First · NASDAQ:FUNC
First — First United — Shareholder Meeting (May 2025)
34 slides from First's shareholder meeting presentation, May 7, 2025
Slide 1: Annual Shareholders' Meeting May 7, 2025
Annual Shareholders’ Meeting May 7, 2025 MyBank.com
Slide 2: Welcome and Introduction
2 Brian Boal Lead Independent Director Welcome and Introduction
Slide 3: Management Presentation
3 Carissa Rodeheaver President, Chief Executive Officer, and Chairman of the Board Management Presentation
Slide 4: Forward looking statements
4 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 5: Political and Economic Uncertainty
Political and Economic Uncertainty 5 ▪ Tariffs ▪ Shrinking government ▪ Interest rate uncertainties ▪ March 2022 – July 2023 rates rise 5.25% ▪ September 2024 rates decline .50% ▪ November/December 2024 rates decline .25% each month The future is plagued with uncertainties and how they will impact o
Slide 6: First United Mission
First United Mission 6 ▪ 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 7: 2024 Performance at a Glance
2024 Performance at a Glance 7 ▪ 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 gro
Slide 8: First United Corporation Remains Strong
First United Corporation Remains Strong 8 ▪ $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 9: Management Presentation
9 Tonya Sturm Senior Vice President and Chief Financial Officer Management Presentation
Slide 10: 2024 Financial Highlights
10 2024 Financial Highlights $21.0 Million Net Income (1) $3.21 Diluted EPS (1) 1.08% ROAA (1) 13.35% ROATCE (1) 3.38% NIM ▪ Total assets increased $67.2 million compared to December 31, 2023 ▪ Consolidated net income (1) of $21.0 million as of December 31, 2024 compared to $18.8 million as of Decem
Slide 11: First Quarter 2025 Financial Highlights
11 $5.8 Million Net Income (1) $0.89 Diluted EPS (1) 1.19% * ROAA (1) 13.70 * ROATCE (1) 3.56% NIM First Quarter 2025 Financial Highlights ▪ Total assets increased $6.7 million compared to December 31, 2024 ▪ Consolidated net income (1) of $5.8 million in 1Q25 compared to $3.7 million in 1Q24 and $6
Slide 12: Generating Reliable Growth
12 Generating Reliable Growth Pre - Provision Net Revenue ($ in millions) (1) $30.8 $32.5 $25.9 $30.7 $8.4 2021 2022 2023 2024 1Q2025 (1) See Appendix for a reconciliation of these non - GAAP financial measures $3.54 $3.76 $2.80 $3.21 $0.89 2021 2022 2023 2024 1Q2025 Diluted Earnings per Share (1) T
Slide 13: Loan Diversification
13 Total 1 - 4 Family 35% CRE - NOO 21% C&I 19% CRE - OO 12% C&D 6% Consumer 4% Multi - family 3% Loan Diversification Loan Portfolio Mix (03/31/2025) RE/Rental/Leasing NOO 23% RE/Rental/ Leasing OO, C&I 18% All Other 17% Accommodations 12% Services 8% RE/Rental/Leasing Multifamily 5% Trade 5% Const
Slide 14: Deposit Composition
14 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 1Q2025 NIB Demand IB Demand MMA & Savings CDs - Retail CDs - Brokered $1.57 $1.42 $1.62 $1.57 $1.58 Deposit Composition ($ in billions as of 03/31/2025) 79% 81% 9 1% 94% 91% Lo
Slide 15: Credit Quality
15 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% 0.27% 2021 2022 2023 2024 1Q2025 0.60% 0.46% 0.48% 0.59% 0.51% 2021 2022 2023 2024 1Q2025 1.38% 1.14% 1.24% 1.23% 1.25% 2021 2022 2023 2024 1Q2025 - 0.02% -
Slide 16: Net Interest Margin
16 Net Interest Margin (1) See Appendix for a reconciliation of these non - GAAP financial measures 3.63% 3.85% 4.63% 5.17% 5.34% 0.51% 0.44% 1.92% 2.51% 2.34% 3.28% 3.56% 3.26% 3.38% 3.56% 0.24% 0.21% 1.16% 1.62% 1.68% 0.1% 1.1% 2.1% 3.1% 4.1% 5.1% 2021 2022 2023 2024 1Q2025 Yield on Earning Assets
Slide 17: Diversified Fee Income
17 Diversified Fee Income (1) See Appendix for a reconciliation of these non - GAAP financial measures Composition 56% Trust and Brokerage 15% Service Charges 2% Net Gain on Loan Sales 19% Debit Card Income 7% Bank - owned Life Insurance 1% Other Noninterest Income Non - Interest Income Mix 1Q2025 T
Slide 18: Committed to Efficiency & Innovation
18 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 19: Solid Profitability
19 Solid Profitability (1) See Appendix for a reconciliation of these non - GAAP financial measure 1Q2025 Annualized 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% 1.19% 2021 2022 202
Slide 20: Capital Management
20 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% 14.94% 2021 2022 2023 2024 1Q2025 15.89% 16.12% 15.64% 15.92% 16.17% 2021 2022 2023 2024 1Q2025 10.80% 11.46% 11.30% 11.88% 11.94% 20
Slide 21: Capital Management
21 Capital Management Tangible Book Value / Share TCE Ratio $19.61 $20.90 $22.56 $25.89 $26.55 2021 2022 2023 2024 1Q2025 7.56% 7.59% 7.91% 8.54% 8.74% 2021 2022 2023 2024 1Q2025 2024 Dividends Declared $0.84 Per Share
Slide 22: Total Shareholder Return
Total Shareholder Return 22 5 - Year 3 - Year 1 - Year % 155.2 % 41.7 % 35.6 First United % 120.5 % 2.1 % 18.1 S&P US Small Cap Banks % 69.9 % 12.6 % 18.3 2025 Proxy Peers March 31, 2025
Slide 23: Strategic Pillars & Key Objectives
23 Strategic Pillars & Key Objectives Culture & Human Capital ▪ Attract and hire passionate, diverse talent to engage with clients and prospects across broader geographics. ▪ Drive associate retention and foster career development through mentoring initiatives, leadership programs, and educational o
Slide 24: 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 24
Slide 25: Management Team
25 25 Management Team Carissa L. Rodeheaver Chairman of the Board, President & CEO 33+ years career with First United with in - depth industry, wealth management, financial and operational experience Jason B. Rush SVP & Chief Operating Officer 30+ years with in - depth industry, retail, risk and com
Slide 26: Board of Directors
26 26 26 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 27: Thank you, Marisa Shockley!
27 Thank you, Marisa Shockley! 27
Slide 28: Celebrating Years
28 Celebrating 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 • Deliverin
Slide 29: Thank You!
u x 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
Slide 32: Non-GAAP Reconciliation, continued
32 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2021 2022 2023 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 3/31/2025 Return on Average Assets (quarter and YTD annualized) Average Assets ( c) 1,765,148$ 1,801,711$ 1,924,119$ 1,946,724$ 1,958,684$ 1,933,390$ 1,912,8
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 3/31/2025 Return on average tangible common equity, as reported (a)/(g) 16.27% 19.94% 10.51% 13.08% 9.79% 12.91% 14.45% 14.94% 13.71% 13.71% Add Back: Impact
Slide 34: Non-GAAP Reconciliation, continued
34 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2021 2022 2023 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 3/31/2025 Net interest margin (tax equivalent) Net interest income 52,542$ 57,631$ 56,869$ 59,981$ 13,812$ 15,239$ 15,229$ 15,701$ 16,017$ 16,017$ Tax equiva