NasdaqGS:FUNC

Stock Analysis Report

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Executive Summary

First United Corporation operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals. More Details


Snowflake Analysis

Flawless balance sheet and fair value.


Similar Companies

Share Price & News

How has First United's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FUNC is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: FUNC's weekly volatility (6%) has been stable over the past year.


Market Performance


7 Day Return

2.2%

FUNC

6.3%

US Banks

2.8%

US Market


1 Year Return

-35.4%

FUNC

-17.0%

US Banks

19.7%

US Market

Return vs Industry: FUNC underperformed the US Banks industry which returned -15.9% over the past year.

Return vs Market: FUNC underperformed the US Market which returned 20.4% over the past year.


Shareholder returns

FUNCIndustryMarket
7 Day2.2%6.3%2.8%
30 Day18.1%19.9%8.0%
90 Day36.2%19.1%6.8%
1 Year-33.0%-35.4%-14.0%-17.0%22.4%19.7%
3 Year-5.1%-11.6%-3.4%-11.5%47.3%37.5%
5 Year63.1%52.0%38.4%21.1%93.6%72.3%

Long-Term Price Volatility Vs. Market

How volatile is First United's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is First United undervalued compared to its fair value and its price relative to the market?

4.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FUNC ($15.6) is trading below our estimate of fair value ($16.59)

Significantly Below Fair Value: FUNC is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: FUNC is good value based on its PE Ratio (9x) compared to the US Banks industry average (11.6x).

PE vs Market: FUNC is good value based on its PE Ratio (9x) compared to the US market (19.7x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FUNC's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FUNC's PB Ratio (0.8x) is in line with the US Banks industry average.


Next Steps

Future Growth

How is First United forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

16.3%

Forecasted Banks industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as First United has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has First United performed over the past 5 years?

11.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FUNC has high quality earnings.

Growing Profit Margin: FUNC's current net profit margins (20.2%) are lower than last year (21.1%).


Past Earnings Growth Analysis

Earnings Trend: FUNC's earnings have grown by 11% per year over the past 5 years.

Accelerating Growth: FUNC's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FUNC had negative earnings growth (-3.7%) over the past year, making it difficult to compare to the Banks industry average (-4.3%).


Return on Equity

High ROE: FUNC's Return on Equity (9.3%) is considered low.


Next Steps

Financial Health

How is First United's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: FUNC's Assets to Equity ratio (12.9x) is moderate.

Allowance for Bad Loans: FUNC has a sufficient allowance for bad loans (157%).

Low Risk Liabilities: 89% of FUNC's liabilities are made up of primarily low risk sources of funding.

Loan Level: FUNC has an appropriate level of Loans to Assets ratio (70%).

Low Risk Deposits: FUNC's Loans to Deposits ratio (85%) is appropriate.

Level of Bad Loans: FUNC has an appropriate level of bad loans (0.9%).


Next Steps

Dividend

What is First United current dividend yield, its reliability and sustainability?

3.35%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FUNC's dividend (3.33%) is higher than the bottom 25% of dividend payers in the US market (1.46%).

High Dividend: FUNC's dividend (3.33%) is low compared to the top 25% of dividend payers in the US market (4.05%).


Stability and Growth of Payments

Stable Dividend: FUNC's dividend payments have been volatile in the past 10 years.

Growing Dividend: FUNC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (30.1%), FUNC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.2yrs

Average management tenure


CEO

Carissa Rodeheaver (54 yo)

4.83yrs

Tenure

US$399,984

Compensation

Ms. Carissa L. Rodeheaver, C.P.A., has been the Chairman of the Board and Chief Executive Officer of First United Corporation and First United Bank & Trust since January 1, 2016 and their President since N...


CEO Compensation Analysis

Compensation vs Market: Carissa's total compensation ($USD399.98K) is about average for companies of similar size in the US market ($USD561.41K).

Compensation vs Earnings: Carissa's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Carissa Rodeheaver
Chairman4.83yrsUS$399.98k0.27%
$ 289.7k
Jason Rush
Senior VP & COO3.83yrsUS$211.25k0.16%
$ 176.8k
Robert Fisher
Senior VP & Chief Revenue Officerno dataUS$279.33k0.045%
$ 49.1k
Tonya Sturm
Senior VP5.5yrsno data0.013%
$ 13.9k
Keith Sanders
Senior VP9yrsUS$217.83k0.095%
$ 102.4k

5.2yrs

Average Tenure

51yo

Average Age

Experienced Management: FUNC's management team is seasoned and experienced (5.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Carissa Rodeheaver
Chairman4.83yrsUS$399.98k0.27%
$ 289.7k
Irvin Rudy
Independent Director28.5yrsUS$53.65k0.52%
$ 565.5k
John McCullough
Lead Independent Director6.5yrsUS$51.60kno data
M. Burkey
Independent Director15.5yrsUS$54.70k0.66%
$ 717.6k
Gary Ruddell
Independent Director16.5yrsUS$52.20k0.30%
$ 321.9k
Hoye Walls
Independent Director14.5yrsUS$53.65k0.61%
$ 656.2k
John Barr
Independent Director6.5yrsUS$52.20k0.28%
$ 306.6k
Brian Boal
Independent Director6.5yrsUS$54.90k0.16%
$ 171.5k
Marisa Shockley
Independent Director6.5yrsUS$49.60k0.26%
$ 286.0k
Patricia Milon
Director0.33yrno data0.013%
$ 14.2k

6.5yrs

Average Tenure

66yo

Average Age

Experienced Board: FUNC's board of directors are considered experienced (6.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FUNC insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

First United Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: First United Corporation
  • Ticker: FUNC
  • Exchange: NasdaqGS
  • Founded: 1900
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$108.329m
  • Shares outstanding: 6.99m
  • Website: https://www.mybank.com

Number of Employees


Location

  • First United Corporation
  • 19 South Second Street
  • Oakland
  • Maryland
  • 21550-0009
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FUNCNasdaqGS (Nasdaq Global Select)YesCommon SharesUSUSDOct 1990

Biography

First United Corporation operates as the bank holding company for First United Bank & Trust that provides various retail and commercial banking services to businesses and individuals. The company offers va...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/26 00:39
End of Day Share Price2020/11/25 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.