Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Employee Benefit Plans

Schedule of Net Funded Status

	Pension				Defined Benefit SERP
(in thousands)	2024		2023		2024		2023
Change in Benefit Obligation
Obligation at the beginning of the year	$	40,614	$	40,184	$	9,777	$	7,194
Service cost		10		25		182		102
Interest cost		1,984		2,050		480		367
Change in discount rate and mortality assumptions		(1,652)		314		—		—
Actuarial losses/(gains)		103		144		(1,768)		2,450
Benefits paid		(2,951)		(2,103)		(336)		(336)
Obligation at the end of the year		38,108		40,614		8,335		9,777
Change in Plan Assets
Fair value at the beginning of the year		51,822		48,185		—		—
Actual return on plan assets		7,061		5,740		—		—
Employer contribution		—		—		336		336
Benefits paid		(2,951)		(2,103)		(336)		(336)
Fair value at the end of the year		55,932		51,822		—		—
Funded/(Unfunded) Status	$	17,824	$	11,208	$	(8,335)	$	(9,777)

Components of Net Periodic Pension Plan Cost

	Pension				Defined Benefit SERP
(in thousands)	2024		2023		2024		2023
Components of Net Pension Cost
Service cost	$	10	$	25	$	182	$	102
Interest cost		1,984		2,050		480		367
Expected return on assets		(3,296)		(3,062)		—		—
Amortization of recognized loss/(gain)		811		998		157		(7)
Net pension (income)/expense in employee benefits	$	(491)	$	11	$	819	$	462
Weighted Average Assumptions used to determine benefit obligations:
Discount rate for benefit obligations		5.61%		5.02%		5.57%		4.99%
Discount rate for net pension cost		5.02%		5.24%		—		—
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	38%	30% - 50%
Equities	60%	45% - 65%

Actual Plan Asset Allocations

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
Note: The Large cap equities includes 194,124 shares of First United Corporation common stock at December 31, 2024 and 2023
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

Expected Future Benefit Payments

(in thousands)	Pension Plan		Defined Benefit SERP
2025	$	2,251	$	336
2026		2,316		553
2027		2,365		596
2028		2,488		582
2029		2,541		579
2030-2034		13,508		3,524

Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss

(in thousands)	Pension		Defined Benefit SERP
Net actuarial loss	$	492	$	—
	$	492	$	—