Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Employee Benefit Plans

Schedule of Net Funded Status

	Pension				Defined Benefit SERP
(in thousands)	2025		2024		2025		2024
Change in Benefit Obligation
Obligation at the beginning of the year	$	38,108	$	40,614	$	8,335	$	9,777
Service cost		13		10		140		182
Interest cost		2,075		1,984		455		480
Change in discount rate and mortality assumptions		1,423		(1,652)		—		—
Actuarial losses/(gains)		(574)		103		414		(1,768)
Benefits paid		(2,192)		(2,951)		(336)		(336)
Obligation at the end of the year		38,853		38,108		9,008		8,335
Change in Plan Assets
Fair value at the beginning of the year		55,932		51,822		—		—
Actual return on plan assets		5,911		7,061		—		—
Employer contribution		—		—		336		336
Benefits paid		(2,192)		(2,951)		(336)		(336)
Fair value at the end of the year		59,651		55,932		—		—
Funded/(Unfunded) Status	$	20,798	$	17,824	$	(9,008)	$	(8,335)

Components of Net Periodic Pension Plan Cost

	Pension				Defined Benefit SERP
(in thousands)	2025		2024		2025		2024
Components of Net Pension Cost
Service cost	$	13	$	10	$	140	$	182
Interest cost		2,075		1,984		455		480
Expected return on assets		(3,563)		(3,296)		—		—
Amortization of recognized loss		529		811		—		157
Net (income)/expense in employee benefits	$	(946)	$	(491)	$	595	$	819
Weighted Average Assumptions used to determine benefit obligations:
Discount rate for benefit obligations		5.46%		5.61%		5.38%		5.57%
Discount rate for net pension cost		5.61%		5.02%		—		—
Expected long-term return on assets		6.50%		6.50%		—		—
Rate of compensation increase		4.00%		3.00%		4.00%		3.00%

Schedule of Target Asset Allocations

Asset class	Normalized Target	Range
Cash	2%	0% - 20%
Fixed Income	36%	30% - 50%
Equities	62%	45% - 65%

Actual Plan Asset Allocations

December 31, 2025				Fair Value Hierarchy
(in thousands)	Assets at Fair Value		% of Portfolio	Level 1		Level 2
Cash and cash equivalents	$	716	1.2%	$	716	$	—
Fixed income securities:
U.S. Government and Agencies		2,139	3.5%		—		2,139
Taxable municipal bonds and notes		412	0.7%		—		412
Corporate bonds and notes		15,374	25.8%		—		15,374
Preferred stock		254	0.4%		—		254
Fixed income mutual funds		3,677	6.2%		3,677		—
Total fixed income		21,856	36.6%		3,677		18,179
Equities:
Large Cap		24,149	40.5%		24,149		—
Mid Cap		2,017	3.4%		2,017		—
Small Cap		5,914	9.9%		5,914		—
International		4,999	8.4%		4,999		—
Total equities		37,079	62.2%		37,079		—
Total market value	$	59,651	100.0%	$	41,472	$	18,179
Note: The Large cap equities includes 157,963 and 194,124 shares of First United Corporation common stock at December 31, 2025 and 2024, respectively.
December 31, 2024				Fair Value Hierarchy
(in thousands)	Assets at Fair Value		% of Portfolio	Level 1		Level 2
Cash and cash equivalents	$	1,019	1.8%	$	1,019	$	—
Fixed income securities:
U.S. Government and Agencies		4,133	7.4%		—		4,133
Taxable municipal bonds and notes		469	0.8%		—		469
Corporate bonds and notes		12,645	22.6%		—		12,645
Preferred stock		263	0.5%		—		263
Fixed income mutual funds		3,812	6.8%		3,812		—
Total fixed income		21,322	38.1%		3,812		17,510
Equities:
Large Cap		22,130	39.6%		22,130		—
Mid Cap		1,984	3.5%		1,984		—
Small Cap		6,544	11.7%		6,544		—
International		2,933	5.3%		2,933		—
Total equities		33,591	60.1%		33,591		—
Total market value	$	55,932	100.0%	$	38,422	$	17,510

Expected Future Benefit Payments

(in thousands)	Pension Plan		Defined Benefit SERP
2026	$	2,331	$	560
2027		2,382		605
2028		2,461		591
2029		2,518		588
2030		2,586		588
2031-2035		13,572		3,770

Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss

(in thousands)	Pension		Defined Benefit SERP
Net actuarial loss	$	945	$	—
	$	945	$	—