Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| Employee Benefit Plans |
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| 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) |
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| 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% |
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| Schedule of Target Asset Allocations |
| | | | | | | | | | Asset class | | Normalized Target | | Range | Cash | | 2% | | 0% - 20% | Fixed Income | | 36% | | 30% - 50% | Equities | | 62% | | 45% - 65% |
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| 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 |
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| 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 |
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| Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss |
| | | | | | | | | | | | | | (in thousands) | | Pension | | Defined Benefit SERP | Net actuarial loss | | $ | 945 | | $ | — | | | $ | 945 | | $ | — |
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