secwatch.observer — SEC 8-K summary
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Issuer:     FIRST UNITED CORP/MD/ (FUNC)
CIK:        0000763907
Form:       8-K
Filed at:   2023-07-26T23:59:59+00:00
Accession:  0001104659-23-084295
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First United Q2 net income falls to $4.4M from $5.4M YoY; NIM narrows to 3.39%
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- Net income of $4.4M ($0.66/sh) vs $5.4M ($0.82/sh) in Q2 2022; YTD net income $8.8M vs $11.1M.
- Net interest margin (FTE) fell to 3.39% from 3.53% linked quarter and 3.46% a year ago.
- Gross loans grew $61M linked quarter to $1.4B; commercial loans up $39.9M.
- Allowance for credit losses at 1.25% of loans; non-accrual loans $3.0M, down from $3.5M at year-end.
- Book value per share rose to $23.12 from $22.77 at Dec 31, 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763907/000110465923084295/0001104659-23-084295-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763907/000110465923084295/tm2322157d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-084295

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