First United (FUNC) Cash Flow: Operating & Free Cash Flow

First United Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for First United Corporation (FUNC) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	24.52	20.57	15.06	25.05	19.77	13.84	13.13	10.67	5.27
Depreciation & Amortization	2.87	3.79	4.13	3.30	3.27	3.55	3.39	2.44	1.90
Deferred Income Tax	-0.58	-0.83	-0.89	0.60	0.55	0.53	0.95	1.34	9.26
Stock Based Compensation	0.76	0.48	0.53	0.53	0.47	0.35	0.27	0.25	0.19
Change in Working Capital	-10.98	-1.76	1.30	-0.09	-1.33	-1.82	0.90	2.18	-4.32
Change in Accounts Receivable	-12.87	2.55	-4.93	0.65	-1.60	-6.83	0.00	0.37	-7.85
Change in Accounts Payable	1.88	-4.32	-4.93	-0.74	0.27	5.01	0.90	1.81	3.52
Change in Other Working Capital	-0.48	0.00	0.00	-0.39	-1.60	0.00	0.00	0.00	0.00
Other Operating Activities	-1.21	0.02	1.09	-1.42	-4.63	-0.28	-2.25	1.42	0.63
Net Cash from Operating Activities	19.37	22.28	22.47	26.54	20.02	16.17	16.39	18.29	12.92
Investing Activities
Capital Expenditures	-3.97	-1.92	-0.35	-3.58	-1.13	-1.60	-3.97	-9.48	-6.56
Acquisitions	0.00	0.00	0.00	-0.60	-1.41	0.00	0.00	0.00	0.00
Purchases of Investments	-25.64	-11.22	-3.99	-73.34	-134.14	-205.74	-47.51	-10.57	-44.78
Sales/Maturities of Investments	21.83	52.51	53.86	31.53	80.12	135.80	56.55	19.63	44.02
Other Investing Activities	1.14	-77.80	-4.22	0.00	3.44	-119.74	-37.58	-113.30	-0.33
Net Cash from Investing Activities	-48.01	-38.44	-81.71	-172.40	-28.43	-191.28	-32.52	-113.71	-7.66
Financing Activities
Debt Repayment	-25.00	29.99	-19.15	6.87	-70.00	0.43	-28.98	8.86	2.04
Common Stock Issued	0.32	0.29	0.29	0.22	0.22	0.20	0.17	0.12	9.19
Common Stock Repurchased	0.00	-4.03	-1.50	0.00	-7.18	-2.75	0.00	0.00	0.00
Dividends Paid	-5.97	-5.37	-5.22	-3.99	-3.89	-3.65	-3.13	-1.91	-1.22
Other Financing Activities	160.32	23.85	-19.76	101.36	47.01	280.34	74.50	28.26	5.16
Net Cash from Financing Activities	81.92	44.73	34.68	104.46	-25.31	274.57	42.57	35.21	15.17
Summary
Net Change in Cash	53.29	28.57	-24.56	-41.41	-33.71	99.45	26.44	-60.21	20.44
Cash at Beginning of Period	78.33	49.75	74.32	115.72	149.43	49.98	23.54	83.75	63.31
Cash at End of Period	131.61	78.33	49.75	74.32	115.72	149.43	49.98	23.54	83.75
Free Cash Flow	15.41	20.36	22.12	22.97	18.89	14.57	12.42	8.81	6.36
Supplemental Disclosures
Interest Paid	-	32.14	23.83	4.78	5.97	9.76	-	-	-
Income Taxes Paid	-	5.38	6.13	7.51	5.66	1.21	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About First United Cash Flow

What is First United's free cash flow?

First United generated free cash flow of $15.40M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $19.37M minus $3.97M of capital expenditures. That was down 24.3% from $20.36M a year earlier. Free cash flow equaled 17.9% of revenue.

How much does First United spend on capital expenditures?

First United spent $3.97M on capital expenditures in fiscal 2025, compared with $1.92M a year earlier. That equals 20.5% of operating cash flow.

Does First United pay dividends or buy back shares?

Yes. In fiscal 2025 First United returned $5.97M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition