First · NASDAQ:FUNC
First — First United — Shareholder Meeting (April 2021)
20 slides from First's shareholder meeting presentation, Apr 30, 2021
Slide 1: Governance Presentation First United Corporation Investor Meetings
Governance Presentation First United Corporation Investor Meetings April 30, 2021
Slide 2: Forward looking statements
2 2 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 fut
Slide 3: Table of Contents
3 3 Table of Contents I. First United Overview Pg. 4 II. Our Commitment To Strong Governance Pg. 11 III. First United 2021 Annual Meeting Pg. 16 IV. Appendix Pg. 19
Slide 4: I. First United Overview
4 4 I. First United
Slide 5: Executive Summary
5 5 Executive Summary First United has proactively responded to COVID - 19 and is now re - imagining the future Execution of our strategy is driving steady profitable growth Continuing to strengthen our governance, and would like your support at the Annual Meeting – Our pandemic policies and procedu
Slide 6: Mission Statement and Company Overview
6 6 Mission Statement To enrich the lives of our customers, our employees and our shareholders through uncommon commitment to service and effective financial solutions Company Overview Founded: 1900 Headquarters: Oakland, Maryland Branches: 25 Business Lines: Commercial & Retail Banking, Trust Servi
Slide 7: Key Strategic Priorities
7 7 Key Strategic Priorities Optimize shareholder return through a keen focus on four priorities: Create Exceptional Client Experience • Provide seamless client experience across all business lines using integrated relationship teams • Educate clients on digital banking and technology utilizing high
Slide 8: Our Strategic Plan is Generating Reliable Growth
8 8 $13.2 $14.7 $15.5 $17.8 $23.2 2016 2017 2018 2019 2020 $1,014 $1,039 $1,068 $1,142 $1,422 2016 2017 2018 2019 2020 $882 $882 $996 $1,039 $1,168 2016 2017 2018 2019 2020 $1,057 Our Strategic Plan is Generating Reliable Growth… Pre - tax Pre - Provision Income ($ in millions) Tangible Book Value p
Slide 9: Total Shareholder Return
9 9 Total Shareholder Return Source: S&P Global Market Intelligence; includes price change and reinvested cash dividends (1) SNL U.S. $1B - $5B Bank Index (2) Peer groups are defined in the Appendix to this presentation. Peer group refers to median unless stated otherwise • Our long - term performan
Slide 10: COVID-19: Our Board and Management in Action
10 10 COVID - 19: Our Board and Management in Action Our Leaders have taken a hands - on approach through the crisis. Our team is grounded in our Mission and focused on the Long - Term. • Continued customer access • Customer - specific solutions • Leveraging technology • PPP delivery • Loan modifica
Slide 11: II. Our Commitment to Strong Corporate Governance
11 11 II. Our Commitment to Strong Corporate Governance
Slide 12: Shareholder Engagement is a Priority
12 12 Shareholder Engagement is a Priority Members of the Board and senior management routinely engage with shareholders and other stakeholders. Engagements typically discuss: Long - term strategy Financial performance Leadership structure Board composition Executive compensation Governance profile
Slide 13: Ongoing Shareholder Engagement
13 13 Ongoing Shareholder Engagement Proposals to: • Declassify the Board of Directors • Adopt a majority vote standard • Adopt Proxy Access • Updated NGC and Compensation Committee Charters • Enhanced Corporate Governance Guidelines • Adopted a diversity policy for director refreshment • Formalized
Slide 14: Ongoing Board Refreshment
14 14 Two additional directors in the next two years Six new directors in six years Ongoing Board Refreshment Our proactive board refreshment strategy, coupled with regular director retirements, has resulted in the addition of several talented and diverse directors to First United’s Board. Board ref
Slide 15: Our Board's Diverse and Relevant Skills and Experience
15 15 Board Declassification Our Board’s Diverse and Relevant Skills and Experience 55% 45% Women Men Name Carissa Rodeheaver CEO and Chair 7 54 X X X X X X Sanu Chadha Independent Director 0 44 X X X X Christy M. DiPietro Independent Director 0 60 X X X X Patricia Milon Independent Director 1 58 X
Slide 16: III. Our 2021 Annual Meeting
16 16 III. Our 2021 Annual Meeting
Slide 17: First United 2021 Annual Meeting
17 17 Board Declassification First United 2021 Annual Meeting In response to feedback from our institutional investors and market views on best - in - class governance practices, First United's Board will propose these changes at the 2021 annual meeting: Board Declassification Majority Vote Standard
Slide 18: 2021 Director Nominees
18 18 2021 Director Nominees Carissa Rodeheaver CEO & Chair • 29 - year career with First United with in - depth industry, sales, wealth management, financial, credit and operational experience • Holds leadership positions in the American & Maryland Bankers Associations as well as in Garrett County,
Slide 19: V. Appendix
19 19 V. Appendix
Slide 20: Selected Peer Groups
20 20 Selected Peer Groups • Proxy peers can be found in First United’s 2020 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,