secwatch.observer — SEC 8-K summary
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Issuer:     FIRST UNITED CORP/MD/ (FUNC)
CIK:        0000763907
Form:       8-K
Filed at:   2024-04-24T23:59:59+00:00
Accession:  0001104659-24-050934
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/763907/000110465924050934/0001104659-24-050934-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/763907/000110465924050934/tm2412545d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-050934

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