First · NASDAQ:FUNC
First — First United — Shareholder Meeting (May 2021)
19 slides from First's shareholder meeting presentation, May 20, 2021
Slide 1: First United Corporation Annual Shareholders' Meeting
First United Corporation Annual Shareholders’ Meeting May 20, 2021
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: COVID - Delivering for Stakeholders
4 COVID - 19 Delivering for Stakeholders • 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 shareholders, customers and associates
Slide 5: Key Facts Financial Highlights
5 Key Facts Financial Highlights $13.8 million Net Income $1.97 Diluted EPS 0.86% ROAA 10.89% ROATCE 2020 Highlights • Grew earnings per share by 7% and increased our dividend by 30%, from $0.09 per share to $0.13 per share • Pre - provision net revenue (1) for 2020 increased 30% over prior year • P
Slide 6: Financial Highlights
6 Financial Highlights • Increased pre - provision net revenue (1) to $7.9 million in 1Q21 from $6.3 million in 4Q20 • PPP loan production of $65 million, YTD through April 2021 • Mortgage production of $27.5 million in 1Q21 compared to $42.8 million in 4Q20 and $23.5 million in 1Q20, primarily in l
Slide 7: Our Strategic Plan is Generating Reliable Growth
7 7 $14.7 $15.5 $17.8 $23.2 $7.9 2017 2018 2019 2020 1Q21 $1,039 $1,068 $1,142 $1,422 $1,468 2017 2018 2019 2020 Mar-21 $882 $996 $1,039 $1,168 $1,199 2017 2018 2019 2020 Mar-21 $1,054 Our Strategic Plan is Generating Reliable Growth… Pre - Provision Net Revenue ($ in millions) (*) Tangible Book Val
Slide 8: As Well As Improved Profitability
8 8 6.38% 4.52% 9.39% 10.44% 10.89% 2016 2017 2018 2019 2020 0.55% 0.40% 0.81% 0.93% 0.86% 2016 2017 2018 2019 2020 …As Well As Improved Profitability • First United has consistently improved return on assets and return on average equity enabling us to fund the dividend and invest in future growth •
Slide 9: First United Total Shareholder Return Vs. Peers Through COVID-19 Environment
9 First United Total Shareholder Return Vs. Peers Through COVID - 19 Environment First United has consistently out - performed its peers long - term (1) Source: S&P Global Market Intelligence; includes price change and reinvested cash dividends (1) For the period ended May 18, 2021 (2) SNL U.S. Bank
Slide 10: Strategic and Prudent Management During COVID
10 Strategic and Prudent Management During COVID - 19 Balance Sheet • Maintained strong liquidity • Capitalized on opportunities to grow relationships with PPP borrowers • PPP loans will help offset lower loan growth because of crisis • Maintained loan diversification • Continued to hold low - cost
Slide 11: Key Initiatives and Strategic Priorities
11 11 Key Initiatives and Strategic Priorities Optimize shareholder return through a keen focus on future growth, profitability, efficiencies, the client experience, and a reimagined future Create Exceptional Client Experience • Provide seamless client experience across all business lines using inte
Slide 12: Strong Risk Management, Monitoring and Mitigation
12 12 Strong Risk Management, Monitoring and Mitigation Underlies all strategic priorities Asset Quality • Low net charge - offs and strong asset quality as a result of conservative and proactive credit culture • Protective provision expense of $5.4 million in 2020 related to qualitative factor adju
Slide 13: Strong Investor Relations and Shareholder Communications and Engagement
13 13 Strong Investor Relations and Shareholder Communications and Engagement Clear long - term strategic plan with performance targets x Dedicated Investor Relations contact x Investor conferences and prospective investor engagement x Members of the Board and senior management routinely engage with
Slide 14: Thank You For Your Service!
Thank You For Your Service! 14 M. Kathryn Burkey Director Gary R. Ruddell Director Elaine L. McDonald Director
Slide 15: Welcome to Our New Directors!
Welcome to Our New Directors! 15 Sanu B. Chadha Director Patricia A. Milon Director Christy M. DiPietro Director
Slide 16: Board of Directors & Management
16 Board of Directors & Management Note: Excludes M. Kathryn Burkey and Gary R Ruddell who are retiring from the Board in May 2021 Directors Directors Management Team & Associates Carissa Rodeheaver Chief Executive Officer & Chair Christy M. DiPietro Independent Director R.L. Fisher SVP & Chief Reve
Slide 17: "My bank is First United!" Thank You!
“My bank is First United!” 17 Thank You!
Slide 18: Selected Peer Groups
18 18 Selected Peer Groups • Proxy peers can be found in First United’s 2021 definitive proxy statement found here: https://www.sec.gov/Archives/edgar/data/763907/000110465920048280/tm2016149d1_defc14a.htm – Proxy peers include: ACNB, ASRV, CFFI, CHMG, CVLY, CZFS, CZNC, EVBN, FDBC, FRAF, MVBF, NKSH,
Slide 19: Non-GAAP Reconciliation
19 19 Non - GAAP Reconciliation This presentation includes certain non - GAAP financial measures, including pre - provision net revenue, net income, diluted earning s per, return on average assets, return on average tangible common equity, tangible common equity, tangible assets, tangible book value