First United Corporation: financial statements

FUNCNASDAQFinancial services · National Commercial BanksBank

Price

$46.76

November 13, 2026Market cap $304M

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The full history: 16 fiscal years, from 2010
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Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–2025 fiscal years

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Revenue

+11.5% a year over 2 years

Line	2023	2024	2025	Average a year
Revenue	$71M	$80M	$89M	+11.5%
Operating income	$19M	$27M	$33M	+29.2%
Net income	$15M	$21M	$25M	+27.6%
Earnings per share	$2.25	$3.15	$3.77	+29.4%
Earnings per share, basic	$2.25	$3.15	$3.78	+29.6%
Margins
Operating margin	27.3%	34.1%	36.7%
Net margin	21.1%	25.8%	27.6%

Financial statements

FUNC's revenue, profits and cash flows from 2010 to 2022, 13 more fiscal years

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Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

In some years the company reports no operating income, so we show pre-tax income.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$1.2M Leases154% Pensions funded24.7% Effective tax rate

Leases

Dec 31, 2025

Operating leases

$1.2M

Finance leases

–

The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing

Pension plans

Dec 31, 2025

Defined-benefit pensions

154%funded

Surplus $21M.

The obligation is the present value of the pensions employees have already earned, at December 31, 2025. A deficit is the company's to fill with contributions. The filing

ObligationPlan assets

Goodwill by segment

Dec 31, 2025

Total goodwill

$11M

The company does not state its goodwill by segment, at December 31, 2025. The filing

From the statutory to the effective tax rate, 2025

Dec 31, 2025

Statutory rate

21.0%

Effective rate

24.7%

+3.6 pts

The company paid 24.7% in tax on its profit, 3.6 points above the US federal rate (21.0%). Below, the reasons it gives.

Statutory rate

21.0%

State and local taxes

+5.2 pts

Difference the filing does not itemize

-1.5 pts

Effective rate

24.7%

One point is 1% of profit before tax. The lines are as the company states them in the notes to its annual report. The filing

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Taxes: deferred and paid

The deferred part was -7.2% of the tax charge in the year to Dec 31, 2025. The rows show the last 3 years.

Cash taxes paid were 98.7% of the current tax charge in the year to Dec 31, 2025.

Deferred share, year to Dec 31, 2025-$576.0K of $8.0M: -7.2%
Deferred share, year to Dec 31, 2024-$825.0K of $6.7M: -12.4%
Deferred share, year to Dec 31, 2023-$889.0K of $4.4M: -20.1%
$8.5M paid, $8.6M current: 98.7%

When profit in the accounts runs ahead of taxable profit, the deferred part grows. It also moves for reasons unrelated to how earnings are booked: tax-law changes, the use of past losses, and the US rule since 2022 that spreads research costs over five years. Where the notes report it, the tax-rate bridge under Debt and obligations shows how the rate gets from the statutory one to the effective one.

For a bank only the tax part applies: receivables, inventory and an operating margin do not describe its business.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do First United's filings show?

These are First United's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

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Questions about FUNC's financials

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How much revenue did FUNC have in 2025?

First United had revenue of $89M and net income of $25M in fiscal 2025, a net margin of 27.6%.

How much debt does FUNC have?

On December 31, 2025 First United had total assets of $2.1B, debt of $114M and shareholders' equity of $204M.

How much free cash flow does FUNC have?

In fiscal 2025 First United had cash from operations of $19M and spent $4.0M on capital expenditure, leaving $15M of free cash flow.

Where are the figures from?

From First United Corporation's annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.