Slide 1: Investor Presentation Second Quarter 2026
INVESTOR PRESENTATION Second Quarter 2026 MyBank.com
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, as
Slide 3: Table of Contents
Table of Contents I. Corporate Overview Pg. 4 II. Financial Performance Pg. 10 III. Appendices Pg. 31
Slide 4: Corporate Overview
Corporate Overview Overview Our Mission Founded: 1900 To enrich the lives of our associates, customers, communities and shareholders through uncommon Headquarters: Oakland, MD commitment to service and customized financial solutions. Locations: 23 branches Star denotes Oakland, Maryland Business Lin
Slide 5: Core Markets
Core Markets Note: Out of market loans representing $192 million and $25 million in brokered CDs are not reflected in this table (1) Source: FDIC Market Share Data, most current. Deposit market share for each region West Region Central Region East Region includes the following counties: Loans (000s)
Slide 6: Core Strengths
Core Strengths Financial Diversified Revenue Core Deposit Engaged & Diverse Strength Stream Franchise Leadership ▪ Regulatory capital ratios ▪ Diversified revenue stream ▪ Stable legacy markets ▪ Diverse and experienced significantly above driven by trust and produce steady low-cost Board with skill
Slide 7: Total Shareholder Return
Total Shareholder Return* 1-Year 3-Year 5-Year First United 46.2% 241.9% 199.8% S&P US Small Cap Banks 29.5% 96.9% 48.2% 2026 Proxy Peers 41.1% 69.0% 58.5% *As of March 31, 2026 7
Slide 8: Risk Management, Monitoring & Mitigation
Risk Management, Monitoring & Mitigation Underlies all Strategic Priorities ▪ Low net charge-offs and strong asset quality resulting from conservative and proactive credit culture ▪ ACL level of 1.31%; future provisioning based on loan growth, economic environment and asset quality changes Asset ▪ D
Slide 9: Culture & Human Capital, Profitable Growth, Resource Optimization
Culture & Human Capital Profitable Growth Resource Optimization ▪ Attract, hire and retain passionate, ▪ Explore opportunities and strategies ▪ Optimize balance sheet mix to diverse talent to engage with to expand both net-interest maximize profitability. clients and prospects across income and non-
Slide 10: Second Quarter Financial Highlights
Second Quarter Financial Highlights $7.3 Million $1.13 1.44%* 14.76* 3.98% Net Income(1) Diluted EPS(1) ROAA(1) ROATCE(1) NIM ▪ Total assets increased $43.1 million compared to March 31, 2026 ▪ Consolidated net income(1) of $7.3 million in 2Q26 compared to $6.0 million in 2Q25 and $6.6 million in li
Slide 11: Year to Date Financial Highlights
Year to Date Financial Highlights $13.9 Million $2.15 1.36%* 14.26* 3.89% Net Income(1) Diluted EPS(1) ROAA(1) ROATCE(1) NIM ▪ Total assets decreased $5.4 million compared to December 31, 2025 ▪ Consolidated net income(1) of $13.9 million in 2026 compared to $11.8 million in 2025; pre-provision net
Slide 12: Long-Term Growth
Long-Term Growth Pre-Provision Net Revenue ($ in millions)(1) Diluted Earnings per Share(1) $37.0 $32.5 $30.7 $3.99 $3.76 $25.9 $3.21 $20.6 $2.80 $2.15 2022 2023 2024 2025 2Q2026 2022 2023 2024 2025 2Q2026 Total Gross Loans, including PPP ($ in millions) Total Deposits ($ in millions) $1,735 $1,736
Slide 13: Solid Profitability
Solid Profitability Core ROAA (non-GAAP(1)) Core ROATCE (non-GAAP(1)) 1.36% 1.39% 19.94% 1.28% 14.26% 1.08% 14.25% 0.97% 12.92% 13.35% 2022 2023 2024 2025 2Q2026 2022 2023 2024 2025 2Q2026 Long-term Strategic Target 1.25% - 1.60% Long-term Strategic Target 13% - 15% (1) See Appendix for a reconcilia
Slide 14: Loan Diversification
Loan Diversification Multi-family Construction - All Other Consumer 3% RE/Rental/Leasing - Developers 3% 4% 3% Construction - Developers Health Care / C&D 3% Social Assistance 6% 5% Trade 4% RE/Rental/Leasing Total 1-4 Family NOO 34% 24% CRE - OO RE/Rental/Leasing 14% Multifamily Loan 5% Portfolio S
Slide 15: Commercial Industry Mix by Origination Year
Commercial Industry Mix by Origination Year Commercial Industry Mix by Origination Prior to 2000 2000 - 2005 2006 - 2010 2011 - 2015 2016 - 2020 2021 - Current Total RE / Rental / Leasing - NOO - 140,098 95,931 5,693,349 58,527,601 187,463,928 $ 251,920,907 RE / Rental / Leasing - OO, C&I - 1,474 34
Slide 16: Commercial Real Estate
Commercial Real Estate Focus on risk mitigation and managing of concentrations ▪ CRE / Total Capital: 248% ▪ ADC / Total Capital: 41% OFFICE* CRE - Owner Occupied CRE - Non-Owner Occupied Total Note Book Number of Avg Loan Number of Avg Loan Number of Avg Loan Geography Balance loans Balance Note Bo
Slide 17: Variable Rate Loans and Repricing
Variable Rate Loans and Repricing % to Total % to Total % to Total Type Type % to Total Repricing 2028 Type Loan Type Reprices Monthly Repricing Repricing 2026 Repricing Repricing 2027 Type Repricing + Repricing Grand Total Commercial Loans 64,401,801 27.6% 37,426,916 63.0% 30,708,022 53.5% 99,574,3
Slide 18: Credit Quality
Credit Quality Nonaccrual Loans / Total Loans ALL / ACL Trends 0.33% 1.31% 0.28% 0.28% 0.29% 1.28% 0.27% 1.24% 1.23% 1.14% 2022 2023 2024 2025 2Q2026 2022 2023 2024 2025 2Q2026 NPAs / Total Assets (Net Charge-Offs)/Average Loans 0.59% 0.46% 0.48% -0.04% 0.41% ----0.06% 0.37% -0.07% -0.07% -0.16% 202
Slide 19: Investment Portfolio
Investment Portfolio Floating Corporate Par Portfolio Book MBS Sector Duration Municipal (000s) % Yield Treasury/Agency 73,388 26% 2.30% 5.44 Fixed Fixed MBS 51,643 18% 2.83% 5.14 MBS Treasury/ Agency Floating MBS 5,236 2% 5.04% 2.74 CMO 74,526 26% 2.34% 6.01 $284.4 Municipal 15,620 6% 5.24% 6.24 Mi
Slide 20: Shocked Investment Portfolio
Shocked Investment Portfolio Unrealized Gains / Losses Intent Dn300 Dn200 Dn100 Base Case Up100 Up200 Up300 AFS -2,904 -6,777 -10,713 -14,919 -19,225 -23,584 -27,755 HTM 929 -7,743 -16,286 -23,987 -32,783 -40,650 -48,083 Total -1,974 -14,521 -26,998 -38,905 -52,008 -64,234 -75,838 Capital Impact Cor
Slide 21: Deposits
Deposits Deposit Composition ($ in billions as of 6/30/2026) Deposit Type Balance % Insured Deposits $1,345,257,432 78% $1.57 $1.57 $1.58 $1.74 $1.74 Uninsured – Uncollateralized $ 300,593,361 17% 0% 2% 0% 3% 1% Deposits 8% 9% 8% 10% 9% Uninsured - Collateralized $ 89,661,601 5% Deposits 36% 39% 37%
Slide 22: Funding
Funding Funding Mix Brokered/FHLB Maturities Brokered Borrowings Deposits 1% 2% 4.22% July 2026 Brokered CD $25.0 Retail Commercial Brokered CD Deposits Deposits Dollars (in millions) 45% 52% Brokered CD Fully repaid $25.0 million Brokered CD at maturity in January and $65.0 million in FHLB advances
Slide 23: Net Interest Margin
Net Interest Margin 5.43% 5.45% 5.49% 5.17% 5.1% 4.63% 4.1% 3.85% 3.83% 3.89% 3.56% 3.67% 3.1% 3.38% 3.26% 2.51% 2.42% 2.22% 2.25% 1.92% 2.1% 1.68% 1.66% 1.58% 1.1% 1.53% 0.44% 1.16% 0.1% 0.21% 2022 2023 2024 2025 1Q2026 2Q2026 Yield on Earning Assets Cost of Interest-bearing Liabilities Net Interes
Slide 24: Diversified Fee Income
Diversified Fee Income Non-Interest Income Mix Trust & Brokerage Assets 2026 Under Management (MMs) Composition $1,944 $1,840 Trust and Brokerage 56% $1,677 $1,532 Service Charges 14% $1,359 Net Gain on Loan Sales 1% Debit Card Income 19% Bank-owned Life Insurance 9% Other Noninterest Income 1% 2022
Slide 25: Liquidity Position
Liquidity Position Amount Amount Liquidity Sources (6/30/2026) Available Used Net Availability ($ in thousands) ($ in thousands) ($ in thousands) Internal Sources Excess Cash $59,960 $59,960 Unpledged Securities (BV) $29,919 $29,919 External Sources Federal Reserve (Discount Window) $75,521 $50,000
Slide 26: Interest Rate Risk
Interest Rate Risk Interest Rate Risk Sensitivity Management Outlook & Strategy ▪ The Bank’s interest rate risk position is stress tested under ▪ Disciplined loan pricing three interest rate ramp scenarios to determine the impact on ▪ Manage deposit pricing on relationship and exception basis net in
Slide 27: Capital Management
Capital Management Strong capital levels allowing for continued growth. Total Risk-Based Capital Ratio Leverage Ratio 16.12% 15.92% 16.61% 16.51% 15.64% 11.88% 12.21% 12.70% 11.46% 11.30% 10% 5% 2022 2023 2024 2025 2Q2026 2022 2023 2024 2025 2Q2026 Tier 1 Ratio CET1 Ratio 15.06% 14.70% 15.36% 15.26%
Slide 28: Capital Management
Capital Management $31.16 $29.57 9.71% $25.89 9.26% 8.54% $22.56 7.59% 7.91% $20.90 2022 2023 2024 2025 2Q2026 2022 2023 2024 2025 2Q2026 Tangible Book Value / Share TCE Ratio 28
Slide 29: Operational Efficiency
Operational Efficiency Key Drivers: ▪ ProfitStar forecasting model Efficiency Ratio (1) ▪ Automated loan booking Strategic Target 53% - 58% ▪ Project management enhancements 65.1% ▪ Evaluation of core banking technology ▪ Proactive contract negotiations 61.3% ▪ Vendor consolidation 58.2% 57.5% 56.4%
Slide 30: Strategic Targets
Strategic Targets Metric Actual 12/31/2024 Non-GAAP 12/31/2024 Actual 12/31/2025 Non-GAAP 12/31/2025 Long Term Strategic Target Range (*) EPS Growth (YoY) 41% 15% 20% 27% 8% - 12% Dividend Payout 27.0% 27.0% 24% 24% 20% - 25% Strong Ratio Shareholder ROAA 1.06% 1.08% 1.21% 1.28% 1.25% - 1.45% Return
Slide 31: Strong Investor Relations & Shareholder Engagement
Strong Investor Relations & Shareholder Engagement ✓ Investor presentations and periodic outreach to institutional and retail shareholders ✓ Investor conferences and prospective investor engagement ✓ Clear long-term strategic plan with performance targets ✓ Dedicated Investor Relations contact Membe
Slide 32: Appendices
Appendices I. Management Team Pg. 32 II. Board of Directors Pg. 33 III. Non-GAAP Reconciliation Pg. 37
Slide 33: Management Team
Management Team Jason B. Rush R.L. Fisher Julie W. Peterson Chairman of the Board, EVP & Chief Banking Officer EVP & Chief Credit Officer President and CEO 25+years with in-depth industry, 30+ years with in-depth industry, 30+ years with in-depth industry, retail, commercial and mortgage commercial
Slide 34: Board of Directors
Board of Directors John F. Barr Patricia Milon Independent Director Independent Director Chairman of the Board, Principal, Ellsworth Electric, Inc. Milford Advisory Group, LLC Jason B. Rush Chairman of the Board, President and CEO Sanu Chadha Beth E. Moran First United Corporation and Independent Di
Slide 35: Board of Directors
Board of Directors Thoughtful Evaluation and Evolution Our Nominating and Governance Committee is responsible for determining directorship criteria, identifying and evaluating candidates for the Board, and regularly assessing the Board’s governance practices. ✓ Annual Committee and Self-Evaluations
Slide 36: Board of Directors
Board of Directors Director Skills Matrix Barr Boal1 Chadha DiPietro1 Hessler1 Milon Moran Rudy Rush Walls Executive Leadership ✓ ✓ ✓ ✓ ✓ ✓ ✓ Public Company ✓ ✓ Board Experience Information ✓ ✓ ✓ Technology Financial Services/ ✓ ✓ ✓ ✓ ✓ ✓ Banking Asset Management ✓ ✓ ✓ ✓ Brokerage/ ✓ CD Brokered ✓ I
Slide 37: Continuous Progress
Continuous Progress Governance ✓ Adopted right to call a special meeting. ✓ Revised stock ownership guidelines for ✓ Adopted mandatory director retirement Directors and Executives policy ✓ Declassified the Board of Directors ✓ Adopted plurality voting standard for Adopted Proxy Access contested dire
Slide 38: Non-GAAP Reconciliation
Non-GAAP Reconciliation 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 t
Slide 39: Non-GAAP Reconciliation, continued
Non-GAAP Reconciliation, continued ($000s, except where otherwise noted) YTD 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2Q2026 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 6,482,525 6,451,
Slide 40: Non-GAAP Reconciliation, continued
Non-GAAP Reconciliation, continued ($000s, except where otherwise noted) YTD 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2Q2026 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 $ 1,997,750 $
Slide 41: Non-GAAP Reconciliation, continued
Non-GAAP Reconciliation, continued ($000s, except where otherwise noted) YTD 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2Q2026 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 $ 20