First · NASDAQ:FUNC
First — First United — Shareholder Meeting (May 2026)
33 slides from First's shareholder meeting presentation, May 7, 2026
Slide 1: Annual Shareholders' Meeting May 7, 2026
Annual Shareholders’ Meeting May 7, 2026 MyBank.com
Slide 2: Welcome and Introduction
2 Brian Boal Lead Independent Director Welcome and Introduction
Slide 3: Executive Chairman of the Board
3 Carissa Rodeheaver Executive Chairman of the Board
Slide 4: Management Presentation
4 Jason B. Rush President and Chief Executive Officer Management Presentation
Slide 5: Forward looking statements
5 Forward looking statements This presentation contains forward - looking statements as defined by the Private Securities Litigation Reform Act of 1995 . Forward - looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the futu
Slide 6: Political and Economic Uncertainty
6 Political and Economic Uncertainty 6 ▪ Tariffs ▪ Global conflicts ▪ Fuel prices ▪ Interest rate uncertainty The future is plagued with uncertainties and how they will impact our customers and markets.
Slide 7: First United Mission
First United Mission 7 ▪ Promote employee Growth ▪ Guide customers to achieve financial goals ▪ Support community initiatives ▪ Generate strong total return enrich the lives of our associates, customers, communities and shareholders through uncommon service and effective financial solutions. To enri
Slide 8: 2025 Performance at a Glance
2025 Performance at a Glance 8 ▪ Solid net income x Increased net interest margin x Strong wealth revenue x Disciplined expense control and efficiency initiatives ▪ Increasing stock price and dividend payments ▪ Long - term value ▪ Balanced approach to growth and risk management Solid net income of
Slide 9: First United Corporation Remains Strong
First United Corporation Remains Strong 9 ▪ $2.0 billion in total assets ▪ Diversified loan and deposit portfolios ▪ Supporting local businesses and individuals ▪ Strong capital and liquidity providing solid foundation for growth Excess capital and liquidity, low susceptibility to interest rate chan
Slide 10: Management Presentation
10 Tonya Sturm Executive Vice President and Chief Financial Officer Management Presentation
Slide 11: 2025 Financial Highlights
11 $25.8 Million Net Income (1) $3.97 Diluted EPS (1) 1.28% * ROAA (1) 14.25 * ROATCE (1) 3.67% NIM 2025 Financial Highlights ▪ Total assets increased $114.4 million when compared to December 31, 2024 ▪ Consolidated net income (1) of $25.8 million for 2025 compared to $21.0 million for 2024; pre - p
Slide 12: First Quarter 2026 Financial Highlights
12 $6.6 Million Net Income (1) $1.02 Diluted EPS (1) 1.28% * ROAA (1) 13.75 * ROATCE (1) 3.83% NIM First Quarter 2026 Financial Highlights (1) See Appendix for a reconciliation of these non - GAAP financial measures * 1Q2026 Annualized ▪ Total assets decreased $48.4 million when compared to Dec embe
Slide 13: Generating Reliable Growth
13 Generating Reliable Growth Pre - Provision Net Revenue ($ in millions) (1) $30.8 $32.5 $25.9 $30.7 $37.0 2021 2022 2023 2024 2025 (1) See Appendix for a reconciliation of these non - GAAP financial measures $3.54 $3.76 $2.80 $3.21 $3.99 2021 2022 2023 2024 2025 Diluted Earnings per Share (1) Tota
Slide 14: Loan Diversification
14 Total 1 - 4 Family 35% CRE - NOO 22% C&I 19% CRE - OO 12% C&D 6% Consumer 3% Multi - family 3% Loan Diversification Loan Portfolio Mix (12/31/2025) RE/Rental/Leasing NOO 23% RE/Rental/ Leasing OO, C&I 19% All Other 18% Accommodations 12% Services 7% RE/Rental/Leasing Multifamily 4% Trade 4% Const
Slide 15: Deposit Composition
15 Deposits 34% 32% 28% 27% 26% 16% 23% 23% 25% 23% 39% 36% 37% 39% 39% 11% 8% 10% 9% 9% 0% 0% 2% 0% 3% 2021 2022 2023 2024 2025 NIB Demand IB Demand MMA & Savings CDs - Retail CDs - Brokered $1.57 $1.42 $1.74 $1.57 *Fully repaid $25.0 million brokered CD in January 2026 at its maturity. * $1.58 Dep
Slide 16: Credit Quality
16 Credit Quality ALL / ACL Trends (Net Charge - Offs)/Average Loans Nonaccrual Loans / Total Loans NPAs / Total Assets 0.21% 0.27% 0.28% 0.33% 0.28% 2021 2022 2023 2024 2025 0.60% 0.46% 0.48% 0.59% 0.41% 2021 2022 2023 2024 2025 1.38% 1.14% 1.24% 1.23% 1.28% 2021 2022 2023 2024 2025 - 0.02% --- - 0
Slide 17: Net Interest Margin
17 Net Interest Margin (1) See Appendix for a reconciliation of these non - GAAP financial measures 3.63% 3.85% 4.63% 5.17% 5.43% 0.51% 0.44% 1.92% 2.51% 2.42% 3.28% 3.56% 3.26% 3.38% 3.67% 0.24% 0.21% 1.16% 1.68% 1.66% 0.1% 1.1% 2.1% 3.1% 4.1% 5.1% 2021 2022 2023 2024 2025 Yield on Earning Assets C
Slide 18: Diversified Fee Income
18 Diversified Fee Income (1) See Appendix for a reconciliation of these non - GAAP financial measures Composition 56% Trust and Brokerage 15% Service Charges 3% Net Gain on Loan Sales 20% Debit Card Income 7% Bank - owned Life Insurance 2% Other Noninterest Income Non - Interest Income Mix 2025 Tru
Slide 19: Committed to Efficiency & Innovation
19 Committed to Efficiency & Innovation (1) See Appendix for a reconciliation of these non - GAAP financial measures Efficient operational platforms and fraud protection ▪ CardSuite Pro Premium Debit Card Fraud ▪ Better Customer Segmentation with complete picture of customer data ▪ ProfitStars forec
Slide 20: Solid Profitability
20 Solid Profitability (1) See Appendix for a reconciliation of these non - GAAP financial measures Long - term Strategic Target 13% - 15% Long - term Strategic Target 1.25% - 1.60% Core ROAA (non - GAAP (1) ) Core ROATCE (non - GAAP (1) ) 1.35% 1.39% 0.97% 1.08% 1.28% 2021 2022 2023 2024 2025 19.78
Slide 21: Capital Management
21 Capital Management CET1 Ratio Leverage Ratio Tier 1 Ratio Total Risk - Based Capital Ratio Regulatory Well - Capitalized 10% 5% 8% 6.5% 14.64% 15.06% 14.42% 14.70% 15.36% 2021 2022 2023 2024 2025 15.89% 16.12% 15.64% 15.92% 16.61% 2021 2022 2023 2024 2025 10.80% 11.46% 11.30% 11.88% 12.21% 2021 2
Slide 22: Capital Management
22 Capital Management Tangible Book Value / Share TCE Ratio 2025 Dividends Declared $0.92 Per Share $20.90 $22.56 $25.89 $29.57 $30.08 2022 2023 2024 2025 1Q2026 7.59% 7.91% 8.54% 9.26% 9.56% 2022 2023 2024 2025 1Q2026
Slide 23: Total Shareholder Return
Total Shareholder Return 23 5 - Year 3 - Year 1 - Year % 138.4 % 141.4 % 26.9 First United % 25.1 % 60.4 % 18.1 S&P US Small Cap Banks % 42.3 % 35.7 % 26.2 2026 Proxy Peers March 31, 2026
Slide 24: ??????? ▪ Explore opportunities and strategies to expand both net - interest income and
??????? ▪ Explore opportunities and strategies to expand both net - interest income and non - interest income through non - traditional lines of business and digital product and service offerings ▪ Improve brand awareness and market share in growth markets. ▪ Foster customized relationship banking a
Slide 25: Strong Investor Relations & Shareholder Engagement
Strong Investor Relations & Shareholder Engagement Clear long - term strategic plan with performance targets x Dedicated Investor Relations contact x Investor conferences and prospective investor engagement x Investor presentations and periodic outreach to institutional and retail shareholders x 25
Slide 26: Management Team
26 26 Management Team Jason B. Rush President & Chief Executive Officer 32+ years with in - depth industry, retail, risk and compliance and operations experience Tonya K. Sturm EVP & Chief Financial Officer, Corp. Secretary & Treasurer 35+ years of banking, audit, credit, retail, risk and compliance
Slide 27: Board of Directors
27 27 27 John F. Barr Independent Director Chairman of the Board, Ellsworth Electric, Inc. Sanu Chadha Independent Director Managing Partner, M&S Consulting Christy DiPietro Independent Director, Audit Chair Chartered Financial Analyst, Hidden Cove Advisory Patricia Milon Independent Director Princi
Slide 28: The Next Years
28 The Next 125 Years 28 O ur success is intrinsically linked to the prosperity of our associates, customers, communities and shareholders. • Contributing to the economic prosperity of our communities • Stability amidst the chaos of the economic, political, and regulatory environments • Delivering a
Slide 29: Thank You!
ou XN Bank is First United!” Thank You!
Slide 30: Non-GAAP financial measures
30 This presentation includes certain non - GAAP financial measures, including pre - provision net revenue, net income, earnings per share (basic and diluted), return on average assets, return on average tangible common equity, tangible common equity, tangible assets, the ratio of tangible common eq
Slide 31: Non-GAAP Reconciliation, continued
31 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2021 2022 2023 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 12/31/2025 Weighted Average Common shares - basic (actual) (d) 6,710,463 6,649,740 6,685,676 6,527,077 6,643,898 6,526,553 6,467,597
Slide 32: Non-GAAP Reconciliation, continued
32 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2021 2022 2023 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 12/31/2025 Return on Average Assets (quarter and YTD annualized) Average Assets ( c) 1,765,148$ 1,801,711$ 1,924,119$ 1,946,724$ 1,95
Slide 33: Non-GAAP Reconciliation, continued
33 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2021 2022 2023 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 12/31/2025 Tangible Book Value per Common Share Total common equity, as reported (h) 141,900$ 151,793$ 161,873$ 179,295$ 165,481$ 164