NasdaqGS:FUNC

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

Excellent balance sheet with acceptable track record.


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


Market Performance


7 Day Return

0.9%

FUNC

2.7%

US Banks

0.5%

US Market


1 Year Return

26.8%

FUNC

2.9%

US Banks

6.8%

US Market

Return vs Industry: FUNC exceeded the US Banks industry which returned 2.9% over the past year.

Return vs Market: FUNC exceeded the US Market which returned 6.8% over the past year.


Shareholder returns

FUNCIndustryMarket
7 Day0.9%2.7%0.5%
30 Day3.0%1.1%-0.8%
90 Day18.5%2.7%-0.9%
1 Year29.4%26.8%5.8%2.9%9.2%6.8%
3 Year110.8%103.7%52.0%41.5%45.6%36.2%
5 Year185.4%175.8%69.2%50.7%63.2%45.4%

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?

15.11x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FUNC ($23.22) is trading above our estimate of fair value ($10.47)

Significantly Below Fair Value: FUNC is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FUNC is poor value based on its PE Ratio (15.1x) compared to the Banks industry average (12.5x).

PE vs Market: FUNC is good value based on its PE Ratio (15.1x) compared to the US market (17.7x).


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 is overvalued based on its PB Ratio (1.3x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

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

7.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FUNC's forecast earnings growth (7.9% per year) is above the savings rate (2.7%).

Earnings vs Market: FUNC's earnings (7.9% per year) are forecast to grow slower than the US market (14.6% per year).

High Growth Earnings: FUNC's earnings are forecast to grow, but not significantly.

Revenue vs Market: Insufficient data to determine if FUNC's revenue is forecast to grow faster than the US market.

High Growth Revenue: Insufficient data to determine if FUNC's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FUNC's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has First United performed over the past 5 years?

17.1%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: FUNC's earnings have grown by 17.1% per year over the past 5 years.

Accelerating Growth: FUNC's earnings growth over the past year (80.1%) exceeds its 5-year average (17.1% per year).

Earnings vs Industry: FUNC earnings growth over the past year (80.1%) exceeded the Banks industry 29.7%.


Return on Equity

High ROE: FUNC's Return on Equity (8.6%) is considered low.


Return on Assets

ROA vs Industry: FUNC's Return on Assets is below or equal to the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate FUNC's Return on Capital Employed to determine if it has improved over the past 3 years.


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

Inventory Level: FUNC has a low level of unsold assets or inventory.

Debt Coverage by Assets: FUNC's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

Asset Level: FUNC's level of assets compared to its equity is moderate.

Allowance for Bad Loans: FUNC has a low allowance for bad loans.

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

Loan Level: FUNC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: FUNC's loans are broadly funded by customer deposits.

Level of Bad Loans: FUNC has an appropriate level of bad loans (1.31%)


Next Steps

Dividend

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

2.24%

Current Dividend Yield


Dividend Yield vs Market

company2.2%marketbottom25%1.4%markettop25%3.7%industryaverage3.0%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: FUNC's dividend (2.24%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: FUNC's dividend (2.24%) is low compared to the top 25% of dividend payers in the US market (3.73%).

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

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


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (23.4%), 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

What is the CEO of First United's salary, the management and board of directors tenure and is there insider trading?

4.4yrs

Average management tenure


CEO

Carissa Rodeheaver (53yo)

3.8yrs

Tenure

US$393,505

Compensation

Mrs. Carissa L. Rodeheaver, C.P.A., serves as the Chairman of the Board, President and Chief Executive Officer of First United Corporation and First United Bank & Trust. She has served as President since N ...


CEO Compensation Analysis

Compensation vs. Market: Carissa's total compensation ($USD393.51K) is about average for companies of similar size in the US market ($USD1.16M).

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


Management Age and Tenure

4.4yrs

Average Tenure

51yo

Average Age

Experienced Management: FUNC's management team is considered experienced (4.4 years average tenure).


Board Age and Tenure

15.1yrs

Average Tenure

68.5yo

Average Age

Experienced Board: FUNC's board of directors are seasoned and experienced ( 15.1 years average tenure).


Insider Trading

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


Recent Insider Transactions

BuyUS$5,376,23605 Sep 19
Driver Management Company LLC
EntityCompany
Shares360,637
Max PriceUS$21.55
BuyUS$1,48205 Aug 19
Marisa Shockley
EntityIndividual
Shares69.46
Max PriceUS$21.33
BuyUS$3,20205 Aug 19
Jason Rush
EntityIndividual
Role
Chief Operating Officer
Senior VP & COO
Shares171.68
Max PriceUS$21.88
BuyUS$19505 Aug 19
Irvin Rudy
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares8.9
Max PriceUS$21.88
BuyUS$11905 Aug 19
Gary Ruddell
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5.44
Max PriceUS$21.88
BuyUS$51605 Aug 19
Carissa Rodeheaver
EntityIndividual
Role
Chief Executive Officer
Chairman
Shares23.59
Max PriceUS$21.88
BuyUS$3,16805 Aug 19
John McCullough
EntityIndividual
Shares147.71
Max PriceUS$21.45
BuyUS$101,52619 Jul 19
Carissa Rodeheaver
EntityIndividual
Role
Chief Executive Officer
Chairman
Shares5,085.72
Max PriceUS$20.05
SellUS$9,00003 Jun 19
Robert Kurtz
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares500
Max PriceUS$18.00
BuyUS$57428 May 19
Irvin Rudy
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares32.35
Max PriceUS$18.80
BuyUS$58428 May 19
Gary Ruddell
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares31.91
Max PriceUS$19.40
BuyUS$628 May 19
Robert Kurtz
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares0.33
Max PriceUS$19.40
BuyUS$3,01503 May 19
John McCullough
EntityIndividual
Shares159.69
Max PriceUS$18.88
BuyUS$1,33602 May 19
Marisa Shockley
EntityIndividual
Shares70.35
Max PriceUS$18.99
BuyUS$1,32906 Feb 19
Marisa Shockley
EntityIndividual
Shares81.47
Max PriceUS$16.31
BuyUS$1,32206 Feb 19
Marisa Shockley
EntityIndividual
Shares73.86
Max PriceUS$17.90
BuyUS$2,99906 Feb 19
John McCullough
EntityIndividual
Shares181.52
Max PriceUS$16.52
BuyUS$6,38814 Dec 18
Elaine McDonald
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares365
Max PriceUS$17.50
BuyUS$26,40013 Dec 18
Irvin Rudy
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares1,500
Max PriceUS$17.60
BuyUS$2,98406 Nov 18
John McCullough
EntityIndividual
Shares162.36
Max PriceUS$18.38

Ownership Breakdown


Management Team

  • Carissa Rodeheaver (53yo)

    Chairman

    • Tenure: 3.8yrs
    • Compensation: US$393.51k
  • Jason Rush (48yo)

    Senior VP & COO

    • Tenure: 2.8yrs
    • Compensation: US$208.36k
  • Keith Sanders (49yo)

    Senior VP & Senior Trust Officer

    • Tenure: 7.9yrs
    • Compensation: US$217.83k
  • Robert Fisher (50yo)

    Senior VP & Chief Revenue Officer

    • Tenure: 0yrs
    • Compensation: US$277.15k
  • Beverly Sines (60yo)

    Senior VP & Chief Credit Officer

    • Tenure: 5.4yrs
  • Tonya Sturm (52yo)

    Senior VP

    • Tenure: 4.4yrs

Board Members

  • Robert Kurtz (72yo)

    Independent Director

    • Tenure: 29.5yrs
    • Compensation: US$57.63k
  • Robert Stuck (72yo)

    Independent Director

    • Tenure: 24.5yrs
    • Compensation: US$54.63k
  • Irvin Rudy (66yo)

    Independent Director

    • Tenure: 27.5yrs
    • Compensation: US$57.13k
  • Elaine McDonald (70yo)

    Independent Director

    • Tenure: 24.5yrs
    • Compensation: US$54.63k
  • John McCullough (69yo)

    Lead Director

    • Tenure: 0yrs
    • Compensation: US$59.13k
  • M. Burkey (68yo)

    Independent Director

    • Tenure: 14.3yrs
    • Compensation: US$57.63k
  • Gary Ruddell (71yo)

    Independent Director

    • Tenure: 15.1yrs
    • Compensation: US$57.13k
  • Carissa Rodeheaver (53yo)

    Chairman

    • Tenure: 3.8yrs
    • Compensation: US$393.51k
  • Andy Walls (58yo)

    Independent Director

    • Tenure: 13yrs
    • Compensation: US$57.63k
  • Brian Boal (46yo)

    Independent Director

    • Tenure: 5.4yrs
    • Compensation: US$57.13k

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$164.996m
  • Shares outstanding: 7.11m
  • Website: https://www.mybank.com

Number of Employees


Location

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

Listings

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

Biography

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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/20 23:37
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.