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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
401(k) Profit Sharing Plan [Abstract]  
Schedule of Net Funded Status

Pension

Defined Benefit SERP

(in thousands)

    

2021

    

2020

    

2021

    

2020

Change in Benefit Obligation

Obligation at the beginning of the year

$

57,898

$

50,995

$

9,614

$

8,647

Service cost

154

225

168

135

Interest cost

1,421

1,624

238

236

Change in discount rate and mortality assumptions

(2,583)

5,971

Actuarial losses

168

1,157

711

862

Benefits paid

(2,127)

(2,074)

(336)

(266)

Obligation at the end of the year

54,931

57,898

10,395

9,614

Change in Plan Assets

Fair value at the beginning of the year

55,971

50,829

Actual return on plan assets

5,852

6,216

Employer contribution

1,000

336

266

Benefits paid

(2,127)

(2,074)

(336)

(266)

Fair value at the end of the year

59,696

55,971

Funded/(Unfunded) Status

$

4,765

$

(1,927)

$

(10,395)

$

(9,614)

Components of Net Periodic Pension Plan Cost

Pension

Defined Benefit SERP

(in thousands)

    

2021

    

2020

    

2021

    

2020

Components of Net Pension Cost

Service cost

$

154

$

225

$

168

$

135

Interest cost

1,421

1,624

238

236

Expected return on assets

(3,569)

(3,548)

Amortization of recognized loss

1,490

1,433

175

188

Amortization of prior service cost

(2)

(3)

Net pension (income)/expense in employee benefits

$

(504)

$

(266)

$

579

$

556

Weighted Average Assumptions used to determine benefit obligations:

Discount rate for benefit obligations

2.85%

2.50%

2.80%

2.52%

Discount rate for net pension cost

2.50%

3.25%

Expected long-term return on assets

6.50%

7.00%

Rate of compensation increase

3.00%

3.00%

3.00%

3.00%

Schedule of Target Asset Allocations

Asset Class

    

Normalized
Target

    

Range

Cash

1%

0% - 20%

Fixed Income

40%

30% - 50%

Equities

59%

45% - 65%

Actual Plan Asset Allocations

December 31, 2021

Fair Value Hierarchy

(Dollars in thousands)

    

Assets at
Fair Value

    

% of
Portfolio

    

Level 1

    

Level 2

Cash and cash equivalents

$

763

1.3%

$

763

$

Fixed income securities:

U.S. Government and Agencies

125

0.2%

125

Taxable municipal bonds and notes

5,290

8.9%

5,290

Corporate bonds and notes

8,451

14.2%

8,451

Preferred stock

960

1.6%

960

Fixed income mutual funds

9,260

15.5%

9,260

Total fixed income

24,086

40.3%

9,260

14,826

Equities:

Large Cap

27,575

46.2%

27,575

Mid Cap

2,052

3.4%

2,052

Small Cap

39

0.1%

39

International

5,181

8.7%

5,181

Total equities

34,847

58.4%

34,847

Total market value

$

59,696

100.0%

$

44,870

$

14,826

Note: The Large cap equities includes 194,124 shares of First United Corporation common stock at December 31, 2021 and 2020

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

Expected Future Benefit Payments

(In thousands)

    

Pension
Plan

    

Defined
Benefit
SERP

2022

$

2,166

$

336

2023

2,237

336

2024

2,341

336

2025

2,385

336

2026

2,517

530

2027-2031

13,320

2,934

Schedule of Amounts that Will Be Amortized from Other Comprehensive Loss

(In thousands)

    

Pension

    

Defined
Benefit
SERP

Net actuarial loss

1,117

271

$

1,117

$

271