consumer loan portfolios during 2024, partially offset by growth in our loan portfolio and an increase of $18.7 million in unfunded loan commitments during 2025.  Asset quality remained strong during the fourth quarter of 2025.  The ratio of the ACL to loans outstanding remained stable at 1.28% at both December 31, 2025 and September 30, 2025 and 1.23% at December 31, 2024.The ratio of net charge offs to average loans was 0.07% for the year ended December 31, 2025 and 0.16% for the year ended December 31, 2024.  The commercial and industrial portfolio had net charge offs of 0.33% and 0.50% for the years ended December 31, 2025 and 2024, respectively, due primarily to charge offs on one non-accrual commercial relationship.  The acquisition and development portfolio had net recoveries of 0.33% and 0.06% for the years ended December 31, 2025 and 2024, respectively.  This shift was due primarily to recoveries recognized in 2025 related to one relationship previously charged off in 2016 as additional collateral was brought into OREO in the third quarter of 2025.  The decrease in net charge offs in consumer loans in 2025 was primarily driven by approximately $0.3 million in charge offs of demand deposit balances during the first quarter of 2024.  Details of the ratios, by loan type, are shown below.  Our special assets team continues to actively collect on charged-off loans, resulting in overall low net charge-off ratios.Ratio of Net (Charge Offs)/Recoveries to Average Loans
12/31/202512/31/2024Loan Type(Charge Off) / Recovery(Charge Off) / RecoveryCommercial Real Estate0.00 %0.02 %Acquisition & Development0.33 %0.06 %Commercial & Industrial(0.33 %)(0.50 %)Residential Mortgage0.00 %0.01 %Consumer(0.88 %)(1.76 %)Total Net (Charge Offs)/Recoveries(0.07 %)(0.16 %)Non-accrual loans totaled $4.2 million at December 31, 2025 compared to $4.9 million at December 31, 2024.  The decrease in non-accrual balances at December 31, 2025 was due to principal paydowns and the charge-off of $0.6 million related to a non-accrual commercial and industrial relationship that was recorded during the second half of 2025. Non-accrual loans that have been subject to partial charge-offs totaled $0.2 million and $0.7 million at December 31, 2025 and December 31, 2024, respectively.  Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $0.5 million and $1.6 million at December 31, 2025 and December 31, 2024, respectively.  As a percentage of the loan portfolio, accruing loans past due 30 days or more were 0.32% at both December 31, 2025 and 2024. ABOUT FIRST UNITED CORPORATIONFirst United Corporation is a Maryland corporation chartered in 1985 and a financial holding company registered with the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021.  The Corporation's primary business is serving as the parent company of the Bank, First United Statutory Trust I ("Trust I") and First United Statutory Trust II ("Trust II" and together with Trust I, "the Trusts"), both Connecticut statutory business trusts.  The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital.  The Bank has two consumer finance company subsidiaries- Oak First Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company – and one subsidiary that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure – First OREO Trust, a Maryland statutory trust.  In addition, the Bank 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, and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland and Mineral County, West Virginia.   The Corporation's website is www.mybank.comFORWARD-LOOKING STATEMENTSThis press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.  Forward-looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the future, as well as its assumptions and judgments concerning such beliefs, plans and objectives.  These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions.  Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true.  The beliefs, plans and objectives on which forward-looking statements are based involve risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements.  For a discussion of these risks and uncertainties, see the section of the periodic reports that First United Corporation files with the Securities and Exchange Commission entitled "Risk Factors". In addition, investors should understand that the Corporation is required under generally accepted accounting principles to evaluate subsequent events through the filing of the consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2025 and the impact that any such events have on our critical accounting assumptions and estimates made as of December 31, 2025, which could require us to make adjustments to the amounts reflected in this press release.FIRST UNITED CORPORATIONOakland, MDStock Symbol :  FUNCFinancial Highlights - Unaudited








(Dollars in thousands, except per share data)








Three Months Ended
 Twelve Months Ended

December 31,
December 31,
December 31,
December 31,

2025
2024
2025
2024Results of Operations:







     Interest income 
$                 26,153
$                 23,725
$               100,848
$                 91,993     Interest expense 
8,166
8,025
32,735
32,015     Net interest income
17,987
15,700
68,113
59,978     Provision for credit losses
717
529
2,743
2,933     Other operating income
5,330
4,924
20,166
19,411     Net (losses)/gains
(97)
132
402
414     Other operating expense
14,869
12,081
53,405
49,640     Income before taxes
$                   7,634
$                   8,146
$                 32,533
$                 27,230     Income tax expense
1,857
1,960
8,018
6,661     Net income
$                   5,777
$                   6,186
$                 24,515
$                 20,569








Per share data:







     Basic net income per share
$                     0.89
$                     0.95
$                     3.78
$                     3.15     Diluted net income per share
$                     0.89
$                     0.95
$                     3.77
$                     3.15     Adjusted Basic net income (1)
$                     1.10
$                     0.95
$                     3.98
$                     3.21     Adjusted Diluted net income (1)
$                     1.10
$                     0.95
$                     3.97
$                     3.21     Dividends declared per share
$                     0.26
$                     0.22
$                     0.96
$                     0.84     Book value
$                   31.33
$                   27.71



     Diluted book value
$                   31.27
$                   27.65



     Tangible book value per share
$                   29.56
$                   25.89



     Diluted Tangible book value per share
$                   29.50
$                   25.83












     Closing market value
$                   37.19
$                   33.71



     Market Range:







          High
$                   40.79
$                   36.17



          Low
$                   33.63
$                   29.63












Shares outstanding at period end: Basic
6,499,476
6,471,096



Shares outstanding at period end: Diluted
6,511,358
6,485,119












Performance ratios: (Year to Date Period End)







Return on average assets
1.21 %
1.06 %



Adjusted return on average assets 
1.28 %
1.08 %



Return on average shareholders' equity
12.70 %
12.16 %



Adjusted return on average shareholders' equity 
13.39 %
12.42 %



Net interest margin (Non-GAAP), includes tax exempt income of $218 and $229
3.67 %
3.38 %



Net interest margin GAAP
3.66 %
3.36 %



Efficiency ratio - non-GAAP (1)
58.19 %
61.31 %












(1) Efficiency ratio is a non-GAAP measure calculated by dividing total operating expenses less write downs of OREO properties by the sum of tax equivalent net interest income and other operating income, less gains/(losses) on sales of securities, gains/(losses) on disposals or accelerated depreciation of fixed assets.
December 31,
December 31





2025
2024



Financial Condition at period end:







Assets
$            2,087,453
$            1,973,022



Earning assets
$            1,807,780
$            1,758,665



Gross loans
$            1,521,704
$            1,480,793



     Commercial Real Estate
$               570,808
$               526,364



     Acquisition and Development
$                 90,272
$                 95,314



     Commercial and Industrial
$               277,034
$               287,534



     Residential Mortgage
$               536,912
$               518,815



     Consumer
$                 46,678
$                 52,766



Investment securities
$               279,534
$               269,991



Total deposits
$            1,735,149
$            1,574,829



     Noninterest bearing
$               453,036
$               426,737



     Interest bearing
$            1,282,113
$            1,148,092



Shareholders' equity
$               203,634
$               179,295





















Capital ratios:
















     Tier 1 to risk weighted assets
15.36 %
14.70 %



     Common Equity Tier 1 to risk weighted assets
13.52 %
12.79 %



     Tier 1 Leverage
12.21 %
11.88 %



     Total risk based capital
16.61 %
15.92 %












Asset quality:















Net charge-offs for the quarter
$                      (99)
$                    (362)



Nonperforming assets: (Period End)







     Nonaccrual loans
$                   4,192
$                   4,931



     Loans 90 days past due and accruing
477
918












     Total nonperforming loans and 90 day past due
$                   4,669
$                   5,849












     Other real estate owned
$                   1,083
$                   3,062



     Other repossessed assets
$                   2,802
$                   2,802



     Modified loans
$                   1,209
$                   1,006












Allowance for credit losses to gross loans
1.28 %
1.23 %



Allowance for credit losses to non-accrual loans
464.46 %
368.49 %



Allowance for credit losses to non-performing assets
227.61 %
155.13 %



Non-performing loans and 90 day past due loans to total loans
0.31 %
0.39 %



Non-performing loans and 90 day past due loans to total assets
0.22 %
0.30 %



Non-accrual loans to total loans
0.28 %
0.33 %



Non-performing assets to total assets
0.41 %
0.59 %



 FIRST UNITED CORPORATIONOakland, MDStock Symbol :  FUNCFinancial Highlights - Unaudited












December 31,September 30,June 30,March 31,December 31,September 30,March 31,(Dollars in thousands, except per share data)
2025202520252025202420242024Results of Operations:







     Interest income 
$                  26,153$              25,762$           24,871$              24,062$              23,725$                23,257$        21,898     Interest expense 
8,1668,3598,1648,0468,0258,0298,086     Net interest income
17,98717,40316,70716,01615,70015,22813,812     Provision for credit losses
717510860656529264946     Other operating income
5,3305,0744,9404,8224,9244,9124,793     Net (losses)/gains
(97)2611469213214182     Other operating expense
14,86912,98612,97412,57612,08112,31412,881     Income before taxes
$                    7,634$                9,242$             7,959$                7,698$                8,146$                  7,703$          4,860     Income tax expense
1,8572,2941,9751,8921,9601,9321,162     Net income
$                    5,777$                6,948$             5,984$                5,806$                6,186$                  5,771$          3,698








Per share data:







     Basic net income per share 
$                      0.89$                  1.07$               0.92$                  0.90$                  0.95$                    0.89$            0.56     Diluted net income per share
$                      0.89$                  1.07$               0.92$                  0.89$                  0.95$                    0.89$            0.56     Adjusted basic net income (1)
$                      1.10$                  1.07$               0.92$                  0.90$                  0.95$                    0.89$            0.62     Adjusted diluted net income (1)
$                      1.10$                  1.07$               0.92$                  0.89$                  0.95$                    0.89$            0.62     Dividends declared per share
$                      0.26$                  0.26$               0.22$                  0.22$                  0.22$                    0.22$            0.20     Book value
$                    31.33$                30.65$             29.43$                28.35$                27.71$                  26.90$          24.89     Diluted book value
$                    31.27$                30.59$             29.38$                28.27$                27.65$                  26.84$          24.86     Tangible book value per share
$                    29.56$                28.87$             27.64$                26.55$                25.89$                  25.06$          23.08     Diluted Tangible book value per share
$                    29.50$                28.82$             27.59$                26.47$                25.83$                  25.01$          23.05








     Closing market value
$                    37.19$                36.77$             31.01$                30.02$                33.71$                  29.84$          22.91     Market Range:







          High
$                    40.79$                38.41$             32.09$                41.61$                36.17$                  30.77$          23.85          Low
$                    33.63$                32.02$             25.90$                29.38$                29.63$                  20.40$          21.21








Shares outstanding at period end: Basic 
6,499,4766,496,9086,494,6116,478,6346,471,0966,468,6256,648,645Shares outstanding at period end: Diluted
6,511,3586,508,7906,506,4936,497,4546,485,1196,482,6486,657,239








Performance ratios: (Year to Date Period End, annualized)






Return on average assets
1.21 %1.24 %1.20 %1.19 %1.06 %0.99 %0.76 %Adjusted return on average assets (1)
1.28 %1.24 %1.20 %1.19 %1.08 %1.01 %0.85 %Return on average shareholders' equity
12.70 %13.23 %12.78 %12.83 %12.16 %11.52 %9.07 %Adjusted return on average shareholders' equity (1)
13.39 %13.23 %12.78 %12.83 %12.42 %11.78 %10.11 %Net interest margin (Non-GAAP), includes tax exempt income of $218 and $229
3.67 %3.64 %3.61 %3.56 %3.38 %3.34 %3.12 %Net interest margin GAAP
3.66 %3.63 %3.60 %3.55 %3.36 %3.32 %3.10 %Efficiency ratio - non-GAAP (1)
58.19 %58.73 %59.66 %59.95 %61.31 %62.46 %65.71 %








(1) Efficiency ratio is a non-GAAP measure calculated by dividing total operating expenses less write downs of OREO properties by the sum of tax equivalent net interest income and other operating income, less gains/(losses) on sales of securities, gains/(losses) on disposals or accelerated depreciation of fixed assets.December 31,September 30,June 30,March 31,December 31,September 30,March 31,

2025202520252025202420242024Financial Condition at period end:







Assets
$             2,087,453$         2,023,974$      2,007,471$         1,979,753$         1,973,022$           1,916,126$   1,912,953Earning assets
$             1,807,780$         1,784,056$      1,789,747$         1,762,891$         1,758,665$           1,722,346$   1,695,962Gross loans
$             1,521,704$         1,496,762$      1,502,481$         1,479,869$         1,480,793$           1,447,883$   1,412,327     Commercial Real Estate
$                570,808$            554,418$         550,717$            532,764$            526,364$              502,828$      492,819     Acquisition and Development
$                  90,272$              93,968$           98,937$              94,063$              95,314$                92,909$        83,424     Commercial and Industrial
$                277,034$            279,079$         281,484$            282,370$            287,534$              277,994$      274,722     Residential Mortgage
$                536,912$            521,317$         521,968$            520,072$            518,815$              519,168$      501,990     Consumer
$                  46,678$              47,980$           49,375$              50,600$              52,766$                54,984$        59,372Investment securities
$                279,534$            278,898$         279,541$            275,143$            269,991$              267,214$      278,716Total deposits
$             1,735,149$         1,678,902$      1,614,207$         1,623,574$         1,574,829$           1,540,395$   1,563,453     Noninterest bearing
$                453,036$            429,986$         425,784$            422,415$            426,737$              419,437$      422,759     Interest bearing
$             1,282,113$         1,248,916$      1,188,423$         1,201,159$         1,148,092$           1,120,958$   1,140,694Shareholders' equity
$                203,634$            199,099$         191,147$            183,694$            179,295$              173,979$      165,481








Capital ratios:
















     Tier 1 to risk weighted assets
15.36 %15.59 %15.22 %14.87 %14.70 %14.61 %14.58 %     Common Equity Tier 1 to risk weighted assets13.52 %13.68 %13.32 %12.97 %12.79 %12.66 %12.60 %     Tier 1 Leverage
12.21 %12.10 %12.08 %11.94 %11.88 %11.88 %11.48 %     Total risk based capital
16.61 %16.84 %16.47 %16.10 %15.92 %15.83 %15.83 %








Asset quality:
















Net (charge-offs)/recoveries for the quarter
$                       (99)$                  (435)$              (151)$                 (360)$                 (362)$                    (109)$            (459)Nonperforming assets: (Period End)







     Nonaccrual loans
$                    4,192$                3,825$             3,813$                4,026$                4,931$                  8,073$        16,007     Loans 90 days past due and accruing
477801535233918538120








     Total nonperforming loans and 90 day past due$                    4,669$                4,626$             4,348$                4,259$                5,849$                  8,611$        16,127








     Other real estate owned
$                    1,083$                2,718$             3,035$                3,062$                3,062$                  2,860$          4,402     Other repossessed assets
$                    2,802$                3,043$             2,802$                2,802$                2,802$                       42$               68     Modified loans
$                    1,209$                   998$             1,198$                1,021$                1,006$                  1,016$                  -








Allowance for credit losses to gross loans
1.28 %1.28 %1.27 %1.25 %1.23 %1.24 %1.27 %Allowance for credit losses to non-accrual loans
464.46 %499.06 %499.45 %458.69 %368.49 %223.09 %112.34 %Allowance for credit losses to non-performing assets227.61 %183.78 %186.98 %182.43 %155.13 %157.00 %87.59 %Non-performing loans and 90 day past due loans to total loans0.31 %0.31 %0.29 %0.29 %0.39 %0.59 %1.14 %Non-performing loans and 90 day past due loans to total assets0.22 %0.23 %0.22 %0.22 %0.30 %0.45 %0.84 %Non-accrual loans to total loans
0.28 %0.26 %0.25 %0.27 %0.33 %0.56 %1.13 %Non-performing assets to total assets
0.41 %0.51 %0.51 %0.51 %0.59 %0.60 %1.07 % Consolidated Statement of Condition




















(Dollars in thousands - Unaudited)
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
December 31, 2024










Assets









Cash and due from banks$129,830$92,268$77,313$82,813$77,020Interest bearing deposits in banks
1,782
2,907
1,800
1,618
1,307Cash and cash equivalents
131,612
95,175
79,113
84,431
78,327Investment securities – available for sale (at fair value)
107,144
105,060
103,582
99,998
94,494Investment securities – held to maturity (at cost)
171,361
172,818
174,951
174,144
175,497Equity investments with readily determinable fair market values
1,029
1,020
1,008
1,001
—Restricted investment in bank stock, at cost
4,630
4,628
5,815
5,815
5,768Loans held for sale
130
861
110
—
806Loans
1,521,704
1,496,762
1,502,481
1,479,869
1,480,793Unearned fees
(476)
(473)
(533)
(457)
(442)Allowance for credit losses
(19,470)
(19,089)
(19,044)
(18,467)
(18,170)Net loans
1,501,758
1,477,200
1,482,904
1,460,945
1,462,181Premises and equipment, net
29,665
30,369
29,644
30,010
30,081Goodwill and other intangible assets
11,444
11,526
11,609
11,691
11,773Bank owned life insurance
50,360
49,997
49,642
49,293
48,952Deferred tax assets
8,730
8,228
9,151
10,021
9,989Other real estate owned, net
1,083
2,718
3,035
3,062
3,062Operating lease asset
1,015
984
1,058
1,131
1,204Pension asset
20,798
21,382
18,537
16,064
17,824Accrued interest receivable and other assets
46,694
42,008
37,312
32,147
33,064Total Assets$2,087,453$2,023,974$2,007,471$1,979,753$1,973,022Liabilities and Shareholders' Equity









Liabilities:









Non-interest bearing deposits$453,036$429,986$425,784$422,415$426,737Interest bearing deposits
1,282,113
1,248,916
1,188,423
1,201,159
1,148,092Total deposits
1,735,149
1,678,902
1,614,207
1,623,574
1,574,829Short-term borrowings
17,661
20,207
50,954
20,342
65,409Long-term borrowings
95,929
95,929
120,929
120,929
120,929Operating lease liability
1,180
1,152
1,231
1,308
1,384Allowance for credit loss on off balance sheet exposures
1,218
982
995
863
863Accrued interest payable and other liabilities
30,992
26,014
26,579
27,617
28,889Dividends payable
1,690
1,689
1,429
1,426
1,424Total Liabilities
1,883,819
1,824,875
1,816,324
1,796,059
1,793,727Shareholders' Equity:  









Common Stock – par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,499,476 at December 31, 2025; 6,496,908 at September 30, 2025;  6,494,611 shares at June 30, 2025; 6,478,634 at March 31, 2025; and 6,471,096 at December 31, 2024
65
65
65
65
65Surplus
21,551
21,290
21,121
20,606
20,476Retained earnings
207,284
203,197
197,938
193,382
189,002Accumulated other comprehensive loss
(25,266)
(25,453)
(27,977)
(30,359)
(30,248)Total Shareholders' Equity
203,634
199,099
191,147
183,694
179,295Total Liabilities and Shareholders' Equity$2,087,453$2,023,974$2,007,471$1,979,753$1,973,022 Historical Income Statement


2025
2024
Year to dateQ4Q3Q2
Q1
Year to Date
Q4
Q3Q2Q1In thousands





(Unaudited)Interest income



















Interest and fees on loans$90,328$23,219$23,060$22,294$21,755$81,756$21,299$21,018$20,221$19,218Interest on investment securities



















Taxable
7,210
1,845
1,826
1,776
1,763
6,760
1,672
1,647
1,697
1,744Exempt from federal income tax
218
59
57
57
45
209
47
56
53
53Total investment income
7,428
1,904
1,883
1,833
1,808
6,969
1,719
1,703
1,750
1,797Other
3,092
1,030
819
744
499
3,268
707
536
1,142
883Total interest income
100,848
26,153
25,762
24,871
24,062
91,993
23,725
23,257
23,113
21,898Interest expense



















Interest on deposits
27,524
7,044
7,009
6,788
6,683
25,828
6,585
6,579
6,398
6,266Interest on short-term borrowings
75
17
17
21
20
1,477
40
467
509
461Interest on long-term borrowings
5,136
1,105
1,333
1,355
1,343
4,710
1,400
983
968
1,359Total interest expense
32,735
8,166
8,359
8,164
8,046
32,015
8,025
8,029
7,875
8,086Net interest income
68,113
17,987
17,403
16,707
16,016
59,978
15,700
15,228
15,238
13,812Credit loss expense/(credit)



















Loans
2,345
480
480
728
657
2,929
522
195
1,251
961Debt securities held to maturity
43
—
43
—
—
14
—
14
—
—Off balance sheet credit exposures
355
237
(13)
132
(1)
(10)
7
55
(57)
(15)Provision for credit losses
2,743
717
510
860
656
2,933
529
264
1,194
946Net interest income after provision for credit losses
65,370
17,270
16,893
15,847
15,360
57,045
15,171
14,964
14,044
12,866Other operating income



















Net gains on investments, available for sale
97
—
97
—
—
—
—
—
—
—Gains on sale of residential mortgage loans
533
132
163
146
92
414
132
141
59
82(Losses)/gains on disposal of fixed assets
(228)
(229)
1
—
—
—
—
—
—
—Net gains/(losses)
402
(97)
261
146
92
414
132
141
59
82Other Income



















Service charges on deposit accounts
2,255
568
563
577
547
2,220
553
555
556
556Other service charges
845
207
218
214
206
887
211
236
225
215Trust department
9,824
2,667
2,448
2,386
2,323
9,094
2,323
2,328
2,255
2,188Debit card income
4,057
1,173
980
983
921
4,065
1,134
1,000
999
932Bank owned life insurance
1,408
364
355
348
341
1,345
345
340
334
326Brokerage commissions
1,445
308
346
370
421
1,449
295
297
362
495Other
332
43
164
62
63
351
63
156
51
81Total other income
20,166
5,330
5,074
4,940
4,822
19,411
4,924
4,912
4,782
4,793Total other operating income
20,568
5,233
5,335
5,086
4,914
19,825
5,056
5,053
4,841
4,875Other operating expenses



















Salaries and employee benefits
29,347
7,108
7,589
7,319
7,331
28,029
6,456
7,160
7,256
7,157FDIC premiums
1,051
273
266
267
245
1,070
260
256
285
269Equipment
2,217
559
515
565
578
2,675
490
627
635
923Occupancy
2,860
817
679
675
689
2,878
563
709
652
954Data processing
6,243
1,623
1,517
1,600
1,503
5,761
1,688
1,333
1,422
1,318Marketing
904
288
182
196
238
674
205
151
184
134Professional services
2,449
745
639
589
476
1,948
536
477
449
486Contract labor
634
178
127
166
163
597
181
149
84
183Telephone
380
97
89
96
98
408
99
97
103
109Other real estate owned
2,235
1,866
69
208
92
271
47
124
14
86Investor relations
306
55
57
132
62
293
65
84
91
53Contributions
344
120
90
78
56
234
53
65
66
50Other
4,435
1,140
1,167
1,083
1,045
4,802
1,438
1,082
1,123
1,159Total other operating expenses
53,405
14,869
12,986
12,974
12,576
49,640
12,081
12,314
12,364
12,881Income before income tax expense
32,533
7,634
9,242
7,959
7,698
27,230
8,146
7,703
6,521
4,860Provision for income tax expense
8,018
1,857
2,294
1,975
1,892
6,661
1,960
1,932
1,607
1,162Net Income$24,515$5,777$6,948$5,984$5,806$20,569$6,186$5,771$4,914$3,698Basic net income per common share$3.78$0.89$1.07$0.92$0.90$3.15$0.95$0.89$0.75$0.56Diluted net income per common share$3.77$0.89$1.07$0.92$0.89$3.15$0.95$0.89$0.75$0.56Weighted average number of basic shares outstanding
6,490
6,499
6,496
6,489
6,474
6,527
6,470
6,468
6,527
6,642Weighted average number of diluted shares outstanding
6,504
6,510
6,508
6,506
6,490
6,540
6,484
6,482
6,537
6,655Dividends declared per common share$0.96$0.26$0.26$0.22$0.22$0.84$0.22$0.22$0.20$0.20 Non-GAAP Financial Measures (unaudited)Reconciliation of as reported (GAAP) and non-GAAP financial measures
The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company's management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company's operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company's performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.The following non-GAAP financial measures exclude net gains on sale of investment securities, losses on disposal of fixed assets and write-downs of other real estate owned ("OREO") in 2025 and accelerated depreciation expenses related to the branch closures in 2024.

Three months ended December 31,
Twelve months ended December 31,

2025
2024
2025
2024(in thousands, except for per share amount)











Net income - as reported
$5,777
$6,186
$24,515
$20,569Adjustments:











     Loss on write-down of OREO property

1,635

—

1,635

—     Loss on disposal of fixed assets

228

—

228

—     Net gains on sale of investment securities

—

—

(97)

—    Accelerated depreciation expenses

—

—

—

562     Income tax effect of adjustments

(459)

—

(435)

(137)Adjusted net income (non-GAAP)
$7,181
$6,186
$25,846
$20,994












Diluted earnings per share - as reported
$0.89
$0.95
$3.77
$3.15Adjustments:











     Loss on write-down of OREO property

0.25

—

0.25

—     Loss on disposal of fixed assets

0.03

—

0.03

—     Net gains on sale of investment securities

—

—

(0.01)

—    Accelerated depreciation expenses

—

—

—

0.08    Income tax effect of adjustments

(0.07)

—

(0.07)

(0.02)Adjusted diluted earnings per share (non-GAAP)
$1.10
$0.95
$3.97
$3.21



























As of or for the three months ended
As of or for the twelve months ended

December 31, 
December 31, (in thousands, except per share data)
2025
2024
2025
2024Per Share Data











Basic net income per share - as reported
$0.89
$0.95
$3.78
$3.15Basic net income per share - non-GAAP
$1.10
$0.95
$3.98
$3.21Diluted net income per share - as reported
$0.89
$0.95
$3.77
$3.15Diluted net income per share - non-GAAP
$1.10
$0.95
$3.97
$3.21Basic book value per share 
$31.33
$27.71





Diluted book value per share 
$31.27
$27.65





















As of or for the twelve months ended





Significant Ratios:










December 31, 








2025
2024





Return on Average Assets - as reported

1.21 %

1.06 %





     Adjustments:











          Loss on write-down of OREO property

0.08 %

—





          Loss on disposal of fixed assets

0.02 %

—





         Net gains on sale of investment securities

(0.01 %)

—





         Accelerated depreciation expenses

—

0.03 %





         Income tax effect of adjustments

(0.02 %)

(0.01 %)





Adjusted Return on Average Assets (non-GAAP)

1.28 %

1.08 %


















Return on Average Equity - as reported

12.70 %

12.16 %





     Adjustments:











          Loss on write-down of OREO property

0.85 %

—





          Loss on disposal of fixed assets

0.12 %

—





         Net gains on sale of investment securities

(0.05 %)

—





         Accelerated depreciation expenses

—

0.34 %





         Income tax effect of adjustments

(0.23 %)

(0.08 %)





Adjusted Return on Average Equity (non-GAAP)

13.39 %

12.42 %





 

Three Months Ended


December 31,


2025
2024
(dollars in thousands)
Average
Balance
Interest
Average
Yield/Rate
Average
Balance
Interest
Average
Yield/Rate
Assets
















Loans
$1,509,632

23,230
6.10%$1,452,332
$21,313
5.84%Investment Securities:
















     Taxable

284,976

1,845
2.57%
275,785

1,672
2.41%     Non taxable

7,506

106
5.60%
6,758

86
5.06%     Total

292,482

1,951
2.65%
282,543

1,758
2.48%Federal funds sold

87,819

913
4.12%
56,552

628
4.42%Interest-bearing deposits with other banks

13,163

24
0.72%
3,138

16
2.03%Other interest earning assets

4,629

93
7.97%
5,767

63
4.35%Total earning assets

1,907,725

26,211
5.45%
1,800,332

23,778
5.25%Allowance for credit losses

(19,388)






(18,199)





Non-earning assets

182,613






162,438





Total Assets
$2,070,950





$1,944,571





Liabilities and Shareholders' Equity
















Deposits
















     Interest-bearing demand deposits
$387,148
$1,673
1.71%$388,451
$1,747
1.79%     Interest-bearing money markets- retail

509,895

3,736
2.91%
446,230

3,721
3.32%     Interest-bearing money markets- brokered

58

1
6.84%
110

1
3.62%     Savings deposits

158,859

41
0.10%
172,342

45
0.10%     Time deposits - retail

151,860

1,057
2.76%
143,424

1,071
2.97%     Time deposits - brokered

50,000

536
4.25%
—

—
—%     Total deposits

1,257,820

7,044
2.22%
1,150,557

6,585
2.28%Short-term borrowings

19,036

17
0.35%
12,797

40
1.24%Long-term borrowings

95,929

1,105
4.57%
120,928

1,400
4.61%Total interest-bearing liabilities

1,372,785

8,166
2.36%
1,284,282

8,025
2.49%Non-interest-bearing deposits

461,214






449,878





Other liabilities

33,213






33,904





Shareholders' Equity

203,738






176,507





Total Liabilities and Shareholders' Equity
$2,070,950





$1,944,571





Net interest income and spread



$18,045
3.09%


$15,753
2.76%Net interest margin






3.75%





3.48% 

Twelve Months Ended


December 31, 


2025
2024
(dollars in thousands)
Average
Balance
Interest
Average
Yield/
Rate
Average
Balance
Interest
Average
Yield/
Rate
Assets
















Loans
$1,496,125
$90,374
6.04%$1,427,351
$81,819
5.73%Investment Securities:
















     Taxable

284,659

7,210
2.53%
285,661

6,760
2.37%     Non taxable

7,246

390
5.38%
7,538

375
4.97%     Total

291,905

7,600
2.60%
293,199

7,135
2.43%Federal funds sold

62,744

2,623
4.18%
55,117

2,874
5.21%Interest-bearing deposits with other banks

6,152

89
1.45%
2,009

91
4.53%Other interest earning assets

5,467

380
6.95%
4,565

303
6.64%Total earning assets

1,862,393

101,066
5.43%
1,782,241

92,222
5.17%Allowance for loan losses

(18,963)






(18,064)





Non-earning assets

178,572






182,548





Total Assets
$2,022,002





$1,946,725





Liabilities and Shareholders' Equity
















Deposits
















     Interest-bearing demand deposits
$370,516
$6,355
1.72%$368,725

6,288
1.71%     Interest-bearing money markets- retail

484,238

14,694
3.03%
413,353

14,287
3.46%     Interest-bearing money markets- brokered

281

7
2.49%
55

3
5.45%     Savings deposits

165,625

172
0.10%
180,393

183
0.10%     Time deposits - retail

148,214

4,299
2.90%
147,193

4,226
2.87%     Time deposits - brokered

46,558

1,997
4.29%
15,697

841
5.36%     Total deposits

1,215,432

27,524
2.26%
1,125,416

25,828
2.29%Short-term borrowings

20,810

75
0.36%
58,444

1,477
2.53%Long-term borrowings

113,806

5,136
4.51%
92,213

4,710
5.11%Total interest-bearing liabilities

1,350,048

32,735
2.42%
1,276,073

32,015
2.51%Non-interest-bearing deposits

447,553






468,137





Other liabilities

31,400






33,326





Shareholders' Equity

193,001






169,189





Total Liabilities and Shareholders' Equity
$2,022,002





$1,946,725





Net interest income and spread



$68,331
3.01%


$60,207
2.66%Net interest margin






3.67%





3.38% 



View original content to download multimedia:https://www.prnewswire.com/news-releases/first-united-corporation-announces-fourth-quarter-2025-financial-results-302679416.htmlSOURCE First United Corporation

Original: FIRST UNITED CORPORATION ANNOUNCES FOURTH QUARTER 2025 FINANCIAL RESULTS

stock is a BUT at current levels

Sure hope so.

Func has a $11.50 book value and is currently earning at a $1.00 annual rate but will earn at about an annual rate of $1.70 by the end of 2013. Price should be around $14 - $15 by year end.

Func has a $11.50 book value and is currently earning at a $1.00 annual rate but will earn at about an annual rate of $1.70 by the end of 2013. Price should be around $14 - $15 by year end.

Func has a $11.50 book value and is currently earning at a $1.00 annual rate but will earn at about an annual rate of $1.70 by the end of 2013. Price should be around $14 - $15 by year end.

I just read from vectorvest this stocks undervalued, it's worth about $12.30 but is at $8.30 ??

I do not know why but FUNC is up big time from about $3.50 a share to $8.30.
Anybody know why??

~ Monday! $FUNC ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $FUNC ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=FUNC&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=FUNC&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=FUNC
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=FUNC#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=FUNC+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=FUNC
Finviz: http://finviz.com/quote.ashx?t=FUNC
~ BusyStock: http://busystock.com/i.php?s=FUNC&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=FUNC >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

First United Corporation is a financial holding company, which serves as the parent company of First United Bank & Trust (the Bank), First United Insurance Group, LLC (the Insurance Group), First United Statutory Trust I (Trust I), First United Statutory Trust II (Trust II) and First United Statutory Trust III (Trust III). The Trusts were formed for the purpose of selling trust preferred securities. The wholly owned subsidiaries of the Bank are OakFirst Loan Center, Inc. and OakFirst Loan Center, LLC and First OREO Trust. At December 31, 2010, the Company had assets of approximately $1.70 billion, net loans of approximately approximately $988 million, and deposits of approximately $1.30 billion. Shareholders’ equity at December 31, 2010 was approximately $96 million.

http://www.google.com/finance?q=FUNC