secwatch.observer — SEC 8-K summary
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Issuer:     FIRST UNITED CORP/MD/ (FUNC)
CIK:        0000763907
Form:       8-K
Filed at:   2024-02-05T23:59:59+00:00
Accession:  0001104659-24-010653
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763907/000110465924010653/0001104659-24-010653-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763907/000110465924010653/tm245232d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-010653

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