FIRST UNITED CORP/MD/

Listed Company

FUNCCIK 0000763907NasdaqAcceleratedSmaller ReportingNational Commercial BanksMarylandFY ends Dec 31

Period

FY 2024

Revenue

—

Net Income

$20.57M

Total Assets

$1.97B

Equity

$179.29M

Shares Out

6.50M

Op. Cash Flow

$22.28M

Business

FIRST UNITED CORP/MD/ is a bank holding company that serves as the parent of First United Bank & Trust and related statutory trusts and subsidiaries, providing core banking and financial holding company functions. The company offers retail and commercial banking products and services including deposit accounts, business and consumer loans, mortgage lending and servicing, home equity lines, trust and wealth management, brokerage through Cetera, insurance, and loan servicing/OREO management. Its operating divisions include the Bank’s branch banking operations, wealth management/trust services, OakFirst loan servicing entities, statutory trusts and real estate subsidiaries. It distributes products through branch offices, a customer service center, ATMs, a broker-dealer network, secondary mortgage market channels and specialty deposit programs.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Interest and fees on loans	82	70	54	53	52
Interest on investment securities: Taxable	7	7	6	4	5
Interest on investment securities: Exempt from federal income tax	209,000	714,000	1	1	1
Total investment income	7	8	7	5	6
Other	3	4	616,000	315,000	436,000
Total interest income	92	81	62	58	58
Interest on deposits	26	19	3	3	6
Interest on short-term borrowings	1	147,000	112,000	86,000	94,000
Interest on long-term borrowings	5	5	1	2	3
Total Interest Expense	32	24	—	—	—
Net Interest income	60	57	58	53	49
Credit loss expense - loans	3	2	−643,000	—	—
Credit loss expense - debt securities held to maturity	14,000	45,000	—	—	—
Credit loss credit- unfunded commitments	−10,000	−125,000	16,000	—	—
Total credit loss expense	3	2	−627,000	—	—
Net interest income after provision for credit losses	57	55	58	53	43
Net losses on investments, available for sale	—	−4	3,000	—	—
Net gains on sales of residential mortgage loans	414,000	381,000	45,000	—	—
Net losses on disposal of fixed assets	—	−29,000	33,000	—	—
Net gains/(losses)	414,000	−4	172,000	1	3
Total other income	19	18	18	20	16
Total other operating income	20	14	18	21	19
Salaries and employee benefits	28	28	24	22	21
FDIC premiums	1	992,000	636,000	772,000	611,000
Equipment expense	3	3	4	4	4
Occupancy expense of premises	3	3	3	3	3
Data processing expense	6	5	3	3	4
Marketing expense	674,000	833,000	543,000	535,000	573,000
Professional services	2	2	2	4	4
Contract labor	597,000	616,000	618,000	638,000	641,000
Line rentals	408,000	466,000	482,000	737,000	864,000
Total OREO expense/(income), net	271,000	−89,000	590,000	—	11,000
Investor relations	293,000	345,000	300,000	676,000	1
Contributions	234,000	229,000	288,000	—	—
Other	5	5	3	3	4
Total other operating expenses	50	50	43	48	44
Income before income tax expense	27	19	33	—	—
Provision for income tax expense	7	4	8	7	4
Net Income	21	15	25	20	14
Basic net income per share	3.15	2.25	3.77	2.95	1.98
Diluted net income per share	3.15	2.25	3.76	2.95	1.97
Weighted average number of basic shares outstanding	7	7	7	7	7
Weighted average number of diluted shares outstanding	7	7	7	7	7
Dividends declared per common share	0.84	0.8	0.63	0.6	0.52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash and due from banks	77	48	73	110	147
Interest bearing deposits in banks	1	1	2	6	3
Cash and cash equivalents	78	50	74	116	149
Investment securities - available for sale (at fair value)	94	97	126	—	—
Investment securities - held to maturity, net of allowance for credit losses of $59 and $45, respectively (fair value of $144,760 at December 31, 2024 and $184,415 at December 31, 2023)	175	214	—	—	—
Restricted investment in bank stock, at cost	6	5	1	1	4
Loans held for sale (at lower of cost or fair value)	800,000	400,000	0	100,000	4
Loans	1,481	1,407	1,279	—	—
Unearned fees	−442,000	−340,000	−174,000	—	—
Allowance for credit losses	−18	−17	−15	—	—
Net loans	1,462	1,389	1,265	—	—
Premises and equipment, net	30	31	35	35	37
Goodwill and other intangibles	12	12	12	12	11
Bank owned life insurance	49	48	46	45	44
Deferred tax assets	10	11	11	7	8
Other real estate owned, net	3	4	5	4	9
Other repossessed assets	3	55,000	—	—	—
Right of use assets	1	1	2	2	2
Pension asset	18	11	8	5	—
Accrued interest receivable	7	7	6	5	6
Other assets	23	23	22	9	6
Total Assets	1,973	1,906	1,848	1,730	1,733
Non-interest bearing deposits	427	428	507	502	420
Interest bearing deposits	1,148	1,123	1,064	968	1,002
Total deposits	1,575	1,551	1,571	1,469	1,422
Short-term borrowings	65	45	65	58	49
Long-term borrowings	121	111	31	31	101
Operating lease liability	1	2	2	3	3
SERP deferred compensation	8	10	7	10	9
Allowance for credit losses on off-balance sheet credit exposures	863,000	873,000	133,000	—	—
Accrued interest payable	489,000	612,000	151,000	—	—
Other liabilities	20	23	19	16	17
Dividends payable	1	1	1	993,000	910,000
Total Liabilities	1,794	1,744	1,696	1,588	1,602
Common Stock - par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,471,096 shares at December 31, 2024 and 6,639,888 shares at December 31, 2023	65,000	66,000	67,000	66,000	70,000
Surplus	20	24	24	24	30
Retained earnings	189	174	150	145	130
Accumulated other comprehensive loss	−30	−36	−39	−27	−29
Total Shareholders' Equity	179	162	152	142	131
Total Liabilities and Shareholders' Equity	1,973	1,906	1,848	1,730	1,733

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Net income	21	15	—	—	—
Depreciation	3	4	3	3	3
Stock based compensation	483,000	527,000	532,000	472,000	345,000
Gains on sales of other real estate owned	−161,000	−599,000	—	−1	−130,000
Write-downs of other real estate owned, net	—	23,000	—	59,000	116,000
Originations of loans held for sale	−11	−5	−1	−28	−74
Proceeds from sales of loans held for sale	11	5	2	33	74
Net accretion of investment securities discounts and premiums- AFS	−96,000	−51,000	83,000	1	382,000
Net accretion of investment securities discounts and premiums- HTM	−597,000	−805,000	−850,000	311,000	352,000
Amortization of intangible assets	330,000	330,000	219,000	—	—
Earnings on bank owned life insurance	−1	−1	−1	−1	−1
Amortization of deferred loan fees	−175,000	−98,000	−150,000	−4	−3
Amortization of operating lease right of use asset	163,000	787,000	349,000	—	—
Decrease/(increase) in accrued interest receivable and other assets	3	−5	648,000	−2	−7
Deferred tax benefit	−825,000	−889,000	595,000	550,000	527,000
Amortization of operating lease liabilities	−172,000	−1	−388,000	−197,000	−281,000
(Decrease)/increase in accrued interest payable and other liabilities	−4	6	−737,000	272,000	5
Net cash provided by operating activities	22	22	27	20	16
Proceeds from maturities/calls of investment securities - AFS	9	7	14	48	46
Proceeds from maturities/calls of investment securities - HTM	44	26	16	18	47
Proceeds from sales of investment securities available-for-sale	—	20	1	14	43
Purchases of investment securities available-for-sale	−7	—	−18	−128	−184
Purchases of investment securities held-to-maturity	−5	−4	−56	−6	−22
Proceeds from sales of other real estate owned	2	1	—	6	2
Proceeds from disposal of fixed assets	—	14,000	281,000	39,000	—
Net increase in FHLB stock	−518,000	−4	2,000	3	−53,000
Net increase in loans	−79	−128	−127	86	−123
Purchases of premises and equipment	−2	−353,000	−4	−1	−2
Net cash used in investing activities	−38	−82	−172	−28	−191
Net increase/(decrease) in deposits	24	−20	101	47	280
Proceeds from issuance of common stock	290,000	293,000	217,000	215,000	198,000
Cash dividends paid on common stock	−5	−5	−4	−4	−4
Net increase/(decrease) in short-term borrowings	20	−19	7	9	432,000
Stock repurchase	−4	−1	—	−7	−3
Proceeds from long-term borrowings	90	80	—	—	—
Payments of long-term borrowings	−80	—	—	−70	—
Net cash provided by financing activities	45	35	104	−25	275
Increase/(decrease) in cash and cash equivalents	29	−25	−41	−34	99
Interest paid	32	24	5	6	10
Taxes paid	5	6	8	6	1
Transfers from loans to other real estate owned	271,000	225,000	256,000	—	7
Transfers from loans to other repossessed assets	3	—	—	—	—

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