First · NASDAQ:FUNC
First — First United — Shareholder Meeting (May 2017)
36 slides from First's shareholder meeting presentation, May 18, 2017
Slide 1: Beginning Montage (Video)
Beginning Montage (Video)
Slide 2: First Commercial (Video)
First Commercial (Video)
Slide 3: First United Corporation Annual Shareholders' Meeting May 18, 2017
First United Corporation Annual Shareholders’ Meeting May 18, 2017
Slide 4: Carissa Rodeheaver, Chief Executive Officer and Chairman of the Board
Carissa Rodeheaver 4 Chief Executive Officer and Chairman of the Board
Slide 5: Forward-Looking Statements
Forward - Looking Statements 5 Forward - looking statements in this presentation relating to First United Corporation’s plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act o
Slide 6: Our Mission
Our Mission 6 To enrich the lives of our associates, customers, communities, and shareholders through uncommon service and effective financial solutions.
Slide 7: Relevant Personalized Efficient
Relevant Personalized Efficient 7
Slide 8: 8
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Slide 9: Team Innovative Curious Trustworthy Caring
9 Team Innovative Curious Trustworthy Caring
Slide 10: Community contributions and charitable giving
10 6,500 Dollars raised for the charity Ronald McDonald House0 15,500 Pounds of food donated to the MBA Embrace Life, Nurture Success Food Drive 200,000 Dollars in contributions to our local communities 650 Combined hours of community education outreach 650 Combined hours of community education outr
Slide 11: This image cannot currently be displayed.
11 This image cannot currently be displayed.
Slide 12: Stock Price % Change: FUNC vs. KBW Nasdaq Bank Index
Stock Price % Change: FUNC vs. KBW Nasdaq Bank Index 12 $11.70 at 12/31/15 $15.95 at 12/31/16 $14.26 at 5/11/17
Slide 13: Rights Offering
Rights Offering 13 New tangible capital $9.2 million 12/31/16 Tangible Book Value per Share: Before Actions 13.76$ After 1Q2017 Actions 13.53$ Dilution -1.6% EPS Available to Common Shareholders (*): Before Actions 0.88$ After 1Q2017 Actions 0.99$ Accretion 12.9% (*) Using 2016 Net Income as calcula
Slide 14: Tonya Sturm, Senior Vice President and Chief Financial Officer
Tonya Sturm 14 Senior Vice President and Chief Financial Officer
Slide 15: Deliver a total market return to shareholders through efficient and effective delivery channels
Deliver a total market return to shareholders through efficient and effective delivery channels 15
Slide 16: 2016 Initiative Review
2016 Initiative Review 16 Profitably grow high quality assets Improve capital ratios Strengthen core earnings and increase fee income Higher return to Shareholders
Slide 17: Trend in Total Assets
17 Trend in Total Assets $300 $500 $700 $900 $1,100 $1,300 $1,500 2012 2013 2014 2015 2016 $1,321 $1,334 $1,332 $1,323 $1,318 Millions
Slide 18: Balance Sheet – Asset Mix
18 Balance Sheet – Asset Mix 5% 18% 67% 10% Cash and cash equivalents Investment securities and FHLB stock Loans Other assets December 2016
Slide 19: Trend in Net Loan Balances
19 Trend in Net Loan Balances $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 2012 2013 2014 2015 2016 $859 $797 $828 $867 $882 Millions
Slide 20: Loan Portfolio Composition
20 Loan Portfolio Composition 33% 12% 8% 44% 3% Commercial Real Estate Acquisition and Development Commercial and Industrial Residential Mortgage Consumer Installment December 2016
Slide 21: Trends in Adversely Classified Assets
21 Trends in Adversely Classified Assets 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% $0 $50 $100 $150 $200 $250 $300 2010 2012 2014 2016 Adversely Classified Assets (millions) Adv Classified Loans Other Real Estate Owned Adv Classified CDOs Corp Coverage Ratio
Slide 22: Trend in Deposits
Trend in Deposits 22 $0 $200 $400 $600 $800 $1,000 $1,200 2012 2013 2014 2015 2016 Millions Core Retail CDs Brokered $977 $977 $981 $999 $1,014
Slide 23: Corporation Remains Well-Capitalized
Corporation Remains Well - Capitalized 23 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 2012 2013 2014 2015 2016 Leverage CET1 Tier 1 Total Regulatory Well - Capitalized Regulatory Minimum plus fully phased - in Capital Conservation Buffer
Slide 24: Components of Capital
Components of Capital 24 56% 15% 10% (9)% 9% Tier 1: Common Equity, before AOCI Tier 1: Qualifying TRUPs Tier 1: Series A Preferred Stock Tier 1 Reductions: Goodwill, Disallowed Deferred Tax Asset Tier 2: Qualifying ALL, excess TRUPs December 2016 March 2017 63% 15% 5% (9)% 6%
Slide 25: Net Interest Income
Net Interest Income 25 $39.1 $38.2 $35.5 $35.6 $37.6 3.30% 3.25% 3.00% 3.04% 3.19% 2.9% 2.9% 3.0% 3.0% 3.1% 3.1% 3.2% 3.2% 3.3% 3.3% 3.4% $0 $10 $20 $30 $40 $50 2012 2013 2014 2015 2016 Net Interest Income (millions) Net Interest Income Net Interest Margin
Slide 26: Providing for Loan Losses
Providing for Loan Losses 26 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 2011 2012 2013 2014 2015 2016 Millions Provision Net Charge-offs Allowance for Loan Losses
Slide 27: Other Operating Income
Other Operating Income* 27 $8 $10 $12 $14 2012 2013 2014 2015 2016 $13.7 $13.1 $12.9 $13.4 $14.1 Millions * Excluding gains/(losses), securities impairment, arbitration recovery
Slide 28: Wealth Management Revenue
Wealth Management Revenue 28 $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 2012 2013 2014 2015 2016 $5.4 $5.8 $6.1 $6.5 $6.7 Millions
Slide 29: Wealth Management Assets Under Management
Wealth Management Assets Under Management 29 $0 $100 $200 $300 $400 $500 $600 $700 $800 2012 2013 2014 2015 2016 $637 $675 $702 $718 $740 $215 $234 $237 $240 $257 Millions Trust Assets Investment Assets
Slide 30: Operating Expense
Operating Expense 30 $8 $13 $18 $23 $28 $33 $38 $43 $48 2012 2013 2014 2015 2016 $39.5 $42.4 $40.1 $41.1 $39.1 Millions
Slide 31: Net Income Available to / Net (Loss) Attributable to Common Shareholders
Net Income Available to / Net (Loss) Attributable to Common Shareholders 31 -$15 -$10 -$5 $0 $5 $10 $15 2010 2011 2012 2013 2014 2015 2016 - $11.8 $2.0 $3.0 $4.7 $3.0 $10.3 $5.3 Millions
Slide 32: Carissa Rodeheaver, Chief Executive Officer and Chairman of the Board
Carissa Rodeheaver 32 Chief Executive Officer and Chairman of the Board
Slide 33: 2017 Initiatives
2017 Initiatives 33 Building Relationships Low - cost core deposits High quality loans
Slide 34: "My bank is First United!"
“My bank is First United!” 34
Slide 35: Second Commercial (Video)
Second Commercial (Video)
Slide 36: Thank You!
Thank You! u 36