First United sells $20.4M AFS securities at $3.2M loss to fund 7.85% loans; sees ~$0.15 EPS gain

FIRST UNITED CORP/MD/

Sold $20.4M AFS securities (book $24.6M) for $3.2M after-tax loss; proceeds to fund loans at ~7.85%.
Expects earn-back period of ~3.3 years and positive impact on net interest margin.
Expects EPS improvement of ~$0.15 per basic share from the repositioning.
Capital ratios impacted minimally (0.13%-0.16%); remain well above well-capitalized thresholds.
Board also amended bylaws to increase mandatory director retirement age to 75.

item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

FIRST UNITED CORP/MD/: Increased mandatory director retirement age to 75 (effective 2023-12-20).

Change: bylaw amendment
Effective: 2023-12-20

Exact text from the filing

the Board of Directors of First United Corporation (the “Corporation”) amended the Corporation’s Bylaws, as amended and restated on November 17, 2021, to increase the mandatory director retirement age to 75 years of age.

View on SEC.gov

190 governance changes filed in the last 30 days. Browse all governance changes →

FIRST UNITED CORP/MD/ filing history →

Source: SEC EDGAR

accession 0001104659-23-128214

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.