First · NASDAQ:FUNC
First — First United — Shareholder Meeting (June 2020)
17 slides from First's shareholder meeting presentation, Jun 11, 2020
Slide 1: First United Corporation Annual Shareholders' Meeting
First United Corporation Annual Shareholders’ Meeting June 11, 2020
Slide 2: Management Presentation
Carissa Rodeheaver 2 Chief Executive Officer and Chairman of the Board MANAGEMENT PRESENTATION
Slide 3: Forward Looking Statements
3 FORWARD LOOKING STATEMENTS This presentation contains “forward - looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995 relating to, among other things, First United Corporation’s plans, strategies, objectives, expectations, intentions and adequacy of resour
Slide 4: Current Environment: COVID-19 Response and Enterprise Risk Management
4 CURRENT ENVIRONMENT COVID - 19 Response Enterprise Risk Management • Quickly responded to COVID - 19 through our well - designed and tested Business Continuity Plan, focusing on the health, safety, and financial well - being of our associates and customers • Proactive communication with shareholde
Slide 5: Delivering for Stakeholders Amidst the COVID Crisis
5 DELIVERING FOR STAKEHOLDERS AMIDST THE COVID - 19 CRISIS Our customers and associates are integral to our long - term strategy, and we are going the extra mile for these key stakeholders while we all navigate the crisis together Customers • Processed 1,063 Paycheck Protection Program loans for 16,
Slide 6: Financial Highlights: 2019
6 Financial Highlights $13.1 million Net Income $1.85 EPS 0.93% ROAA 11.44% ROATCE Key Facts 2019 HIGHLIGHTS • Increased net interest income over 2018 through continued additions of a diversified mix of product and rate characteristics • Net interest margin remains stable despite declining rate envi
Slide 7: Financial Highlights: First Quarter 2020
7 Financial Highlights • Increased pre - tax, pre - provision income to $4.9 million in 1Q20 from $4.4 million in 1Q19 • Significant increase in provision due to uncertainty from the COVID - 19 pandemic (1.42% reserves); delinquencies and net charge - offs remain low • Net interest margin remains st
Slide 8: Our Strategic Plan Is Generating Reliable Growth
$999 $1,014 $1,039 $1,068 $1,142 2015 2016 2017 2018 2019 $4.8 $6.9 $8.5 $10.6 $12.3 2015 2016 2017 2018 2019 8 OUR STRATEGIC PLAN IS GENERATING RELIABLE GROWTH… First United is delivering consistent growth, increasing profits and tangible book value / share. This should translate into greater share
Slide 9: As Well As Improved Profitability
6.67% 8.39% 8.94% 10.30% 10.68% 11.09% 11.85% 2015 2016 2017 2018 2019 FUNC ISS Median Proxy Median 0.37% 0.52% 0.65% 0.81% 0.86% 1.01% 1.21% 2015 2016 2017 2018 2019 FUNC ISS Median Proxy Median 9 …AS WELL AS IMPROVED PROFITABILITY • First United has consistently improved return on assets and retur
Slide 10: First United Total Shareholder Return vs. Peers Through the COVID-19 Environment
(20.0%) 30.0% 80.0% 130.0% 180.0% 230.0% FUNC SNL U.S. Bank $1B-$5B 10 FIRST UNITED TOTAL SHAREHOLDER RETURN VS. PEERS THROUGH THE COVID - 19 ENVIRONMENT First United has a consistent track record of outperformance (1) Source: S&P Global Market Intelligence; includes price change and reinvested cash
Slide 11: Short Term Financial Priorities Resulting from COVID-19
11 SHORT TERM FINANCIAL PRIORITIES RESULTING FROM COVID - 19 Balance Sheet • Maintain strong liquidity • Capitalize on opportunities to grow relationships with PPP borrowers • PPP loans will help offset lower loan growth because of crisis • Maintain loan diversification • Continue to hold low cost d
Slide 12: Key Initiatives and Strategic Priorities
12 KEY INITIATIVES AND STRATEGIC PRIORITIES Focus on increasing core earnings through regionalized plans to enhance efficiency and grow revenue Enhance Efficiency • Head - count reduction opportunities identified and enacted • Restructuring and consolidation of regional operating structure • Leverag
Slide 13: Investor Relations and Shareholder Communications and Engagement
13 INVESTOR RELATIONS AND SHAREHOLDER COMMUNICATIONS AND ENGAGEMENT Members of the Board and senior management routinely engage with shareholders and other stakeholders, and management regularly updates the Board on the context of ongoing investor discussions. These engagements help the Board and ma
Slide 14: Thank You for Your Service!
THANK YOU FOR YOUR SERVICE! 14 Robert Kurtz Director
Slide 15: Board of Directors & Management
15 BOARD OF DIRECTORS & MANAGEMENT Note: Excludes Robert Kurtz who is retiring from the Board in June 2020 Directors Directors Management Team & Associates Carissa Rodeheaver Chief Executive Officer & Chair Elaine McDonald Independent Director R.L. Fisher SVP & Chief Revenue Officer John McCullough
Slide 16: My bank is First United! Thank You!
“My bank is First United!” 16 Thank You!
Slide 17: Selected Peer Groups
17 SELECTED PEER GROUPS (1) Proxy Peers can be found in First United’s definitive proxy statement found here: https://www.sec.gov/Archives/edgar/data/763907/000110465920048280/tm2016149d1_defc14a.htm (2) ISS Peers can be found in the 2020 ISS Annual Benchmark Report posted on May 27, 2020 Proxy Peer