0000763907--12-312025Q300000000P3YP3YP3YP3YP3Yfalse0000763907us-gaap:CommonStockMember2024-04-012024-06-300000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-09-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-09-300000763907us-gaap:RetainedEarningsMember2025-09-300000763907us-gaap:CommonStockMember2025-09-300000763907us-gaap:AdditionalPaidInCapitalMember2025-09-300000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-09-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2025-09-300000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-300000763907us-gaap:RetainedEarningsMember2025-06-300000763907us-gaap:CommonStockMember2025-06-300000763907us-gaap:AdditionalPaidInCapitalMember2025-06-300000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-06-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-06-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2025-06-300000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-03-310000763907us-gaap:RetainedEarningsMember2025-03-310000763907us-gaap:CommonStockMember2025-03-310000763907us-gaap:AdditionalPaidInCapitalMember2025-03-310000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-03-310000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-03-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-03-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2025-03-3100007639072025-03-310000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000763907us-gaap:RetainedEarningsMember2024-12-310000763907us-gaap:CommonStockMember2024-12-310000763907us-gaap:AdditionalPaidInCapitalMember2024-12-310000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-12-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-12-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2024-12-310000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000763907us-gaap:RetainedEarningsMember2024-09-300000763907us-gaap:CommonStockMember2024-09-300000763907us-gaap:AdditionalPaidInCapitalMember2024-09-300000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2024-09-300000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-300000763907us-gaap:RetainedEarningsMember2024-06-300000763907us-gaap:CommonStockMember2024-06-300000763907us-gaap:AdditionalPaidInCapitalMember2024-06-300000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-06-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-06-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2024-06-300000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000763907us-gaap:RetainedEarningsMember2024-03-310000763907us-gaap:CommonStockMember2024-03-310000763907us-gaap:AdditionalPaidInCapitalMember2024-03-310000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-310000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-03-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-03-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2024-03-3100007639072024-03-310000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000763907us-gaap:RetainedEarningsMember2023-12-310000763907us-gaap:CommonStockMember2023-12-310000763907us-gaap:AdditionalPaidInCapitalMember2023-12-310000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2023-12-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2023-12-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2023-12-310000763907us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2025-01-012025-09-300000763907us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-01-012024-12-310000763907func:Year2021Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2024-05-052024-05-050000763907func:Year2023Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2024-03-152024-03-150000763907func:Year2022Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2024-03-092024-03-090000763907func:Year2021Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2023-05-052023-05-050000763907func:Year2022Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2023-03-092023-03-090000763907func:Year2021Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2022-05-052022-05-050000763907srt:DirectorMemberfunc:TwentyEighteenEquityPlanMember2025-05-310000763907srt:DirectorMemberfunc:TwentyEighteenEquityPlanMember2024-05-310000763907func:Year2025Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-02-012025-02-280000763907func:Year2024Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-05-012024-05-310000763907func:Year2023Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2023-03-012023-03-310000763907func:Year2022Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2022-03-012022-03-310000763907func:Year2021Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2021-05-012021-05-310000763907func:Year2024Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2025-05-202025-05-200000763907func:Year2023Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2025-03-152025-03-150000763907func:Year2022Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2025-03-092025-03-090000763907func:Year2021Memberfunc:PerformanceVestedSharesMemberfunc:LongTermIncentivePlanMember2024-03-092024-03-090000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-04-012025-06-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-01-012025-03-310000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-04-012024-06-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-04-012024-06-300000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-01-012024-03-310000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000763907func:RecognitionOfGainsLossesInIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-07-012025-09-300000763907func:AccretableYieldInIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-07-012025-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000763907func:RecognitionOfGainsLossesInIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-09-300000763907func:AmortizationOfRecognizedIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-01-012025-09-300000763907func:AccretableYieldInIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-01-012025-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000763907func:AmortizationOfRecognizedIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-07-012024-09-300000763907func:AccretableYieldInIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-07-012024-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000763907func:AmortizationOfUnrecognizedGainMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000763907func:AmortizationOfRecognizedIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-01-012024-09-300000763907func:AmortizationOfRecognizedIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-01-012024-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-07-012024-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-01-012024-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000763907us-gaap:InterestRateContractMember2025-07-012025-09-300000763907us-gaap:InterestRateContractMember2025-01-012025-09-300000763907us-gaap:InterestRateContractMember2024-07-012024-09-300000763907us-gaap:InterestRateContractMember2024-01-012024-09-300000763907func:AmortizationOfRecognizedIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-07-012025-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-07-012025-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-01-012025-09-300000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000763907func:AccumulatedSupplementalEmployeeRetirementPlanAdjustmentMember2024-07-012024-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-07-012024-09-300000763907us-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000763907func:AccumulatedSupplementalEmployeeRetirementPlanAdjustmentMember2024-01-012024-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-01-012024-09-300000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2025-07-012025-09-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-04-012025-06-300000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-04-012025-06-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-04-012025-06-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2025-04-012025-06-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-03-310000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-03-310000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-01-012025-03-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2025-01-012025-03-310000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2024-07-012024-09-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-04-012024-06-300000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-04-012024-06-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-04-012024-06-300000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2024-04-012024-06-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000763907us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-03-310000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-01-012024-03-310000763907func:AccumulatedNetUnrealizedInvestmentGainLossExcludingTransfersMember2024-01-012024-03-310000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000763907us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-07-012025-09-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-07-012025-09-300000763907us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-07-012025-09-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000763907us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-09-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-300000763907us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-01-012025-09-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000763907us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-07-012024-09-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300000763907us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-07-012024-09-300000763907us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000763907us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300000763907us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000763907us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000763907func:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:TrustDepartmentMemberfunc:WealthManagementMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:ServiceChargesMemberfunc:CommunityBankingSegmentMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:OtherServiceChargesMemberfunc:CommunityBankingSegmentMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:MiscellaneousOtherServiceMemberfunc:CommunityBankingSegmentMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:DebitCardIncomeMemberfunc:CommunityBankingSegmentMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:BrokerageCommissionsMemberfunc:WealthManagementMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:TrustDepartmentMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:ServiceChargesMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:OtherServiceChargesMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:MiscellaneousOtherServiceMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:DebitCardIncomeMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:BrokerageCommissionsMember2025-07-012025-09-300000763907func:TrustDepartmentMember2025-07-012025-09-300000763907func:ServiceChargesMember2025-07-012025-09-300000763907func:OtherServiceChargesMember2025-07-012025-09-300000763907func:MiscellaneousOtherServiceMember2025-07-012025-09-300000763907func:DebitCardIncomeMember2025-07-012025-09-300000763907func:BrokerageCommissionsMember2025-07-012025-09-300000763907func:BankOwnedLifeInsuranceMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:TrustDepartmentMemberfunc:WealthManagementMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:ServiceChargesMemberfunc:CommunityBankingSegmentMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:OtherServiceChargesMemberfunc:CommunityBankingSegmentMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:MiscellaneousOtherServiceMemberfunc:CommunityBankingSegmentMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:DebitCardIncomeMemberfunc:CommunityBankingSegmentMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:BrokerageCommissionsMemberfunc:WealthManagementMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:TrustDepartmentMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:ServiceChargesMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:OtherServiceChargesMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:MiscellaneousOtherServiceMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:DebitCardIncomeMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:BrokerageCommissionsMember2025-01-012025-09-300000763907func:TrustDepartmentMember2025-01-012025-09-300000763907func:ServiceChargesMember2025-01-012025-09-300000763907func:OtherServiceChargesMember2025-01-012025-09-300000763907func:MiscellaneousOtherServiceMember2025-01-012025-09-300000763907func:DebitCardIncomeMember2025-01-012025-09-300000763907func:BrokerageCommissionsMember2025-01-012025-09-300000763907func:BankOwnedLifeInsuranceMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:TrustDepartmentMemberfunc:WealthManagementMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:ServiceChargesMemberfunc:CommunityBankingSegmentMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:OtherServiceChargesMemberfunc:CommunityBankingSegmentMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:MiscellaneousOtherServiceMemberfunc:CommunityBankingSegmentMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:DebitCardIncomeMemberfunc:CommunityBankingSegmentMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:BrokerageCommissionsMemberfunc:WealthManagementMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:TrustDepartmentMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:ServiceChargesMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:OtherServiceChargesMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:MiscellaneousOtherServiceMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:DebitCardIncomeMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:BrokerageCommissionsMember2024-07-012024-09-300000763907func:TrustDepartmentMember2024-07-012024-09-300000763907func:ServiceChargesMember2024-07-012024-09-300000763907func:OtherServiceChargesMember2024-07-012024-09-300000763907func:MiscellaneousOtherServiceMember2024-07-012024-09-300000763907func:DebitCardIncomeMember2024-07-012024-09-300000763907func:BrokerageCommissionsMember2024-07-012024-09-300000763907func:BankOwnedLifeInsuranceMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:TrustDepartmentMemberfunc:WealthManagementMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:ServiceChargesMemberfunc:CommunityBankingSegmentMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:OtherServiceChargesMemberfunc:CommunityBankingSegmentMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:MiscellaneousOtherServiceMemberfunc:CommunityBankingSegmentMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:DebitCardIncomeMemberfunc:CommunityBankingSegmentMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:BrokerageCommissionsMemberfunc:WealthManagementMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:TrustDepartmentMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:ServiceChargesMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:OtherServiceChargesMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:MiscellaneousOtherServiceMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:DebitCardIncomeMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:BrokerageCommissionsMember2024-01-012024-09-300000763907func:TrustDepartmentMember2024-01-012024-09-300000763907func:ServiceChargesMember2024-01-012024-09-300000763907func:OtherServiceChargesMember2024-01-012024-09-300000763907func:MiscellaneousOtherServiceMember2024-01-012024-09-300000763907func:DebitCardIncomeMember2024-01-012024-09-300000763907func:BrokerageCommissionsMember2024-01-012024-09-300000763907func:BankOwnedLifeInsuranceMember2024-01-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000763907us-gaap:FederalHomeLoanBankAdvancesMember2025-09-300000763907us-gaap:FederalHomeLoanBankAdvancesMember2024-12-310000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000763907us-gaap:FairValueMeasurementsRecurringMember2024-12-310000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-07-012025-09-300000763907func:AccretableYieldInIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-07-012025-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-01-012025-09-300000763907func:AccretableYieldInIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-01-012025-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-07-012024-09-300000763907func:AccretableYieldInIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-07-012024-09-300000763907func:AmortizationOfUnrecognizedLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-01-012024-09-300000763907func:AccretableYieldInIncomeMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-01-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-07-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-07-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-07-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-01-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2025-01-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2025-01-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-07-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-07-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-07-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-07-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMember2024-01-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AvailableForSaleSecuritiesAccumulatedOtherThanTemporaryImpairmentMember2024-01-012024-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossHeldToMaturityMember2024-01-012024-09-300000763907func:PartialChargeOffMember2025-09-300000763907func:PartialChargeOffMember2024-12-310000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2025-01-012025-09-300000763907func:CommercialRealEstateOwnerOccupiedMemberus-gaap:ExtendedMaturityMember2025-01-012025-09-300000763907us-gaap:ExtendedMaturityMember2025-01-012025-09-300000763907func:CommercialRealEstateOwnerOccupiedMemberus-gaap:ExtendedMaturityMember2024-07-012024-09-300000763907us-gaap:ExtendedMaturityMember2024-07-012024-09-300000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2024-01-012024-09-300000763907func:CommercialRealEstateOwnerOccupiedMemberus-gaap:ExtendedMaturityMember2024-01-012024-09-300000763907us-gaap:ExtendedMaturityMember2024-01-012024-09-300000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2025-07-012025-09-300000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2025-01-012025-09-300000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2024-07-012024-09-300000763907us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000763907us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000763907us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000763907us-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000763907us-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000763907us-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000763907us-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000763907us-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000763907func:ResidentialRealEstateConstructionFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000763907func:AllOtherAcquisitionAndDevelopmentMemberus-gaap:FinancialAssetNotPastDueMember2025-09-300000763907us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-09-300000763907us-gaap:FinancingReceivables60To89DaysPastDueMember2025-09-300000763907us-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300000763907us-gaap:FinancialAssetNotPastDueMember2025-09-300000763907us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-310000763907us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000763907us-gaap:ResidentialMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000763907us-gaap:ResidentialMortgageMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000763907us-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-310000763907us-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000763907us-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000763907us-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-310000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000763907func:ResidentialRealEstateConstructionFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-310000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000763907func:AllOtherAcquisitionAndDevelopmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000763907func:AllOtherAcquisitionAndDevelopmentMemberus-gaap:FinancialAssetNotPastDueMember2024-12-310000763907us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-310000763907us-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000763907us-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000763907us-gaap:FinancialAssetNotPastDueMember2024-12-310000763907us-gaap:ResidentialMortgageMemberus-gaap:SubstandardMember2025-09-300000763907us-gaap:ResidentialMortgageMemberus-gaap:SpecialMentionMember2025-09-300000763907us-gaap:ResidentialMortgageMemberus-gaap:PassMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialMortgageMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMemberus-gaap:HomeEquityMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMemberfunc:ResidentialRealEstateConstructionFinancingReceivableMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMemberfunc:OtherCommercialRealEstateFinancingReceivableMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMemberfunc:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMemberfunc:AllOtherAcquisitionAndDevelopmentMember2025-09-300000763907us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialMortgageMember2025-09-300000763907us-gaap:NonperformingFinancingReceivableMemberus-gaap:HomeEquityMember2025-09-300000763907us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2025-09-300000763907us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000763907us-gaap:NonperformingFinancingReceivableMemberfunc:OtherCommercialRealEstateFinancingReceivableMember2025-09-300000763907us-gaap:NonperformingFinancingReceivableMemberfunc:AllOtherAcquisitionAndDevelopmentMember2025-09-300000763907us-gaap:HomeEquityMemberus-gaap:SubstandardMember2025-09-300000763907us-gaap:HomeEquityMemberus-gaap:SpecialMentionMember2025-09-300000763907us-gaap:HomeEquityMemberus-gaap:PassMember2025-09-300000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2025-09-300000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2025-09-300000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2025-09-300000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-09-300000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2025-09-300000763907func:ResidentialRealEstateConstructionFinancingReceivableMemberus-gaap:PassMember2025-09-300000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:SubstandardMember2025-09-300000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:SpecialMentionMember2025-09-300000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:PassMember2025-09-300000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:SubstandardMember2025-09-300000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:SpecialMentionMember2025-09-300000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:PassMember2025-09-300000763907func:AllOtherAcquisitionAndDevelopmentMemberus-gaap:SubstandardMember2025-09-300000763907func:AllOtherAcquisitionAndDevelopmentMemberus-gaap:PassMember2025-09-300000763907us-gaap:SubstandardMember2025-09-300000763907us-gaap:SpecialMentionMember2025-09-300000763907us-gaap:PerformingFinancingReceivableMember2025-09-300000763907us-gaap:PassMember2025-09-300000763907us-gaap:NonperformingFinancingReceivableMember2025-09-300000763907func:AllOtherAcquisitionAndDevelopmentMember2025-09-300000763907us-gaap:ResidentialMortgageMemberus-gaap:SubstandardMember2024-12-310000763907us-gaap:ResidentialMortgageMemberus-gaap:SpecialMentionMember2024-12-310000763907us-gaap:ResidentialMortgageMemberus-gaap:PassMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMemberus-gaap:ResidentialMortgageMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMemberus-gaap:HomeEquityMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMemberfunc:ResidentialRealEstateConstructionFinancingReceivableMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMemberfunc:OtherCommercialRealEstateFinancingReceivableMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMemberfunc:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMemberfunc:AllOtherAcquisitionAndDevelopmentMember2024-12-310000763907us-gaap:NonperformingFinancingReceivableMemberus-gaap:ResidentialMortgageMember2024-12-310000763907us-gaap:NonperformingFinancingReceivableMemberus-gaap:HomeEquityMember2024-12-310000763907us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2024-12-310000763907us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000763907us-gaap:NonperformingFinancingReceivableMemberfunc:OtherCommercialRealEstateFinancingReceivableMember2024-12-310000763907us-gaap:NonperformingFinancingReceivableMemberfunc:AllOtherAcquisitionAndDevelopmentMember2024-12-310000763907us-gaap:HomeEquityMemberus-gaap:SubstandardMember2024-12-310000763907us-gaap:HomeEquityMemberus-gaap:PassMember2024-12-310000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000763907us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-12-310000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-12-310000763907us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-12-310000763907func:ResidentialRealEstateConstructionFinancingReceivableMemberus-gaap:PassMember2024-12-310000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:SubstandardMember2024-12-310000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:SpecialMentionMember2024-12-310000763907func:OtherCommercialRealEstateFinancingReceivableMemberus-gaap:PassMember2024-12-310000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:SubstandardMember2024-12-310000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:SpecialMentionMember2024-12-310000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMemberus-gaap:PassMember2024-12-310000763907func:AllOtherAcquisitionAndDevelopmentMemberus-gaap:SubstandardMember2024-12-310000763907func:AllOtherAcquisitionAndDevelopmentMemberus-gaap:PassMember2024-12-310000763907us-gaap:SubstandardMember2024-12-310000763907us-gaap:SpecialMentionMember2024-12-310000763907us-gaap:PerformingFinancingReceivableMember2024-12-310000763907us-gaap:PassMember2024-12-310000763907us-gaap:NonperformingFinancingReceivableMember2024-12-310000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMember2024-12-310000763907us-gaap:HomeEquityMember2025-01-012025-09-300000763907func:AllOtherAcquisitionAndDevelopmentMember2025-01-012025-09-300000763907us-gaap:ResidentialMortgageMember2024-01-012024-12-310000763907us-gaap:HomeEquityMember2024-01-012024-12-310000763907us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-12-310000763907us-gaap:CommercialPortfolioSegmentMember2024-01-012024-12-3100007639072024-01-012024-12-310000763907us-gaap:ResidentialPortfolioSegmentMember2025-07-012025-09-300000763907us-gaap:ConsumerPortfolioSegmentMember2025-07-012025-09-300000763907us-gaap:CommercialPortfolioSegmentMember2025-07-012025-09-300000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2025-07-012025-09-300000763907us-gaap:ResidentialPortfolioSegmentMember2025-01-012025-09-300000763907us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-09-300000763907us-gaap:CommercialPortfolioSegmentMember2025-01-012025-09-300000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2025-01-012025-09-300000763907us-gaap:ResidentialPortfolioSegmentMember2024-07-012024-09-300000763907us-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300000763907us-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2024-07-012024-09-300000763907us-gaap:ResidentialPortfolioSegmentMember2024-01-012024-09-300000763907us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2024-01-012024-09-300000763907us-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2024-01-012024-09-300000763907us-gaap:ResidentialMortgageMember2025-09-300000763907us-gaap:HomeEquityMember2025-09-300000763907func:OtherCommercialRealEstateFinancingReceivableMember2025-09-300000763907func:CommercialRealEstateNonOwnerOccupiedFinancingReceivableMember2025-09-300000763907us-gaap:ResidentialMortgageMember2024-12-310000763907us-gaap:HomeEquityMember2024-12-310000763907func:OtherCommercialRealEstateFinancingReceivableMember2024-12-310000763907func:AllOtherAcquisitionAndDevelopmentMember2024-12-310000763907us-gaap:ResidentialPortfolioSegmentMember2025-06-300000763907us-gaap:ConsumerPortfolioSegmentMember2025-06-300000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2025-06-300000763907us-gaap:CommercialPortfolioSegmentMember2025-06-300000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2025-06-3000007639072025-06-300000763907us-gaap:ResidentialPortfolioSegmentMember2024-09-300000763907us-gaap:ConsumerPortfolioSegmentMember2024-09-300000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2024-09-300000763907us-gaap:CommercialPortfolioSegmentMember2024-09-300000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2024-09-300000763907us-gaap:ResidentialPortfolioSegmentMember2024-06-300000763907us-gaap:ConsumerPortfolioSegmentMember2024-06-300000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2024-06-300000763907us-gaap:CommercialPortfolioSegmentMember2024-06-300000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2024-06-3000007639072024-06-300000763907us-gaap:ResidentialPortfolioSegmentMember2023-12-310000763907us-gaap:ConsumerPortfolioSegmentMember2023-12-310000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-310000763907us-gaap:CommercialPortfolioSegmentMember2023-12-310000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2023-12-310000763907srt:MinimumMember2024-12-310000763907srt:MaximumMember2024-12-310000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2025-06-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-09-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-06-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-12-310000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2025-07-012025-09-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2025-01-012025-09-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-07-012024-09-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-01-012024-09-300000763907func:TrustAndInvestmentServicesSegmentMember2025-09-300000763907func:TrustAndInvestmentServicesSegmentMember2024-12-310000763907us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300000763907us-gaap:FairValueMeasurementsRecurringMember2025-09-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000763907func:Year2025Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-09-300000763907func:Year2024Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-09-300000763907func:Year2023Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-09-300000763907us-gaap:RetainedEarningsMember2025-07-012025-09-300000763907us-gaap:RetainedEarningsMember2025-04-012025-06-300000763907us-gaap:RetainedEarningsMember2025-01-012025-03-310000763907us-gaap:RetainedEarningsMember2024-07-012024-09-300000763907us-gaap:RetainedEarningsMember2024-04-012024-06-300000763907us-gaap:RetainedEarningsMember2024-01-012024-03-310000763907us-gaap:InterestRateSwapMember2016-03-310000763907us-gaap:InterestRateSwapMember2025-09-300000763907us-gaap:InterestRateSwapMember2024-12-310000763907srt:DirectorMemberfunc:TwentyEighteenEquityPlanMember2025-05-012025-05-310000763907srt:DirectorMember2025-01-012025-09-300000763907srt:DirectorMemberfunc:TwentyEighteenEquityPlanMember2024-05-012024-05-310000763907srt:MaximumMemberfunc:TwentyEighteenEquityPlanMember2025-09-300000763907srt:DirectorMember2025-09-300000763907us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2025-09-300000763907us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-12-310000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2025-09-300000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-300000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-09-300000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2025-09-300000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-09-300000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2025-09-300000763907us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-12-310000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-310000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000763907us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2024-12-310000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000763907us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-12-3100007639072023-12-310000763907us-gaap:CorporateDebtSecuritiesMember2025-09-300000763907us-gaap:CollateralizedDebtObligationsMember2025-09-300000763907us-gaap:CorporateDebtSecuritiesMember2024-12-310000763907us-gaap:CollateralizedDebtObligationsMember2024-12-310000763907func:InvestmentSecuritiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfunc:DiscountedCashFlowMember2025-09-300000763907func:ImpairedLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberfunc:MarketComparablePropertiesMember2025-09-300000763907func:EquityMethodInvestmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputRevenueMultipleMember2025-09-300000763907func:InvestmentSecuritiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfunc:DiscountedCashFlowMember2024-12-310000763907func:ImpairedLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberfunc:MarketComparablePropertiesMember2024-12-310000763907func:EquityMethodInvestmentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310000763907func:OtherRealEstateOwnedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000763907us-gaap:OperatingSegmentsMemberfunc:WealthManagementMember2025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:CommunityBankingSegmentMember2025-09-300000763907us-gaap:OperatingSegmentsMember2025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:WealthManagementMember2024-12-310000763907us-gaap:OperatingSegmentsMemberfunc:CommunityBankingSegmentMember2024-12-310000763907us-gaap:OperatingSegmentsMember2024-12-310000763907us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300000763907us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300000763907func:Year2025Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-07-012025-09-300000763907func:Year2024Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-07-012025-09-300000763907func:Year2023Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-07-012025-09-300000763907func:Year2022Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-07-012025-09-300000763907srt:DirectorMemberfunc:TwentyEighteenEquityPlanMember2025-07-012025-09-300000763907func:EmployeesMember2025-07-012025-09-300000763907func:Year2025Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-01-012025-09-300000763907func:Year2024Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-01-012025-09-300000763907func:Year2023Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-01-012025-09-300000763907func:Year2022Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2025-01-012025-09-300000763907srt:DirectorMemberfunc:TwentyEighteenEquityPlanMember2025-01-012025-09-300000763907func:EmployeesMember2025-01-012025-09-300000763907func:Year2024Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-07-012024-09-300000763907func:Year2023Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-07-012024-09-300000763907func:Year2021Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-07-012024-09-300000763907srt:DirectorMemberfunc:TwentyEighteenEquityPlanMember2024-07-012024-09-300000763907func:EmployeesMember2024-07-012024-09-300000763907func:Year2024Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-01-012024-09-300000763907func:Year2023Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-01-012024-09-300000763907func:Year2021Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-01-012024-09-300000763907srt:DirectorMemberfunc:TwentyEighteenEquityPlanMember2024-01-012024-09-300000763907func:EmployeesMember2024-01-012024-09-300000763907us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300000763907us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-3000007639072025-04-012025-06-300000763907us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-3100007639072025-01-012025-03-310000763907us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000763907us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000007639072024-04-012024-06-300000763907us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100007639072024-01-012024-03-310000763907func:Year2022Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-07-012024-09-300000763907func:Year2022Memberus-gaap:RestrictedStockUnitsRSUMemberfunc:LongTermIncentivePlanMember2024-01-012024-09-300000763907us-gaap:MaturityOvernightMember2024-12-310000763907srt:OfficerMemberfunc:PerformanceVestedSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2020-03-262020-03-260000763907srt:OfficerMemberfunc:PerformanceVestedSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2020-03-262020-03-260000763907func:Year2025Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2025-02-012025-02-280000763907func:Year2024Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2024-05-012024-05-310000763907func:Year2023Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2023-03-012023-03-310000763907func:Year2022Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2022-03-012022-03-310000763907func:Year2021Memberfunc:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2021-05-012021-05-310000763907func:TimeVestedSharesMemberfunc:LongTermIncentivePlanMember2020-03-262020-03-260000763907func:PerformanceVestedSharesMemberfunc:LongTermIncentivePlanMember2020-03-262020-03-260000763907func:Year2025Memberfunc:PerformanceVestedSharesMemberfunc:LongTermIncentivePlanMember2025-02-012025-02-280000763907func:Year2024Memberfunc:PerformanceVestedSharesMemberfunc:LongTermIncentivePlanMember2024-05-012024-05-310000763907func:Year2023Memberfunc:PerformanceVestedSharesMemberfunc:LongTermIncentivePlanMember2023-03-012023-03-310000763907func:Year2022Memberfunc:PerformanceVestedSharesMemberfunc:LongTermIncentivePlanMember2022-03-012022-03-310000763907func:Year2021Memberfunc:PerformanceVestedSharesMemberfunc:LongTermIncentivePlanMember2021-05-012021-05-310000763907us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-01-012025-09-300000763907us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-01-012024-12-310000763907func:ResidentialRealEstateConstructionFinancingReceivableMember2025-01-012025-09-300000763907func:ResidentialRealEstateConstructionFinancingReceivableMember2024-01-012024-12-310000763907func:TimeDepositRetailLiabilityMember2025-09-300000763907func:TimeDepositBrokeredLiabilityMember2025-09-300000763907func:SavingsDepositLiabilityMember2025-09-300000763907func:MoneyMarketLiabilityMember2025-09-300000763907func:MoneyMarketLiabilityBrokeredMember2025-09-300000763907func:DemandDepositLiabilityMember2025-09-300000763907func:TimeDepositRetailLiabilityMember2024-12-310000763907func:SavingsDepositLiabilityMember2024-12-310000763907func:MoneyMarketLiabilityMember2024-12-310000763907func:MoneyMarketLiabilityBrokeredMember2024-12-310000763907func:DemandDepositLiabilityMember2024-12-310000763907us-gaap:InterestRateSwapMember2016-03-012016-03-310000763907us-gaap:JuniorSubordinatedDebtMember2025-09-300000763907us-gaap:JuniorSubordinatedDebtMember2024-12-310000763907us-gaap:OperatingSegmentsMemberfunc:WealthManagementMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:CommunityBankingSegmentMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMember2025-07-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:WealthManagementMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:CommunityBankingSegmentMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMember2025-01-012025-09-300000763907us-gaap:OperatingSegmentsMemberfunc:WealthManagementMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:CommunityBankingSegmentMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMember2024-07-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:WealthManagementMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMemberfunc:CommunityBankingSegmentMember2024-01-012024-09-300000763907us-gaap:OperatingSegmentsMember2024-01-012024-09-300000763907us-gaap:USStatesAndPoliticalSubdivisionsMember2025-09-300000763907us-gaap:USGovernmentAgenciesDebtSecuritiesMember2025-09-300000763907us-gaap:ResidentialMortgageBackedSecuritiesMember2025-09-300000763907us-gaap:MortgageBackedSecuritiesMember2025-09-300000763907us-gaap:CommercialMortgageBackedSecuritiesMember2025-09-300000763907us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000763907us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-12-310000763907us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000763907us-gaap:MortgageBackedSecuritiesMember2024-12-310000763907us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossAvailableForSaleMember2025-07-012025-09-300000763907us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberfunc:AccumulatedNetUnrealizedInvestmentGainLossAvailableForSaleMember2025-01-012025-09-300000763907us-gaap:FairValueMeasurementsNonrecurringMemberfunc:PartialChargeOffMember2025-09-300000763907us-gaap:FairValueMeasurementsNonrecurringMember2025-09-300000763907us-gaap:FairValueMeasurementsNonrecurringMemberfunc:PartialChargeOffMember2024-12-310000763907us-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000763907func:ResidentialRealEstateConstructionFinancingReceivableMember2025-09-300000763907func:ResidentialRealEstateConstructionFinancingReceivableMember2024-12-310000763907us-gaap:ResidentialPortfolioSegmentMember2025-09-300000763907us-gaap:ConsumerPortfolioSegmentMember2025-09-300000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2025-09-300000763907us-gaap:CommercialPortfolioSegmentMember2025-09-300000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2025-09-300000763907us-gaap:ResidentialPortfolioSegmentMember2024-12-310000763907us-gaap:ConsumerPortfolioSegmentMember2024-12-310000763907us-gaap:CommercialRealEstatePortfolioSegmentMember2024-12-310000763907us-gaap:CommercialPortfolioSegmentMember2024-12-310000763907func:CommercialAndResidentialConstructionPortfolioSegmentMember2024-12-310000763907us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2025-09-300000763907us-gaap:RealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2025-09-300000763907func:OtherCollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2025-09-300000763907us-gaap:RealEstateMember2025-09-300000763907func:OtherCollateralPledgedMember2025-09-300000763907us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMember2024-12-310000763907us-gaap:RealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMember2024-12-310000763907func:OtherCollateralPledgedMemberus-gaap:CommercialPortfolioSegmentMember2024-12-310000763907us-gaap:RealEstateMember2024-12-310000763907func:OtherCollateralPledgedMember2024-12-310000763907srt:MinimumMemberfunc:InvestmentSecuritiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfunc:DiscountedCashFlowMember2025-01-012025-09-300000763907srt:MaximumMemberfunc:InvestmentSecuritiesAvailableForSaleMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfunc:DiscountedCashFlowMember2025-01-012025-09-300000763907func:ImpairedLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputRevenueMultipleMember2025-01-012025-09-300000763907srt:WeightedAverageMemberfunc:OtherRealEstateOwnedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberfunc:MarketComparablePropertiesMember2024-01-012024-12-310000763907srt:MinimumMemberfunc:OtherRealEstateOwnedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberfunc:MarketComparablePropertiesMember2024-01-012024-12-310000763907srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfunc:DiscountedCashFlowMember2024-01-012024-12-310000763907srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberfunc:DiscountedCashFlowMember2024-01-012024-12-310000763907func:OtherRealEstateOwnedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberfunc:MarketComparablePropertiesMember2024-01-012024-12-310000763907func:ImpairedLoansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputRevenueMultipleMember2024-01-012024-12-3100007639072024-09-3000007639072024-12-3100007639072025-09-3000007639072024-07-012024-09-3000007639072024-01-012024-09-300000763907us-gaap:FairValueInputsLevel1Member2025-09-300000763907us-gaap:FairValueInputsLevel1Member2024-12-310000763907us-gaap:FairValueInputsLevel3Member2025-09-300000763907us-gaap:FairValueInputsLevel2Member2025-09-300000763907us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300000763907us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-09-300000763907us-gaap:FairValueInputsLevel3Member2024-12-310000763907us-gaap:FairValueInputsLevel2Member2024-12-310000763907us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000763907us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-3100007639072025-07-012025-09-3000007639072025-10-3100007639072025-01-012025-09-30xbrli:sharesiso4217:USDxbrli:purefunc:loanfunc:securityfunc:contractiso4217:USDxbrli:sharesfunc:segment

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For quarterly period ended September 30, 2025

◻ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from _______________ to ________________

Commission file number 0-14237

First United Corporation

(Exact name of registrant as specified in its charter)


Maryland		52-1380770
(State or other jurisdiction of incorporation or organization)		(I. R. S. Employer Identification No.)

19 South Second Street, Oakland, Maryland		21550-0009
(Address of principal executive offices)		(Zip Code)

(800) 470-4356

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock	FUNC	Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large Accelerated filer ◻	Accelerated Filer ◻
Non-Accelerated filer ☑	Smaller Reporting Company ☑
Emerging Growth Company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ◻ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 6,496,908 shares of common stock, par value $0.01 per share, as of October 31, 2025.

Table of Contents

INDEX TO QUARTERLY REPORT

FIRST UNITED CORPORATION


		Page
PART I. FINANCIAL INFORMATION		3
Item 1.	Financial Statements (unaudited)	3
	Consolidated Statements of Financial Condition – September 30, 2025 and December 31, 2024	3
	Consolidated Statements of Operations – for the nine and three months ended September 30, 2025 and 2024	4
	Consolidated Statements of Comprehensive Income – for the nine and three months ended September 30, 2025 and 2024	6
	Consolidated Statements of Changes in Shareholders’ Equity – for the nine and three months ended September 30, 2025 and 2024	8
	Consolidated Statements of Cash Flows – for the nine months ended September 30, 2025 and 2024	10
	Notes to Consolidated Financial Statements	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	49
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	68
Item 4.	Controls and Procedures	68

PART II. OTHER INFORMATION		69
Item 1.	Legal Proceedings	69
Item 1A.	Risk Factors	69
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 3.	Defaults upon Senior Securities	69
Item 4.	Mine Safety Disclosures	69
Item 5.	Other Information	69
Item 6.	Exhibits	70
SIGNATURES		71

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

First United Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share data - Unaudited)



	September 30, 2025		December 31, 2024

Assets
Cash and due from banks	$	92,268	$	77,020
Interest bearing deposits in banks		2,907		1,307
Cash and cash equivalents		95,175		78,327
Investment securities – available for sale (at fair value)		105,060		94,494
Investment securities – held to maturity, net of allowance for credit losses of $102 at September 30, 2025 and $59 at December 31, 2024 (fair value $149,130 at September 30, 2025 and $144,760 at December 31, 2024)		172,818		175,497
Equity investments not held for trading with readily determinable fair values		1,020		—
Restricted investment in bank stock, at cost		4,628		5,768
Loans held for sale		861		806
Loans		1,496,762		1,480,793
Unearned fees		(473)		(442)
Allowance for credit losses		(19,089)		(18,170)
Net loans		1,477,200		1,462,181
Premises and equipment, net		30,369		30,081
Goodwill and other intangibles		11,526		11,773
Bank owned life insurance		49,997		48,952
Deferred tax assets		8,228		9,989
Other real estate owned, net		2,718		3,062
Repossessed assets		3,043		2,802
Right of use assets		984		1,204
Pension asset		21,382		17,824
Accrued interest receivable		7,479		7,473
Other assets		31,486		22,789
Total Assets	$	2,023,974	$	1,973,022
Liabilities and Shareholders’ Equity
Liabilities:
Non-interest bearing deposits	$	429,986	$	426,737
Interest bearing deposits		1,248,916		1,148,092
Total deposits		1,678,902		1,574,829
Short-term borrowings		20,207		65,409
Long-term borrowings		95,929		120,929
Operating lease liability		1,152		1,384
SERP deferred compensation		8,530		8,335
Allowance for credit losses on off-balance sheet credit exposures		981		863
Accrued interest payable		661		489
Other liabilities		16,824		20,065
Dividends payable		1,689		1,424
Total Liabilities		1,824,875		1,793,727
Shareholders’ Equity:
Common Stock – par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,496,908 shares at September 30, 2025 and 6,471,096 at December 31, 2024		65		65
Surplus		21,290		20,476
Retained earnings		203,197		189,002
Accumulated other comprehensive loss, net of tax		(25,453)		(30,248)
Total Shareholders’ Equity		199,099		179,295
Total Liabilities and Shareholders’ Equity	$	2,023,974	$	1,973,022

See accompanying notes to the consolidated financial statements

Table of Contents

First United Corporation and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)


	Nine Months Ended
	September 30,
	2025		2024

	(Unaudited)
Interest income
Interest and fees on loans	$	67,109	$	60,457
Interest on investment securities
Taxable		5,365		5,088
Exempt from federal income tax		159		162
Total investment income		5,524		5,250
Other		2,062		2,561
Total interest income		74,695		68,268
Interest expense
Interest on deposits:
Savings		131		138
Interest-bearing transaction accounts		15,647		15,109
Time deposits		4,702		3,996
Total interest on deposits		20,480		19,243
Interest on short-term borrowings		58		1,437
Interest on long-term borrowings		4,031		3,310
Total Interest Expense		24,569		23,990
Net Interest income		50,126		44,278
Credit loss expense
Credit loss expense - loans		1,865		2,407
Credit loss expense - debt securities held to maturity		43		14
Credit loss expense/(credit) - off-balance sheet credit exposures		118		(17)
Total credit loss expense		2,026		2,404
Net interest income after provision for credit losses		48,100		41,874
Other operating income
Net gains on investments, available for sale		97		—
Net gains on sales of residential mortgage loans		401		282
Net gains on disposal of fixed assets		1		—
Net gains		499		282
Other Income
Service charges on deposit accounts		1,687		1,667
Other service charges		638		676
Trust department		7,157		6,771
Debit card income		2,884		2,931
Bank owned life insurance		1,045		1,000
Brokerage commissions		1,137		1,154
Other		288		288
Total other income		14,836		14,487
Total other operating income		15,335		14,769
Other operating expenses
Salaries and employee benefits		22,239		21,573
FDIC premiums		778		810
Equipment expense		1,658		2,185
Occupancy expense of premises		2,043		2,315
Data processing expense		4,620		4,073
Marketing expense		616		469
Professional services		1,704		1,412
Contract labor		456		416
Telephone		283		309
Other real estate owned expense, net		369		224
Investor relations		251		228
Contributions		224		181
Other		3,295		3,364
Total other operating expenses		38,536		37,559
Income before income tax expense	$	24,899	$	19,084
Provision for income tax expense		6,161		4,701
Net Income	$	18,738	$	14,383
Basic net income per share	$	2.89	$	2.20
Diluted net income per share	$	2.88	$	2.19
Weighted average number of basic shares outstanding		6,487		6,546
Weighted average number of diluted shares outstanding		6,501		6,558
Dividends declared per share	$	0.70	$	0.62

See accompanying notes to the consolidated financial statements

Table of Contents

First United Corporation and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)


	Three Months Ended
	September 30,
	2025		2024

	(Unaudited)
Interest income
Interest and fees on loans	$	23,060	$	21,018
Interest on investment securities
Taxable		1,826		1,647
Exempt from federal income tax		57		56
Total investment income		1,883		1,703
Other		819		536
Total interest income		25,762		23,257
Interest expense
Interest on deposits:
Savings		43		45
Interest-bearing transaction accounts		5,343		5,397
Time deposits		1,623		1,137
Total interest on deposits		7,009		6,579
Interest on short-term borrowings		17		467
Interest on long-term borrowings		1,333		983
Total Interest Expense		8,359		8,029
Net Interest income		17,403		15,228
Credit loss expense
Credit loss expense - loans		480		195
Credit loss expense - debt securities held to maturity		43		14
Credit loss (credit)/expense - off-balance sheet credit exposures		(13)		55
Total credit loss expense		510		264
Net interest income after provision for credit losses		16,893		14,964
Other operating income
Net gains on investments, available for sale		97		—
Net gains on sales of residential mortgage loans		163		141
Net gains on sales of fixed assets		1		—
Net gains		261		141
Other Income
Service charges on deposit accounts		563		555
Other service charges		218		236
Trust department		2,448		2,328
Debit card income		980		1,000
Bank owned life insurance		355		340
Brokerage commissions		346		297
Other		164		156
Total other income		5,074		4,912
Total other operating income		5,335		5,053
Other operating expenses
Salaries and employee benefits		7,589		7,160
FDIC premiums		266		256
Equipment expense		515		627
Occupancy expense of premises		679		709
Data processing expense		1,517		1,333
Marketing expense		182		151
Professional services		639		477
Contract labor		127		149
Telephone		89		97
Other real estate owned expense, net		69		124
Investor relations		57		84
Contributions		90		65
Other		1,167		1,082
Total other operating expenses		12,986		12,314
Income before income tax expense	$	9,242	$	7,703
Provision for income tax expense		2,294		1,932
Net Income	$	6,948	$	5,771
Basic net income per share	$	1.07	$	0.89
Diluted net income per share	$	1.07	$	0.89
Weighted average number of basic shares outstanding		6,496		6,468
Weighted average number of diluted shares outstanding		6,508		6,482
Dividends declared per share	$	0.26	$	0.22

See accompanying notes to the consolidated financial statements

Table of Contents

First United Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

(In thousands)



	Nine Months Ended
	September 30,
	2025		2024

Comprehensive Income	(Unaudited)
Net Income	$	18,738	$	14,383
Other comprehensive income, net of tax and reclassification adjustments:
Available for sale securities:
Unrealized holding gain on investments with credit related impairment		513		103
Reclassification adjustment for accretable yield realized in income		152		152
Other comprehensive income/(loss) on investments with credit related impairment		361		(49)

Unrealized holding gains on all other AFS investments		3,225		2,044
Reclassification adjustment for gains realized in income		97		—
Other comprehensive income on all other AFS investments		3,128		2,044

Held to Maturity Securities
Unrealized holding gains on securities transferred to held to maturity		—		—
Reclassification adjustment for amortization realized in income		(502)		(503)
Other comprehensive income on HTM investments		502		503

Cash flow hedges:
Unrealized holding losses on cash flow hedges		(287)		(319)
Other comprehensive loss on cash flow hedges		(287)		(319)

Pension plan liability:
Unrealized holding gains on pension plan liability		2,455		4,181
Reclassification adjustment for amortization of unrecognized losses realized in income		(397)		(608)
Other comprehensive income on pension plan liability		2,852		4,789

SERP liability:
Unrealized holding gains on SERP liability		—		—
Reclassification adjustment for amortization of unrealized losses realized in income		—		(118)
Other comprehensive income on SERP liability		—		118
Other comprehensive income before income tax		6,556		7,086
Income tax effect related to other comprehensive income		(1,761)		(1,872)

Other comprehensive income, net of tax		4,795		5,214
Comprehensive income	$	23,533	$	19,597

See accompanying notes to the consolidated financial statements

Table of Contents

First United Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

(In thousands)



	Three Months Ended
	September 30,
	2025		2024

Comprehensive Income	(Unaudited)
Net Income	$	6,948	$	5,771
Other comprehensive income, net of tax and reclassification adjustments:
Available for sale securities:
Unrealized holding gains on investments with credit related impairment		7		740
Reclassification adjustment for accretable yield realized in income		51		51
Other comprehensive (loss)/income on investments with credit related impairment		(44)		689

Unrealized holding gains on all other AFS investments		891		3,384
Reclassification adjustment for gains realized in income		97		—
Other comprehensive income on all other AFS investments		794		3,384

Held to Maturity Securities
Unrealized holding gains on securities transferred to held to maturity		—		—
Reclassification adjustment for amortization realized in income		(185)		(182)
Other comprehensive income on HTM investments		185		182

Cash flow hedges:
Unrealized holding losses on cash flow hedges		(98)		(323)
Other comprehensive loss on cash flow hedges		(98)		(323)

Pension plan liability:
Unrealized holding gains on pension plan liability		2,478		3,229
Reclassification adjustment for amortization of unrecognized losses realized in income		(132)		(202)
Other comprehensive income on pension plan liability		2,610		3,431

SERP liability:
Unrealized holding gains on SERP liability		—		—
Reclassification adjustment for amortization of unrealized losses realized in income		—		(39)
Other comprehensive income on SERP liability		—		39

Other comprehensive income before income tax		3,447		7,402
Income tax effect related to other comprehensive income		(923)		(1,955)

Other comprehensive income, net of tax		2,524		5,447
Comprehensive income	$	9,472	$	11,218

See accompanying notes to the consolidated financial statements

Table of Contents

First United Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

(In thousands, except per share data)


	Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Loss, Net of Tax		Total Shareholders' Equity
Balance at January 1, 2025	$	65	$	20,476	$	189,002	$	(30,248)	$	179,295
Net income						5,806				5,806
Other comprehensive loss								(111)		(111)
Stock based compensation				55						55
Common stock issued - 7,538 shares				75						75
Common stock dividend declared - $0.22 per share						(1,426)				(1,426)
Balance at March 31, 2025	$	65	$	20,606	$	193,382	$	(30,359)	$	183,694
Net income						5,984				5,984
Other comprehensive income								2,382		2,382
Stock based compensation				440						440
Common stock issued - 15,977 shares				75						75
Common stock dividend declared - $0.22 per share						(1,428)				(1,428)
Balance at June 30, 2025	$	65	$	21,121	$	197,938	$	(27,977)	$	191,147
Net income						6,948				6,948
Other comprehensive income								2,524		2,524
Stock based compensation				93						93
Common stock issued - 2,297 shares				76						76
Common stock dividend declared- $0.26 per share						(1,689)				(1,689)
Balance at September 30, 2025	$	65	$	21,290	$	203,197	$	(25,453)	$	199,099

See accompanying notes to the consolidated financial statements

Table of Contents

First United Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

(In thousands, except per share data)


	Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Loss, Net of Tax		Total Shareholders' Equity
Balance at January 1, 2024	$	66	$	23,734	$	173,900	$	(35,827)	$	161,873
Net income						3,698				3,698
Other comprehensive income								1,105		1,105
Stock based compensation				57						57
Common stock issued - 8,757 shares				74						74
Common stock dividend declared - $0.20 per share						(1,326)				(1,326)
Balance at March 31, 2024	$	66	$	23,865	$	176,272	$	(34,722)	$	165,481
Net income						4,914				4,914
Other comprehensive loss								(1,338)		(1,338)
Stock based compensation				376						376
Common stock issued - 18,756 shares				70						70
Common stock repurchased - 201,800 shares		(1)		(4,031)						(4,032)
Common stock dividend declared - $0.20 per share						(1,294)				(1,294)
Balance at June 30, 2024	$	65	$	20,280	$	179,892	$	(36,060)	$	164,177
Net income						5,771				5,771
Other comprehensive income								5,447		5,447
Stock based compensation				(63)						(63)
Common stock issued - 2,964 shares				71						71
Common stock dividend declared- $0.22 per share						(1,424)				(1,424)
Balance at September 30, 2024	$	65	$	20,288	$	184,239	$	(30,613)	$	173,979

See accompanying notes to the consolidated financial statements

Table of Contents

First United Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)


	Nine Months Ended
	September 30,
	2025		2024

	(Unaudited)
Operating activities
Net income	$	18,738	$	14,383
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		2,026		2,404
Depreciation		1,935		2,633
Stock based compensation		588		370
Gains on sales of other real estate owned, net		(79)		(132)
Write-downs of other real estate owned, net		41		—
Originations of loans held for sale		(5,816)		(7,456)
Proceeds from sales of loans held for sale		6,162		7,949
Gains from sales of loans held for sale		(401)		(282)
Gains on disposal of fixed assets		(1)		—
Net accretion of investment securities discounts and premiums- AFS		(142)		(66)
Net accretion of investment securities discounts and premiums- HTM		(436)		(457)
Amortization of intangible assets		247		247
Gains on sales of investment securities – AFS		(97)		—
Earnings on bank owned life insurance		(1,045)		(1,000)
Amortization of deferred loan fees, net		(160)		(137)
Amortization of operating lease right of use asset		220		204
Increase in accrued interest receivable and other assets		(7,268)		(957)
Deferred tax (benefit)/expense		(1,761)		1,776
Amortization of operating lease liability		(232)		(213)
Decrease in accrued interest payable and other liabilities		(3,042)		(6,230)
Net cash provided by operating activities		9,477		13,036
Investing activities
Proceeds from maturities/calls of investment securities - AFS		4,031		6,069
Proceeds from maturities/calls of investment securities - HTM		5,424		42,557
Proceeds from sales of investment securities - AFS		8,965		—
Purchases of investment securities - AFS		(19,831)		—
Purchases of investment securities - HTM		(2,352)		(1,871)
Purchases of equity securities with readily determinable fair market values		(1,020)		—
Proceeds from sales of other real estate owned		612		1,834
Proceeds from disposal of fixed assets		1		—
Net decrease/(increase) in restricted stock		1,140		(515)
Net increase in loans		(17,195)		(43,032)
Purchases of premises and equipment		(2,223)		(1,878)
Net cash (used in)/provided by investing activities		(22,448)		3,164
Financing activities
Net increase/(decrease) in deposits		104,073		(10,582)
Issuance of common stock		226		215
Cash dividends paid on common stock		(4,278)		(3,951)
Net (decrease)/increase in short-term borrowings		(45,202)		4,788
Stock repurchase		—		(4,031)
Proceeds from long-term borrowings		—		90,000
Payments of long-term borrowings		(25,000)		(80,000)
Net cash provided by/(used in) financing activities		29,819		(3,561)
Increase in cash and cash equivalents		16,848		12,639
Cash and cash equivalents at beginning of the year		78,327		49,753
Cash and cash equivalents at end of period	$	95,175	$	62,392
Supplemental information
Interest paid	$	25,030	$	22,748
Taxes paid	$	6,309	$	3,243
Non-cash investing activities:
Transfers from loans to other real estate owned	$	—	$	69
Transfers from loans to other repossessed assets	$	241	$	—

See accompanying notes to the consolidated financial statements

Table of Contents

FIRST UNITED CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 – Basis of Presentation

The financial information is presented in accordance with generally accepted accounting principles and general practice for financial institutions in the United States of America (“GAAP”). First United Corporation has prepared these unaudited condensed consolidated financial statements in accordance with GAAP for interim financial information, rules of the Securities and Exchange Commission that permit reduced disclosure for interim periods, and Article 8 of Regulation S-X. Operating results for the nine- and three-month periods ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year or for any future interim period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in First United Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024.

In preparing financial statements, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities as of the date of financial statements. In addition, these estimates and assumptions affect revenues and expenses in the financial statements and, as such, actual results could differ from those estimates.

In the opinion of management, all adjustments (all of which are of a normal recurring nature) that are necessary for a fair statement are reflected in the unaudited condensed consolidated financial statements.

Principles of Consolidation

The consolidated financial statements include the accounts of First United Corporation, First United Bank & Trust (the “Bank”), First United Statutory Trust I, First United Statutory Trust II, OakFirst Loan Center, LLC, OakFirst Loan Center, Inc. and First OREO Trust. All significant inter-company accounts and transactions have been eliminated.

As used in these notes, the terms “the Corporation” “we”, “us”, and “our” refer to First United Corporation and, unless the context clearly requires otherwise, its consolidated subsidiaries.

The Corporation has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2025 and through the date these consolidated financial statements were issued, for items of potential recognition or disclosure.

Note 2 – Accounting Statements Issued but Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires public business entities to disclose in their rate reconciliation table additional categories of information about Federal, state, and foreign income taxes and to provide more details about the reconciling items in some categories if items meet a quantitative threshold. ASU No. 2023-09 also requires all entities to disclose income taxes paid, net of refunds, disaggregated by Federal, state, and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold, among other things. ASU No. 2023-09 became effective for annual periods beginning after December 15, 2024 and early adoption is permitted. First United Corporation will adopt this ASU in its annual report for the period ending December 31, 2025 and does not believe that such adoption will have a material impact on the Corporation’s financial statements.

In November 2024, FASB issued ASU No. 2024-03, “Income Statement- Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU No. 2024-03 requires disaggregated disclosure of income statement expenses for public business entities. ASU No. 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU No. 2024-03 is effective on a prospective basis for annual periods beginning

Table of Contents

after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, though early adoption and retrospective application is permitted. ASU No. 2024-03 is not expected to have a material impact on our financial statements.

In July 2025, FASB issued ASU No. 2025-05, “Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets.” ASU No. 2025-05 provides all entities with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. ASU No. 2025-05 is effective on a prospective basis or annual periods beginning after December 15, 2025, though early adoption and retroactive application is permitted. ASU No. 2025-05 is not expected to have a material impact on our financial statements.

In September 2025, FASB issued ASU No. 2025-06, “Intangibles- Goodwill and Other Internal Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” ASU No. 2025-06 applies to all entities subject to internal-use software guidance in Subtopic 350-40 and website development costs in accordance with Subtopic 350-50. The amendments in ASU No.2025-06 remove all reference to prescriptive and sequential software development stages. Therefore, an entity is required to start capitalizing software costs when both the following occur: 1) management has authorized and committed to funding the software project and 2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU No. 2025-06 is effective on a prospective basis on annual periods beginning after December 15, 2027, though early adoption and retroactive application is permitted. ASU No. 2025.06 is not expected to have a material impact on our financial statements.

Note 3 – Earnings Per Share

Basic earnings per share is derived by dividing net income available to shareholders by the weighted-average number of common shares outstanding during the period and does not include the effect of any potentially dilutive common stock equivalents. Diluted earnings per share is derived by dividing net income available to shareholders by the weighted-average number of shares outstanding, adjusted for the dilutive effect of outstanding common stock equivalents, such as restricted stock units (“RSUs”). There were no anti-dilutive shares outstanding at September 30, 2025 or September 30, 2024.

Table of Contents

The following table sets forth the calculation of basic and diluted earnings per common share for the nine- and three-month periods ended September 30, 2025 and 2024:


	Nine months ended September 30,
	2025					2024
			Weighted					Weighted
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic Earnings Per Share:

Net income	$	18,738	6,487	$	2.89	$	14,383	6,546	$	2.20

Diluted Earnings Per Share:

Restricted stock units			14					12

Net income	$	18,738	6,501	$	2.88	$	14,383	6,558	$	2.19



	Three months ended September 30,
	2025					2024
			Weighted					Weighted
			Average	Per Share				Average	Per Share
(in thousands, except for per share amount)	Income		Shares	Amount		Income		Shares	Amount
Basic Earnings Per Share:

Net income	$	6,948	6,496	$	1.07	$	5,771	6,468	$	0.89

Diluted Earnings Per Share:

Restricted stock units			12					14

Net income	$	6,948	6,508	$	1.07	$	5,771	6,482	$	0.89

Note 4 – Investments

The following tables show a comparison of amortized cost and fair values of investment securities at September 30, 2025 and December 31, 2024:



(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
September 30, 2025
Available for Sale:
U.S. government agencies	$	2,000	$	—	$	624	$	—	$	1,376
Residential mortgage-backed agencies		24,273		30		3,384		—		20,919
Commercial mortgage-backed agencies		37,988		—		7,943		—		30,045
Collateralized mortgage obligations		30,615		28		2,528		—		28,115
Obligations of states and political subdivisions		8,556		25		110		—		8,471
Corporate bonds		1,000		—		85		—		915
Collateralized debt obligations		18,759		—		3,540		—		15,219
Total available for sale	$	123,191	$	83	$	18,214	$	—	$	105,060

Table of Contents


(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
September 30, 2025
Held to Maturity:
U.S. government agencies	$	68,521	$	—	$	8,337	$	60,184	$	—
Residential mortgage-backed agencies		32,834		83		2,626		30,291		—
Commercial mortgage-backed agencies		20,995		—		5,238		15,757		—
Collateralized mortgage obligations		46,171		—		7,300		38,871		—
Obligations of states and political subdivisions		4,399		219		591		4,027		102
Total held to maturity	$	172,920	$	302	$	24,092	$	149,130	$	102


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
December 31, 2024
Available for Sale:
U.S. government agencies	$	7,000	$	—	$	885	$	—	$	6,115
Residential mortgage-backed agencies		24,621		—		4,425		—		20,196
Commercial mortgage-backed agencies		37,205		—		8,571		—		28,634
Collateralized mortgage obligations		21,069		—		3,343		—		17,726
Obligations of states and political subdivisions		6,533		—		324		—		6,209
Corporate bonds		1,000		—		104		—		896
Collateralized debt obligations		18,686		—		3,968		—		14,718
Total available for sale	$	116,114	$	—	$	21,620	$	—	$	94,494

(in thousands)	Amortized Cost		Gross Unrecognized Gains		Gross Unrecognized Losses		Estimated Fair Value		Allowance for Credit Losses
December 31, 2024
Held to Maturity:
U.S. government agencies	$	68,301	$	—	$	11,192	$	57,109	$	—
Residential mortgage-backed agencies		32,171		1		3,561		28,611		—
Commercial mortgage-backed agencies		21,134		—		5,794		15,340		—
Collateralized mortgage obligations		49,439		—		9,724		39,715		—
Obligations of states and political subdivisions		4,511		177		703		3,985		59
Total held to maturity	$	175,556	$	178	$	30,974	$	144,760	$	59

Proceeds from sales and calls of available-for-sale (“AFS”) securities and the realized gains and losses for the nine- and three-month periods ended September 30, 2025 and 2024 are as follows:



	Nine Months Ended				Three Months Ended
	September 30,				September 30,
(in thousands)	2025		2024		2025		2024
Proceeds	$	8,965	$	—	$	8,965	$	—
Realized gains		203		—		203		—
Realized losses		106		—		106		—

Table of Contents

The Corporation utilizes FASB Accounting Standards Codification (“ASC”) Topic 326 to evaluate its AFS and held-to-maturity (“HTM”) debt security portfolio for expected credit losses.

For any AFS debt security in an unrealized loss position, the Corporation first assesses whether it intends to sell, or it is more likely than not that the Corporation will be required to sell, the security before recovery to its amortized cost basis. If either criterion regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS debt securities that do not meet the aforementioned criteria, the Corporation evaluates whether any decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses (“ACL”) is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through the ACL is recorded in other comprehensive income (“OCI”).

The Corporation adopted ASC Topic 326 using the prospective transition approach for debt securities for which other than temporary impairment (“OTTI”) had been recognized prior to January 1, 2023, such as AFS collateralized debt obligations. As a result, the amortized cost basis for such debt securities remained the same before and after the effective date of ASC Topic 326. The effective interest rate on these debt securities was not changed. Amounts of OTTI that were recorded prior to January 1, 2023 are being accreted into income over the remaining life of the assets.

The ACL on HTM securities is a contra-asset valuation account, calculated in accordance with ASC Topic 326. Management measures expected credit losses on HTM debt securities on a collective basis by major security type. Management has elected to not measure an ACL for accrued interest on securities. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts.

Management classifies the HTM portfolio into the following major security types: (i) securities issued or guaranteed by U.S. government agencies (including U.S. treasuries, agency bonds, and U.S. guaranteed residential mortgage-backed securities, commercial mortgage-backed securities, and collateralized mortgage obligations); (ii) rated municipal securities; and (iii) unrated municipal securities. With regard to securities issued by U.S. government agencies and corporations, it is expected that the securities will not settle at prices that are less than the amortized cost bases of the securities, as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. government. Accordingly, no ACL has been recorded on these securities. With regard to securities issued by states and political subdivisions, management considers (x) issuer bond ratings, (y) historical loss rates for given bond ratings, and (z) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities. Non-rated securities are evaluated internally based on financial performance and expected future cash flows.

As of September 30, 2025 and December 31, 2024, the Corporation recorded ACL of approximately $102,000 and $59,000, respectively, related to one municipal bond in its HTM security portfolio.

Table of Contents

The following tables show the Corporation’s investment securities with gross unrealized and unrecognized losses and fair values at September 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized and unrecognized loss position:


	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrealized Losses		Number of Investments	Fair Value		Unrealized Losses		Number of Investments
September 30, 2025
Available for Sale:
U.S. government agencies	$	—	$	—	—	$	1,376	$	624	1
Residential mortgage-backed agencies		—		—	—		17,610		3,384	3
Commercial mortgage-backed agencies		3,092		126	2		26,953		7,817	8
Collateralized mortgage obligations		8,955		45	1		14,479		2,483	9
Obligations of states and political subdivisions		—		—	—		4,183		110	4
Corporate bonds		—		—	—		915		85	1
Collateralized debt obligations		—		—	—		15,219		3,540	9
Total available for sale	$	12,047	$	171	3	$	80,735	$	18,043	35

	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrecognized Losses		Number of Investments	Fair Value		Unrecognized Losses		Number of Investments
September 30, 2025
Held to Maturity:
U.S. government agencies	$	—	$	—	—	$	60,184		8,337	9
Residential mortgage-backed agencies		2,247		8	2		19,718		2,618	35
Commercial mortgage-backed agencies		—		—	—		15,757		5,238	2
Collateralized mortgage obligations		—		—	—		38,871		7,300	8
Obligations of states and political subdivisions		—		—	—		2,269		591	1
Total held to maturity	$	2,247	$	8	2	$	136,799	$	24,084	55

Table of Contents


	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrealized Losses		Number of Investments	Fair Value		Unrealized Losses		Number of Investments
December 31, 2024
Available for Sale:
U.S. government agencies	$	—	$	—	—	$	6,115	$	885	2
Residential mortgage-backed agencies		1,974		18	1		18,222		4,407	3
Commercial mortgage-backed agencies		1,688		59	1		26,946		8,512	8
Collateralized mortgage obligations		2,892		50	1		14,834		3,293	9
Obligations of states and political subdivisions		1,224		18	2		3,742		306	3
Corporate Bonds		—		—	—		896		104	1
Collateralized debt obligations		—		—	—		14,718		3,968	9
Total available for sale	$	7,778	$	145	5	$	85,473	$	21,475	35

	Less than 12 months					12 months or more
(in thousands)	Fair Value		Unrecognized Losses		Number of Investments	Fair Value		Unrecognized Losses		Number of Investments
December 31, 2024
Held to Maturity:
U.S. government agencies	$	—	$	—	—	$	57,109	$	11,192	9
Residential mortgage-backed agencies		8,291		132	5		20,243		3,429	35
Commercial mortgage-backed agencies		—		—	—		15,340		5,794	2
Collateralized mortgage obligations		—		—	—		39,715		9,724	8
Obligations of states and political subdivisions		—

FIRST UNITED CORP/MD/ 10-Q