Every 8-K that First United Corp (FUNC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow FUNC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FUNC filings page.
First United Corporation reported Q2 2026 GAAP net income of $5.7 million, or $0.87 per diluted share, compared with $6.0 million, or $0.92, a year earlier and $6.7 million in Q1 2026. Excluding an approximately $1.7 million, net-of-tax consulting expense for core processing contract negotiations, non-GAAP net income was $7.3 million, or $1.13 per diluted share. For the first six months of 2026, GAAP net income was $12.3 million ($1.90 per diluted share) and non-GAAP net income was $13.9 million ($2.15 per diluted share), both above the same period of 2025.
Net interest income rose, and the non-GAAP net interest margin improved to 3.98% for Q2 and 3.89% for the six months ended June 30, 2026, compared with 3.61% for the prior-year period. Loans grew to $1.57 billion, while deposits were essentially flat at $1.74 billion. Asset quality indicators remained strong: the allowance for credit losses was 1.31% of loans, non-performing assets were 0.37% of total assets, and year-to-date net charge-offs were 0.04% of average loans. Capital ratios stayed well above regulatory “well-capitalized” levels, with a Common Equity Tier 1 ratio of 13.48% and a Tier 1 leverage ratio of 12.70% at June 30, 2026.
First United Corporation reported that its Board of Directors declared a cash dividend of $.26 per share on its common stock. The dividend will be paid on August 3, 2026 to shareholders who are holders of record as of the close of business on July 20, 2026.
The company is the parent of First United Bank & Trust and operates banking, finance, and low-income housing-related entities in Maryland and Ohio through various subsidiaries and partnership interests.
First United Corporation reported a leadership change on May 27, 2026. Its Board of Directors appointed Jason B. Rush, age 55, to serve as Chairman of the Board. He was recently elected as a director at the 2026 annual meeting held on May 7, 2026.
Rush already serves as the company’s President and Chief Executive Officer, roles he assumed effective January 1, 2026, after a long career at First United dating back to 1993. The company notes there have been no related-party transactions with him requiring disclosure under Item 404(a) of Regulation S-K.
First United Corporation filed an amended report to update shareholders on voting results from its 2026 annual meeting and to confirm how often it will hold advisory pay votes. Shareholders elected 10 directors and approved an amendment to the charter to reduce the votes required for certain shareholder actions.
Investors also supported 2025 executive compensation in a non-binding vote and strongly favored holding future Say-on-Pay Votes every year. The board later decided that Say-on-Pay Votes will continue to be held annually. Shareholders ratified Crowe LLP as independent auditor for the 2026 fiscal year.
First United Corporation reported the results of its 2026 annual shareholder meeting held on May 7, 2026. Shareholders elected 10 directors to serve until the 2027 annual meeting and approved an amendment to the charter to reduce the votes required to approve certain shareholder actions.
Investors also cast a non-binding advisory vote approving 2025 compensation for named executive officers, and recommended holding future Say-on-Pay votes every 1 year. In addition, shareholders ratified the appointment of Crowe LLP as independent registered public accounting firm for the fiscal year ending December 31, 2026.
First United Corporation reported strong 2025 and early 2026 performance, highlighting growth, profitability and capital strength. Net income for 2025 was $24.5 million, or $3.77 per diluted share, with non‑GAAP net income of $25.8 million, or $3.97 per diluted share, supported by disciplined pricing and a higher net interest margin of 3.67%. Total assets reached $2.19 billion at December 31, 2025, up $114.4 million from the prior year, while the non‑GAAP efficiency ratio improved to 58.19%, reflecting cost control and revenue growth.
For the first quarter of 2026, non‑GAAP earnings were $6.6 million, or $1.02 per diluted share, with an annualized return on average assets of 1.28% and return on average tangible common equity of 13.75%. The net interest margin increased further to 3.83%, and the allowance for credit losses to loans was 1.31% as of March 31, 2026, with asset quality described as stable.
Capital metrics remained well above regulatory well‑capitalized levels, and tangible book value per share rose to $30.08 with a tangible common equity ratio of 9.56% as of March 31, 2026. The Board re‑authorized a stock repurchase plan for up to 1,000,000 additional shares and increased the quarterly dividend from $0.22 to $0.26 per share. Total shareholder return, including reinvested dividends, was 26.9% over one year, 141.4% over three years and 138.4% over five years as of March 31, 2026, outpacing both the S&P US Small Cap Banks index and the company’s proxy peer group.
First United Corporation reported stronger first quarter 2026 results, with higher earnings, margin expansion and stable credit quality. GAAP net income rose to $6.7 million, or $1.03 per diluted share, up from $5.8 million, or $0.89, a year earlier. Non-GAAP net income was $6.6 million, or $1.02 per diluted share.
Return on average assets reached 1.29% and return on average equity was 13.06%. Net interest income increased to $18.1 million, helped by an 8 basis-point sequential increase in the non-GAAP net interest margin to 3.83% as funding costs declined and loan yields improved. Other operating income grew to $5.2 million, supported by trust and brokerage fees and higher bank-owned life insurance income.
Total assets were $2.04 billion at March 31, 2026, with gross loans of $1.53 billion and deposits of $1.75 billion. Asset quality remained strong: the allowance for credit losses stood at $20.0 million, or 1.31% of loans, net charge-offs were only 0.05% of average loans, and nonperforming assets were 0.42% of total assets. Capital ratios stayed well above regulatory "well-capitalized" levels, and tangible book value per share increased to $30.08.
First United Corporation updated both its long-term and short-term executive incentive plans. For the Long-Term Incentive Plan, performance-vesting restricted stock units now use return on average equity and tangible book value per share growth measured against a custom peer group of 103 similarly sized publicly traded banks, with payouts tied to 25th, 50th, and 75th percentile performance levels.
For the Short-Term Incentive Plan, 2026 cash awards for senior executives will depend on return on average assets, efficiency ratio, loan delinquencies, and individual goals. Potential 2026 payouts range from $71,250–$213,750 for CEO Jason B. Rush, $36,796–$110,389 for CFO Tonya K. Sturm, and $39,347–$118,040 for executive Robert L. Fisher, II.
First United Corporation updated its change in control severance arrangement for President and Chief Executive Officer Jason B. Rush. Under a new Second Amended and Restated Agreement tied to the company’s Change in Control Severance Plan, his cash severance multiple increases from 2.0 times to 2.99 times his defined “Final Pay” if he experiences a qualifying severance after a change in control. The agreement is dated March 11, 2026 and is filed as an exhibit to this report.
First United Corporation reported that its Board of Directors declared a cash dividend of $0.26 per share on its common stock. The dividend will be payable on May 1, 2026 to shareholders who are on record as of the close of business on April 17, 2026.
First United Corporation is the parent of First United Bank & Trust, a Maryland commercial bank, and several subsidiaries involved in finance activities and low-income housing projects in Maryland and Ohio.
First United Corporation filed a current report to share that it has released its financial results for the three- and twelve-month periods ended December 31, 2025. These results are described in a press release dated February 4, 2026, which is furnished as Exhibit 99.1.
The company also made available an investor presentation dated February 4, 2026, discussing aspects of these year-end 2025 results, furnished as Exhibit 99.2. Both exhibits are designated as furnished, not filed, under securities law, which affects how they may be incorporated into other regulatory documents.
First United Corporation appointed Anthony “AJ” Tasker as Senior Vice President and Chief Operating Officer of both the Corporation and First United Bank & Trust, effective January 28, 2026. Tasker has worked at the Bank since 2008 in a series of technology and operations leadership roles, most recently as Managing Director of Operations.
He is entitled to an annual base salary of $175,100 and an incentive bonus opportunity equal to 10% of base salary. The bonus depends on performance goals tied to the Bank’s return on assets (30% weighting), efficiency ratio (50% weighting), and loan delinquencies (20% weighting), and is paid 50% in cash and 50% in First United common stock. The company states there have been no related-party transactions with Tasker requiring disclosure since the 2024 fiscal year began and none are currently proposed for the 2026 fiscal year.
First United Corporation adopted a new stock repurchase program effective January 26, 2026. The program authorizes the company to buy back up to 1,000,000 shares of its common stock, which is about 15.4% of the issued and outstanding shares as of that date, over an 18‑month period.
Shares may be repurchased in open market or privately negotiated transactions at times, amounts and prices determined by the President and CEO, in line with securities laws, including Rule 10b‑18, and the company’s blackout policy. The company emphasizes it might not repurchase any shares; activity will depend on market opportunities, share price and volume, and its capital requirements and plans. Any purchases will be reported in future periodic SEC filings.
First United Corporation reports a planned leadership transition effective January 1, 2026. Longtime executive Jason B. Rush, age 54, has been appointed President and Chief Executive Officer of both the Corporation and its bank subsidiary, First United Bank & Trust. In connection with this promotion, his annual base salary was set at $450,000.
Former Chairman, President and CEO Carissa L. Rodeheaver has moved into the role of Executive Chairman. In this position, she will continue to lead the Board and oversee regulatory examinations, year-end reporting, preparation of the Form 10-K and 2026 proxy statement, planning of the 2026 annual shareholders meeting, and the Corporation’s investor relations efforts, while advising the new CEO as requested.
First United Corporation disclosed that its Board of Directors has declared a cash dividend of $0.26 per share on its common stock. The dividend will be paid on February 2, 2026 to shareholders who are on record as of the close of business on January 16, 2026. This cash distribution provides direct income to current shareholders while signaling that the company is in a position to return capital to its owners. The announcement details are also provided in an accompanying press release.
First United Corporation (FUNC) announced a planned CEO transition and a bylaw change. Carissa L. Rodeheaver will retire from all roles at the conclusion of the 2026 annual meeting of shareholders, currently scheduled for May 7, 2026.
To support succession, effective January 1, 2026, the boards intend to increase their size to 11, elect Jason B. Rush as a director, appoint him President and Chief Executive Officer of the Corporation and First United Bank & Trust, and name Ms. Rodeheaver Executive Chairman to advise during the transition. After her retirement, the boards currently plan to reduce their size to 10.
The Board also amended the Bylaws to allow someone other than the Chairman—including the President—to serve as Chief Executive Officer, aligning governance with the succession plan.
First United Corporation furnished an update on its recent performance. The company issued a press release describing financial results for the three- and nine-month periods ended September 30, 2025, and made it available as Exhibit 99.1. It also published an investor presentation discussing these results as Exhibit 99.2.
The press release was furnished on October 20, 2025, and the presentation on October 21, 2025. The materials are being furnished under Items 2.02 and 7.01 and are not deemed “filed” for purposes of the Exchange Act, which limits their legal effect under those provisions.
First United Corporation disclosed that its Board of Directors has declared a cash dividend of $.26 per share on its common stock. The dividend will be paid on November 3, 2025 to shareholders who are on record as of the close of business on October 17, 2025. This action provides cash returns to current holders of First United’s Nasdaq-listed common shares.