{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-24-010653","form_type":"8-K","ticker":"FUNC","cik":"0000763907","company_name":"FIRST UNITED CORP/MD/","filed_at":"2024-02-05T23:59:59+00:00","discovered_at":"2026-05-14T18:03:26.877112+00:00","generated_at":"2026-06-06T09:31:59.362971+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"First United Q4 2023 GAAP EPS $0.26 (vs $1.04); net income $15.1M for year vs $25.0M","bullets":["Net income Q4 2023: $1.8M GAAP ($0.26 diluted) vs $7.0M ($1.04) in Q4 2022; non-GAAP $5.5M ($0.82).","Full-year 2023 net income $15.1M GAAP ($2.24 diluted) vs $25.0M ($3.76) in 2022; non-GAAP $18.8M.","Restructured balance sheet: sold $20.4M AFS securities at $4.2M pretax loss to reinvest in loans yielding ~7.85%.","Net interest margin (FTE) fell to 3.13% in Q4 2023 from 3.63% a year ago; full-year NIM 3.26% vs 3.56%.","Closing four branches in Feb 2024; incurred $0.5M after-tax accelerated depreciation and lease termination costs."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-24-010653","json":"https://secwatch.observer/filing/0001104659-24-010653.json","markdown":"https://secwatch.observer/filing/0001104659-24-010653.md","text":"https://secwatch.observer/filing/0001104659-24-010653.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/763907/000110465924010653/0001104659-24-010653-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/763907/000110465924010653/tm245232d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-06T09:31:59.362971+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"672e60fd53f6f3b6cd3a51e9ce8484e223b798e3","claim":"FIRST UNITED CORP/MD/ reported three- and twelve-month periods ended December 31, 2023 results: net income consolidated net income was $15.1 million, EPS $2.25 per basic share and $2.24 per diluted share.","evidence_excerpt":"On February 5, 2024, First United Corporation (the \"Corporation\") issued a press release describing its financial results for the three- and twelve-month periods ended December 31, 2023.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/763907/000110465924010653/0001104659-24-010653-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"three- and twelve-month periods ended December 31, 2023"},{"label":"Net income","value":"consolidated net income was $15.1 million"},{"label":"EPS","value":"$2.25 per basic share and $2.24 per diluted share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}