Company profile

Carissa Lynn Rodeheaver
Incorporated in
Fiscal year end
Industry (SEC)
IRS number

FUNC stock data


Investment data

Data from SEC filings
Securities sold
Number of investors


11 May 20
9 Jul 20
31 Dec 20


Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 14.62M 14.84M 14.6M 14.41M
Net income 1.76M 2.88M 4.49M 2.6M
Diluted EPS 0.25 0.41 0.63 0.37
Net profit margin 12.01% 19.43% 30.77% 18.06%
Net change in cash 22.03M -34.19M 45.18M -15.02M
Cash on hand 72.01M 49.98M 84.17M 38.99M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 12.97M 12.58M 11.82M 45.86M
Net income 13.13M 10.67M 5.27M 7.28M
Diluted EPS 1.85 1.51 0.58 0.84
Net profit margin 101% 84.80% 44.60% 15.88%
Net change in cash 26.44M -60.21M 20.44M 11.17M
Cash on hand 49.98M 23.54M 83.75M 63.31M

Financial data from company earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
17 Jun 20 Barr John F. Common Stock Grant Aquire A No 0 1,688 0 19,781
17 Jun 20 Boal Brian R. Common Stock Grant Aquire A No 0 1,688 0 10,025
17 Jun 20 Burkey M Kathryn Common Stock Grant Aquire A No 0 1,688 0 44,889.006
17 Jun 20 McCullough John Common Stock Grant Aquire A No 0 1,688 0 36,892.304
17 Jun 20 Rudy Irvin Robert Common Stock Grant Aquire A No 0 1,344 0 33,062.537
28.7% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 39 47 -17.0%
Opened positions 4 10 -60.0%
Closed positions 12 7 +71.4%
Increased positions 16 16
Reduced positions 13 14 -7.1%
13F shares
Current Prev Q Change
Total value 29.05M 51.24M -43.3%
Total shares 2M 2.09M -4.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Vanguard 459.69K $6.57M +44.2%
Dimensional Fund Advisors 330.45K $4.72M +2.4%
Gendell Jeffrey L 174.89K $2.5M -42.6%
Maltese Capital Management 120K $1.72M 0.0%
M3F 119.75K $1.71M -22.0%
Renaissance Technologies 113.5K $1.62M -14.9%
Millennium Management 80.82K $1.16M NEW
BLK BlackRock 80.67K $1.15M -6.9%
Bridgeway Capital Management 60.59K $866K 0.0%
Geode Capital Management 43.27K $618K +3.1%
Largest transactions
Shares Bought/sold Change
Vanguard 459.69K +140.9K +44.2%
Gendell Jeffrey L 174.89K -129.75K -42.6%
Millennium Management 80.82K +80.82K NEW
Fourthstone 0 -69.49K EXIT
Wellington Management 0 -36.75K EXIT
M3F 119.75K -33.7K -22.0%
Susquehanna International 23.4K +23.4K NEW
Renaissance Technologies 113.5K -19.9K -14.9%
ExodusPoint Capital Management 0 -19.58K EXIT
FNY Investment Advisers 0 -18.75K EXIT

Financial report summary

  • First United Corporation’s future success depends on the successful growth of its subsidiaries.
  • We could be adversely affected by risks associated with future acquisitions and expansions.
  • Interest rates and other economic conditions will impact our results of operations.
  • The majority of our business is concentrated in Maryland and West Virginia, much of which involves real estate lending, so a decline in the real estate and credit markets could materially and adversely impact our financial condition and results of operations.
  • The Bank’s concentrations of commercial real estate loans could subject it to increased regulatory scrutiny and directives, which could force us to preserve or raise capital and/or limit future commercial lending activities.
  • The Bank may experience loan losses in excess of its allowance, which would reduce our earnings.
  • A new accounting standard will likely require us to increase our allowance for loan losses and may have a material adverse effect on our financial condition and results of operations.
  • The market value of our investments could decline.
  • Impairment of investment securities, goodwill, or deferred tax assets could require charges to earnings, which could result in a negative impact on our results of operations.
  • We operate in a competitive environment, and our inability to effectively compete could adversely and materially impact our financial condition and results of operations.
  • The banking industry is heavily regulated; significant regulatory changes could adversely affect our operations.
  • The full impact of the Dodd-Frank Act is unknown because some rule making efforts are still required to fully implement all of its requirements and the implementation of some enforcement efforts is just beginning. We anticipate continued increases in regulatory expenses as a result of the Dodd-Frank Act.
  • The Consumer Financial Protection Bureau may continue to reshape the consumer financial laws through rulemaking and enforcement of the prohibitions against unfair, deceptive and abusive business practices. Compliance with any such change may impact our business operations.
  • Bank regulators and other regulations, including the Basel III Capital Rules, may require higher capital levels, impacting our ability to pay dividends or repurchase our stock.
  • A material weakness or significant deficiency in our disclosure or internal controls could have an adverse effect on us.
  • The Bank’s funding sources may prove insufficient to replace deposits and support our future growth.
  • The loss of key personnel could disrupt our operations and result in reduced earnings.
  • The Bank’s lending activities subject the Bank to the risk of environmental liabilities.
  • We are a community bank and our ability to maintain our reputation is critical to the success of our business.
  • We may be subject to claims and the costs of defensive actions, and such claims and costs could materially and adversely impact our financial condition and results of operations.
  • We may not be able to keep pace with developments in technology.
  • Our information systems may experience an interruption or a breach in security, due to cyber-attacks.
  • Safeguarding our business and customer information increases our cost of operations. To the extent that we, or our third-party vendors, are unable to prevent the theft of or unauthorized access to this information, our operations may become disrupted, we may be subject to claims, and our net income may be adversely affected.
  • The shares of common stock are not insured.
  • The common stock is not heavily traded.
  • Significant sales of the common stock, or the perception that significant sales may occur in the future, could adversely affect the market price for the common stock.
  • The Corporation’s ability to pay dividends on the common stock is subject to the terms of the outstanding TPS Debentures, which prohibit the Corporation from paying dividends during an interest deferral period.
  • Applicable banking and Maryland laws impose additional restrictions on the ability of the Corporation and the Bank to pay dividends and make other distributions on their capital securities, and, in any event, the payment of dividends is at the discretion of the boards of directors of the Corporation and the Bank.
  • The Corporation’s Articles of Incorporation and Bylaws and Maryland law may discourage a corporate takeover.
Management Discussion
  • Consolidated net income was $1.8 million for the quarter ended March 31, 2020, compared to $3.2 million for 2019.  Basic and diluted net income per share for the first three months of 2020 were both $.25, compared to basic and diluted net income per share of $.44 for the same period of 2019, a 43% decrease. The decrease in earnings was due to an increase in the provision for loan losses of $2.3 million and a $0.3 million increase in other operating expenses, offset by an increase in net interest income of $0.5 million, a decrease in income tax expense of $0.4 million, and a slight increase of $0.3 million in other operating income and gains.  The increase in provision expense for the first quarter of 2020 was due to the uncertainty of the economic environment related to the COVID-19 health crisis.  While we believe that our borrowers, both consumer and commercial, will be negatively impacted, the extent of this impact is unknown and very uncertain. Accordingly, we believe it was prudent to adjust qualitative factors to increase our first quarter provision expense to account for the rapidly declining economic conditions and the inherent effects on our loan portfolio. Of the $2.7 million expense for the quarter, $2.4 million is related to qualitative factor adjustments and $.3 million is related to loan growth.  The net interest margins, on a fully tax-equivalent (“FTE”) basis, were stable for the quarters ended March 31, 2020 and 2019 at 3.69% and 3.72%, respectively. 
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