First United Corp Q2 2024 Financial Update

TL;DR

**FIRST UNITED CORP (Maryland) 10-Q FILED: Financials for Q2 2024 show retained earnings, common stock details, and pension plan adjustments.**

AI Summary

First United Corp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial position, including retained earnings and common stock. It also reports on adjustments related to defined benefit plans for supplemental employee retirement and pension plans as of June 30, 2024, and March 31, 2024.

Why It Matters

This filing provides insight into the financial health and stability of First United Corp, which can influence investor confidence and market perception.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240807 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• FIRST UNITED CORP/MD/ (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240807 (date) — Filing Date
• 19 S SECOND ST OAKLAND MD 21550 (address) — Company Business and Mail Address

FAQ

Key Financial Figures

• $0.01 — 5,601 shares of common stock, par value $0.01 per share, as of July 31, 2024 . Table

Filing Documents

• func-20240630x10q.htm (10-Q) — 7235KB
• func-20240630xex31d1.htm (EX-31.1) — 14KB
• func-20240630xex31d2.htm (EX-31.2) — 14KB
• func-20240630xex32.htm (EX-32) — 7KB
• 0001558370-24-011343.txt ( ) — 29331KB
• func-20240630.xsd (EX-101.SCH) — 65KB
• func-20240630_cal.xml (EX-101.CAL) — 95KB
• func-20240630_def.xml (EX-101.DEF) — 364KB
• func-20240630_lab.xml (EX-101.LAB) — 600KB
• func-20240630_pre.xml (EX-101.PRE) — 508KB
• func-20240630x10q_htm.xml (XML) — 9417KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Consolidated Statements of Financial Condition – June 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations – for the six and three months ended June 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income – for the six and three months ended June 30, 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity – for the six and three months ended June 30, 2024 and 2023 8 Consolidated Statements of Cash Flows – for the six months ended June 30, 2024 and 2023 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 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 47 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 68 Item 4.

Controls and Procedures

Controls and Procedures 68

OTHER INFORMATION

PART II. OTHER INFORMATION 69 Item 1.

Legal Proceedings

Legal Proceedings 69 Item 1A.

Risk Factors

Risk Factors 69 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69 Item 3. Defaults upon Senior Securities 69 Item 4. Mine Safety Disclosures 69 Item 5. Other Information 69 Item 6. Exhibits 70

SIGNATURES

SIGNATURES 71 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) June 30, 2024 December 31, 2023 Assets Cash and due from banks $ 43,635 $ 48,343 Interest bearing deposits in banks 1,457 1,410 Cash and cash equivalents 45,092 49,753 Investment securities – available for sale (at fair value) 92,954 97,169 Investment securities – held to maturity, net of allowance for credit losses of $ 45 at June 30, 2024 and December 31, 2023 (fair value $ 143,030 at June 30, 2024 and $ 184,415 at December 31, 2023) 174,197 214,297 Restricted investment in bank stock, at cost 3,395 5,250 Loans held for sale 447 443 Loans 1,422,975 1,406,667 Unearned fees ( 306 ) ( 340 ) Allowance for credit losses ( 17,923 ) ( 17,480 ) Net loans 1,404,746 1,388,847 Premises and equipment, net 29,688 31,459 Goodwill and other intangibles 11,938 12,103 Bank owned life insurance 48,267 47,607 Deferred tax assets 11,214 11,133 Other real estate owned, net 2,978 4,493 Right of use assets 1,230 1,367 Pension asset 12,850 11,208 Accrued interest receivable 7,115 7,487 Other assets 22,488 23,244 Total Assets $ 1,868,599 $ 1,905,860 Liabilities and Shareholders' Equity Liabilities: Non-interest bearing deposits $ 423,970 $ 427,670 Interest bearing deposits 1,113,101 1,123,307 Total deposits 1,537,071 1,550,977 Short-term borrowings 62,564 45,418 Long-term borrowings 70,929 110,929 Operating lease liability 1,412 1,556 SERP deferred compensation 9,979 9,777 Allowance for credit losses on off-balance sheet credit exposures 801 873 Accrued interest payable 1,352 612 Other liabilities 19,021 22,515 Dividends payable 1,293 1,330 Total Liabilities 1,704,422 1,743,987 Shareholders' Equity: Common Stock – par value $ 0.01 per share;

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 six- and three-month periods ended June 30, 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 Un

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