$FUNC

FIRST UNITED CORP/MD/

CIK:0000763907|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Interest and fees on loans	$ 23,779	$ 22,294	$ 46,281	$ 44,049
Interest on investment securities: Taxable	1,907	1,776	3,787	3,539
Interest on investment securities: Exempt from federal income tax	59	57	118	102
Total investment income	1,966	1,833	3,905	3,641
Other	424	744	1,694	1,243
Total interest income	26,169	24,871	51,880	48,933
Interest expense
Savings	43	45	81	88
Interest-bearing transaction accounts	5,353	5,104	10,697	10,304
Time deposits	1,637	1,639	2,886	3,079
Total interest on deposits	7,033	6,788	13,664	13,471
Interest on short-term borrowings	26	21	37	41
Interest on long-term borrowings	524	1,355	1,519	2,698
Total interest expense	7,583	8,164	15,220	16,210
Net interest income	18,586	16,707	36,660	32,723
Credit loss expense - loans	736	728	1,415	1,385
Credit loss expense - off-balance sheet credit exposures	45	132	245	131
Total credit loss expense	781	860	1,660	1,516
Net interest income after provision for credit losses	17,805	15,847	35,000	31,207
Other operating income
Net gains on sales of residential mortgage loans	39	146	125	238
Net gains on disposal of fixed assets			46
Net gains	39	146	171	238
Total other income	5,319	4,940	10,527	9,762
Total other operating income	5,358	5,086	10,698	10,000
Other operating expenses
Salaries and employee benefits	8,157	7,319	16,358	14,650
FDIC premiums	274	267	553	512
Equipment expense	525	565	1,046	1,143
Occupancy expense of premises	690	675	1,415	1,364
Data processing expense	1,739	1,600	3,403	3,103
Marketing expense	193	196	427	434
Professional services	2,702	589	3,272	1,065
Contract labor	189	166	355	329
Telephone	93	96	189	194
Other real estate owned expense, net	59	208	182	300
Investor relations	85	132	145	194
Contributions	81	78	146	134
Other	978	1,083	1,967	2,128
Total other operating expenses	15,765	12,974	29,458	25,550
Income before income tax expense	7,398	7,959	16,240	15,657
Provision for income tax expense	1,731	1,975	3,910	3,867
Net Income	$ 5,667	$ 5,984	$ 12,330	$ 11,790
Basic net income per share (in dollars per share)	$ 0.88	$ 0.92	$ 1.91	$ 1.82
Diluted net income per share (in dollars per share)	$ 0.88	$ 0.92	$ 1.9	$ 1.81
Weighted average number of basic shares outstanding (in shares)	6,451	6,489	6,467	6,482
Weighted average number of diluted shares outstanding (in shares)	6,461	6,506	6,478	6,498
Dividends declared per share (in dollars per share)	$ 0.26	$ 0.22	$ 0.52	$ 0.44
Service charges on deposit accounts
Other operating income
Total other income	$ 568	$ 577	$ 1,115	$ 1,124
Other service charges
Other operating income
Total other income	204	214	393	420
Trust department
Other operating income
Total other income	2,684	2,386	5,238	4,709
Debit card income
Other operating income
Total other income	1,046	983	1,977	1,904
Bank owned life insurance
Other operating income
Total other income	377	349	916	690
Brokerage commissions
Other operating income
Total other income	388	370	770	791
Other
Other operating income
Total other income	$ 52	$ 61	$ 118	$ 124

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 12,330,000	$ 11,790,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,660,000	1,516,000
Depreciation	1,215,000	1,311,000
Stock based compensation, net of forfeitures	325,000	495,000
Gains on sales of other real estate owned, net	(5,000)
Write-downs of other real estate owned, net		27,000
Originations of loans held for sale	(1,690,000)	(3,172,000)
Proceeds from sales of loans held for sale	1,945,000	4,106,000
Gains from sales of loans held for sale	(125,000)	(238,000)
Gains on disposal of fixed assets	(46,000)
Net increase in equity securities with readily determinable fair values	(15,000)
Net accretion of investment securities discounts and premiums- AFS	(167,000)	(94,000)
Net accretion of investment securities discounts and premiums- HTM	(284,000)	(271,000)
Amortization of intangible assets	165,000	164,000
Earnings on bank owned life insurance	(916,000)	(690,000)
Amortization of deferred loan fees, net	(68,000)	(78,000)
Amortization of operating lease right of use asset	153,000	146,000
Decrease/(Increase) in accrued interest receivable and other assets	4,903,000	(4,370,000)
Deferred tax expense /(benefit)	658,000	(32,000)
Amortization of operating lease liability	(171,000)	(153,000)
Decrease in accrued interest payable and other liabilities	(1,143,000)	(2,497,000)
Net cash provided by operating activities	18,724,000	7,960,000
Investing activities
Proceeds from prepayments/calls and maturities of investment securities - AFS	5,271,000	2,576,000
Proceeds from prepayments and maturities of investment securities - HTM	4,090,000	3,169,000
Proceeds from sales of investment securities - AFS	0	0
Purchases of investment securities - AFS	(6,317,000)	(8,832,000)
Purchases of investment securities - HTM	(2,704,000)	(2,352,000)
Purchase of equity securities with readily determinable fair values		(1,008,000)
Proceeds from sale of other repossessed assets	110,000
Proceeds from sale of other real estate owned	1,137,000
Proceeds from BOLI death benefit	775,000
Net decrease/(increase) in restricted stock	3,009,000	(47,000)
Net increase in loans	(41,913,000)	(22,030,000)
Purchase of consumer loan pool	(8,761,000)
Purchases of premises and equipment, net	(1,054,000)	(874,000)
Net cash used in investing activities	(46,357,000)	(29,398,000)
Financing activities
Net increase in deposits	364,000	39,378,000
Issuance of common stock	180,000	150,000
Cash dividends paid on common stock	(3,364,000)	(2,849,000)
Net increase/(decrease) in short-term borrowings	51,572,000	(14,455,000)
Common stock repurchases	(2,543,000)
Payments of long-term borrowings	(65,000,000)
Net cash (used in)/provided by financing activities	(18,791,000)	22,224,000
(Decrease)/increase in cash and cash equivalents	(46,424,000)	786,000
Cash and cash equivalents at beginning of the year	131,612,000	78,327,000
Cash and cash equivalents at end of period	85,188,000	79,113,000
Supplemental information
Interest paid	15,274,000	15,761,000
Taxes paid	4,034,000	$ 3,668,000
Non-cash investing activities:
Transfers from loans to other repossessed assets	$ 88,000

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 84,195	$ 129,830
Interest bearing deposits in banks	993	1,782
Cash and cash equivalents	85,188	131,612
Investment securities - available for sale (at fair value)	107,997	107,144
Investment securities - held to maturity, net of allowance for credit losses of $102 at June 30, 2026 and December 31, 2025 (fair value $146,368 at June 30, 2026 and $148,889 at December 31, 2025)	170,259	171,361
Equity investments not held for trading with readily determinable fair values	1,044	1,029
Restricted investment in bank stock, at cost	1,621	4,630
Loans held for sale		130
Loans	1,572,131	1,521,704
Unearned fees	(592)	(476)
Allowance for credit losses	(20,591)	(19,470)
Net loans	1,550,948	1,501,758
Premises and equipment, net	29,550	29,665
Goodwill and other intangibles	11,279	11,444
Bank owned life insurance	50,501	50,360
Deferred tax assets	8,072	8,730
Other real estate owned		1,083
Other repossessed assets	2,780	2,802
Right of use assets	862	1,015
Pension asset	24,044	20,798
Accrued interest receivable	7,602	7,904
Trust receivable	5,238	9,824
Other assets	25,107	26,164
Total Assets	2,082,092	2,087,453
Liabilities:
Non-interest bearing deposits	441,365	453,036
Interest bearing deposits	1,294,148	1,282,113
Total deposits	1,735,513	1,735,149
Short-term borrowings	69,233	17,661
Long-term borrowings	30,929	95,929
Operating lease liability	1,009	1,180
SERP deferred compensation	9,099	9,008
Allowance for credit losses on unfunded commitments	1,463	1,218
Accrued interest payable	844	953
Other liabilities	19,950	21,031
Dividends payable	1,678	1,690
Total Liabilities	1,869,718	1,883,819
Shareholders' Equity:
Common Stock - par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,453,836 shares at June 30, 2026 and 6,499,476 at December 31, 2025	64	65
Surplus	19,514	21,551
Retained earnings	216,262	207,284
Accumulated other comprehensive loss, net of tax	(23,466)	(25,266)
Total Shareholders' Equity	212,374	203,634
Total Liabilities and Shareholders' Equity	$ 2,082,092	$ 2,087,453