---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-128214"
form_type: "8-K"
ticker: "FUNC"
cik: "0000763907"
company_name: "FIRST UNITED CORP/MD/"
filed_at: "2023-12-21T23:59:59+00:00"
generated_at: "2026-06-07T09:36:31.810741+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-128214
- form_type: 8-K
- ticker: FUNC
- cik: 0000763907
- company_name: FIRST UNITED CORP/MD/
- filed_at: 2023-12-21T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/763907/000110465923128214/0001104659-23-128214-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/763907/000110465923128214/tm2333532d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-128214
- JSON: https://secwatch.observer/filing/0001104659-23-128214.json
- Plain text: https://secwatch.observer/filing/0001104659-23-128214.txt

## Key facts
- Governance Changes
  FIRST UNITED CORP/MD/: Increased mandatory director retirement age to 75 (effective 2023-12-20).
  - Change: bylaw amendment
  - Effective: 2023-12-20
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/763907/000110465923128214/0001104659-23-128214-index.htm

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