Overview
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- TickerFUNC on Nasdaq1
- IndustryNational Commercial Banks1
- HeadquartersOakland, Maryland1
- Incorporated inMD2
- Business address19 S Second St, Oakland, Md 215502
- Filer categoryAccelerated filer, Smaller reporting company2
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First United Corporation is a Maryland corporation chartered in 1985 and a bank holding company registered with the Board of Governors of the Federal Reserve System (the “FRB”) under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021. The Corporation’s primary business is serving as the parent company of First United Bank & Trust, a Maryland trust company (the “Bank”), First United Statutory Trust I (“Trust I”) and First United Statutory Trust II (“Trust II” and together with Trust I, the “Trusts”), both Connecticut statutory business trusts. The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital. The Bank has two consumer finance company subsidiaries - OakFirst Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company (toge…3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Trust Department brought in 53% of the revenue FIRST UNITED CORP/MD/ broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Trust Department | $9.1M | $9.8M |
| Debit Card Income | $4.1M | $4.1M |
| Service Charges | $2.2M | $2.3M |
| Brokerage Commissions | $1.4M | $1.4M |
| Other Service Charges | $887.0K | $845.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Income tax25¢$8.0M
- Profit75¢$24.5M
Out of $18.4M in revenue.4
Where each dollar of operating cash went, fiscal 2025
- Capital spending20¢$4.0M
- Dividends paid31¢$6.0M
- Kept or used elsewhere49¢$9.4M
Out of $19.4M of cash from operations.4
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $13.0M5 | $14.0M6 | $16.1M7 | $16.2M8 | $16.7M9 | $17.7M4 | $18.4M4 |
| Interest | $11.5M5 | $9.7M6 | $5.7M7 | $4.8M8 | $24.3M8 | ||
| Income before tax | $26.3M7 | $33.2M8 | $19.5M9 | $27.2M4 | $32.5M4 | ||
| Income tax | $3.3M5 | $3.9M6 | $6.5M7 | $8.1M8 | $4.4M9 | $6.7M4 | $8.0M4 |
| Net income | $13.1M5 | $13.8M6 | $19.8M7 | $25.0M8 | $15.1M9 | $20.6M4 | $24.5M4 |
| Earnings per share | $1.855 | $1.986 | $2.957 | $3.778 | $2.259 | $3.154 | $3.784 |
| Earnings per share (diluted) | $1.855 | $1.976 | $2.957 | $3.768 | $2.259 | $3.154 | $3.774 |
| Shares (weighted, basic) | 6.7M shares7 | 6.7M shares8 | 6.7M shares9 | 6.5M shares4 | 6.5M shares4 | ||
| Shares (weighted, diluted) | 6.7M shares7 | 6.7M shares8 | 6.7M shares9 | 6.5M shares4 | 6.5M shares4 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash | $50.0M5 | $149.4M6 | $115.7M7 | $74.3M8 | $49.8M9 | $78.3M4 | $131.6M4 |
| Property, plant and equipment | $34.7M7 | $34.9M8 | $31.5M9 | $30.1M4 | $29.7M4 | ||
| Goodwill | $11.0M7 | $11.0M8 | $11.0M9 | $11.0M4 | $11.0M4 | ||
| Intangible assets | $1.0M7 | $1.4M8 | $1.1M9 | $769.0K4 | $440.0K4 | ||
| Total assets | $1.4B5 | $1.7B6 | $1.7B7 | $1.8B8 | $1.9B9 | $2.0B4 | $2.1B4 |
| Short-term debt | $57.7M7 | $64.6M8 | $45.4M9 | $65.4M4 | $17.7M4 | ||
| Long-term debt | $100.9M5 | $100.9M6 | $30.9M7 | $30.9M8 | $110.9M9 | $120.9M4 | $95.9M4 |
| Total liabilities | $1.3B5 | $1.6B6 | $1.6B7 | $1.7B8 | $1.7B9 | $1.8B4 | $1.9B4 |
| Retained earnings | $145.5M7 | $166.3M8 | $173.9M9 | $189.0M4 | $207.3M4 | ||
| Shareholders’ equity | $125.9M6 | $131.0M7 | $141.9M8 | $151.8M9 | $161.9M4 | $179.3M4 | $203.6M4 |
| Shares outstanding | 7.1M shares5 | 7.0M shares6 | 6.6M shares6 | 6.7M shares8 | 6.6M shares9 | 6.5M shares4 | 6.5M shares4 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $16.4M5 | $16.2M6 | $20.0M7 | $26.5M8 | $22.5M9 | $22.3M4 | $19.4M4 |
| Stock-based compensation | $472.0K7 | $532.0K8 | $527.0K9 | $483.0K4 | $760.0K4 | ||
| Capital spending | $4.0M5 | $1.6M6 | $1.1M7 | $3.6M8 | $353.0K9 | $1.9M4 | $4.0M4 |
| Free cash flow | $12.4M | $14.6M | $18.9M | $23.0M | $22.1M | $20.4M | $15.4M |
| Cash from investing | -$28.4M7 | -$172.4M8 | -$81.7M9 | -$38.4M4 | -$48.0M4 | ||
| Dividends paid | $3.1M5 | $3.6M6 | $3.9M7 | $4.0M8 | $5.2M9 | $5.4M4 | $6.0M4 |
| Share buybacks | $2.8M6 | $7.2M7 | $1.5M9 | $4.0M4 | |||
| Cash from financing | -$25.3M7 | $104.5M8 | $34.7M9 | $44.7M4 | $81.9M4 | ||
| Dividend per share | $0.445 | $0.526 | $0.607 | $0.638 | $0.809 | $0.844 | $0.964 |
Corporate structure
FIRST UNITED CORP/MD/ sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of FIRST UNITED CORP/MD/
- BlackRock Filed SCHEDULE 13G on FIRST UNITED CORP/MD/, latest Jul 28, 2026 (3 filings since Jan 21, 2026)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on FIRST UNITED CORP/MD/, latest Mar 26, 2026 (3 filings since Feb 10, 2022)
- Fourthstone LLC Filed SCHEDULE 13G/A on FIRST UNITED CORP/MD/, latest Feb 14, 2025 (2 filings since Nov 14, 2024)
- DIMENSIONAL FUND ADVISORS LP Filed SC 13G on FIRST UNITED CORP/MD/, latest Feb 9, 2024
- FIRST UNITED CORP/MD/ Oakland, Maryland
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What FIRST UNITED CORP/MD/ reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $62.5M4 Dec 31, 2025 | $64.4M4 Dec 31, 2024 | −2.9% |
| Accumulated depreciation | $32.8M4 Dec 31, 2025 | $34.3M4 Dec 31, 2024 | −4.2% |
| Property and equipment, net | $29.7M4 Dec 31, 2025 | $30.1M4 Dec 31, 2024 | −1.4% |
| Operating-lease assets (leased space) | $1.0M4 Dec 31, 2025 | $1.2M4 Dec 31, 2024 | −15.7% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate properties | 14 Dec 31, 2025 |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $131.6M4 Dec 31, 2025 | $78.3M4 Dec 31, 2024 | +68.0% |
| Loans, net of allowance | $1.5B4 Dec 31, 2025 | $1.5B4 Dec 31, 2024 | +2.7% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $11.0M4 Dec 31, 2025 | $11.0M4 Dec 31, 2024 | 0% |
| Finite-lived intangibles, gross | $1.6M4 Dec 31, 2025 | $1.6M4 Dec 31, 2024 | 0% |
| Accumulated amortization | $1.2M4 Dec 31, 2025 | $879.0K4 Dec 31, 2024 | +37.4% |
| Finite-lived intangibles, net | $440.0K4 Dec 31, 2025 | $769.0K4 Dec 31, 2024 | −42.8% |
Properties, in its own words
The headquarters of the Corporation and the Bank occupies approximately 29,000 square feet at 19 South Second Street, Oakland, Maryland, and a 30,000 square feet operations center located at 12892 Garrett Highway, Oakland Maryland. These premises are owned by the Corporation. The Bank owns 20 of its banking offices and leases three. Total rent expense on the leased offices and properties was $0.4 million in 2025.
Item 2 of the 10-K filed Mar 10, 2026.3
Leadership
Who has led FIRST UNITED CORP/MD/, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerJason Barry Rush Feb 5, 2026 to now12
- Chief executive officerCarissa Lynn Rodeheaver Mar 21, 2017 to Feb 5, 202613
- ChairJason Barry Rush Aug 5, 2026 to now14
- ChairCarissa Lynn Rodeheaver Jul 19, 2019 to Aug 5, 202615
- PresidentJason Barry Rush Feb 5, 2026 to now12
- PresidentCarissa Lynn Rodeheaver Dec 18, 2015 to Feb 5, 202616
- Chief financial officerTonya K. Sturm Jun 4, 2015 to now17
- Chief financial officerCarissa Lynn Rodeheaver Feb 9, 2006 to Sep 15, 200918
- Chief operating officerAnthony James Tasker Feb 20, 2026 to now19
- Chief operating officerJason Barry Rush Mar 21, 2017 to Feb 20, 202620
Board members and other officers (31)
- VP & Chief Credit OfficerJulie W. Peterson Jun 27, 2024 to now21
- SVP & Chief Lending OfficerRobert L. Fisher Ii. Aug 31, 2016 to now22
- V.P./Chief Credit OfficerBeverly A. Sines Jun 6, 2014 to Mar 21, 201723
- Senior Lending OfficerTracy S. Bemiller Jan 3, 2012 to Jan 3, 201224
- Sr. VP & Director of SalesFrederick A. Thayer Iv. Jun 20, 2008 to Sep 15, 200925
- Senior Vice PresidentRobin E. Murray Jun 20, 2008 to Mar 21, 201726
- Sr. V.P & Sr. Trust OfficerEugene D. Helbig Jr. Aug 10, 2007 to May 4, 201127
- Senior Vice PresidentJeannette R. Fitzwater Feb 28, 2006 to Sep 15, 200928
- VP and Director of OperationsJason Barry Rush Mar 7, 2006 to Dec 8, 201529
- Sr. VP & Sr. Lending OfficerSteven M. Lantz Mar 16, 2006 to Sep 14, 200930
- Board memberBeth Moran Jan 25, 2023 to now31
- Board memberKevin Hessler Oct 5, 2023 to now32
- Board memberChristy Dipietro Jan 15, 2021 to now33
- Board memberSanu Chadha Jan 15, 2021 to now34
- Board memberPatricia Milon Jul 24, 2020 to now35
- Board memberCarissa Lynn Rodeheaver Dec 18, 2015 to now16
- Board memberBrian R. Boal May 28, 2014 to now36
- Board memberMarisa A. Shockley May 28, 2014 to May 24, 202437
- Board memberDavid J. Beachy May 16, 2008 to May 23, 201338
- Board memberGary Ruddell May 16, 2008 to May 4, 202139
- Board memberJohn McCullough May 16, 2008 to Feb 2, 202340
- Board memberKaren F. Myers May 16, 2008 to Sep 17, 200841
- Board memberRaymond F. Hinkle May 16, 2008 to May 28, 201042
- Board memberRichard G. Stanton May 16, 2008 to May 30, 201443
- Board memberRobert G. Stuck May 16, 2008 to May 25, 201844
- Board memberFaye E. Cannon Jan 4, 2006 to May 28, 201045
- Board memberIrvin Robert Rudy Feb 28, 2006 to now46
- Board memberElaine L. McDonald Mar 15, 2006 to Jul 24, 202047
- Board memberDonald E. Moran Apr 14, 2006 to Sep 4, 201448
- Board memberM. Kathryn Burkey Aug 18, 2006 to Aug 28, 202049
- Board memberH. Andrew Walls Iii. Oct 24, 2006 to now50
Timeline
- Sep 29, 20268-K Executive or director change51
- Sep 24, 20268-K Other events52
- Jul 20, 20268-K Results of operations; Regulation FD disclosure53
- Jun 22, 20268-K Other events54
- May 28, 20268-K Shareholder vote55
- May 28, 20268-K Executive or director change56
- May 11, 20268-K Shareholder vote57
- May 7, 20268-K Regulation FD disclosure58
- Apr 21, 20268-K Results of operations; Regulation FD disclosure59
- Mar 12, 20268-K Executive or director change60
- Mar 11, 20268-K Executive or director change61
- Mar 6, 20268-K Other events62
- Feb 5, 2026New chief executive Jason Barry Rush becomes CEO12
- Mar 21, 2017New chief executive Carissa Lynn Rodeheaver becomes CEO13
Calendar
When it reported results
- Jul 20, 2026Reported quarterly or annual results53
- Apr 21, 2026Reported quarterly or annual results59
- Feb 4, 2026Reported quarterly or annual results63
- Oct 21, 2025Reported quarterly or annual results64
- Jul 21, 2025Reported quarterly or annual results65
- Apr 21, 2025Reported quarterly or annual results66
- Feb 5, 2025Reported quarterly or annual results67
- Oct 21, 2024Reported quarterly or annual results68
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
379 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 77 major events, 255 insider forms, 9 large holders, 16 other. The latest 20:
- Oct 8, 20264 PRIMARY DOCUMENT EDGAR
- Oct 8, 20264 PRIMARY DOCUMENT EDGAR
- Oct 8, 20264 PRIMARY DOCUMENT EDGAR
- Oct 2, 20263 OWNERSHIP DOCUMENT EDGAR
- Oct 2, 20263 OWNERSHIP DOCUMENT EDGAR
- Oct 2, 20263 OWNERSHIP DOCUMENT EDGAR
- Sep 29, 20268-K EDGAR
- Sep 24, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 5, 20264 PRIMARY DOCUMENT EDGAR
- Aug 5, 20264 PRIMARY DOCUMENT EDGAR
- Aug 5, 20264 PRIMARY DOCUMENT EDGAR
- Aug 5, 20264 PRIMARY DOCUMENT EDGAR
- Jul 29, 20264 PRIMARY DOCUMENT EDGAR
- Jul 28, 2026SCHEDULE 13G EDGAR
- Jul 28, 20264 PRIMARY DOCUMENT EDGAR
- Jul 27, 20264 PRIMARY DOCUMENT EDGAR
- Jul 20, 20268-K EDGAR
- Jun 30, 20264 PRIMARY DOCUMENT EDGAR
- Jun 22, 20268-K EDGAR
The 379 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
121 open-market trades by officers, directors and large owners since October 2021: 113 buys and 8 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | Rodeheaver Carissa Lynn | Buy | 140 | $45.70 | $6.4K | Form 4 |
| Aug 3, 2026 | Rush Jason BarryChairman, President & CEO | Buy | 64 | $45.84 | $2.9K | Form 4 |
| Aug 3, 2026 | Sturm Tonya K.EVP & CFO | Buy | 2 | $45.84 | $113 | Form 4 |
| Aug 3, 2026 | Boal Brian R.Director | Buy | 74 | $45.84 | $3.4K | Form 4 |
| Jul 28, 2026 | Fisher Robert L. IIEVP & Chief Banking Officer | Sale | 5,250 | $45.29 | $237.8K | Form 4 |
| Jul 24, 2026 | RUDY IRVIN ROBERTDirector | Sale | 1,000 | $44.58 | $44.6K | Form 4 |
| Jul 23, 2026 | Sanders KeithEVP & Chief Wealth Officer | Sale | 5,000 | $43.68 | $218.4K | Form 4 |
| May 1, 2026 | Sturm Tonya K.EVP & CFO | Buy | 3 | $38.10 | $112 | Form 4 |
| May 1, 2026 | Boal Brian R.Director | Buy | 78 | $38.10 | $3.0K | Form 4 |
| May 1, 2026 | Rush Jason BarryChairman, President & CEO | Buy | 76 | $38.10 | $2.9K | Form 4 |
| May 1, 2026 | Rodeheaver Carissa Lynn | Buy | 167 | $37.99 | $6.4K | Form 4 |
| Feb 4, 2026 | Tasker Anthony JamesSVP & COO | Sale | 1 | $39.15 | $33 | Form 4 |
| Feb 3, 2026 | Sturm Tonya K.EVP & CFO | Buy | 3 | $39.68 | $112 | Form 4 |
| Feb 3, 2026 | Boal Brian R.Director | Buy | 75 | $39.68 | $3.0K | Form 4 |
| Feb 3, 2026 | Rush Jason BarryChairman, President & CEO | Buy | 73 | $39.68 | $2.9K | Form 4 |
| Feb 3, 2026 | Rodeheaver Carissa Lynn | Buy | 159 | $39.66 | $6.3K | Form 4 |
| Nov 3, 2025 | Sturm Tonya K.EVP & CFO | Buy | 64 | $35.15 | $2.2K | Form 4 |
| Nov 3, 2025 | Boal Brian R.Director | Buy | 84 | $35.15 | $2.9K | Form 4 |
| Nov 3, 2025 | Rush Jason BarryChairman, President & CEO | Buy | 81 | $35.15 | $2.9K | Form 4 |
| Nov 3, 2025 | Rodeheaver Carissa Lynn | Buy | 178 | $35.22 | $6.3K | Form 4 |
All 121 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G, 3 filings Jan 21, 2026 to Jul 28, 202669
- VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Feb 10, 2022 to Mar 26, 202670
- Fourthstone LLCSCHEDULE 13G/A, 2 filings Nov 14, 2024 to Feb 14, 202571
- DIMENSIONAL FUND ADVISORS LPSC 13G, 1 filing Feb 9, 202472
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Carissa L. RodeheaverChairman, President & CEO | $503.2K | $1.0M73 | |
| 2025 | Jason B. RushSenior Vice President, Chief Operating Officer | $316.7K | $543.8K73 | |
| 2025 | Robert L. FisherII, Senior Vice President, Chief Revenue Officer | $304.3K | $529.3K73 | |
| 2024 | Carissa L. RodeheaverChairman, President & CEO | $447.9K | $817.0K73 | |
| 2024 | Jason B. RushSenior Vice President, Chief Operating Officer | $304.5K | $471.4K73 | |
| 2024 | Robert L. FisherII, Senior Vice President, Chief Revenue Officer | $295.4K | $463.8K73 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 89. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How FIRST UNITED CORP/MD/ is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARFIRST UNITED CORP/MD/1
- CIK0000763907
- Employer ID (EIN)52-13807703
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
- Incorporated inMaryland3
- Fiscal year endsDecember 311
- Industry code (SIC)6021 National Commercial Banks1
- SEC reviewing officeOffice of Finance, Division of Corporation Finance1
- Business address19 S Second St, Oakland, MD 215501
- Phone800-470-43561
- Shares outstanding6,453,836 as of Jul 31, 202611
- Public float$179.2M as of Jun 30, 20253
- AuditorCrowe LLP, Franklin, Tennessee PCAOB ID 173; no auditor attestation of internal control over financial reporting3
- On EDGAR sinceFeb 16, 19941
- Filings1,673 in all: 4 (790), 8-K (297), 10-Q (98), DFAN14A (61), DEFA14A (49), 4/A (43), 10-K (32), DEF 14A (32)1
All 51 form types
3 (25), SC 13D/A (24), 424B3 (21), SC 13G/A (21), SC 13G (16), UPLOAD (16), 10-Q/A (12), 13F-HR (12), EFFECT (11), 5 (9), ARS (9), POS AM (8), 10-K/A (7), 8-K/A (6), CORRESP (6), PRE 14A (5), PREC14A (5), PRRN14A (5), S-3DPOS (5), 3/A (4), DEFR14A (3), PRER14A (3), PX14A6G (3), S-1/A (3), S-3/A (3), SCHEDULE 13G (3), SCHEDULE 13G/A (3), 10-C (2), 13F-HR/A (2), DEFC14A (2), NT 10-Q (2), S-1 (2), S-3 (2), S-8 (2), 10-K405 (1), 15-12G (1), 424B1 (1), 424B4 (1), 5/A (1), 8-A12G (1), D (1), S-8 POS (1), SC 13D (1)
- Latest filingsAnnual report (10-K) Mar 10, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Mar 25, 2026
Latest 8-K (8-K) Sep 29, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock | FUNC | Nasdaq Stock Market |
From the cover page of the 10-K filed Mar 10, 2026 (Section 12(b) of the Exchange Act).3
Risk factors and legal proceedings
The risks FIRST UNITED CORP/MD/ names in Item 1A of its 10-K filed Mar 10, 2026: 39 risks under these headings, as written.3
- Risks Relating to First United Corporation and its Affiliates
- First United Corporation’s future success depends on the successful growth of its subsidiaries.
- The Bank’s funding sources may prove insufficient to replace deposits and support our future growth.
- We may need to raise capital in the future, and such capital may not be available when needed or at all.
- Our inability to generate liquidity in a timely manner may adversely impact our ability to satisfy obligations associated with our financing, our operations and other components of our business.
- Our inability to access sources of financing at terms that are favorable to us may result in an adverse effect on our business, financial condition, and results of operations.
- The value of real estate collateral may fluctuate significantly resulting in an under-collateralized loan portfolio.
- The Corporation is subject to lending risk, and the impacts of interest rate changes could adversely impact the Corporation.
- 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 for credit losses, which would reduce our earnings.
The other 28 risks
- We depend on the accuracy and completeness of information about customers and counterparties, and inaccurate, incomplete or misleading information provided to us by these persons could cause us to suffer losses.
- Our accounting estimates and risk management processes rely on analytical and forecasting models, the inadequacy of which could have a material adverse effect on our financial condition and/or results of operations.
- The Bank’s lending activities subject the Bank to the risk of environmental liabilities.
- Our investment securities are subject to market risk and credit risk that may have an adverse impact on our financial condition and results of operation.
- Impairment of goodwill and other intangible assets or deferred tax assets could require charges to earnings, which could result in a negative impact on our results of operations.
- Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our financial condition and results of operations.
- Increases in FDIC insurance premiums may have a material adverse effect 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 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.
- Compliance with ever-evolving federal and state laws relating to the handling of information about individuals involves significant expenditure and resources, and any failure by us or our vendors to comply may result in significant liability, negative publicity, and/or an erosion of trust, which could materially adversely affect our business, results of operations, and financial condition.
- 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 in our disclosure or internal controls could have an adverse effect on us.
- We may not be able to keep pace with developments in technology.
- Our operational or communications systems or infrastructure may fail or may be the subject of a breach or cyber-attack that, if successful, could adversely affect our business or disrupt business continuity.
- A disruption, breach, or failure in the operational systems or infrastructure of our third-party vendors or other service providers, including as a result of cyber-attacks, could adversely affect 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.
- The loss of key personnel could disrupt our operations and result in reduced earnings.
- We are a community banking organization and our ability to maintain our reputation is critical to the success of our business.
- We could be adversely affected by risks associated with future acquisitions and expansions.
- New lines of business, products or services may subject us to additional risks.
- Increasing scrutiny and evolving expectations from customers, regulators, investors, and other stakeholders with respect to our sustainability practices may impose additional costs on us or expose us to new or additional risks.
- Risks Relating to First United Corporation’s Securities
- The shares of Common Stock are not insured.
- The shares of Common Stock are not heavily traded.
- Significant sales of shares of Common Stock, or the perception that significant sales may occur in the future, could adversely affect the market price of shares of 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 charter and bylaws and Maryland law may discourage a corporate takeover.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
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- 14SEC EDGARJason Barry Rush, Chair
- 15SEC EDGARCarissa Lynn Rodeheaver, Chair
- 16SEC EDGARCarissa Lynn Rodeheaver, President
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- 31SEC EDGARBeth Moran, Board member
- 32SEC EDGARKevin Hessler, Board member
- 33SEC EDGARChristy Dipietro, Board member
- 34SEC EDGARSanu Chadha, Board member
- 35SEC EDGARPatricia Milon, Board member
- 36SEC EDGARBrian R. Boal, Board member
- 37SEC EDGARMarisa A. Shockley, Board member
- 38SEC EDGARDavid J. Beachy, Board member
- 39SEC EDGARGary Ruddell, Board member
- 40SEC EDGARJohn McCullough, Board member
- 41SEC EDGARKaren F. Myers, Board member
- 42SEC EDGARRaymond F. Hinkle, Board member
- 43SEC EDGARRichard G. Stanton, Board member
- 44SEC EDGARRobert G. Stuck, Board member
- 45SEC EDGARFaye E. Cannon, Board member
- 46SEC EDGARIrvin Robert Rudy, Board member
- 47SEC EDGARElaine L. McDonald, Board member
- 48SEC EDGARDonald E. Moran, Board member
- 49SEC EDGARM. Kathryn Burkey, Board member
- 50SEC EDGARH. Andrew Walls Iii., Board member
- 51SEC EDGARExecutive or director change
- 52SEC EDGAROther events
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- 54SEC EDGAROther events
- 55SEC EDGARShareholder vote
- 56SEC EDGARExecutive or director change
- 57SEC EDGARShareholder vote
- 58SEC EDGARRegulation FD disclosure
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- 60SEC EDGARExecutive or director change
- 61SEC EDGARExecutive or director change
- 62SEC EDGAROther events
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