马里兰第一联合 2025年度报告

FORM10-K ☑ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscalyear ended December 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission file number 0-14237 First United Corporation(Exact name of registrant as specified in its charter) 52-1380770 Maryland(State or other jurisdiction of incorporation or organization) (I. R. S. Employer Identification No.) 21550-0009(Zip Code) 19 South Second Street, Oakland, Maryland(Address of principal executive offices) (800) 470-4356(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b)of the Act: Securities registered pursuant to Section12(g)of the Act:None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes◻No☑ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15(d)of the Act. Yes◻No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934during the preceding 12months (or such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days. Yes☑No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles). Yes☑No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “accelerated filer”, “large accelerated filer”, “smaller reporting company” and “emerging growthcompany” in Rule12b-2 of the Exchange Act). Large accelerated filer◻Non-accelerated filer☑Emerging growth company☐ Accelerated filer◻Smaller reporting 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 newor revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.◻ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☑ The aggregate market value of the registrant’s outstanding voting and non-voting common equity held by non-affiliates computed by reference to theprice at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’smost recently completed second fiscal quarter:$179,240,809. The number of shares of the registrant’s common stock outstanding as of February 27, 2026:6,501,382. Documents Incorporated by ReferencePortions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Shareholders to be filed with the SEC pursuant to Regulation 14A are incorporated by reference into PartIII of this Annual Report on Form10-K. First United CorporationTable of Contents FORWARD LOOKING STATEMENTS3PART IITEM 1.Business4ITEM1A.Risk Factors15ITEM1B.Unresolved Staff Comments30ITEM 1CCybersecurity30ITEM 2.Properties32ITEM 3.Legal Proceedings32ITEM 4.Mine Safety Disclosures32PART IIITEM 5.Market for the Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities32ITEM 6.Reserved33ITEM 7.Management’s Discussion and Analysis of Financial Condition & Results of Operations33ITEM7A.Quantitative and Qualitative Disclosures About Market Risk59ITEM 8.Financial Statements and Supplementary Data60ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 126ITEM9A.Controls and Procedures126ITEM9B.Other Information128ITEM9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections128PART IIIITEM 10.Directors, Executive Officers and Cor