secwatch.observer — SEC 8-K summary
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Issuer:     FIRST UNITED CORP/MD/ (FUNC)
CIK:        0000763907
Form:       8-K
Filed at:   2023-10-25T23:59:59+00:00
Accession:  0001104659-23-111443
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First United Q3 net income $4.5M, EPS $0.67 down from $1.04 YoY; NIM compresses to 3.12%
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- Net income $4.5M ($0.67/sh) vs $6.9M ($1.04) in Q3 2022; YTD $13.3M ($1.99) vs $18.1M ($2.72).
- Net interest margin (FTE) 3.12% vs 3.66% Q3 2022; nine-month NIM 3.30% vs 3.53%.
- Gross loans grew $100.5M YTD to $1.4B; commercial +$50.9M, residential +$47.3M.
- Deposits decreased $4.9M QoQ but up $4.3M YTD; brokered deposits $61.1M, non-interest bearing down $76.9M.
- Allowance for credit losses 1.24% of loans; provision $0.3M vs $0.4M prior quarter.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763907/000110465923111443/0001104659-23-111443-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763907/000110465923111443/tm2329065d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-111443

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