Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans [Abstract]

Schedule of Net Funded Status

	Pension				Defined Benefit SERP
(in thousands)	2023		2022		2023		2022
Change in Benefit Obligation
Obligation at the beginning of the year	$	40,184	$	54,931	$	7,194	$	10,395
Service cost		25		57		102		165
Interest cost		2,050		1,535		367		286
Change in discount rate and mortality assumptions		314		(11,930)		—		—
Actuarial losses/(gains)		144		(736)		2,450		(3,316)
Benefits paid		(2,103)		(3,673)		(336)		(336)
Obligation at the end of the year		40,614		40,184		9,777		7,194
Change in Plan Assets
Fair value at the beginning of the year		48,185		59,696		—		—
Actual return on plan assets		5,740		(7,838)		—		—
Employer contribution		—		—		336		336
Benefits paid		(2,103)		(3,673)		(336)		(336)
Fair value at the end of the year		51,822		48,185		—		—
Funded/(Unfunded) Status	$	11,208	$	8,001	$	(9,777)	$	(7,194)

Components of Net Periodic Pension Plan Cost

	Pension				Defined Benefit SERP
(in thousands)	2023		2022		2023		2022
Components of Net Pension Cost
Service cost	$	25	$	57	$	102	$	165
Interest cost		2,050		1,535		367		286
Expected return on assets		(3,062)		(3,810)		—		—
Amortization of recognized loss		998		1,117		(7)		271
Net pension (income)/expense in employee benefits	$	11	$	(1,101)	$	462	$	722
Weighted Average Assumptions used to determine benefit obligations:
Discount rate for benefit obligations		5.02%		5.24%		4.99%		5.23%
Discount rate for net pension cost		5.24%		2.85%		—		—
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	43%	30% - 50%
Equities	55%	45% - 65%

Actual Plan Asset Allocations

December 31, 2023				Fair Value Hierarchy
(in thousands)	Assets at Fair Value		% of Portfolio	Level 1		Level 2
Cash and cash equivalents	$	1,217	2.3%	$	1,217	$	—
Fixed income securities:
U.S. Government and Agencies		5,554	10.7%		—		5,554
Taxable municipal bonds and notes		2,503	4.8%		—		2,503
Corporate bonds and notes		10,258	19.8%		—		10,258
Preferred stock		276	0.5%		—		276
Fixed income mutual funds		3,302	6.4%		3,302		—
Total fixed income		21,893	42.2%		3,302		18,591
Equities:
Large Cap		19,780	38.2%		19,780		—
Mid Cap		1,500	2.9%		1,500		—
Small Cap		4,564	8.8%		4,564		—
International		2,868	5.6%		2,868		—
Total equities		28,712	55.5%		28,712		—
Total market value	$	51,822	100.0%	$	33,231	$	18,591
Note: The Large cap equities includes 194,124 shares of First United Corporation common stock at December 31, 2023 and 2022
December 31, 2022				Fair Value Hierarchy
(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

Expected Future Benefit Payments

(in thousands)	Pension Plan		Defined Benefit SERP
2024	$	2,217	$	336
2025		2,267		336
2026		2,353		602
2027		2,401		655
2028		2,524		643
2029-2033		13,450		3,628

Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss

(in thousands)	Pension		Defined Benefit SERP
Net actuarial loss	$	811	$	157
	$	811	$	157