UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q/A

(Amendment No. 1)



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



For
quarterly period ended March 31, 2020



| |  ̈ | 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 x   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 x   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 x        
|------------------------- | ---------------------------
|Non-accelerated filer  ̈   | Smaller reporting company x
|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 x



Indicate the number of shares outstanding
of each of the issuer’s classes of common stock, as of the latest practicable date: 6,966,898 shares of common stock,
par value $.01 per share, as of April 30, 2020.






















EXPLANATORY
NOTE



This
Amendment No. 1 on Form 10-Q/A to the Quarterly Report of First United Corporation on Form 10-Q for the quarter ended March 31,
2020, which was filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2020 (the “Original
Report”), amends Item 2 of Part II of the Original Report so that it provides information about shares of common stock of
First United Corporation purchased by the Trust Department of First United Bank & Trust on behalf of the First United Corporation
noncontributory defined benefit pension plan. Pursuant to Rule 12b-15 under the Securities
Exchange Act of 1934, as amended, new certifications by First United Corporation’s principal executive officer and principal
financial officer are filed or furnished with this Amendment No. 1 as Exhibits 31.1, 31.2, and 32.1, so Item 6 of Part II of the
Original Report is also amended hereby.



Except
as expressly provided above, this Amendment No. 1 on Form 10-Q/A speaks as of the date of the Original Report and First United
Corporation has not updated the disclosures contained in any item thereof to speak as of a later date. All information contained
in this Amendment No. 1 on Form 10-Q/A is subject to updating and supplementing as provided in First United Corporation’s
reports filed with the SEC subsequent to the date on which the Original Report was filed.





2







INDEX TO QUARTERLY REPORT

FIRST UNITED CORPORATION



|                           |                                                             | Page
|-------------------------- | ----------------------------------------------------------- | ----
|                           |                                                             |     
|PART II. OTHER INFORMATION | 4                                                          
|Item 2.                    | Unregistered Sales of Equity Securities and Use of Proceeds | 4   
|Item 6.                    | Exhibits                                                    | 4   
|SIGNATURES                 | 5                                                          





3







Part II. OTHER INFORMATION



Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds



The following table
provides information about shares of common stock purchased by or on behalf of First United Corporation and its affiliates (as
defined by Exchange Act Rule 10b-18) during the three-month period ended March 31, 2020:



|Issuer Purchases of Equity Securities
|-------------------------------------
|Period                               
|January 2020                         
|February 2020                        
|March 2020                           
|Total                                

| | (1) | Of
                                         the shares reported above, 145,291 shares were purchased by First United Corporation
                                         in open-market transactions pursuant to First United Corporation’s stock repurchase
                                         plan that was initially adopted effective April 30, 2019 (the “Repurchase Plan”).
                                         The Repurchase Plan, which originally authorized the purchase of up to 354,449 shares
                                         of common stock of First United Corporation, was amended in November 2019 to increase
                                         the maximum number of shares to 500,000. First United Corporation publicly announced
                                         both the adoption of the Repurchase Plan and its amendment. The Repurchase Plan, as amended,
                                         will expire on November 20, 2020 and authorizes the purchases to be conducted through
                                         open market or private transactions at such times and in such amounts per transaction
                                         as the Chairman and Chief Executive Officer of First United Corporation determines to
                                         be appropriate.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | The
                                         remaining 97,128 shares reported above were purchased by the Trust Department of First
                                         United Bank & Trust (the “Trust Department”) in open-market transactions
                                         using assets in the First United Corporation noncontributory defined benefit pension
                                         plan (the “Pension Plan”). On November 20, 2019, the Board of Directors of
                                         First United Corporation authorized the Trust Department, which administers the Pension
                                         Plan, to use up to 10% of the Pension Plan’s assets to purchase up to 150,000 shares
                                         of common stock, to be held as an investment in the Pension Plan. Such authorization,
                                         which was publicly announced, permits the Trust Department to purchase the shares in
                                         open market transactions or privately-negotiated transactions at such times, in such
                                         amounts, at such prices, and upon such other terms as are determined in the discretion
                                         of the Trust Department.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Item 6. Exhibits



The exhibits filed
or furnished with this quarterly report are listed in the following Exhibit Index.



|Exhibit |  | Description                                                                                                                                                                            
|------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|10.1    |  | First United Corporation Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the Corporation’s Current Report on Form 8-K filed on March 16, 2020)                  
|10.2    |  | First United Corporation Short-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the Corporation’s Current Report on Form 8-K filed on March 16, 2020)                 
|10.3    |  | Form of Restricted Stock Unit Award Agreement (Performance-Vesting) (incorporated by reference to Exhibit 10.1 to the Corporation’s Current Report on Form 8-K filed on March 27, 2020)
|10.4    |  | Form of Restricted Stock Unit Award Agreement (Time-Vesting) (incorporated by reference to Exhibit 10.2 to the Corporation’s Current Report on Form 8-K filed on March 27, 2020)       
|31.1    |  | Certifications of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act (filed herewith)                                                                   
|31.2    |  | Certifications of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act (filed herewith)                                                                   
|32      |  | Certification of the Principal Executive Officer and the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act (furnished herewith)                            
|101.INS |  | XBRL Instance Document*                                                                                                                                                                
|101.SCH |  | XBRL Taxonomy Extension Schema*                                                                                                                                                        
|101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase*                                                                                                                                          
|101.DEF |  | XBRL Taxonomy Extension Definition Linkbase*                                                                                                                                           
|101.LAB |  | XBRL Taxonomy Extension Label Linkbase*                                                                                                                                                
|101.PRE |  | XBRL Taxonomy Extension Presentation Linkbase*                                                                                                                                         




* Filed with the Original Report.







4







SIGNATURES



Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



|                        | FIRST UNITED CORPORATION                                      
|----------------------- | --------------------------------------------------------------
|                        |                                                               
|                        |                                                               
|Date: September 4, 2020 | /s/ Carissa L. Rodeheaver                                     
|                        | Carissa L. Rodeheaver, CPA, CFP                               
|                        | Chairman of the Board, President and Chief Executive Officer  
|                        | (Principal Executive Officer)                                 
|                        |                                                               
|                        |                                                               
|Date: September 4, 2020 | /s/ Tonya K. Sturm                                            
|                        | Tonya K. Sturm, Senior Vice President,                        
|                        | Chief Financial Officer                                       
|                        | (Principal Financial Officer and Principal Accounting Officer)





5