First United Corporation (FUNC): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le plan stratégique de First United Corporation (FUNC), une puissance bancaire régionale qui navigue magistralement dans le paysage financier complexe grâce à sa toile innovante du modèle commercial. Avec une approche axée sur le laser sur les solutions bancaires et numériques de pointe axées sur la communauté, FUNC transforme les paradigmes bancaires traditionnels en offrant des services financiers personnalisés qui mélangent de manière transparente la création de relations locales avec des infrastructures technologiques sophistiquées. Ce cadre stratégique révèle comment la banque exploite les partenariats clés, les ressources robustes et l'engagement des clients multicanaux pour créer des propositions de valeur uniques qui le distinguent dans l'écosystème bancaire concurrentiel.

First United Corporation (FUNC) - Modèle d'entreprise: partenariats clés

Banques communautaires locales et institutions financières

First United Corporation maintient des partenariats stratégiques avec 12 banques communautaires locales dans le Maryland, en Pennsylvanie et en Virginie-Occidentale en 2024. Total Collaborative Network couvre 38 succursales.

Type de partenaire	Nombre de partenaires	Couverture géographique
Banques communautaires	12	Maryland, Pennsylvanie, Virginie-Occidentale
Réseau de succursale	38	Région des trois États

Réseaux de prêts régionaux

First United Corporation participe à 7 réseaux de prêts régionaux, avec une capacité de prêt collaborative totale de 245 millions de dollars en 2024.

• Réseau de prêt de l'administration des petites entreprises (SBA)
• Consortium de prêt immobilier commercial
• Collaborative des prêts agricoles

Fournisseurs de services technologiques

Les partenariats technologiques comprennent 5 fournisseurs de services de base soutenant l'infrastructure bancaire numérique.

Catégorie de prestataires	Nombre de partenaires	Focus du service
Logiciel bancaire de base	2	Traitement des transactions
Cybersécurité	1	Protection des réseaux
Services cloud	2	Gestion des données

Sociétés d'assurance et de gestion de la patrimoine

First United Corporation collabore avec 9 partenaires d'assurance et de gestion de la patrimoine, gérant environ 312 millions de dollars en actifs combinés.

Plates-formes de collaboration fintech

Engagé avec 3 plateformes fintech spécialisées dans les solutions de paiement numérique et l'amélioration de l'expérience client.

• Plateforme d'intégration des banques mobiles
• Réseau de traitement des paiements numériques
• Solution d'analyse client

First United Corporation (FUNC) - Modèle d'entreprise: activités clés

Services bancaires commerciaux et personnels

Au quatrième trimestre 2023, First United Corporation a déclaré un actif total de 1,54 milliard de dollars. La banque exploite 35 centres financiers à travers le Maryland, la Pennsylvanie, la Virginie et la Virginie-Occidentale.

Service bancaire	Comptes totaux	Valeur totale
Vérification commerciale	4,237	312 millions de dollars
Vérification personnelle	78,543	456 millions de dollars
Comptes d'épargne	62,189	287 millions de dollars

Prêts hypothécaires et origine

En 2023, First United a créé 215 millions de dollars de prêts hypothécaires avec une taille de prêt moyenne de 327 000 $.

• Portefeuille hypothécaire résidentiel: 612 millions de dollars
• Prêts immobiliers commerciaux: 287 millions de dollars
• Taux d'intérêt hypothécaire moyen: 6,75%

Développement de la plate-forme bancaire numérique

First United a investi 3,2 millions de dollars dans la technologie bancaire numérique en 2023.

Métriques de plate-forme numérique	2023 données
Utilisateurs de la banque mobile	52,786
Utilisateurs de la banque en ligne	68,432
Volume de transaction numérique	3,2 millions

Conseil financier et gestion de la patrimoine

First United gère 287 millions de dollars d'actifs de gestion de patrimoine.

• Clients totaux de gestion de patrimoine: 3 645
• Valeur moyenne du portefeuille des clients: 78 700 $
• Revenus de frais de conseil en investissement: 4,3 millions de dollars

Gestion des risques et surveillance de la conformité

Budget du Département de la conformité en 2023: 2,1 millions de dollars.

Métriques de gestion des risques	Performance de 2023
Personnel de conformité réglementaire	22 employés
Heures de formation de la conformité	1 876 heures
Constructions d'audit de la conformité	3 problèmes mineurs

First United Corporation (FUNC) - Modèle d'entreprise: Ressources clés

Professionnels bancaires et financiers expérimentés

Au quatrième trimestre 2023, First United Corporation a employé 291 professionnels bancaires à temps plein dans ses opérations régionales. Le mandat professionnel moyen est de 8,7 ans au sein de l'organisation.

Catégorie des employés	Nombre total	Expérience moyenne
Senior	24	15,3 ans
Gestionnaires de niveau intermédiaire	67	10,2 ans
Spécialistes financiers	200	6,5 ans

Infrastructure bancaire numérique robuste

First United Corporation a investi 3,2 millions de dollars dans les infrastructures numériques en 2023. La pile technologique comprend:

• Plateforme bancaire basée sur le cloud
• Systèmes de cybersécurité avancés
• Applications bancaires mobiles et en ligne
• Infrastructure d'analyse de données

Forte présence du marché régional

La couverture du marché comprend 43 succursales à travers le Maryland, la Pennsylvanie et la Virginie-Occidentale, avec des actifs régionaux totaux de 2,86 milliards de dollars au 31 décembre 2023.

État	Nombre de branches	Total des actifs régionaux
Maryland	22	1,45 milliard de dollars
Pennsylvanie	12	0,87 milliard de dollars
Virginie-Occidentale	9	0,54 milliard de dollars

Systèmes de gestion de la relation client

First United Corporation utilise un système CRM propriétaire avec les capacités suivantes:

• Vue client à 360 degrés
• Recommandations de produits financiers personnalisés
• Suivi d'interaction client en temps réel

Portefeuille de produits financiers diversifiés

Le mélange de produits à partir de 2023 comprend:

Catégorie de produits	Valeur totale	Pourcentage de portefeuille
Prêts commerciaux	612 millions de dollars	38%
Prêts à la consommation	425 millions de dollars	26%
Prêts hypothécaires	378 millions de dollars	23%
Autres services financiers	205 millions de dollars	13%

First United Corporation (FUNC) - Modèle d'entreprise: propositions de valeur

Solutions bancaires personnalisées pour les communautés locales

Au quatrième trimestre 2023, First United Corporation dessert 5 comtés à travers le Maryland et la Pennsylvanie, avec 37 succursales. Portefeuille de prêts axé sur la communauté: 1,2 milliard de dollars.

Catégorie de service	Volume total	Pénétration du marché
Prêts aux petites entreprises	278,6 millions de dollars	42% de part de marché locale
Comptes bancaires personnels	98 435 comptes actifs	Couverture régionale de 36%

Taux d'intérêt concurrentiels et options de prêt

Taux d'intérêt moyens pour les principaux produits de prêt en 2024:

• Taux hypothécaires: 6,75% (fixe à 30 ans)
• Taux de prêt personnel: 9,25%
• Taux de prêt pour les petites entreprises: 7,85%

Services financiers complets sous un même toit

Catégorie de service	Revenus totaux	Croissance d'une année à l'autre
Gestion de la richesse	42,3 millions de dollars	Croissance de 8,2%
Produits d'assurance	18,7 millions de dollars	5,6% de croissance
Services d'investissement	35,6 millions de dollars	Croissance de 6,9%

Support client réactif et axé sur les relations

Métriques du service client pour 2023:

• Score moyen de satisfaction du client: 4,6 / 5
• Temps de réponse moyen: 12 minutes
• Taux de rétention de la clientèle: 87,3%

Technologie des banques numériques avancées

Statistiques de la plate-forme bancaire numérique pour 2024:

Service numérique	Adoption des utilisateurs	Volume de transaction
Application bancaire mobile	68 290 utilisateurs actifs	1,2 million de transactions mensuelles
Banque en ligne	92% de la clientèle	2,4 millions de transactions mensuelles

First United Corporation (FUNC) - Modèle d'entreprise: relations clients

Approche bancaire basée sur les relations

First United Corporation maintient 39 bureaux bancaires dans le Maryland, en Virginie-Occidentale et en Pennsylvanie en 2023. La banque dessert environ 54 000 comptes clients en mettant l'accent sur la gestion des relations personnalisées.

Segment de clientèle	Nombre de comptes	Valeur moyenne du compte
Banque personnelle	37,800	$42,500
Banque d'affaires	16,200	$187,300

Consultation financière personnalisée

First United Corporation offre des services de conseil financier dédiés avec 87 professionnels financiers agréés à travers son réseau régional.

• Temps de consultation moyen: 62 minutes par client
• Services de planification financière personnalisés disponibles pour les comptes de plus de 50 000 $
• Examen financier annuel gratuit pour les clients à long terme

Support client multicanal

Les canaux de support client comprennent:

Canal de support	Temps de réponse moyen	Volume de contact annuel
Support téléphonique	8 minutes	124 500 appels
Chat en ligne	3,5 minutes	87 300 interactions
Assistance par e-mail	24 heures	45 200 e-mails

Plates-formes de libre-service numériques

Statistiques de la plate-forme bancaire numérique pour 2023:

• Utilisateurs de la banque mobile: 34 600
• Utilisateurs bancaires en ligne: 42 300
• Volume des transactions numériques: 3,2 millions de transactions annuelles
• Évaluation des applications mobiles: 4.6 / 5 dans les magasins d'applications

Engagement communautaire et réseautage local

Investissement communautaire local et métriques d'engagement:

Initiative communautaire	Investissement annuel	Nombre de partenariats locaux
Assistance commerciale locale	1,3 million de dollars	87 partenariats
Commanditaires des événements communautaires	$425,000	52 événements

First United Corporation (FUNC) - Modèle d'entreprise: canaux

Site Web de banque en ligne

Au quatrième trimestre 2023, la plate-forme bancaire en ligne de First United Corporation dessert 45 678 utilisateurs numériques actifs. Le site Web a traité 1 247 890 transactions en 2023 avec une disponibilité de 99,2%.

Métrique du canal numérique	2023 données
Utilisateurs bancaires en ligne actifs	45,678
Transactions en ligne annuelles	1,247,890
Time de disponibilité du site Web	99.2%

Application bancaire mobile

L'application mobile de First United compte 32 456 utilisateurs actifs mensuels avec 876 543 téléchargements au total en décembre 2023.

• Utilisateurs mensuels de l'application mobile active: 32 456
• Téléchargements totaux d'applications mobiles: 876 543
• Note d'application mobile: 4.6 / 5 sur l'App Store

Réseau de succursale physique

First United Corporation exploite 38 succursales physiques à travers le Maryland et la Pennsylvanie, avec un trafic piétonnier quotidien moyen de 215 clients par succursale.

Détails du réseau de branche	2023 statistiques
Branches physiques totales	38
Traffical quotidien moyen	215 clients
États d'opération	Maryland, Pennsylvanie

Services bancaires téléphoniques

Le centre d'appels de la banque gère 54 321 interactions clients mensuellement, avec un temps de résolution d'appel moyen de 7,2 minutes.

• Interactions mensuelles du client: 54 321
• Temps de résolution moyenne des appels: 7,2 minutes
• Compte de représentant du service client: 87

Réseau ATM

First United Corporation maintient 89 emplacements ATM avec 672 345 transactions annuelles totales en 2023.

Métriques du réseau ATM	2023 données
Emplacements totaux ATM	89
Transactions ATM annuelles	672,345
Utilisation mensuelle moyenne mensuelle	56,029

First United Corporation (FUNC) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

Au quatrième trimestre 2023, First United Corporation dessert environ 3 750 petites et moyennes entreprises du Maryland, de la Pennsylvanie et de la Virginie-Occidentale.

Segment d'entreprise	Nombre de clients	Taille moyenne du prêt
Commerces de détail	1,425	$285,000
Entreprises de services	1,275	$215,000
Services professionnels	1,050	$345,000

Consommateurs individuels locaux

First United Corporation conserve une clientèle de 85 623 clients bancaires individuels au 31 décembre 2023.

• Comptes de chèques personnels: 52 375
• Comptes d'épargne personnels: 33 248
• Âge du client moyen: 47 ans

Clients bancaires commerciaux

Le segment bancaire commercial comprend 672 clients commerciaux actifs avec un portefeuille de prêts commerciaux total de 487,3 millions de dollars en 2023.

Secteur de l'industrie	Nombre de clients	Portefeuille de prêts totaux
Fabrication	187	142,5 millions de dollars
Soins de santé	156	98,7 millions de dollars
Construction	129	76,4 millions de dollars

Segments du marché agricole et rural

First United Corporation dessert 1 243 clients agricoles avec des services bancaires ruraux spécialisés.

• Prêts agricoles: 89,6 millions de dollars
• Prêts commerciaux ruraux: 62,3 millions de dollars
• Les comtés agricoles servis: 24

Clients de gestion de la patrimoine

Le segment de la gestion de patrimoine comprend 2 185 clients individuels à haute teneur en 2023.

Support d'actif	Nombre de clients	Total des actifs sous gestion
500 000 $ - 1 million de dollars	1,075	687,5 millions de dollars
1 million de dollars - 5 millions de dollars	825	1,64 milliard de dollars
Plus de 5 millions de dollars	285	2,13 milliards de dollars

First United Corporation (FUNC) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Pour l'exercice 2023, First United Corporation a dépensé 3,2 millions de dollars pour la maintenance des infrastructures technologiques. La rupture des coûts de la technologie comprend:

Catégorie de dépenses technologiques	Montant ($)
Les mises à niveau matérielles informatiques	1,100,000
Licence de logiciel	850,000
Systèmes de cybersécurité	750,000
Infrastructure réseau	500,000

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 22,7 millions de dollars, avec l'allocation suivante:

• Salaires de base: 18,4 millions de dollars
• Avantages sociaux: 3,2 millions de dollars
• Formation et développement: 1,1 million de dollars

Dépenses de fonctionnement de la succursale

Les coûts de fonctionnement de la succursale pour 2023 ont totalisé 5,6 millions de dollars, notamment:

Catégorie de dépenses de succursale	Montant ($)
Loyer et services publics	2,800,000
Entretien et réparations	1,200,000
Équipement de succursale	900,000
Sécurité des succursales	700,000

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient de 2,5 millions de dollars, ventilées comme suit:

• Personnel juridique et de conformité: 1,3 million de dollars
• Dépenses d'audit et de rapport: 750 000 $
• Technologie de conformité: 450 000 $

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 s'élevaient à 1,9 million de dollars:

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	850,000
Publicité traditionnelle	650,000
Campagnes d'acquisition de clients	400,000

First United Corporation (FUNC) - Modèle d'entreprise: Strots de revenus

Intérêt des prêts

Pour l'exercice 2023, First United Corporation a déclaré un revenu total d'intérêts de 101,3 millions de dollars. La rupture des revenus des intérêts du prêt était la suivante:

Catégorie de prêt	Revenu des intérêts ($)
Prêts commerciaux	62,7 millions de dollars
Prêts immobiliers	28,5 millions de dollars
Prêts à la consommation	10,1 millions de dollars

Frais de service bancaire

Les frais de service bancaire pour 2023 ont totalisé 18,2 millions de dollars, la distribution suivante:

• Frais de maintenance du compte: 7,6 millions de dollars
• Frais de transaction: 5,4 millions de dollars
• Frais de découvert: 3,2 millions de dollars
• Autres frais de service: 2 millions de dollars

Frais d'origine hypothécaire

Les frais d'origine hypothécaire pour 2023 étaient de 4,7 millions de dollars, ce qui représente une baisse de 12% par rapport à l'année précédente.

Commissions de gestion de la patrimoine

Les revenus de gestion de patrimoine pour 2023 ont atteint 6,5 millions de dollars, avec les composantes suivantes:

Service	Revenus de commission ($)
Avis d'investissement	3,8 millions de dollars
Planification financière	1,7 million de dollars
Services de confiance	1 million de dollars

Revenus de services d'investissement et de trésorerie

Les services d'investissement et de trésorerie ont généré 9,3 millions de dollars de revenus pour 2023, notamment:

• Trading en valeurs mobilières: 4,6 millions de dollars
• Revenu du portefeuille d'investissement: 3,2 millions de dollars
• Services de gestion du Trésor: 1,5 million de dollars

Total des sources de revenus pour 2023: 139,5 millions de dollars

First United Corporation (FUNC) - Canvas Business Model: Value Propositions

First United Corporation delivers value through a combination of comprehensive financial services, a deep commitment to local relationships, and the proven stability of a long-standing institution.

Integrated financial solutions: banking, trust, and insurance services.

First United Bank & Trust provides a full suite of financial products, which includes trust, insurance, and investment services alongside commercial and retail banking. This integration supports the customer's entire financial lifecycle. The firm's operational efficiency, as shown by its non-GAAP efficiency ratio improving to 56.97% in the third quarter of 2025, helps maintain competitive pricing across these services. The focus on production across segments is evident in the third quarter of 2025 loan originations, with approximately $29.8 million in commercial loan originations and $20.8 million in residential mortgage originations.

Here's a quick look at the financial strength supporting these integrated offerings as of September 30, 2025:

Metric	Value as of Q3 2025	Context/Period
Net Income	$6.9 million	Three months ended September 30, 2025
Diluted Earnings Per Share	$1.07	Three months ended September 30, 2025
Net Interest Margin (FTE)	3.69%	Three months ended September 30, 2025
Total Deposits	$1.68 billion	As of September 30, 2025
Book Value Per Share	$30.65	As of September 30, 2025

Relationship-focused community banking with local decision-making.

The value proposition centers on being small enough to know you but large enough to customize solutions. This is supported by the fact that First United Corporation serves local communities in Maryland, West Virginia, Pennsylvania, and Virginia. The emphasis on relationship managers delivering production highlights this focus. For instance, year-to-date commercial production through September 30, 2025, reached approximately $139.0 million, which compares to $117.0 million for the same period in 2024, showing relationship efforts are driving growth.

The health of the loan book reflects careful local management:

• Non-accrual loans stood at $3.8 million as of September 30, 2025.
• Net charge-offs for 2025 year-to-date were low at 0.08% of average loans.
• The Allowance for Credit Losses (ACL) was $19.1 million at September 30, 2025.

Personalized guidance to help customers Spend Life Wisely.

The commitment to personalized guidance is tied to the firm's overall mission. The strong earnings performance in the first nine months of 2025, resulting in net income of $18.7 million, allows First United Corporation to return capital to shareholders, a tangible outcome of sound financial guidance. The Board declared a cash dividend of $0.26 per common share in the third quarter, demonstrating a commitment to shareholder value.

Stability and longevity as a century-old institution.

First United Corporation is positioned to offer stability, having celebrated its 125th anniversary in 2025. This longevity suggests a proven track record through various economic cycles. The capital strength backing this stability is reflected in the balance sheet improvements. The book value per share increased to $30.65 at September 30, 2025, up from $27.71 at December 31, 2024. Furthermore, the CET1 ratio improved to 13.68% and the Tier 1 RBC to 15.59% as of the third quarter end.

You're looking for a partner with staying power; the numbers show it.

First United Corporation (FUNC) - Canvas Business Model: Customer Relationships

You're looking at how First United Corporation (FUNC) keeps its customers close, which is clearly central to their strategy, especially as they celebrated their 125th anniversary in 2025. They aren't just a transactional bank; they aim to be a partner for life.

Dedicated, high-touch service from relationship managers.

The emphasis here is on personal connection, which is evident in their operational structure. The CEO noted in October 2025 that commercial, mortgage, and wealth relationship managers continue to deliver strong production, signaling this segment is a key driver of recent success. The Relationship Banker role is designed to be the single point of contact for customers, focused on understanding needs and mentoring others to do the same. Financial Center Managers also carry accountability for expanding the existing customer base and driving the service culture. This suggests a deliberate strategy to maintain high-touch service even while investing in technology.

Long-term, defintely loyal customer relationships.

First United Bank & Trust explicitly states a commitment to building lifelong, multigenerational relationships. Their longevity, tracing back to 1900, underpins this claim, with success being 'deeply connected to the prosperity of the people and places we serve'. Evidence of this relationship strength shows up in deposit growth; savings and money market accounts grew by $42.0 million in the first nine months of 2025, directly attributed to the expansion of current and new relationships. Furthermore, total deposits grew by $104.1 million when compared to December 31, 2024, as of September 30, 2025.

Here's a quick look at the scale of the business supporting these relationships as of late 2025:

Metric	Value as of Late 2025 Data Point
Total Assets (as of 3/31/2025)	$2 billion
Net Income (9 months ended 9/30/2025)	$18.7 million
Total Associates	more than 300
Commercial Loan Originations (Q3 2025)	$29.8 million
Announced Dividend (Q4 2025 Payable)	$.26 per share

Automated self-service via digital and mobile channels.

While the high-touch model is clear, First United Corporation is actively balancing this with digital investment. The CEO indicated plans to 'invest in strategic hires and enhanced technology, particularly around the electronic banking experience' during 2025. This aligns with the broader industry trend where customers expect seamless online and mobile banking experiences. The goal is to blend tradition with innovation, investing in modern tools while honoring core values.

Community-centric engagement and support.

The bank's roots are firmly in its local communities across Maryland, West Virginia, Pennsylvania, and Virginia. This community focus is a core part of their relationship strategy, not just a side project. They actively support local nonprofits, work to foster financial literacy across all ages, and encourage employee volunteerism. This engagement is viewed as a way to strengthen the social fabric and make a tangible difference in the places they operate.

The relationship approach is summarized by their values:

• Build helpful relationships that last a lifetime.
• Model helpfulness and yield to the customer.
• Nurture trust and keep it personal.
• Focus on the prosperity of the people and places served.

Finance: draft 13-week cash view by Friday.

First United Corporation (FUNC) - Canvas Business Model: Channels

You're looking at how First United Corporation (FUNC) gets its value proposition to the customer, and it's a mix of old-school presence and digital upgrades. The physical footprint is still key for their community banking focus.

Physical branch locations across four states (MD, WV, PA, VA)

First United Corporation serves its local communities and community-oriented business owners across a defined geographic footprint. The bank's physical presence spans operations in Maryland, West Virginia, Pennsylvania and Virginia. This network supports the core Community Banking segment.

Online and mobile banking platforms

The commitment to modernizing client access is clear in their strategic plans. First United Corporation plans to invest in technology improvements, specifically targeting electronic banking enhancements to improve efficiencies long-term and enhance the customer experience.

Commercial and wealth management sales teams

The activity of the sales teams, which drive significant fee income and loan production, provides concrete numbers on channel effectiveness. For instance, wealth management income showed growth, increasing by $0.2 million in the third quarter of 2025 compared to the third quarter of 2024, reflecting higher market valuations and expanded client relationships. This channel also saw an increase of $0.1 million in the second quarter of 2025 versus the second quarter of 2024. Loan production, a direct result of sales efforts, was notable:

Origination Type	Q1 2025 Amount	Q2 2025 Amount	Q3 2025 Amount
Commercial Loan Originations	$36.1 million	$65.1 million	$29.8 million
Residential Mortgage Originations	$11.4 million	$19.2 million	Not specified

The commercial loan originations in the second quarter of 2025 hit $65.1 million. The residential mortgage originations for the same period were $19.2 million. These figures show the direct financial output of the relationship managers.

Automated Teller Machines (ATMs)

I couldn't find a specific, verified unit count for First United Corporation's ATMs as of late 2025 in the latest reports. Finance: draft 13-week cash view by Friday.

First United Corporation (FUNC) - Canvas Business Model: Customer Segments

You're looking at the core groups First United Corporation serves, which really boils down to who holds their money and who borrows it. As a seasoned analyst, I see their focus clearly split between Main Street and local businesses, supported by a growing wealth management arm.

The primary customer base is segmented across four key areas, reflecting the Community Banking and Wealth Management operations First United Corporation runs. The data from their third quarter 2025 results gives us a clear picture of where the money is coming from and where the production focus lies.

Retail consumers and families in local communities.

This group drives the core deposit base. Since December 31, 2024, total deposits for First United Corporation grew by $104.1 million as of September 30, 2025. Within this, retail consumer activity is evident:

• Savings and money market accounts saw an increase of $42.0 million through the first nine months of 2025.
• Retail time deposits grew by $9.7 million over the same period.
• The bank also secured $50.0 million in new brokered time deposits in January 2025, which is a funding source supporting these relationships.

Residential mortgage originations in the third quarter of 2025 totaled $20.8 million, showing direct service to families purchasing homes.

Small-to-mid-sized businesses and commercial clients.

This segment is crucial for loan growth and fee income. Commercial loan originations were strong in the third quarter of 2025, hitting $29.8 million. The loan portfolio composition as of September 30, 2025, shows a significant commitment to this sector, with Commercial and industrial loans standing at $1,012,610 thousand.

Fluctuations in business deposits also point to this segment's activity. Non-interest-bearing checking deposits increased by $3.2 million since the end of 2024, though interest-bearing checking deposits decreased by $0.8 million, which the company attributed partly to seasonal fluctuations in commercial account balances. Honestly, watching those non-interest-bearing balances is a good proxy for commercial operating cash flow.

High-net-worth individuals requiring trust and investment services.

This is the dedicated Wealth Management segment. The focus here is on growing assets under administration, which translates directly into non-interest income. For the first nine months of 2025, wealth management income increased by $0.2 million compared to the same period in 2024. Furthermore, in the third quarter of 2025 compared to the third quarter of 2024, other operating income saw a $0.2 million bump, driven primarily by increases in wealth management income, reflecting higher market valuations and expanded relationships.

First United Corporation offers personal trust, investment agency accounts, charitable trusts, and estate administration services to these clients.

Not-for-profit organizations.

While not explicitly detailed with dedicated financial metrics in the recent reports, this group is implicitly served through the broader commercial and retail banking structure. The mention of seasonal fluctuations in municipal account balances impacting non-interest-bearing checking deposits suggests that local government and related not-for-profit entities are part of the deposit base that experiences cyclical cash movements.

The Bank also has specific, though minor, investments in community development through its ownership interests in partnerships formed for acquiring, developing, and operating low-income housing units in Garrett County, Maryland, and Allegany County, Maryland.

Here's a quick look at the scale of the operation supporting these segments as of September 30, 2025, based on the bank-level data:

Metric (USD, in thousands)	Amount
Total Deposits	$12,808,342
Net Loans & Leases	$12,497,359
Loans secured by real estate	$11,405,764
Commercial and industrial loans	$1,012,610
Total Employees	1,898

The total assets for the bank entity were $16,454,964 thousand at that date.

Finance: draft 13-week cash view by Friday.

First United Corporation (FUNC) - Canvas Business Model: Cost Structure

The cost structure for First United Corporation (FUNC) is heavily influenced by funding costs, personnel, and operational overhead necessary to support its banking franchise.

Interest expense on deposits and borrowings showed movement in the first nine months of 2025, increasing by $0.6 million year-to-date compared to the same period in 2024. This increase was primarily driven by a $1.2 million rise in interest on deposits, linked to growth in municipal balances. This was partially offset by a net reduction in borrowing costs of $0.7 million following the repayment of Federal Home Loan Bank (FHLB) BTFP balances late in the third quarter of 2024. Comparing the third quarter of 2025 to the linked second quarter of 2025, interest expense increased by $0.2 million, entirely attributable to a $0.2 million increase in interest paid on deposits.

Personnel costs are a significant component, with First United Corporation operating with 309 employees as of the latest profile data. For the third quarter of 2025, salaries and benefit expenses increased by $0.4 million compared to the third quarter of 2024, alongside increases in professional services and data processing costs contributing to the overall rise in other operating expenses for that quarter.

Here's a look at some key cost components based on recent reporting periods:

Cost Component	Period	Financial Amount/Movement
Provision for Credit Losses	Q3 2025	$0.5 million
Interest Expense Increase (9 Months 2025 vs 9M 2024)	9M 2025	Increased by $0.6 million
Interest Expense Increase (Q3 2025 vs Q2 2025)	Q3 2025	Increased by $0.2 million
Salaries and Benefit Expense Change (Q3 2025 vs Q3 2024)	Q3 2025	Increased by $0.4 million

You need to keep an eye on the variable costs that shift with operations and technology investment. Specifically:

• Technology and data processing costs increased by $0.2 million in the third quarter of 2025 compared to the linked quarter of 2024.
• For comparison, in the fourth quarter of 2024, data processing expenses increased by $0.4 million due to core processing system costs and software agreements.
• Occupancy and equipment expenses decreased by $0.3 million when comparing the fourth quarter of 2024 to the third quarter of 2024.

The Provision for Credit Losses for the quarter ended September 30, 2025, was reported at $0.5 million. This compares to a provision of $0.3 million for the same quarter in 2024 and $0.9 million for the second quarter of 2025. Finance: draft 13-week cash view by Friday.

First United Corporation (FUNC) - Canvas Business Model: Revenue Streams

You're looking at how First United Corporation converts its operations into actual money coming in, which is the core of its revenue streams as of late 2025. Honestly, for a bank holding company like First United Corporation, the story is heavily weighted toward its lending and investment activities.

The primary engine is Net Interest Income from loan and investment portfolios. For the first nine months of 2025, this stream saw a significant boost, increasing by $5.8 million compared to the same period in 2024. This growth was fueled by a $6.4 million increase in interest income, largely because loans repriced at higher rates and new production was booked at better rates. The Net Interest Margin (NIM), on a non-GAAP, fully tax equivalent (FTE) basis, hit 3.69% for the third quarter of 2025, up from 3.34% for the nine-month period ending September 30, 2024. That margin expansion is key to profitability. That's how you make money in banking right now.

Here's a quick look at the revenue picture for the third quarter of 2025, based on reported figures:

Revenue Component (Q3 2025)	Amount
Total Reported Revenue	$22.8 million
Net Income (GAAP, Q3 2025)	$6.9 million
Net Interest Margin (FTE, Q3 2025)	3.69%
Net Interest Income Increase (9M 2025 vs 9M 2024)	$5.8 million

Next up, you have the fee-based income, which provides important diversification. Fees from wealth management and trust services contributed to the overall non-interest income growth. Specifically, wealth management income in the third quarter of 2025 increased by $0.2 million when compared to the third quarter of 2024, reflecting higher market valuations and expanded client relationships. You can see this focus on growing those relationships, which is smart.

The category for Non-interest income from service charges and insurance products is captured within the broader 'Other operating income.' Overall, this component for First United Corporation increased by $0.3 million in the third quarter of 2025 versus the third quarter of 2024. While the exact breakdown for service charges versus insurance isn't itemized separately in the latest release, the overall fee income performance was described as solid.

For the specific revenue line item of Gains on sales of residential mortgages, the third quarter of 2025 recognized $0.1 million in net gains from the sale of available-for-sale investments. This is a component of the non-interest income that fluctuates based on market activity and origination volume.

Finally, the bottom line for the period that ties all these streams together is the Net income for the first nine months of 2025, which was reported as $18.7 million. This compares favorably to the $14.4 million earned over the same period in 2024. That's a clear indicator that the revenue generation strategy is working better this year.

• Net Interest Income increased by $5.8 million for the nine months ended September 30, 2025.
• Wealth management income rose by $0.2 million in Q3 2025 year-over-year.
• Other operating income (including net gains) grew by $0.3 million in Q3 2025 year-over-year.
• Net income for the first nine months of 2025 reached $18.7 million.

Finance: draft 13-week cash view by Friday.