secwatch.observer — SEC 8-K summary
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Issuer:     FIRST UNITED CORP/MD/ (FUNC)
CIK:        0000763907
Form:       8-K
Filed at:   2023-04-25T23:59:59+00:00
Accession:  0001104659-23-049555
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763907/000110465923049555/0001104659-23-049555-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763907/000110465923049555/tm2313668d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-049555

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer