First United Corp/MD/ Files Q3 2024 10-Q

TL;DR

**FIRST UNITED CORP/MD/ Q3 10-Q FILED: Shows retained earnings, common stock, and pension plan adjustments as of 9/30/24.**

AI Summary

First United Corp/MD/ filed its 10-Q for the period ending September 30, 2024. The filing details financial information including retained earnings, common stock, and accumulated other comprehensive income as of September 30, 2024. It also includes adjustments for defined benefit plans for supplemental employee retirement plans and pension plans.

Why It Matters

This filing provides a snapshot of First United Corp's financial health and equity structure as of the end of the third quarter of 2024, crucial for investors assessing the company's stability.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative events indicated.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Key date for financial data presented)
• 1231 — Fiscal Year End (Indicates the company's fiscal year concludes on December 31st)

Key Players & Entities

• FIRST UNITED CORP/MD/ (company) — Filer of the 10-Q
• 2024-09-30 (date) — Reporting period end date
• 19 S SECOND ST (address) — Company's business and mailing address
• OAKLAND, MD (location) — City and State of company address

FAQ

Key Financial Figures

• $0.01 — 8,625 shares of common stock, par value $0.01 per share, as of October 31, 2024 . Ta

Filing Documents

• func-20240930x10q.htm (10-Q) — 7510KB
• func-20240930xex3d2.htm (EX-3.2) — 105KB
• func-20240930xex31d1.htm (EX-31.1) — 14KB
• func-20240930xex31d2.htm (EX-31.2) — 14KB
• func-20240930xex32.htm (EX-32) — 8KB
• 0001558370-24-014855.txt ( ) — 30731KB
• func-20240930.xsd (EX-101.SCH) — 67KB
• func-20240930_cal.xml (EX-101.CAL) — 98KB
• func-20240930_def.xml (EX-101.DEF) — 387KB
• func-20240930_lab.xml (EX-101.LAB) — 629KB
• func-20240930_pre.xml (EX-101.PRE) — 537KB
• func-20240930x10q_htm.xml (XML) — 9825KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3 Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Consolidated Statements of Financial Condition – September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations – for the nine and three months ended September 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income – for the nine and three months ended September 30, 2024 and 2023 6 Consolidated Statements of Changes in Shareholders' Equity – for the nine and three months ended September 30, 2024 and 2023 8 Consolidated Statements of Cash Flows – for the nine months ended September 30, 2024 and 2023 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 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 69 Item 4.

Controls and Procedures

Controls and Procedures 69

OTHER INFORMATION

PART II. OTHER INFORMATION 70 Item 1.

Legal Proceedings

Legal Proceedings 70 Item 1A.

Risk Factors

Risk Factors 70 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70 Item 3. Defaults upon Senior Securities 70 Item 4. Mine Safety Disclosures 70 Item 5. Other Information 70 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) September 30, 2024 December 31, 2023 Assets Cash and due from banks $ 61,140 $ 48,343 Interest bearing deposits in banks 1,252 1,410 Cash and cash equivalents 62,392 49,753 Investment securities – available for sale (at fair value) 93,160 97,169 Investment securities – held to maturity, net of allowance for credit losses of $ 59 at September 30, 2024 and $ 45 at December 31, 2023 (fair value $ 149,348 at September 30, 2024 and $ 184,415 at December 31, 2023) 174,054 214,297 Restricted investment in bank stock, at cost 5,765 5,250 Loans held for sale 232 443 Loans 1,447,883 1,406,667 Unearned fees ( 333 ) ( 340 ) Allowance for credit losses ( 18,010 ) ( 17,480 ) Net loans 1,429,540 1,388,847 Premises and equipment, net 30,704 31,459 Goodwill and other intangibles 11,856 12,103 Bank owned life insurance 48,608 47,607 Deferred tax assets 9,357 11,133 Other real estate owned, net 2,860 4,493 Right of use assets 1,163 1,367 Pension asset 16,268 11,208 Accrued interest receivable 7,054 7,487 Other assets 23,113 23,244 Total Assets $ 1,916,126 $ 1,905,860 Liabilities and Shareholders' Equity Liabilities: Non-interest bearing deposits $ 419,437 $ 427,670 Interest bearing deposits 1,120,958 1,123,307 Total deposits 1,540,395 1,550,977 Short-term borrowings 50,206 45,418 Long-term borrowings 120,929 110,929 Operating lease liability 1,343 1,556 SERP deferred compensation 10,022 9,777 Allowance for credit losses on off-balance sheet credit exposures 856 873 Accrued interest payable 1,854 612 Other liabilities 15,118 22,515 Dividends payable 1,424 1,330 Total Liabilities 1,742,147 1,743,987 Shareholders' Equity: Common Stock – par

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 nine- and three-month periods ended September 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, Fi

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