FUNC

MKT CAP:$245M

First United Corporation

Market Cap

$245M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$37.96+$0.88 (+2.37%)

Apr 23, 2026

Company Details

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 c...

CEO

Jason Rush

IPO Date

Sep 3, 1992

Website

mybank.com

Key Metrics TTM

Revenue

$121M

+6.5% YoY

Net Income

$25M

EPS (Diluted)

$3.91

Free Cash Flow

$16M

Revenue / Share

$18.70

Gross Margin

71.0%

Operating Margin

27.7%

Net Margin

20.9%

FCF Margin

12.9%

P/S

2.0x

P/E

9.7x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$31M+6.7%EPS $1.03

FY 2025

Mar 10, 2026

$119M+6.6%EPS $3.77

Q4 2025

Mar 10, 2026

$30M+2.6%EPS $0.89

Q3 2025

Nov 5, 2025

$31M+9.7%EPS $1.07

Q2 2025

Aug 13, 2025

$30M+7.2%EPS $0.92

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$19M	$18M	$7M
Q3 22	$21M	$20M	$10M
Q4 22	$22M	$20M	$9M
Q1 23	$22M	$18M	$6M
Q2 23	$25M	$18M	$6M
Q3 23	$26M	$19M	$6M
Q4 23	$23M	$14M	$2M
Q1 24	$27M	$18M	$5M
Q2 24	$28M	$19M	$7M
Q3 24	$28M	$20M	$8M
Q4 24	$29M	$20M	$8M
Q1 25	$29M	$20M	$8M
Q2 25	$30M	$21M	$8M
Q3 25	$31M	$22M	$9M
Q4 25	$30M	$21M	$8M
Q1 26	$31M	$22M	$9M

Valuation

Quarter	P/S	P/E
Q2 22	1.5x	5.2x
Q3 22	1.4x	4.4x
Q4 22	1.6x	5.1x
Q1 23	1.4x	4.8x
Q2 23	1.1x	4.3x
Q3 23	1.1x	5.3x
Q4 23	1.6x	10.1x
Q1 24	1.5x	10.6x
Q2 24	1.3x	9.1x
Q3 24	1.8x	12.1x
Q4 24	2.0x	10.6x
Q1 25	1.7x	8.6x
Q2 25	1.7x	8.5x
Q3 25	2.0x	9.6x
Q4 25	2.1x	10.1x
Q1 26	2.0x	9.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	$3M
Q2 22	$7M	$5M
Q3 22	$8M	$8M
Q4 22	$8M	$7M
Q1 23	$4M	$3M
Q2 23	$5M	$4M
Q3 23	$9M	$9M
Q4 23	$6M	$6M
Q1 24	$4M	$4M
Q2 24	$7M	$7M
Q3 24	$2M	$588.0K
Q4 24	$9M	$9M
Q1 25	$7M	$6M
Q2 25	$995.0K	$706.0K
Q3 25	$2M	$168.0K
Q4 25	$10M	$8M

Capital Expenditures

Quarter	CapEx
Q1 22	$126.0K
Q2 22	$2M
Q3 22	$547.0K
Q4 22	$773.0K
Q1 23	$112.0K
Q2 23	$172.0K
Q3 23	$62.0K
Q4 23	$7.0K
Q1 24	$65.0K
Q2 24	$116.0K
Q3 24	$2M
Q4 24	$45.0K
Q1 25	$585.0K
Q2 25	$289.0K
Q3 25	$1M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	-1.2%	-10.6%
Q3 22	+7.8%	-16.9%
Q4 22	+5.7%	+22.9%
Q1 23	+19.8%	+50.8%
Q2 23	+28.1%	+55.7%
Q3 23	+24.6%	+79.1%
Q4 23	+5.5%	+61.9%
Q1 24	+20.5%	+32.9%
Q2 24	+13.9%	+14.5%
Q3 24	+8.8%	+2.0%
Q4 24	+26.1%	-0.6%
Q1 25	+8.2%	-2.9%
Q2 25	+7.2%	+2.7%
Q3 25	+9.7%	+5.9%
Q4 25	+2.6%	+6.1%
Q1 26	+6.7%	+3.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	-$4.0K	-0.0%
Q2 22	$340.0K	1.8%
Q3 22	$79.0K	0.4%
Q4 22	$117.0K	0.5%
Q1 23	$56.0K	0.3%
Q2 23	$298.0K	1.2%
Q3 23	$69.0K	0.3%
Q4 23	$104.0K	0.5%
Q1 24	$57.0K	0.2%
Q2 24	$376.0K	1.3%
Q3 24	-$63.0K	-0.2%
Q4 24	$113.0K	0.4%
Q1 25	$55.0K	0.2%
Q2 25	$440.0K	1.5%
Q3 25	$93.0K	0.3%
Q4 25	$172.0K	0.6%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$6M	$151.0K
Q3 22	$6M	$152.0K
Q4 22	$7M	$134.0K
Q1 23	$8M	$120.0K
Q2 23	$7M	$160.0K
Q3 23	$7M	$242.0K
Q4 23	$8M	$288.0K
Q1 24	$8M	$134.0K
Q2 24	$8M	$184.0K
Q3 24	$7M	$151.0K
Q4 24	$8M	$205.0K
Q1 25	$8M	$238.0K
Q2 25	$8M	$196.0K
Q3 25	$8M	$182.0K
Q4 25	$9M	—
Q1 26	$10M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$22M	$133M	$155M
Q3 22	$31M	$128M	$159M
Q4 22	$74M	$126M	$200M
Q1 23	$156M	$124M	$280M
Q2 23	$89M	$120M	$209M
Q3 23	$81M	$114M	$195M
Q4 23	$50M	$97M	$147M
Q1 24	$87M	$96M	$183M
Q2 24	$45M	$93M	$138M
Q3 24	$62M	$93M	$156M
Q4 24	$78M	$72M	$150M
Q1 25	$84M	$67M	$151M
Q2 25	$79M	$18M	$97M
Q3 25	$95M	$17M	$112M
Q4 25	$132M	$20M	$152M
Q1 26	$90M	$283M	$373M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	7M	+0.4%	+0.7%
Q3 22	7M	+0.1%	+0.7%
Q4 22	7M	+0.3%	+0.9%
Q1 23	7M	+0.1%	+0.9%
Q2 23	7M	+0.3%	+0.9%
Q3 23	7M	+0.1%	+0.9%
Q4 23	7M	-1.1%	-0.6%
Q1 24	7M	+0.0%	-0.6%
Q2 24	7M	-1.8%	-2.7%
Q3 24	6M	-0.8%	-3.7%
Q4 24	6M	+0.0%	-2.5%
Q1 25	6M	+0.2%	-2.4%
Q2 25	7M	+0.1%	-0.5%
Q3 25	7M	0.0%	+0.4%
Q4 25	7M	+0.1%	+0.4%
Q1 26	6M	-0.2%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$70.2K	273
Q3 22	$76.5K	273
Q4 22	$72.6K	298
Q1 23	$74.6K	298
Q2 23	$82.4K	298
Q3 23	$87.3K	298
Q4 23	$75.1K	304
Q1 24	$88.1K	304
Q2 24	$91.9K	304
Q3 24	$93.1K	304
Q4 24	$98.9K	291
Q1 25	$99.6K	291
Q2 25	$102.9K	291
Q3 25	$106.7K	291
Q4 25	$86.1K	343
Q1 26	$90.2K	343

Revenue / Employee