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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
401(k) Profit Sharing Plan [Abstract]  
Schedule of Net Funded Status

Pension

Defined Benefit SERP

(in thousands)

    

2022

    

2021

    

2022

    

2021

Change in Benefit Obligation

Obligation at the beginning of the year

$

54,931

$

57,898

$

10,395

$

9,614

Service cost

57

154

165

168

Interest cost

1,535

1,421

286

238

Change in discount rate and mortality assumptions

(11,930)

(2,583)

Actuarial (gains)/losses

(736)

168

(3,316)

711

Benefits paid

(3,673)

(2,127)

(336)

(336)

Obligation at the end of the year

40,184

54,931

7,194

10,395

Change in Plan Assets

Fair value at the beginning of the year

59,696

55,971

Actual return on plan assets

(7,838)

5,852

Employer contribution

336

336

Benefits paid

(3,673)

(2,127)

(336)

(336)

Fair value at the end of the year

48,185

59,696

Funded/(Unfunded) Status

$

8,001

$

4,765

$

(7,194)

$

(10,395)

Components of Net Periodic Pension Plan Cost

Pension

Defined Benefit SERP

(in thousands)

    

2022

    

2021

    

2022

    

2021

Components of Net Pension Cost

Service cost

$

57

$

154

$

165

$

168

Interest cost

1,535

1,421

286

238

Expected return on assets

(3,810)

(3,569)

Amortization of recognized loss

1,117

1,490

271

175

Amortization of prior service cost

(2)

Net pension (income)/expense in employee benefits

$

(1,101)

$

(504)

$

722

$

579

Weighted Average Assumptions used to determine benefit obligations:

Discount rate for benefit obligations

5.24%

2.85%

5.23%

2.80%

Discount rate for net pension cost

2.85%

2.50%

Expected long-term return on assets

6.50%

6.50%

Rate of compensation increase

3.00%

3.00%

3.00%

3.00%

Schedule of Target Asset Allocations

Asset Class

    

Normalized
Target

    

Range

Cash

2%

0% - 20%

Fixed Income

49%

30% - 50%

Equities

49%

45% - 65%

Actual Plan Asset Allocations

December 31, 2022

Fair Value Hierarchy

(Dollars in thousands)

    

Assets at
Fair Value

    

% of
Portfolio

    

Level 1

    

Level 2

Cash and cash equivalents

$

985

2.0%

$

985

$

Fixed income securities:

U.S. Government and Agencies

2,770

5.8%

2,770

Taxable municipal bonds and notes

4,166

8.6%

4,166

Corporate bonds and notes

10,575

21.9%

10,575

Preferred stock

474

1.0%

474

Fixed income mutual funds

5,454

11.4%

5,454

Total fixed income

23,439

48.7%

5,454

17,985

Equities:

Large Cap

15,743

32.7%

15,743

Mid Cap

1,225

2.5%

1,225

Small Cap

3,815

7.9%

3,815

International

2,978

6.2%

2,978

Total equities

23,761

49.3%

23,761

Total market value

$

48,185

100.0%

$

30,200

$

17,985

Note: The Large cap equities includes 194,124 shares of First United Corporation common stock at December 31, 2022 and 2021

December 31, 2021

Fair Value Hierarchy

(Dollars in thousands)

    

Assets at
Fair Value

    

% of
Portfolio

    

Level 1

    

Level 2

Cash and cash equivalents

$

763

1.3%

$

763

$

Fixed income securities:

U.S. Government and Agencies

125

0.2%

125

Taxable municipal bonds and notes

5,290

8.9%

5,290

Corporate bonds and notes

8,451

14.2%

8,451

Preferred stock

960

1.6%

960

Fixed income mutual funds

9,260

15.4%

9,260

Total fixed income

24,086

40.3%

9,260

14,826

Equities:

Large Cap

27,575

46.2%

27,575

Mid Cap

2,052

3.4%

2,052

Small Cap

39

0.1%

39

International

5,181

8.7%

5,181

Total equities

34,847

58.4%

34,847

Total market value

$

59,696

100.0%

$

44,870

$

14,826

Expected Future Benefit Payments

(In thousands)

    

Pension
Plan

    

Defined
Benefit
SERP

2023

$

2,167

$

336

2024

2,247

336

2025

2,303

336

2026

2,385

508

2027

2,431

542

2028-2032

13,236

2,787

Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss

(In thousands)

    

Pension

    

Defined
Benefit
SERP

Net actuarial loss (gains)

$

998

$

(7)

$

998

$

(7)