First · NASDAQ:FUNC
First — First United — Q3 2026 Earnings Presentation
31 slides from First's earnings presentation, Oct 19, 2026
Slide 1: MyBank.com Investor Presentation Third Quarter 2026
MyBank.com INVESTOR PRESENTATION Third Quarter 2026
Slide 2: Forward looking statements
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 future
Slide 3: Table of Contents
Table of Contents I. II. III. Corporate Overview Financial Performance Appendices Pg. 4 Pg. 10 Pg. 23
Slide 4: Our Mission and Corporate Overview
Our Mission To enrich the lives of our associates, customers, communities and shareholders through uncommon commitment to service and customized financial solutions. Corporate Overview Founded: 1900 Headquarters: Oakland, MD Locations: 23 branches Business Lines: ▪ Commercial & Retail Banking ▪ Trus
Slide 5: Rooted in Community. Built on Trust.
Rooted in Community. Built on Trust. 1935 First National Bank of Oakland purchased Farmers Bank of Oakland. 1960 First National Bank of Oakland purchased First National Bank of Friendsville. 1963 Bank By Boat - the Lake Community Office opened, was called America's First Banking by Boat Office. 1988
Slide 6: Core Markets
Note: Out of market loans representing $207 million are not reflected in this table (1) Source: FDIC Market Share Data, most current. Deposit market share for each region includes the following counties: West : Monongalia, WV Central: Garrett, MD; Allegany, MD; Mineral, WV East: Washington, MD; Fred
Slide 7: Core Strengths
7 Core Strengths ▪ Diversified revenue stream driven by trust and brokerage fee income supplements margin Diversified Revenue Stream ▪ Stable legacy markets produce steady low - cost funding ▪ Technology and business relationships drive growth ▪ Opportunities in growth markets Core Deposit Franchise
Slide 8: Shareholder Value
Shareholder Value 8 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 172.84% 29.97% 63.83% FUNC S&P US Small Cap Banks 2026 Proxy Peers 5 Year Total Shareholder Return $0.60 $0.78 $0.82 $0.92 $1.06 2022 2023 2024 2025 2026 Dividends (per share, paid during year)
Slide 9: Strategic priorities
9 ??????? ▪ 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
Slide 10: Third Quarter Financial Highlights
10 $ 7.2 Million Net Income (1) $1.11 Diluted EPS (1) 1.38% * ROAA (1) 13.91% * ROATCE (1) 4.05 % NIM Third Quarter Financial Highlights ▪ Total assets in creased $ 16.0 million compared to June 30, 2026 ▪ Consolidated net income (1) of $ 7.2 million in 3Q26 compared to $ 6.9 million in 3 Q25 and $
Slide 11: Year to Date Financial Highlights
11 $21.1 Million Net Income (1) $3.26 Diluted EPS (1) 1.36% * ROAA (1) 14.14% * ROATCE (1) 3.94% NIM Year to Date Financial Highlights ▪ Total assets in creased $10.6 million compared to Dec ember 31, 2025 ▪ Consolidated net income (1) of $21.1 million in 2026 compared to $18.7 million in 2025; pre
Slide 12: Solid Profitability
Solid Profitability Pre - Provision Net Revenue ($ in millions) (1) $32.5 $25.9 $30.7 $37.0 $31.4 2022 2023 2024 2025 3Q2026 (1) See Appendix for a reconciliation of these non - GAAP financial measures $3.76 $2.80 $3.21 $3.99 $3.26 2022 2023 2024 2025 3Q2026 Diluted Earnings per Share (1) 12 1.39% 0
Slide 13: Loan Diversification
Total 1 - 4 Family 34% CRE - NOO 21% C&I 18% CRE - OO 13% C&D 7% Consumer 4% Multi - family 3% Loan Diversification Loan Portfolio Mix (9/30/2026) RE/Rental/Leasing NOO 25% RE/Rental/ Leasing OO, C&I 17% All Other 17% Accommodations 12% Services 4% RE/Rental/Leasing Multifamily 5% Trade 4% Construct
Slide 14: Credit Quality
ALL / ACL Trends (Net Charge - Offs)/Average Loans Nonaccrual Loans / Total Loans NPAs / Total Assets 0.27% 0.28% 0.33% 0.28% 0.20% 2022 2023 2024 2025 3Q2026 0.46% 0.48% 0.59% 0.41% 0.31% 2022 2023 2024 2025 3Q2026 1.14% 1.24% 1.23% 1.28% 1.36% 2022 2023 2024 2025 3Q2026 --- - 0.06% - 0.07% - 0.16%
Slide 15: Investment Portfolio
15 Investment Portfolio Duration Book Yield Portfolio % Par (000s) Sector 5.12 2.29% 26% 73,388 Treasury/Agency 5.48 3.06 2.84% 5.11% 18% 2% 49,968 5,153 Fixed MBS Floating MBS 6.30 2.31% 26% 72,631 CMO 7.32 4.57% 6% 15,475 Municipal 0.42 5.82% 0% 1,000 Corporate 6.78 2.16% 22% 62,662 Other 5.90 2.5
Slide 16: Deposits
Deposits 16 32% 28% 27% 26% 25% 23% 23% 25% 23% 26% 36% 37% 39% 39% 42% 8% 10% 9% 9% 8% 0% 2% 0% 3% 0% 2022 2023 2024 2025 3Q2026 NIB Demand IB Demand MMA & Savings CDs - Retail CDs - Brokered $1.575 $1.571 $1.788 $1.551 $1.735 Deposit Composition ($ in billions as of 9/30/2026) 81% 91% 94 % 88% 90%
Slide 17: Net Interest Margin
Net Interest Margin 17 (1) See Appendix for a reconciliation of these non - GAAP financial measures 3.85% 4.63% 5.17% 5.43% 5.45% 5.49% 5.52% 0.44% 1.92% 2.51% 2.42% 2.22% 2.25% 2.23% 3.56% 3.26% 3.38% 3.67% 3.83% 3.89% 3.94% 0.21% 1.16% 1.68% 1.66% 1.53% 1.58% 1.56% 0.1% 1.1% 2.1% 3.1% 4.1% 5.1% 20
Slide 18: Diversified Fee Income
Diversified Fee Income 18 (1) See Appendix for a reconciliation of these non - GAAP financial measures Composition 56% Trust and Brokerage 14% Service Charges 1% Net Gain on Loan Sales 19% Debit Card Income 8% Bank - owned Life Insurance 2% Other Noninterest Income Non - Interest Income Mix 2026 Tru
Slide 19: Capital Management
Capital Management 19 CET1 Ratio Leverage Ratio Tier 1 Ratio Total Risk - Based Capital Ratio Regulatory Well - Capitalized 10% 5% 8% 6.5% 15.06% 14.42% 14.70% 15.36% 15.34% 2022 2023 2024 2025 3Q2026 16.12% 15.64% 15.92% 16.61% 16.60% 2022 2023 2024 2025 3Q2026 11.46% 11.30% 11.88% 12.21% 12.83% 20
Slide 20: Capital and Liquidity Overview
Capital and Liquidity Overview 20 $20.90 $22.56 $25.89 $29.57 $31.41 2022 2023 2024 2025 3Q2026 Tangible Book Value / Share 7.59% 7.91% 8.54% 9.26% 9.72% 2022 2023 2024 2025 3Q2026 TCE Ratio Net Availability ($ in thousands) Amount Used ($ in thousands) Amount Available ($ in thousands) Liquidity So
Slide 21: Operational Efficiency
Operational Efficiency Key Drivers: ▪ ProfitStar forecasting model ▪ Automated loan booking ▪ Project management enhancements ▪ Evaluation of core banking technology ▪ Proactive contract negotiations ▪ Vendor consolidation (1) See Appendix for a reconciliation of these non - GAAP financial measures
Slide 22: Strategic Targets
Strategic Targets Long Term Strategic Target Range (*) Non - GAAP 12/31/2025 Actual 12/31/2025 Non - GAAP 12/31/2024 Actual 12/31/2024 Metric 8% - 12% 27% 20% 15% 41% EPS Growth (YoY) Strong Shareholder Return 22% - 27% 24% 24% 27.0% 27.0% Dividend Payout Ratio 1.25% - 1.45% 1.28% 1.21% 1.08% 1.06%
Slide 23: Appendices
I. II. III. IV. Management Team Board of Directors Community Engagement Non - GAAP Reconciliation Pg. 24 Pg. 25 Pg. 26 Pg. 28 Appendices
Slide 24: Management Team
Tonya K. Sturm EVP & Chief Financial Officer, Corp. Secretary & Treasurer 35+ years of banking, audit, credit, retail, risk and compliance and financial and operational experience R.L. Fisher EVP & Chief Banking Officer 25+years with in - depth industry, retail, commercial and mortgage banking exper
Slide 25: Board of Directors
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 Principal, Milf
Slide 26: Commitment to Community
26 A proud community partner dedicated to Strengthening the places we call home. Commitment to Comm nity At First United Bank & Trust, our commitment extends beyond banking. Through financial education, volunteerism, charitable giving, and local partnerships, we invest in programs and initiatives th
Slide 27: Recognition That Demonstrates Our Strength & Purpose
Recognition That Demonstrates Our Strength & Purpose Recognition is an important part of who we are. By celebrating accomplishments, milestones, and exceptional service, First United Bank & Trust reinforces a workplace culture where associates feel valued, supported, and empowered to make a lasting
Slide 28: Non-GAAP financial measures
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 equit
Slide 29: Non-GAAP Reconciliation, continued
Non - GAAP Reconciliation , continued 29 ($000s, except where otherwise noted) YTD 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3Q2026 Weighted Average Common shares - basic (actual) (d) 6,649,740 6,685,676 6,527,077 6,489,581 6,474,368 6,489,245 6,496,122 6,498,587 6,
Slide 30: Non-GAAP Reconciliation, continued
Non - GAAP Reconciliation , continued 30 ($000s, except where otherwise noted) YTD 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3Q2026 Return on Average Assets (quarter and YTD annualized) Average Assets ( c) 1,801,711$ 1,924,119$ 1,946,724$ 2,022,002$ 1,976,702$ 1,997
Slide 31: Non-GAAP Reconciliation, continued
Non - GAAP Reconciliation , continued 31 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3Q2026 Tangible Book Value per Common Share Total common equity, as reported (h) 151,793$ 161,873$ 179,295$ 203,634$ 183,694$ 191,147$ 199,099$ 203,634$ 205,261$ 212,374$ 213,988$ 213