First United Corporation (FUNC) Financial Statements (2024 and earlier)

Company Profile

Business Address 19 S SECOND ST
OAKLAND, MD 21550
State of Incorp. MD
Fiscal Year End December 31
Industry (SIC) 6021 - National Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments74,315115,720149,43249,97923,54183,752
Cash and cash equivalents74,315115,720149,43249,97923,54183,752
Debt securities, held-to-maturity, excluding accrued interest, after allowance for credit loss  
Debt securities, available-for-sale, amortized cost, excluding accrued interest, after allowance for credit loss  
Total current assets:74,315115,720149,43249,97923,54183,752
Noncurrent Assets
Operating lease, right-of-use asset1,8982,2472,4082,661
Property, plant and equipment34,94834,69736,86338,71037,85530,881
Long-term investments and receivables      900
Long-term investments      900
Intangible assets, net (including goodwill) 12,43312,05211,00411,00411,00411,004
Goodwill 11,00411,00411,00411,00411,00411,004
Intangible assets, net (excluding goodwill) 1,4291,048    
Deferred income tax assets10,6056,8577,9727,441
Total noncurrent assets:59,88455,85358,24759,81648,85942,785
Other undisclosed assets1,713,9701,558,2651,525,7351,332,2321,312,1161,214,302
TOTAL ASSETS:1,848,1691,729,8381,733,4141,442,0271,384,5161,340,839
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt64,56557,69949,16048,72877,70748,845
Total current liabilities:64,56557,69949,16048,72877,70748,845
Noncurrent Liabilities
Other undisclosed liabilities1,631,8111,530,2391,553,2071,267,3591,189,7431,183,604
Total liabilities:1,696,3761,587,9381,602,3671,316,0871,267,4501,232,449
Equity
Equity, attributable to parent151,793141,900131,047125,940117,066108,390
Common stock676670717171
Additional paid in capital24,40923,66130,14932,35931,92131,553
Accumulated other comprehensive loss(39,026)(27,314)(28,863)(25,971)(24,403)(24,593)
Retained earnings166,343145,487129,691119,481109,477101,359
Total equity:151,793141,900131,047125,940117,066108,390
TOTAL LIABILITIES AND EQUITY:1,848,1691,729,8381,733,4141,442,0271,384,5161,340,839

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues62,42258,25658,20157,92065,83859,624
Net investment income62,42258,25658,20157,92052,29446,949
Financial services revenue13,54412,675
Cost of revenue  (5,401)(1,320)(2,111)(3,197)
Cost of goods and services sold      (663)
Provision for loan, lease, and other losses  (5,401)(1,320) 
Financial services costs(2,111)(2,534)
Gross profit:62,42258,25652,80056,60063,72756,427
Operating expenses(8,431)(13,342)(11,734)(10,245)(33,794)(29,606)
Other operating income, net
(Noninterest Income, Other Operating Income)
     423472
Operating income:53,99144,91441,06646,35530,35627,293
Nonoperating income  2892361,6992,063
Investment income, nonoperating  15976277231
Gains on sales of other real estate  130160260645
Bank owned life insurance income     1,1621,187
Interest and debt expense(4,789)(5,714)(9,655)(11,529)(8,112)(7,371)
Other undisclosed loss from continuing operations before equity method investments, income taxes(16,021)(12,891)(13,912)(18,597)(10,512)(9,771)
Income from continuing operations before equity method investments, income taxes:33,18126,30917,78816,46513,43112,214
Other undisclosed loss from continuing operations before income taxes      
Income from continuing operations before income taxes:33,18126,30917,78816,46513,43112,214
Income tax expense(8,133)(6,539)(3,947)(3,336)(2,764)(6,945)
Income from continuing operations:25,04819,77013,84113,12910,6675,269
Income before gain (loss) on sale of properties:19,77013,84113,12910,6675,269
Net income attributable to parent:25,04819,77013,84113,12910,6675,269
Preferred stock dividends and other adjustments      (1,215)
Net income available to common stockholders, diluted:25,04819,77013,84113,12910,6674,054

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:25,04819,77013,84113,12910,6675,269
Other comprehensive income (loss)(11,712)1,549(2,892)(1,568)1901,255
Comprehensive income, net of tax, attributable to parent:13,33621,31910,94911,56110,8576,524

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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