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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
401(k) Profit Sharing Plan [Abstract] |
Schedule of Net Funded Status |
|  | Pension |  | Defined Benefit SERP
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |
Obligation at the beginning of the year |  | $ | 50,995 |  | $ | 42,022 |  | $ | 8,647 |  | $ | 7,544
Service cost |  |  | 225 |  |  | 265 |  |  | 135 |  |  | 120
Interest cost |  |  | 1,624 |  |  | 1,748 |  |  | 236 |  |  | 272
Change in discount rate and mortality assumptions |  |  | 5,971 |  |  | 7,981 |  |  | — |  |  | —
Actuarial losses |  |  | 1,157 |  |  | 979 |  |  | 862 |  |  | 994
Benefits paid |  |  | (2,074) |  |  | (2,000) |  |  | (266) |  |  | (283)
Obligation at the end of the year |  |  | 57,898 |  |  | 50,995 |  |  | 9,614 |  |  | 8,647
Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value at the beginning of the year |  |  | 50,829 |  |  | 43,056 |  |  | — |  |  | —
Actual return on plan assets |  |  | 6,216 |  |  | 7,773 |  |  | — |  |  | —
Employer contribution |  |  | 1,000 |  |  | 2,000 |  |  | 266 |  |  | 283
Benefits paid |  |  | (2,074) |  |  | (2,000) |  |  | (266) |  |  | (283)
Fair value at the end of the year |  |  | 55,971 |  |  | 50,829 |  |  | — |  |  | —
(Unfunded)/Funded Status |  | $ | (1,927) |  | $ | (166) |  | $ | (9,614) |  | $ | (8,647)
Components of Net Periodic Pension Plan Cost |
|  | Pension |  | Defined Benefit SERP
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Components of Net Pension Cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 225 |  | $ | 265 |  | $ | 135 |  | $ | 120
Interest cost |  |  | 1,624 |  |  | 1,748 |  |  | 236 |  |  | 272
Expected return on assets |  |  | (3,548) |  |  | (3,055) |  |  | — |  |  | —
Amortization of recognized loss |  |  | 1,433 |  |  | 1,077 |  |  | 188 |  |  | 116
Amortization of prior service cost |  |  | — |  |  | — |  |  | (3) |  |  | (3)
Net pension (income)/expense in employee benefits |  | $ | (266) |  | $ | 35 |  | $ | 556 |  | $ | 505
Weighted Average Assumptions used to ‎ determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate for benefit obligations |  |  | 2.50% |  |  | 3.25% |  |  | 2.52% |  |  | 3.14%
Discount rate for net pension cost |  |  | 3.25% |  |  | 4.25% |  |  | — |  |  | —
Expected long-term return on assets |  |  | 7.00% |  |  | 7.00% |  |  | — |  |  | —
Rate of compensation increase |  |  | 3.00% |  |  | 3.00% |  |  | 3.00% |  |  | 3.00%
Mortality tables |  |  | PRI-2012 White Collar |  |  | RP-2014 |  |  | PRI-2012 |  |  | RP-2014
Schedule of Target Asset Allocations |
Asset Class |  | Normalized ‎Target |  | Range
Cash |  | 4% |  | 0% - 20%
Fixed Income |  | 39% |  | 30% - 50%
Equities |  | 57% |  | 45% - 65%
Actual Plan Asset Allocations |
December 31, 2020 |  |  |  |  |  |  | Fair Value Hierarchy
(Dollars in thousands) |  | Assets at ‎Fair Value |  | % of ‎Portfolio |  | Level 1 |  | Level 2
Cash and cash equivalents |  | $ | 2,312 |  | 4.1% |  | $ | 2,312 |  | $ | —
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Government and Agencies |  |  | 298 |  | 0.6% |  |  | — |  |  | 298
Taxable municipal bonds and notes |  |  | 4,215 |  | 7.5% |  |  | — |  |  | 4,215
Corporate bonds and notes |  |  | 10,681 |  | 19.1% |  |  | — |  |  | 10,681
Preferred stock |  |  | 973 |  | 1.7% |  |  | — |  |  | 973
Fixed income mutual funds |  |  | 6,256 |  | 11.2% |  |  | 6,256 |  |  | —
Total fixed income |  |  | 22,423 |  | 40.1% |  |  | 6,256 |  |  | 16,167
Equities: |  |  |  |  |  |  |  |  |  |  |
Large Cap |  |  | 24,886 |  | 44.5% |  |  | 24,886 |  |  | —
Mid Cap |  |  | 1,511 |  | 2.7% |  |  | 1,511 |  |  | —
Small Cap |  |  | 477 |  | 0.8% |  |  | 477 |  |  | —
International |  |  | 4,362 |  | 7.8% |  |  | 4,362 |  |  | —
Total equities |  |  | 31,236 |  | 55.8% |  |  | 31,236 |  |  | —
Total market value |  | $ | 55,971 |  | 100.0% |  | $ | 39,804 |  | $ | 16,167
Note: The Large cap equities includes 194,124 shares of First United Corporation common stock
December 31, 2019 |  |  |  |  |  |  | Fair Value Hierarchy
(Dollars in thousands) |  | Assets at ‎Fair Value |  | % of ‎Portfolio |  | Level 1 |  | Level 2
Cash and cash equivalents |  | $ | 247 |  | 0.5% |  |  | 247 |  | $ | —
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Government and Agencies |  |  | 1,904 |  | 3.7% |  |  | — |  |  | 1,904
Taxable municipal bonds and notes |  |  | 4,555 |  | 8.9% |  |  | — |  |  | 4,555
Corporate bonds and notes |  |  | 9,588 |  | 18.9% |  |  | — |  |  | 9,588
Preferred stock |  |  | 657 |  | 1.3% |  |  | — |  |  | 657
Fixed income mutual funds |  |  | 6,441 |  | 12.7% |  |  | 6,441 |  |  | —
Total fixed income |  |  | 23,145 |  | 45.5% |  |  | 6,441 |  |  | 16,704
Equities: |  |  |  |  |  |  |  |  |  |  |
Large Cap |  |  | 21,460 |  | 42.2% |  |  | 21,460 |  |  | —
Mid Cap |  |  | 1,660 |  | 3.3% |  |  | 1,660 |  |  | —
Small Cap |  |  | 1,009 |  | 2.0% |  |  | 1,009 |  |  | —
International |  |  | 3,308 |  | 6.5% |  |  | 3,308 |  |  | —
Total equities |  |  | 27,437 |  | 54.0% |  |  | 27,437 |  |  | —
Total market value |  | $ | 50,829 |  | 100.0% |  | $ | 34,125 |  | $ | 16,704
Expected Future Benefit Payments |
(In thousands) |  | Pension ‎Plan |  | Defined ‎Benefit ‎SERP
2021 |  | $ | 2,117 |  | $ | 334
2022 |  |  | 2,156 |  |  | 336
2023 |  |  | 2,296 |  |  | 336
2024 |  |  | 2,402 |  |  | 336
2025 |  |  | 2,464 |  |  | 336
2026-2030 |  |  | 13,351 |  |  | 2,671
Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss |
(In thousands) |  | Pension |  | Defined ‎Benefit ‎SERP
Prior service costs |  | $ | — |  | $ | (2)
Net actuarial loss |  |  | 1,510 |  |  | 302
|  | $ | 1,510 |  | $ | 300

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