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1. Company Snapshot

1.a. Company Description

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 various deposit products, including checking accounts, savings and money market accounts, regular and individual retirement accounts (IRA) certificates of deposit, Christmas savings accounts, college savings accounts, and health savings accounts; Certificate of Deposit Account Registry Service program and Insured Cash Sweep program to municipalities, businesses, and consumers; and commercial customers packages, which include treasury management, cash sweep, and various checking opportunities.It also provides loans, such as commercial loans secured by real estate, commercial equipment, vehicles, or other assets of the borrower; commercial real estate loans for residential and commercial development, agricultural purpose properties, and service industry buildings; residential mortgage loans; home equity lines of credit; residential real estate construction loans; and indirect and direct auto loans, student loans, term loans, and other secured and unsecured lines of credit and term loans.


In addition, the company offers various trust services, including personal trust, investment agency accounts, charitable trusts, retirement accounts that consist of IRA roll-overs, 401(k) accounts and defined benefit plans, estate administration, and estate planning services; insurance products; brokerage services; and safe deposit and night depository facilities.It operates 26 banking offices, one customer care center, and 34 automated teller machines in Allegany, Frederick, Garrett, and Washington counties in Maryland; and in Mineral, Berkeley, Monongalia, and Harrison counties in West Virginia.First United Corporation was founded in 1900 and is headquartered in Oakland, Maryland.

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1.b. Last Insights on FUNC

First United Corporation's recent performance was driven by strong Q2 earnings, which surpassed estimates with $0.92 per share, beating the consensus estimate of $0.84 per share. The company's financial results for the three- and six-month periods ended June 30, 2025, showcased stability. A quarterly dividend of $0.22 per share was declared, demonstrating the company's commitment to shareholders. The earnings growth, from $0.75 per share a year ago, indicates improving profitability. These recent developments have positioned the company favorably.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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FIRST UNITED CORPORATION ANNOUNCES FIRST QUARTER 2026 DIVIDEND

Dec -04

Source: prnewswire.com

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Reviewing First United (NASDAQ:FUNC) & Berkshire Bancorp (OTCMKTS:BERK)

Nov -22

Source: defenseworld.net

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First United Corporation Announces Planned Retirement of Chairman of the Board, President & CEO Carissa L. Rodeheaver

Nov -14

Source: prnewswire.com

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Finding Quality In An Expensive Market: First United Corp (FUNC)

Oct -29

Source: forbes.com

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First United Corporation (FUNC) Q3 Earnings and Revenues Beat Estimates

Oct -20

Source: zacks.com

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FIRST UNITED CORPORATION ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS

Oct -20

Source: prnewswire.com

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First United Bank & Trust Reduces Holdings in Apple Inc. $AAPL

Oct -19

Source: defenseworld.net

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First United Bank & Trust Sells 126 Shares of Microsoft Corporation $MSFT

Oct -19

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.00%)

6. Segments

Community Banking

Expected Growth: 9%

Strong community presence, diversified loan portfolio, and strategic branch expansion drive growth. 9% growth rate is attributed to increased commercial lending, robust deposit growth, and effective cost management. Additionally, investments in digital banking platforms and customer relationship management systems enhance customer experience, contributing to the corporation's growth momentum.

7. Detailed Products

Commercial Banking

First United Corporation provides a range of commercial banking services to businesses, including cash management, lending, and treasury management solutions.

Consumer Banking

First United Corporation offers a variety of consumer banking services, including checking and savings accounts, credit cards, and personal loans.

Mortgage Lending

First United Corporation provides mortgage lending services to individuals and families, offering a range of loan options and competitive rates.

Wealth Management

First United Corporation's wealth management services provide investment and financial planning advice to individuals and families.

Insurance Services

First United Corporation offers a range of insurance services, including life insurance, disability insurance, and long-term care insurance.

8. First United Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for First United Corporation is moderate, as customers have some alternatives to choose from, but they are not very attractive.

Bargaining Power Of Customers

The bargaining power of customers is high, as they have many options to choose from and can easily switch to competitors.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low, as First United Corporation has many suppliers to choose from and can negotiate better prices.

Threat Of New Entrants

The threat of new entrants is moderate, as there are some barriers to entry, but it's not impossible for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as there are many competitors in the market, and they are all fighting for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 49.19%
Debt Cost 4.05%
Equity Weight 50.81%
Equity Cost 8.08%
WACC 6.10%
Leverage 96.81%

11. Quality Control: First United Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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United Security Bancshares

A-Score: 7.3/10

Value: 6.8

Growth: 5.9

Quality: 7.4

Yield: 9.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
First United

A-Score: 6.8/10

Value: 6.8

Growth: 6.3

Quality: 6.8

Yield: 7.0

Momentum: 7.5

Volatility: 6.7

1-Year Total Return ->

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Central Pacific Financial

A-Score: 6.7/10

Value: 6.6

Growth: 5.0

Quality: 7.0

Yield: 8.0

Momentum: 6.0

Volatility: 7.7

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S&T Bancorp

A-Score: 6.2/10

Value: 5.7

Growth: 5.6

Quality: 6.4

Yield: 8.0

Momentum: 3.5

Volatility: 8.0

1-Year Total Return ->

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Bank of Princeton

A-Score: 5.8/10

Value: 5.8

Growth: 5.0

Quality: 6.2

Yield: 7.0

Momentum: 2.5

Volatility: 8.0

1-Year Total Return ->

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Hope Bancorp

A-Score: 5.3/10

Value: 5.8

Growth: 3.6

Quality: 5.5

Yield: 8.0

Momentum: 2.0

Volatility: 7.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

38.6$

Current Price

38.6$

Potential

-0.00%

Expected Cash-Flows