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Junior Subordinated Debentures and Restrictions on Dividends | 12 Months Ended
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Dec. 31, 2016
Junior Subordinated Debentures and Restrictions on Dividends [Abstract] |
Junior Subordinated Debentures and Restrictions on Dividends | 1 3.Junior Subordinated Debentures and Restrictions on Dividends In March 2004, Trust I and Trust II issued preferred securities with an aggregate liquidation amount of $30.0 million to third-party investors and issued common equity with an aggregate liquidation amount of $.9 million to First United Corporation. Trust I and Trust II used the proceeds of these offerings to purchase an equal amount of TPS Debentures, as follows: ﻿ $20.6 million—floating rate payable quarterly based on three-month LIBOR plus 275 basis points (3.74% at December 31, 2016), maturing in 2034, became redeemable five years after issuance at First United Corporation’s option. ﻿ $10.3 million--floating rate payable quarterly based on three-month LIBOR plus 275 basis points (3.74% at December 31, 2016) maturing in 2034, became redeemable five years after issuance at First United Corporation’s option. ﻿ In December 2009, Trust III issued 9.875% fixed-rate preferred securities with an aggregate liquidation amount of approximately $7.0 million to private investors and issued common securities to First United Corporation with an aggregate liquidation amount of approximately $.2 million. Trust III used the proceeds of the offering to purchase approximately $7.2 million of 9.875% fixed-rate TPS Debentures. Interest on these TPS Debentures are payable quarterly, and the TPS Debentures mature in 2040 but are redeemable five years after issuance at First United Corporation’s option. In January 2010, Trust III issued an additional $3.5 million of 9.875% fixed-rate preferred securities to private investors and issued common securities to First United Corporation with an aggregate liquidation amount of $.1 million. Trust III used the proceeds of the offering to purchase $3.6 million of 9.875% fixed-rate TPS Debentures. Interest on these TPS Debentures are payable quarterly, and the TPS Debentures mature in 2040 but are redeemable five years after issuance at First United Corporation’s option. ﻿ The TPS Debentures issued to each of the Trusts represent the sole assets of that Trust, and payments of the TPS Debentures by First United Corporation are the only sources of cash flow for the Trust. First United Corporation has the right, without triggering a default, to defer interest on all of the TPS Debentures for up to 20 quarterly periods, in which case distributions on the preferred securities will also be deferred. Should this occur, the Corporation may not pay dividends or distributions on, or repurchase, redeem or acquire any shares of its capital stock. Refer to Note 4 for further details. ﻿ On February 22, 2017, the Corporation notified the trustee of Trust III that the Corporation intends to repay all of the TPS Debentures issued to Trust III I on March 24, 2017. Following that repayment, Trust III is required to redeem all of Trust III’s outstanding securities. The Corporation’s ability to effect this repayment is subject to its receipt of at least $7.0 million in gross proceeds from its pending common stock rights offering and/or the standby purchases transactions related thereto. ﻿

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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