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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

$