First United Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>First United Corp. filed its Q1 2024 10-Q, detailing financial positions as of March 31, 2024, with comparative data from 2023.</b>

AI Summary

FIRST UNITED CORP/MD/ (FUNC) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. First United Corp. filed its 10-Q report for the period ending March 31, 2024. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key balance sheet items such as Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for these periods. Accumulated Other Comprehensive Income and Accumulated Gain/Loss on Cash Flow Hedges are also reported. Specific details on Accumulated Net Unrealized Investment Gain/Loss for Held-to-Maturity and Excluding Transfers are provided.

Why It Matters

For investors and stakeholders tracking FIRST UNITED CORP/MD/, this filing contains several important signals. This 10-Q provides a snapshot of First United Corp.'s financial health and equity structure at the end of the first quarter of 2024, crucial for investors assessing performance and stability. The detailed breakdown of various accumulated income and investment gain/loss accounts offers insight into the company's investment performance and risk management strategies.

Risk Assessment

Risk Level: low — FIRST UNITED CORP/MD/ shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Review the detailed balance sheet figures and accumulated income accounts to understand First United Corp.'s financial position and investment performance trends.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2023-12-31 — Previous Period End Date (Comparative Balance Sheet Data)
• 2023-03-31 — Prior Year Period End Date (Comparative Balance Sheet Data)
• 6648645 — Retained Earnings (2023 Q3) (us-gaap:RetainedEarningsMember)
• 6639888 — Retained Earnings (2023 Q2) (us-gaap:RetainedEarningsMember)

Key Players & Entities

• FIRST UNITED CORP/MD/ (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-08 (date) — FILED AS OF DATE
• 0000763907 (company) — CENTRAL INDEX KEY
• MD (location) — STATE OF INCORPORATION
• 19 S SECOND ST (address) — BUSINESS ADDRESS
• OAKLAND (location) — CITY
• 21550 (postal_code) — ZIP

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported as of this date.
• 2024-05-08: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — 8,645 shares of common stock, par value $0.01 per share, as of April 30, 2024 . Tabl

Filing Documents

• func-20240331x10q.htm (10-Q) — 5843KB
• func-20240331xex31d1.htm (EX-31.1) — 14KB
• func-20240331xex31d2.htm (EX-31.2) — 14KB
• func-20240331xex32.htm (EX-32) — 7KB
• 0001558370-24-007330.txt (&nbsp;) — 25373KB
• func-20240331.xsd (EX-101.SCH) — 64KB
• func-20240331_cal.xml (EX-101.CAL) — 94KB
• func-20240331_def.xml (EX-101.DEF) — 354KB
• func-20240331_lab.xml (EX-101.LAB) — 578KB
• func-20240331_pre.xml (EX-101.PRE) — 494KB
• func-20240331x10q_htm.xml (XML) — 8087KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Consolidated Statements of Financial Condition – March 31, 2024 and December 31, 2023 3 Consolidated Statements of Operations – for the three months ended March 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income – for the three months ended March 31, 2024 and 2023 5 Consolidated Statements of Changes in Shareholders' Equity – for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Cash Flows – for the three months ended March 31, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 57 Item 4.

Controls and Procedures

Controls and Procedures 58

OTHER INFORMATION

PART II. OTHER INFORMATION 59 Item 1.

Legal Proceedings

Legal Proceedings 59 Item 1A.

Risk Factors

Risk Factors 59 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults upon Senior Securities 59 Item 4. Mine Safety Disclosures 59 Item 5. Other Information 59 Item 6. Exhibits 60

SIGNATURES

SIGNATURES 61 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements First United Corporation and Subsidiaries Consolidated Statements of Financial Condition (In thousands, except share data - Unaudited) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 85,578 $ 48,343 Interest bearing deposits in banks 1,354 1,410 Cash and cash equivalents 86,932 49,753 Investment securities – available for sale (at fair value) 95,580 97,169 Investment securities – held to maturity, net of allowance for credit losses of $ 45 and $ 45 , respectively (fair value $ 152,225 at March 31, 2024 and $ 184,415 at December 31, 2023) 183,136 214,297 Restricted investment in bank stock, at cost 3,390 5,250 Loans held for sale 175 443 Loans 1,412,327 1,406,667 Unearned fees ( 314 ) ( 340 ) Allowance for credit losses ( 17,982 ) ( 17,480 ) Net loans 1,394,031 1,388,847 Premises and equipment, net 30,268 31,459 Goodwill and other intangibles 12,021 12,103 Bank owned life insurance 47,933 47,607 Deferred tax assets 10,736 11,133 Other real estate owned, net 4,402 4,493 Right of use assets 1,299 1,367 Pension asset 13,022 11,208 Accrued interest receivable 7,762 7,487 Other assets 22,266 23,244 Total Assets $ 1,912,953 $ 1,905,860 Liabilities and Shareholders' Equity Liabilities: Non-interest bearing deposits $ 422,759 $ 427,670 Interest bearing deposits 1,140,694 1,123,307 Total deposits 1,563,453 1,550,977 Short-term borrowings 79,494 45,418 Long-term borrowings 70,929 110,929 Operating lease liability 1,484 1,556 SERP deferred compensation 9,859 9,777 Allowance for credit losses on off-balance sheet credit exposures 858 873 Accrued interest payable 919 612 Other liabilities 19,147 22,515 Dividends payable 1,329 1,330 Total Liabilities 1,747,472 1,743,987 Shareholders' Equity: Common Stock – par value $ 0.01 per share; Authorized 25,0

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1 – Basis of Presentation The financial information is presented in accordance with generally accepted accounting principles and general practice for financial institutions in the United States of America ("GAAP"). First United Corporation has prepared these unaudited condensed consolidated financial statements in accordance with GAAP for interim financial information, rules of the Securities and Exchange Commission that permit reduced disclosure for interim periods, and Article 8 of Regulation S-X. Operating results for the three- month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the full year or for any future interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in First United Corporation's Annual Report on Form 10-K for the year ended December 31, 2023. In preparing financial statements, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of financial statements. In addition, these estimates and assumptions affect revenues and expenses in the financial statements and as such, actual results could differ from those estimates. Certain reclassifications have been made to prior year amounts to conform with current year classifications. These reclassifications did not have a material impact on the Corporation's consolidated financial condition or results of operations. In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in the unaudited condensed consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of First United Corporation, First United Ban

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