FIRST UNITED CORP/MD/
For the period ended Dec 31, 2025. Filed Mar 10, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 10, 2026
FUNC$46.23-0.3%Stored close · as of Nov 10, 2026
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ITEM 15. Exhibits and Financial Statement Schedules
(a)(1), (2) and (c) Financial Statements.
Report of Independent Registered Public Accounting Firms
Consolidated Statements of Financial Condition as of December 31, 2025 and 2024
Consolidated Statements of Income for the years ended December 31, 2025 and 2024
Consolidated Statements of Comprehensive Income for the years ended December 31, 2025 and 2024
Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2025 and 2024
Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024
Notes to Consolidated Financial Statements for the years ended December 31, 2025 and 2024
(a)(3) and (b) Exhibits.
The exhibits filed or furnished with this annual report are listed in the following Exhibit Index.
| | | |
| Exhibit | | Description |
| 3.1(i) | | Articles of Amendment and Restatement (incorporated by reference to Exhibit 4.1(i) to First United Corporation’s Registration Statement on Form S-3D (File No. 333-180514) filed on April 4, 2023) |
| 3.1(ii) | | Articles of Amendment to Articles of Amendment and Restatement of First United Corporation (incorporated by reference to Exhibit 3.1 to First United Corporation’s Current Report on Form 8-K filed on June 3, 2021) |
| 3.2(i) | | Bylaws, as restated on September 25, 2024 (incorporated by reference to Exhibit 3.2 to First United Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024) |
| 3.2(ii) | | First Amendment to Bylaws, as restated on September 25, 2024 (incorporated by reference to Exhibit 3.1 to First United Corporation’s Current Report on Form 8-K filed on November 14, 2025) |
| 4.1 | | Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (filed herewith) |
| 4.2 | | Certificate of Notice, including the Certificate of Designations incorporated therein, relating to the Fixed Rate Cumulative Perpetual Preferred Stock, Series A (incorporated by reference Exhibit 4.1 to First United Corporation’s Form 8-K filed on February 2, 2009) |
| 4.3 | | Sample Stock Certificate for Series A Preferred Stock for the Series A Preferred Stock (incorporated by reference Exhibit 4.3 to First United Corporation’s Form 8-K filed on February 2, 2009) |
| 10.1 | | First United Bank & Trust Amended and Restated Defined Benefit Supplemental Executive Retirement Plan (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on February 1, 2019) |
| 10.2 | | Form of Amended and Restated Participation Agreement under the Defined Benefit Supplemental Executive Retirement Plan (incorporated by reference to Exhibit 10.2 to First United Corporation’s Current Report on Form 8-K filed on February 1, 2019) |
| 10.3 | | Form of First Amendment to the Participation Agreement under the First United Bank & Trust Defined Benefit Supplemental Executive Retirement Plan (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on March 28, 2025) |
| 10.4 | | Form of Endorsement Split Dollar Agreement between First United Bank & Trust and certain executive officers (incorporated by reference to Exhibit 10.3 to First United Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2003) |
| 10.5 | | Amended and Restated First United Corporation Executive and Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on November 24, 2008) |
| 10.6 | | Form of Amended and Restated First United Corporation Defined Contribution SERP Agreement (incorporated by reference to Exhibit 10.5 to First United Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019) |
| 10.7 | | Amended and Restated First United Corporation Change in Control Severance Plan (incorporated by reference to Exhibit 10.5 to First United Corporation’s Current Report on Form 8-K filed on June 23, 2008) |
| 10.8 | | Amended and Restated Agreement Under the First United Corporation Change in Control Severance Plan, dated as of January 8, 2021 (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on January 8, 2021) |
| 10.9 | | First United Corporation 2018 Equity Compensation Plan (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on May 21, 2019) |
| 10.10 | | First United Corporation Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on March 16, 2020) |
| 10.11 | | Appendix A to the First United Corporation Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on May 23, 2024) |
| 10.12 | | Summary of ROAE Nonequity Incentive Compensation Award Opportunities (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on June 7, 2024) |
| 10.13 | | First United Corporation Short-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to First United Corporation’s Current Report on Form 8-K filed on March 16, 2020) |
| 10.14 | | Revised Appendix A to the First United Corporation Short-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on March 3, 2025)* |
| 10.15 | | Form of Restricted Stock Unit Award Agreement (Performance-Vesting) (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on March 27, 2020, Film No. 20747391) |
| 10.16 | | Form of Restricted Stock Unit Award Agreement (Time-Vesting) (incorporated by reference to Exhibit 10.2 to First United Corporation’s Current Report on Form 8-K filed on March 27, 2020, Film No. 20747391) |
| 10.17 | | Stock Purchase Agreement, dated as of April 16, 2021, by and between First United Corporation and Driver Opportunity Partners I LP (incorporated by reference to Exhibit 10.1 to First United Corporation’s Current Report on Form 8-K filed on April 19, 2021) |
| 10.18 | | Cooperation and Settlement Agreement, dated as of April 16, 2021, by and between First United Corporation, Driver Opportunity Partners I LP and other parties named therein (incorporated by reference to Exhibit 10.2 to First United Corporation’s Current Report on Form 8-K filed on April 19, 2021) |
| 19.1 | | First United Corporation Insider Trading Policy (incorporated by reference to Exhibit 19.1 to First United Corporation’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2023) |
| 21 | | Subsidiaries (filed herewith) |
| 23.1 | | Consent of Crowe LLP, Independent Registered Public Accounting Firm (filed herewith) |
| 31.1 | | Certifications of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act (filed herewith) |
| 31.2 | | Certifications of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act (filed herewith) |
| 32.1 | | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act (furnished herewith) |
| 97 | | Incentive Compensation Recovery Policy (incorporated by reference to Exhibit 97 to First United Corporation’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2023) |
| 101.INS | | Inline XBRL Instance Document (filed herewith) |
| 101.SCH | | Inline XBRL Taxonomy Extension Schema (filed herewith) |
| 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase (filed herewith) |
| 101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase (filed herewith) |
| 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase (filed herewith) |
| 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase (filed herewith) |
| 104 | | The cover page of First United Corporation’s Annual Report on Form 10K for the year ended December 31, 2025, formatted in Inline XBRL, included within the Exhibit 101 attachments (filed herewith). |
| * | Portions of Exhibit 10.14, identified in brackets, were excluded because they were immaterial and would have likely caused competitive harm to the Corporation if publicly disclosed. Such information will be disclosed in “Executive Compensation” section of the 2026 Proxy Statement. |
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