---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-049555"
form_type: "8-K"
ticker: "FUNC"
cik: "0000763907"
company_name: "FIRST UNITED CORP/MD/"
filed_at: "2023-04-25T23:59:59+00:00"
generated_at: "2026-06-16T17:38:10.133158+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# First United Q1 2023 net income $4.4M ($0.65 diluted), down 23% YoY

## Summary
- Net income $4.4M vs $5.7M Q1 2022; diluted EPS $0.65 vs $0.86.
- Net interest margin (FTE) 3.53% vs 3.40% YoY; NII increased $1.2M.
- Total assets $1.9B; cash +$81.6M; added $80M FHLB borrowings and $61.1M brokered deposits.
- Gross loans +$9.6M; ACL ratio 1.31% (up from 1.14% in Dec 2022) due to CECL adoption.
- Non-interest expense +$2.1M YoY driven by salaries, benefits, and higher health insurance claims.

## SEC filing metadata
- accession: 0001104659-23-049555
- form_type: 8-K
- ticker: FUNC
- cik: 0000763907
- company_name: FIRST UNITED CORP/MD/
- filed_at: 2023-04-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/763907/000110465923049555/0001104659-23-049555-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/763907/000110465923049555/tm2313668d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-049555
- JSON: https://secwatch.observer/filing/0001104659-23-049555.json
- Plain text: https://secwatch.observer/filing/0001104659-23-049555.txt

## Key facts
- Earnings Releases
  FIRST UNITED CORP/MD/ reported the three-month period ended March 31, 2023 results: net income $4.4 million, EPS $0.65 per diluted share.
  - Period: the three-month period ended March 31, 2023
  - Net income: $4.4 million
  - EPS: $0.65 per diluted share
  - Result: reported results
  source text: Consolidated net income was $4.4 million for the first quarter of 2023, or $0.65 per diluted share, compared to $5.7 million, or $0.86 per diluted share, for the first quarter of 2022 and $7.0 million, or $1.04 per diluted share, for the fourth quarter of 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/763907/000110465923049555/0001104659-23-049555-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.