First United Corp Dossier
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SectorFinancials IndustryRegional Banks Beta (adjusted)0.68 Intrinsic Value $26.76median of 2 methodsbased on filings through 30 Jun 2026 Market Price $43.86Price as of 1 Oct 2026 OvervaluedIntrinsic value is 39% below the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $283.1M Enterprise Value $228.8M Shares Outstanding 6.5M diluted Next Earnings Date23 Oct 2026 Last ex-dividend20 Jul 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary First United Corp (FUNC) continues to demonstrate robust financial performance, characterized by expanding net interest margins (NIM) and solid asset quality. The bank's strategic focus on relationship-based community banking in its core Maryland and West Virginia footprints has driven steady deposit growth and healthy commercial loan originations. With a disciplined approach to expense management and a strong capital position, FUNC is well-positioned to navigate macroeconomic uncertainties and deliver consistent shareholder value. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$44.50 Mean target$47.25 High · most bullish analyst$50.00 Street targets sit above today's price; our intrinsic value sits below it. Different horizons, different questions. Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario The bear case reflects potential macroeconomic headwinds, including persistent inflation and aggressive deposit competition that compresses NIM. A slowdown in regional commercial real estate or agricultural sectors could lead to rising non-performing loans, requiring higher provisions for credit losses. This would weigh on profitability and limit stock price appreciation. Base CaseCentral scenario The base case assumes stable regional economic conditions, allowing FUNC to maintain its NIM above 3.60% through disciplined asset-liability management. Commercial and residential mortgage originations are expected to remain steady, supporting moderate loan portfolio growth. Credit quality is projected to remain strong with low non-performing loan ratios, leading to stable earnings growth and continued annual dividend payments. Bull CaseUpside scenario First United Corp is a conservatively managed regional bank trading at a discounted valuation relative to its profitability, capital quality, and shareholder returns. The bullish thesis is supported by steady profitability, margin resilience (with net profit margins holding near 27.7% and net interest margin at 3.83%), consistent community banking returns, dividend growth, and share buybacks. Furthermore, the stock trades at a low P/E multiple of 11.4x, representing a significant discount of over 50% compared to its estimated DCF fair value of $92.25. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |