---
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"
generated_at: "2026-06-06T09:31:59.362971+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# First United Q4 2023 GAAP EPS $0.26 (vs $1.04); net income $15.1M for year vs $25.0M

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-010653
- JSON: https://secwatch.observer/filing/0001104659-24-010653.json
- Plain text: https://secwatch.observer/filing/0001104659-24-010653.txt

## Key facts
- Earnings Releases
  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.
  - Period: three- and twelve-month periods ended December 31, 2023
  - Net income: consolidated net income was $15.1 million
  - EPS: $2.25 per basic share and $2.24 per diluted share
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/763907/000110465924010653/0001104659-24-010653-index.htm

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