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Last $8.70 USD
Change Today 0.00 / 0.00%
Volume 6.7K
As of 8:10 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

first united corp (FUNC) Snapshot

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52 Week High
02/20/15 - $9.50
52 Week Low
09/26/14 - $7.63
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Current Stock Chart for FIRST UNITED CORP (FUNC)

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first united corp (FUNC) Details

First United Corporation operates as the 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. Its loan portfolio consists of 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; real estate construction loans; indirect and direct auto loans; secured and unsecured lines of credit; and term loans. In addition, the company provides 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; insurance products; brokerage services; and safe deposit and night depository facilities. It operates 25 banking offices, 1 call center, and 28 automated teller machines in Allegany, Frederick, Garrett, and Washington counties in Maryland; and in Berkeley, Mineral, and Monongalia counties in West Virginia. First United Corporation was founded 1900 and is headquartered in Oakland, Maryland.

303 Employees
Last Reported Date: 03/9/15
Founded in 1900

first united corp (FUNC) Top Compensated Officers

Chairman, Chief Executive Officer, Member of ...
Total Annual Compensation: $280.0K
President, Chief Financial Officer, Principal...
Total Annual Compensation: $202.3K
Senior Vice President and Senior Trust Office...
Total Annual Compensation: $163.3K
Compensation as of Fiscal Year 2013.

first united corp (FUNC) Key Developments

First United Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

First United Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $8,832,000 compared to $8,660,000 a year ago. Income before taxes was $1,955,000 compared to $1,215,000 a year ago. Net income available to common shareholders was $983,000 or $0.16 per basic and diluted share compared to $394,000 or $0.06 per basic and diluted share a year ago. Return on average assets was 0.42% compared to 0.48% a year ago. Return on average shareholders' equity was 5.07% compared to 6.45% a year ago. The increase in earnings for the fourth quarter of 2014 when compared to the fourth quarter of 2013 was primarily due to a $0.4 million increase in BOLI income from a one-time death benefit received in December 2014 and a decrease in salaries and benefits and other expenses.  For the year, the company reported net interest income of $35,516,000 compared to $38,182,000 a year ago. Income before taxes was $6,868,000 compared to $8,697,000 a year ago. Net income available to common shareholders was $2,996,000 or compared to $4,697,000 a year ago. Book value per share as at December 31, 2014 was $12.68 compared to $11.49 a year ago. The decrease in earnings for 2014 was due to a decrease of $3.5 million in interest income, primarily interest on loans, and an increase in provision expense of $2.1 million, offset by an increase of $0.8 million in other operating income, a decrease of $0.9 million in interest expense, and a $2.2 million decrease in other operating expenses.

Richard G. Stanton and Donald E. Moran to Retire as Directors of First United Corporation

First United Corporation announced that Richard G. Stanton will retire from the company’s Board of Directors on May 31, 2015 and Donald E. Moran will retire from the Board when his term expires at the conclusion of the 2015 annual meeting of shareholders. Mr. Stanton was elected at the 2013 annual meeting of shareholders to serve a three-year term.

First United Corporation and First United Bank & Trust Announce Management Changes

On December 17, 2014, in connection with the planned retirement of William B. Grant on December 31, 2015 and as part of their succession planning efforts, the Boards of Directors of First United Corporation and its wholly-owned subsidiary, First United Bank & Trust (the Bank), appointed Carissa L. Rodeheaver as Chairman of the Board, President and Chief Executive Officer, effective January 1, 2016. Ms. Rodeheaver currently serves as a director and as the President and Chief Financial Officer of the company and the Bank, and Mr. Grant currently serves as the Chairman of the Board and Chief Executive Officer. Ms. Rodeheaver and Mr. Grant will continue to serve in their current positions through December 31, 2015. During 2015, the Board intends to name a qualified individual to take over the Chief Financial Officer position following the implementation of this succession plan.


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Industry Analysis


Industry Average

Valuation FUNC Industry Range
Price/Earnings 18.1x
Price/Sales 1.2x
Price/Book 0.7x
Price/Cash Flow 9.7x
TEV/Sales NM Not Meaningful

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