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First United (FUNC)

First United Corporation is the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers. The Bank's wholly-owned subsidiaries include OakFirst Loan Center, Inc. and OakFirst Loan Center, LLC, both of which are finance companies, and First OREO Trust and FUBT OREO I, LLC, both of which were formed for the purposes of holding, servicing and disposing of the real estate that the Bank acquires through foreclosure or by deed in lieu of foreclosure. The Bank also owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, which was formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland.

Company profile

Ticker
FUNC
Exchange
Website
CEO
Carissa Rodeheaver
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
First United Bank & Trust, a Maryland corporation • OakFirst Loan Center, LLC • OakFirst Loan Center, Inc. • Liberty Mews Limited Partnership • MCC FUBT Fund, LLC • FUBT OREO I, LLC ...
IRS number
521380770

FUNC stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 May 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 76.12M 76.12M 76.12M 76.12M 76.12M 76.12M
Cash burn (monthly) 13.2M 9.74M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 37.96M 28.01M n/a n/a n/a n/a
Cash remaining 38.15M 48.1M n/a n/a n/a n/a
Runway (months of cash) 2.9 4.9 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
25 May 22 Barr John F. Common Stock Grant Acquire A No No 0 1,792 0 24,613
25 May 22 Boal Brian R. Common Stock Grant Acquire A No No 0 1,792 0 14,525.489
25 May 22 Christy DiPietro Common Stock Grant Acquire A No No 0 1,792 0 9,998
25 May 22 McCullough John Common Stock Grant Acquire A No No 0 1,792 0 53,358.462
25 May 22 Patricia Milon Common Stock Grant Acquire A No No 0 1,792 0 6,348
28.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 31 35 -11.4%
Opened positions 1 3 -66.7%
Closed positions 5 6 -16.7%
Increased positions 9 7 +28.6%
Reduced positions 12 16 -25.0%
13F shares Current Prev Q Change
Total value 35.58M 35.83M -0.7%
Total shares 1.86M 1.89M -1.6%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Dimensional Fund Advisors 308.62K $5.82M -2.7%
Vanguard 301.08K $5.65M -0.5%
EJF Capital 242.05K $4.57M +6.3%
Basswood Capital Management, L.L.C. 179.59K $3.37M +44.1%
Gendell Jeffrey L 160.99K $3.02M 0.0%
Renaissance Technologies 105.5K $1.98M -7.0%
HoldCo Asset Management 87.26K $1.65M 0.0%
BLK Blackrock 72.43K $1.36M +2.8%
Bridgeway Capital Management 68.09K $1.29M 0.0%
Geode Capital Management 47.81K $902K 0.0%
Largest transactions Shares Bought/sold Change
Basswood Capital Management, L.L.C. 179.59K +54.95K +44.1%
M3F 26.6K -36.93K -58.1%
Freestone Capital 0 -16K EXIT
WINTON 0 -15.59K EXIT
Ergoteles 14.85K -15.48K -51.0%
EJF Capital 242.05K +14.37K +6.3%
Jacobs Levy Equity Management 0 -12.31K EXIT
Dimensional Fund Advisors 308.62K -8.59K -2.7%
Renaissance Technologies 105.5K -8K -7.0%
American Century Companies 21.47K +5.78K +36.9%

Financial report summary

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Management Discussion
  • Consolidated net income was $5.7 million for the first quarter of 2022 compared to $3.4 million for the first quarter of 2021.  Basic and diluted net income per share for the first quarter of 2022 were both $0.86, compared to basic and diluted net income per share of $0.49 for the first quarter of 2021.  The increase in earnings for the first quarter of 2022 was primarily driven by the reduction of $3.3 million in litigation settlement expenses recorded in the first quarter of 2021.  Additionally, we experienced an increase in net interest income, a credit to provision expense, stable non-interest income and reduced professional fees, marketing
  • expenses and telephone related expenses offset by increases to salaries and employee benefits and other real estate owned (“OREO”) expenses.
  • Net interest income, on a non-GAAP, fully tax equivalent (“FTE”) basis, increased by $1.1 million (8.9%) for the first quarter 2022 when compared to the first quarter of 2021.  This increase was driven by stable interest income and a 56% decrease in interest expense of $1.0 million.  Interest income on loans decreased $0.3 million due to a decrease in average loan balances of $33.9 million and a reduction of unearned fees, primarily related to Paycheck Protection Program (“PPP”) loan forgiveness during 2021.  Investment income increased $0.4 million due to an increase in average balances related to the deployment of excess cash balances to purchase investment securities late in the fourth quarter of 2021 and early in the first quarter of 2022.  The reduction of interest expense resulted from the lowering of deposit rates throughout 2021, the declining balances in the higher cost CD portfolio and the prepayment of the Federal Home Loan Bank (“FHLB”) advances in 2021. The net interest margin for the first quarter of 2022 was 3.40%, compared to 3.11% for the first quarter of 2021.  

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