First United Corporation (FUNC) Balance Sheet
FUNC balance sheet, 2025
December 31, 2025 · U.S. dollars$2.09B assets = $1.88B liabilities + $203.6M equity
Both columns are drawn to the same scale: what FUNC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FUNC financial health
Descriptive bands, not a rating. Fiscal 2025.
FUNC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.32B2016 | $2.09B2025 | +5.2%/yr | |
| Total liabilities | $1.20B2016 | $1.88B2025 | +5.1%/yr | |
| Shareholders’ equity | $113.7M2016 | $203.6M2025 | +6.7%/yr | |
| Cash & short-term investments | $203.3M2016 | $151.7M2025 | −3.2%/yr | |
| Total debt | $167.7M2016 | $114.8M2025 | −4.1%/yr | |
| Net cash (debt) | $35.6M2016 | $36.9M2025 | +$1.3M | |
| Working capital | −$1.4M2016 | −$1.60B2025 | −$1.6B | |
| Book value per share | $18.152016 | $31.312025 | +6.2%/yr | |
| Debt / equity | 1.482016 | 0.562025 | −0.91 | |
| Shares outstanding | 6.3M2016 | 6.5M2025 | +0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FUNC assets
FUNC liabilities and equity
FUNC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FUNC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $151.7M | $149.9M | $146.9M | $200.2M | $402.5M | $376.3M | $181.3M | $161.2M | $230.2M | $203.3M |
| Cash & equivalents | $131.6M | $78.3M | $49.8M | $74.3M | $115.7M | $149.4M | $50.0M | $23.5M | $83.8M | $63.3M |
| Short-term investments | $20.0M | $71.6M | $97.2M | $125.9M | $286.8M | $226.9M | $131.3M | $137.6M | $146.5M | $140.0M |
| Receivables | $7.9M | $7.5M | $7.5M | $6.1M | $13.5M | $13.7M | $16.1M | $20.5M | $25.8M | $21.1M |
| Inventory | $0 | $0 | $40.9M | −$85.1M | −$125.0M | −$165.1M | −$58.2M | −$195.5M | −$327.9M | −$281.4M |
| Other current assets | $0 | $0 | $0 | $85.1M | $125.0M | $165.1M | $58.2M | $195.5M | $97.7M | $78.1M |
| Total current assets | $159.6M | $157.4M | $154.4M | $206.3M | $416.0M | $390.0M | $197.3M | $181.6M | $25.8M | $21.1M |
| Property, plant & equipment (net) | $30.7M | $31.3M | $32.8M | $36.8M | $36.9M | $39.3M | $41.4M | $37.9M | $30.9M | $27.2M |
| Goodwill & intangible assets | $11.4M | $11.8M | $12.1M | $24.9M | $24.1M | $22.0M | $22.0M | $11.0M | $22.0M | $22.0M |
| Long-term investments | $23.4M | $270.0M | $311.5M | $361.5M | $1.20B | $295.1M | $1.13B | $1.09B | $976.2M | $979.2M |
| Other non-current assets | $1.86B | $1.50B | $1.40B | $1.22B | $54.2M | $987.0M | $49.4M | $63.3M | $286.0M | $268.7M |
| Total assets | $2.09B | $1.97B | $1.91B | $1.85B | $1.73B | $1.73B | $1.44B | $1.38B | $1.34B | $1.32B |
| Liabilities | ||||||||||
| Accounts payable | $953,000 | $489,000 | $612,000 | $151,000 | $15.8M | $16.7M | $20.2M | $19.9M | $23.3M | $22.5M |
| Short-term debt | $17.7M | $65.4M | $45.4M | $64.6M | $57.7M | $49.2M | $48.7M | $77.7M | $48.8M | $36.0M |
| Deferred revenue | — | — | $718,000 | — | −$41.9M | −$23.1M | −$28.5M | −$756.8M | — | — |
| Total current liabilities | $1.76B | $1.64B | $1.60B | $1.64B | $15.8M | $1.49B | $20.2M | $1.15B | $23.3M | $22.5M |
| Long-term debt | $95.9M | $120.9M | $110.9M | $30.9M | $30.9M | $100.9M | $100.9M | $100.9M | $120.9M | $131.7M |
| Lease obligations | $1.2M | $1.4M | $1.6M | $2.4M | $2.8M | $3.0M | $3.2M | — | — | — |
| Other long-term liabilities | $32.4M | $31.1M | $35.3M | $28.9M | $2.8M | $13.2M | $3.2M | $19.9M | $1.11B | $1.07B |
| Total liabilities | $1.88B | $1.79B | $1.74B | $1.70B | $1.59B | $1.60B | $1.32B | $1.27B | $1.23B | $1.20B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $65,000 | $65,000 | $66,000 | $67,000 | $66,000 | $70,000 | $71,000 | $71,000 | $71,000 | $63,000 |
| Retained earnings (deficit) | $207.3M | $189.0M | $173.9M | $166.3M | $145.5M | $129.7M | $119.5M | $109.5M | $101.4M | $92.9M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$25.3M | −$30.2M | −$35.8M | −$39.0M | −$27.3M | −$28.9M | −$26.0M | −$24.4M | −$24.6M | −$21.5M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $203.6M | $179.3M | $161.9M | $151.8M | $141.9M | $131.0M | $125.9M | $117.1M | $108.4M | $113.7M |
| Key figures | ||||||||||
| Total debt | $114.8M | $187.7M | $157.9M | $97.9M | $88.6M | $153.0M | $149.7M | $178.6M | $169.8M | $167.7M |
| Net cash (debt) | $36.9M | −$37.8M | −$11.0M | $102.3M | $313.9M | $223.3M | $31.6M | −$17.5M | $60.4M | $35.6M |
| Working capital | −$1.60B | −$1.48B | −$1.44B | −$1.43B | $400.2M | −$1.10B | $177.1M | −$964.2M | $2.5M | −$1.4M |
| Tangible book value | $192.2M | $167.5M | $149.8M | $126.9M | $117.8M | $109.0M | $103.9M | $106.1M | $86.4M | $91.7M |
| Book value per share | $31.31 | $27.42 | $24.16 | $22.79 | $21.13 | $18.69 | $17.74 | $16.54 | $15.64 | $18.15 |
| Shares outstanding | 6.5M | 6.5M | 6.7M | 6.7M | 6.7M | 7.0M | 7.1M | 7.1M | 6.9M | 6.3M |
| Current ratio | 0.09 | 0.10 | 0.10 | 0.13 | 26.35 | 0.26 | 9.75 | 0.16 | 1.11 | 0.94 |
| Quick ratio | 0.09 | 0.10 | 0.10 | 0.13 | 26.35 | 0.26 | 9.75 | 0.16 | 11.00 | 9.96 |
| Debt / equity | 0.56 | 1.05 | 0.98 | 0.64 | 0.62 | 1.17 | 1.19 | 1.53 | 1.57 | 1.48 |
| Equity / assets | 9.8% | 9.1% | 8.5% | 8.2% | 8.2% | 7.6% | 8.7% | 8.5% | 8.1% | 8.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $363.5M | $372.6M | $151.7M | $112.2M | $97.5M | $151.3M | $149.9M | $155.6M | $138.0M | $182.5M | $146.9M | $195.0M |
| Cash & equivalents | $84.2M | $89.8M | $131.6M | $95.2M | $79.1M | $84.4M | $78.3M | $62.4M | $45.1M | $86.9M | $49.8M | $80.7M |
| Short-term investments | $279.3M | $282.7M | $20.0M | $17.1M | $18.4M | $66.9M | $71.6M | $93.2M | $93.0M | $95.6M | $97.2M | $114.4M |
| Receivables | $40.7M | $37.0M | $7.9M | $7.5M | $7.2M | $7.0M | $7.5M | $7.1M | $7.1M | $7.8M | $7.5M | $6.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$161.4M | −$143.7M | −$94.7M | −$153.0M | −$92.2M |
| Other current assets | $0 | $132,000 | $0 | $0 | $0 | $0 | $0 | $160.1M | $143.7M | $94.7M | $153.0M | $92.2M |
| Total current assets | $404.2M | $409.7M | $159.6M | $119.7M | $104.7M | $151.3M | $157.4M | $161.4M | $145.2M | $190.3M | $154.4M | $201.7M |
| Property, plant & equipment (net) | $29.6M | $30.0M | $30.7M | $31.4M | $30.7M | $31.1M | $31.3M | $31.9M | $30.9M | $31.6M | $32.8M | $34.7M |
| Goodwill & intangible assets | $11.3M | $11.4M | $11.4M | $11.5M | $23.2M | $11.7M | $11.8M | $11.9M | $22.9M | $23.0M | $12.1M | $12.2M |
| Long-term investments | $28.8M | $21.1M | $23.4M | $19.9M | $27.7M | $275.1M | $270.0M | $267.2M | $267.2M | $278.7M | $311.5M | $330.1M |
| Other non-current assets | $1.61B | $1.57B | $1.86B | $1.84B | $1.82B | $1.51B | $1.50B | $1.44B | $1.40B | $1.39B | $1.40B | $1.35B |
| Total assets | $2.08B | $2.04B | $2.09B | $2.02B | $2.01B | $1.98B | $1.97B | $1.92B | $1.87B | $1.91B | $1.91B | $1.93B |
| Liabilities | ||||||||||||
| Accounts payable | $844,000 | $531,000 | $953,000 | $661,000 | $935,000 | $693,000 | $489,000 | $1.9M | $1.4M | $919,000 | $612,000 | $578,000 |
| Short-term debt | $69.2M | $19.6M | $17.7M | $20.2M | $51.0M | $20.3M | $65.4M | $50.2M | $62.6M | $79.5M | $45.4M | $53.3M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$59,000 | $410,000 | $718,000 | — |
| Total current liabilities | $1.83B | $1.77B | $1.76B | $1.70B | $1.67B | $1.65B | $1.64B | $1.59B | $1.60B | $1.64B | $1.60B | $1.63B |
| Long-term debt | $30.9M | $30.9M | $95.9M | $95.9M | $120.9M | $120.9M | $120.9M | $120.9M | $70.9M | $70.9M | $110.9M | $110.9M |
| Lease obligations | $1.0M | $1.1M | $1.2M | $1.2M | $1.2M | $1.3M | $1.4M | $1.3M | $1.4M | $1.5M | $1.6M | $2.3M |
| Other long-term liabilities | $2.5M | $32.5M | $32.4M | $29.2M | $29.3M | $29.1M | $31.1M | $29.2M | $32.6M | $32.3M | $35.3M | $32.5M |
| Total liabilities | $1.87B | $1.83B | $1.88B | $1.82B | $1.82B | $1.80B | $1.79B | $1.74B | $1.70B | $1.75B | $1.74B | $1.77B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $64,000 | $64,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $65,000 | $66,000 | $66,000 | $67,000 |
| Retained earnings (deficit) | $216.3M | $212.3M | $207.3M | $203.2M | $197.9M | $193.4M | $189.0M | $184.2M | $179.9M | $176.3M | $173.9M | $173.5M |
| Accumulated other comprehensive income | −$23.5M | −$26.4M | −$25.3M | −$25.5M | −$28.0M | −$30.4M | −$30.2M | −$30.6M | −$36.1M | −$34.7M | −$35.8M | −$43.6M |
| Total shareholders' equity | $212.4M | $205.3M | $203.6M | $199.1M | $191.1M | $183.7M | $179.3M | $174.0M | $164.2M | $165.5M | $161.9M | $155.0M |
| Key figures | ||||||||||||
| Total debt | $101.2M | $51.6M | $114.8M | $117.3M | $173.1M | $142.6M | $187.7M | $172.5M | $134.9M | $151.9M | $157.9M | $166.6M |
| Net cash (debt) | $262.3M | $320.9M | $36.9M | −$5.1M | −$75.6M | $8.8M | −$37.8M | −$16.9M | $3.1M | $30.6M | −$11.0M | $28.4M |
| Working capital | −$1.43B | −$1.36B | −$1.60B | −$1.58B | −$1.56B | −$1.49B | −$1.48B | −$1.43B | −$1.46B | −$1.45B | −$1.44B | −$1.43B |
| Tangible book value | $201.1M | $193.9M | $192.2M | $187.6M | $167.9M | $172.0M | $167.5M | $162.1M | $141.2M | $142.5M | $149.8M | $142.8M |
| Book value per share | $32.87 | $31.61 | $31.28 | $30.60 | $29.38 | $28.27 | $27.65 | $26.84 | $25.12 | $24.87 | $24.33 | $23.04 |
| Shares outstanding | 6.5M | 6.5M | 6.5M | 6.5M | 6.5M | 6.5M | 6.5M | 6.5M | 6.5M | 6.7M | 6.7M | 6.7M |
| Current ratio | 0.22 | 0.23 | 0.09 | 0.07 | 0.06 | 0.09 | 0.10 | 0.10 | 0.09 | 0.12 | 0.10 | 0.12 |
| Quick ratio | 0.22 | 0.23 | 0.09 | 0.07 | 0.06 | 0.10 | 0.10 | 0.10 | 0.09 | 0.12 | 0.10 | 0.12 |
| Debt / equity | 0.48 | 0.25 | 0.56 | 0.59 | 0.91 | 0.78 | 1.05 | 0.99 | 0.82 | 0.92 | 0.98 | 1.07 |
| Equity / assets | 10.2% | 10.1% | 9.8% | 9.8% | 9.5% | 9.3% | 9.1% | 9.1% | 8.8% | 8.7% | 8.5% | 8.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 10, 2026); data from EODHD.
FUNC financial position
At the end of fiscal 2025 (December 31, 2025), First United had total assets of $2.1 billion (up 5.8% from a year earlier), total liabilities of $1.9 billion and shareholders' equity of $203.6 million. It held $151.7 million in cash and short-term investments against $114.8 million of debt, a net cash position of $36.9 million. Its current ratio was 0.09. In the latest quarter (ended June 30, 2026) total assets were $2.1 billion and equity $212.4 million.
Related: FUNC income statement, FUNC cash flow statement, FUNC key metrics. See the FUNC stock overview for the latest quote and news.
FUNC balance sheet FAQ
What are First United's total assets?
First United reported total assets of $2.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.0 billion a year earlier.
How much debt does First United have?
First United had $114.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.56.
How much cash does First United have?
First United held $151.7 million in cash and short-term investments at the end of fiscal 2025; with $114.8 million of debt that is net cash of $36.9 million.
What is First United's book value?
First United's shareholders' equity (book value) was $203.6 million at the end of fiscal 2025, or $31.31 per share.
What is First United's current ratio?
First United had current assets of $159.6 million and current liabilities of $1.8 billion, a current ratio of 0.09 (current liabilities exceed current assets).
How much goodwill does First United have?
First United carried $11.4 million of goodwill and intangible assets, 0.5% of total assets, at the end of fiscal 2025.