---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-050934"
form_type: "8-K"
ticker: "FUNC"
cik: "0000763907"
company_name: "FIRST UNITED CORP/MD/"
filed_at: "2024-04-24T23:59:59+00:00"
generated_at: "2026-06-03T10:29:32.585677+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# First United Q1 net income $3.7M ($0.56 EPS) vs $4.4M a year ago; NIM compresses, non-accruals surge

## Summary
- Q1 2024 net income $3.7M ($0.56 diluted EPS) vs $4.4M ($0.65) in Q1 2023.
- Net interest margin (FTE) fell to 3.12% from 3.53% a year ago; $0.4M interest reversal on non-accrual loans.
- Non-accrual loans jumped to $16.0M from $4.0M at Dec 31, driven by two commercial relationships totaling $12.1M.
- Provision for credit losses rose to $0.9M from $0.5M in Q1 2023 due to increased qualitative risk factors.
- Borrowed $40M from Fed BTFP at 4.87% in January; repaid $40M FHLB advance in March.

## SEC filing metadata
- accession: 0001104659-24-050934
- form_type: 8-K
- ticker: FUNC
- cik: 0000763907
- company_name: FIRST UNITED CORP/MD/
- filed_at: 2024-04-24T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/763907/000110465924050934/0001104659-24-050934-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/763907/000110465924050934/tm2412545d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-050934
- JSON: https://secwatch.observer/filing/0001104659-24-050934.json
- Plain text: https://secwatch.observer/filing/0001104659-24-050934.txt

## Key facts
- Earnings Releases
  FIRST UNITED CORP/MD/ reported the three-month period ended March 31, 2024 results: net income $3.7 million, EPS $0.56 per diluted share.
  - Period: the three-month period ended March 31, 2024
  - Net income: $3.7 million
  - EPS: $0.56 per diluted share
  - Result: reported results
  source text: Consolidated net income was $3.7 million for the first quarter of 2024, or $0.56 per diluted share
  evidence_url: https://www.sec.gov/Archives/edgar/data/763907/000110465924050934/0001104659-24-050934-index.htm

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