ファーストユナイテッドの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 22, 2024

First United Corporation

(Exact name of registrant as specified in its charter)

Maryland	0-14237	52-1380770
(State or other jurisdiction of	(Commission file number)	(IRS Employer
incorporation or organization)		Identification No.)

19 South Second Street, Oakland, Maryland 21550

(Address of principal executive offices) (Zip Code)

(301) 334-9471

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock	FUNC	Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

INFORMATION TO BE INCLUDED IN THE REPORT

Item 2.02. Results of Operation and Financial Condition.

On July 22, 2024, First United Corporation (the “Corporation”) issued a press release describing its financial results for the three- and six-month periods ended June 30, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.

The information contained in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On July 22, 2024, the Corporation published an investor presentation that discusses certain aspects of its financial results for the three- and six-month periods ended June 30, 2024. A copy of the presentation is furnished herewith as Exhibit 99.2.

The information contained in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

The exhibits filed or furnished with this report are listed in the following Exhibit Index:

Exhibit No.		Description
99.1		Press release dated July 22, 2024 (furnished herewith)
99.2		Investor presentation dated July 22, 2024 (furnished herewith)
104		Cover page interactive data file (embedded within the iXBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FIRST UNITED CORPORATION

Dated: July 22, 2024	By:	/s/ Tonya K. Sturm
		Tonya K. Sturm
		Senior Vice President & CFO

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EX-99.1 2 tm2419928d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

FIRST UNITED CORPORATION ANNOUNCES

SECOND QUARTER 2024 FINANCIAL RESULTS

OAKLAND, MARYLAND— July 22, 2024: First United Corporation (the “Corporation, “we”, “us”, and “our”) (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the “Bank”), today announced financial results for the three- and six-month periods ended June 30, 2024. Consolidated net income was $4.9 million, or $0.75 per diluted share, for the second quarter of 2024, compared to $4.4 million, or $0.66 per diluted share, for the second quarter of 2023 and $3.7 million, or $0.56 per diluted share, for the first quarter of 2024. Year to date income was $8.6 million, or $1.31 per diluted share, compared to $8.8 million, or $1.31 per diluted share, for the six months ended June 30, 2023.

According to Carissa Rodeheaver, Chairman, President and CEO, “Net interest income improved as we experienced higher repricing of loans and saw stabilization of deposit expense as we remained disciplined in our pricing. Non-interest expenses declined, and loan and wealth production were solid, all resulting in solid core earnings for the quarter offset slightly by increased provision expense. We also took advantage of the lower stock price and improved shareholder position by repurchasing common stock. We believe the environment will continue to be challenging due to the higher interest rates, but we are well positioned to continue to post solid earnings the remainder of the year.”

Financial Highlights:

Deposits decreased due to consumer and commercial spending and runoff of retail certificates of deposit due to competitive pricing

Repaid $15.0 million of higher cost brokered certificates of deposit

Shifted $15.0 million of municipal customer balances from overnight investment sweep products to fully insured Intrafi Cash Service (“ICS”) products to release pledging of investment securities and increase available liquidity

Loan production ramped up with $36.9 million in commercial and $19.1 million in residential mortgage originations

Purchased and retired 201,800 shares of First United Corporation common stock

Paid $0.20 per share quarterly dividend to common shareholders

Net interest margin, on a non-GAAP, fully tax equivalent (“FTE”) basis, was 3.49% for the second quarter of 2024

Provision expense increased due to a $1.1 million charge-off on a non-accrual commercial and industrial credit

Non-interest income, including net gains, remained stable

Non-interest expense normalized and remains a focus for management

Income Statement Overview

On a GAAP basis, net income for the second quarter of 2024 was $4.9 million. This compares to GAAP net income of $3.7 million for the first quarter of 2024, inclusive of $0.4 million, net of tax, in accelerated depreciation expense related to branch closures. GAAP net income was $4.4 million for the second quarter of 2023.

	Q2 2024		Q1 2024		Q2 2023
Net Income, non-GAAP (millions)	$	4.9	$	4.1	$	4.4
Net Income, GAAP (millions)	$	4.9	$	3.7	$	4.4
Basic and diluted net income per share, non-GAAP	$	0.75	$	0.62	$	0.66
Basic and diluted net income per share, GAAP	$	0.75	$	0.56	$	0.66

The $0.5 million increase in quarterly net income year-over-year was primarily driven by a $1.1 million increase in net interest income, which was offset by an increase of $0.8 million in provision expense. The increase in net interest income was primarily related to the $3.4 million increase in interest on loans due to new loans being booked at higher rates and the repricing of adjustable-rate loans. This increase was partially offset by the $2.0 million increase in interest paid on deposits due to continued competitive pricing pressures. An increase of $0.5 million in interest paid on short-term borrowings related to the Bank Term Funding Program (“BTFP”) was offset by the reduction in long-term borrowings related to the repayment of the $40.0 million Federal Home Loan Bank (“FHLB”) advance in the first quarter of 2024. The year-over-year increase in provision for credit losses was primarily driven by increased charge-offs in the commercial and industrial portfolio related to one non-accrual credit where collateral was sold through a liquidation auction at depressed prices. The charge-off was partially offset by continued improvement of qualitative factors. Other activity comparing the second quarter of 2024 to the same period in 2023 was a $0.3 million increase in wealth management income due to improving market conditions and growth of new relationships and a decrease in operating expenses of $0.1 million. The provision for income tax was up $0.2 million when comparing the two quarters due to increased net income before tax.

Compared to the linked quarter, net income increased by $1.2 million due primarily to a $1.4 million increase in net interest income during the second quarter of 2024. The increase in net interest income was primarily related to a $1.0 million increase in interest on loans as new loans continue to be booked at higher interest rates and adjustable-rate loans reprice to higher rates. Additionally, in the first quarter of 2024, two large commercial relationships with combined loan balances of $12.1 million were moved to non-accrual status, which resulted in a reversal of $0.4 million in accrued interest income and fees during the quarter. Equipment and occupancy expenses decreased by $0.6 million due to accelerated depreciation expenses recognized in the first quarter of 2024 related to branch closures. The increased income was partially offset by a $0.2 million increase in provision for credit losses. Provision for income taxes was up $0.4 million when comparing the two quarters due to increased net income in the second quarter over the first quarter 2024.

Year to date net income for the first six months of 2024 was $8.6 million compared to $8.8 million for the same period in 2023. Provision for credit losses increased by $1.2 million related primarily to an increase of $1.1 million in net charge-offs in 2024 due primarily to charge-offs of $1.1 million related to commercial and industrial loans of one relationship in 2024. The increase in provision for credit losses was partially offset by the year over year increase of $0.4 million in net interest income driven by strong growth in our loan portfolio, new loans booked at higher rates, and adjustable-rate loans repricing to higher rates. Wealth management income increased $0.8 million in the first six months of 2024 when compared to the same time period of 2023.

Net Interest Income and Net Interest Margin

Net interest income, on a non-GAAP, fully-tax equivalent (“FTE”) basis, increased by $0.9 million for the second quarter of 2024 when compared to the second quarter of 2023. This increase was driven by a $3.0 million increase in interest income. Interest income on loans increased by $3.4 million due to the increase in average balances of $97.6 million and a 64 basis point increase in the overall yield on the loan portfolio as new loans were booked at higher rates as well as adjustable-rate loans repricing in correlation to the rising rate environment. Investment income decreased by $0.5 million due to a decrease of $86.8 million in average balances related to the balance sheet restructuring of our investment portfolio in the fourth quarter of 2023 and the maturity of $37.5 million in U.S. Treasury bonds in the first four months of 2024. The overall yield on the investment portfolio increased by 12 basis points primarily driven by the increased rate on the trust preferred portfolio and the maturity and sale of lower rate investments. Interest expense increased by $2.1 million year over year due to an increase of 70 basis points on interest paid on deposit accounts. The average deposit balances increased by $24.5 million when compared to the second quarter of 2023 due primarily to the increase of $96.4 million in money market account, which was partially offset by a decrease of $43.2 million and $20.9 million in average savings and time deposits, respectively.

Comparing the second quarter of 2024 to the first quarter of 2024, net interest income, on a non-GAAP, FTE basis, increased by $1.4 million driven by an increase of $1.2 million in interest income and a decrease of $0.2 million in interest expense. Interest income on loans increased by $1.0 million related to the overall increase of 26 basis points in yield and $7.5 million increase in average balances during the second quarter as well as the reversal of $0.4 million in accrued interest and loan fees related to the non-accrual loans in the first quarter of 2024. Interest expense on deposits increased slightly by $0.1 million primarily driven by an increase in average balances of $77.8 million in money market accounts. Interest expense on long-term borrowings decreased by $0.4 million due to the maturity and repayment of $40.0 million in FHLB borrowings during the first quarter of 2024.

Comparing the six months ended June 30, 2024 to the six months ended June 30, 2023, net interest income, on a non-GAAP, FTE basis, was stable. Interest income increased by $6.9 million. Average loan balances increased by $112.9 million and the overall yield increased by 61 basis points in correlation with the rising rate environment and new loans booked at higher rates as well as the repricing of adjustable-rate loans. Interest expense on deposits increased by $5.6 million while the average deposit balances increased by $42.5 million, driven by increases of $77.9 million in money market balances and $27.4 million in retail time deposits, partially offset by decreases in savings balances of $50.1 million. Interest expense on short-term borrowings increased by $0.9 million due to the Bank’s utilization of the BTFP program in January 2024. The increased interest expense resulted in an overall increase of 99 basis points on interest bearing liabilities. The net interest margin for the six months ended June 30, 2024 was 3.31% compared to 3.39% for the six months ended June 30, 2023.

Non-Interest Income

Other operating income, including net gains, for the second quarter of 2024 increased by $0.3 million when compared to the same period of 2023. The growth was driven by an increase of $0.3 million in wealth management income due to improving market conditions, increased annuity sales and growth in new and existing customer relationships. Gains on sales of mortgages declined slightly when comparing the second quarter of 2024 to the same time period of 2023 primarily due to reduced activity in the elevated interest rate environment. Other operating income on service charges and debit card income remained stable.

On a linked quarter basis, other operating income, including net gains, remained stable. Debt card income increased by $0.1 million, which was offset by a $0.1 million decrease in wealth management income.

Other operating income for the six months ended June 30, 2024 increased by $0.8 million when compared to the same period of 2023. This increase was primarily due to the $0.8 million increase in wealth management income due to improving market conditions, increased annuity sales and growth in new and existing customer relationships. Service charge and debit card income were both stable when comparing the six months of 2024 to the six months of 2023.

Non-Interest Expense

Operating expenses decreased by $0.1 million in the second quarter of 2024 when compared to the second quarter of 2023. The decrease was related to a $0.2 million decrease in equipment and occupancy expenses resulting from branch closures in late 2023 and a $0.2 million decrease in check fraud related expenses. These decreases were partially offset by a $0.4 million increase in salaries related to increased health insurance claims, higher salaries and benefits associated with normal merit increases effective April 1, 2024, and reduced loan origination costs due to lower loan production. Other increases in data processing and marketing expenses were offset by decreases in professional services, contract labor, telephone and other miscellaneous expenses.

Non-interest expense decreased by $0.5 million when compared to the linked quarter. This decrease was primarily due to the $0.6 million decrease in equipment and occupancy expenses related to accelerated depreciation expense recognized in the first quarter of 2024 related to branch closures, partially offset by a $0.1 million increase in salaries and employee benefits associated with normal merit increases effective April 1, 2024.

For the six months ended June 30, 2024, non-interest expenses increased by $0.1 million when compared to the six months ended June 30, 2023. Increases in salaries and employee benefits of $0.2 million due to normal merit increases effective April 1, 2024, and increases in FDIC premiums, data processing, equipment and occupancy were offset by decreases in professional services, contract labor, investor relations and other miscellaneous expenses such as pension related expenses, check fraud and membership dues and licenses.

The effective income tax rates as a percentage of income for the six months ended June 30, 2024 and June 30, 2023 were 24.3% and 24.0%, respectively.

Balance Sheet Overview

Total assets at June 30, 2024 were $1.9 billion, representing a $37.3 million decrease since December 31, 2023. During the first six months of 2024, cash and interest-bearing deposits in other banks decreased by $4.7 million. The investment portfolio decreased by $44.3 million due to the maturities of $37.5 million of U.S. Treasury bonds during the year and normal principal amortization of our mortgage-backed securities (“MBS”) portfolio. Gross loans increased by $16.3 million and other real estate owned (“OREO”) decreased by $1.5 million due to sales of OREO properties. Other assets, including deferred taxes, premises and equipment, and accrued interest receivable, decreased by $2.7 million.

Total liabilities at June 30, 2024 were $1.7 billion, representing a $39.6 million decrease since December 31, 2023. Total deposits decreased by $13.9 million when compared to December 31, 2023. The decrease in deposits was attributable to decreases in savings deposits of $11.2 million, retail time deposits of $22.1 million and the repayment of $15.0 million in brokered certificates of deposits, partially offset by increases in demand deposits of $22.2 million and money markets of $16.0 million. Short-term borrowings increased by $17.1 million since December 31, 2023 due to the Bank’s utilization of the BTFP to obtain $40.0 million in borrowings during January 2024 at a rate of 4.87% with a one-year maturity. The increase from the BTFP funding was partially offset by the shift of approximately $22.0 million in overnight investment sweep balances to the ICS product as a result of management’s strategy to release pledging of investment securities for municipalities to increase available liquidity. Long-term borrowings decreased by $40.0 million in the first six month of 2024 when compared to December 31, 2023 due to the repayment of $40.0 million in FHLB borrowings at its maturity in the first quarter of 2024.

Total available for sale and held to maturity securities totaled $267.2 million at June 30, 2024, representing a $44.3 million decrease when compared to December 31, 2023. In the first six months of 2024, $37.5 million in U.S. Treasury bonds matured and the proceeds were used to repay the $40.0 million maturing FHLB advance. Additionally, there were $5.0 million of other principal amortizations in our MBS portfolio year to date.

Outstanding loans of $1.4 billion at June 30, 2024 reflected growth of $16.3 million for the first six months of 2024.

Loan Type (in millions)	Change since March 31, 2024			Change since December 31, 2023
Commercial	$	3.7		$	9.3
1 to 4 Family Mortgages	$	9.3		$	11.5
Consumer	$	(2.4	)	$	(4.5	)
Gross Loans	$	10.6		$	16.3

Since December 31, 2023, commercial real estate loans increased by $12.6 million, and acquisition and development loans increased by $11.2 million. Commercial and industrial loans decreased by $14.4 million, driven by the repayment of $5.5 million of a non-accrual loan late in second quarter and the $1.1 million charge-off of a non-accrual equipment loan. Residential mortgage loans increased by $11.5 million and consumer loans decreased by $4.5 million.

New commercial loan production for the three months ended June 30, 2024 was approximately $36.9 million. The $64.9 million in the pipeline of commercial loans was robust as of June 30, 2024. At June 30, 2024, unfunded, committed commercial construction loans totaled approximately $12.6 million. Commercial amortization and payoffs were approximately $51.6 million through June 30, 2024, due primarily to pay-offs of short-term commercial loans as well as normal amortizations of the commercial loan portfolio.

New consumer mortgage loan production for the second quarter of 2024 was approximately $19.1 million, with most of this production comprised of portfolio mortgages. The pipeline of in-house, portfolio loans as of June 30, 2024 was $19.4 million. The residential mortgage production level increased in the second quarter of 2024 due to the seasonality of this line of business, particularly construction lending. Unfunded commitments related to residential construction loans totaled $13.5 million at June 30, 2024.

Total deposits at June 30, 2024 decreased by $13.9 million when compared to December 31, 2023.

Deposit Type (in millions)	Change since March 31, 2024			Change since December 31, 2023
Non-Interest-Bearing	$	1.2		$	(3.7	)
Interest-Bearing Demand	$	(4.7	)	$	22.2
Savings and Money Market	$	(0.1	)	$	4.7
Time Deposits	$	(22.8	)	$	(37.1	)
Total Deposits	$	(26.4	)	$	(13.9	)

Interest-bearing demand deposits increased by $22.2 million, primarily related to the shift of approximately $22.0 million in overnight investment sweep balances into the ICS product due to management’s strategy to release pledging of investment securities for municipalities to increase available liquidity. Money market accounts increased by $16.0 million due primarily to the expansion of current relationships and new relationships during the first six months. Traditional savings accounts decreased by $11.3 million and time deposits decreased by $37.1 million. The decrease in time deposits was due to a decrease of $22.1 million in retail Certificates of Deposit (“CDs”) related to maturities of a nine-month special CD promotion in 2023 and the maturity and repayment of a $15.0 million brokered CD. The Bank has worked closely with customers as these CDs mature to transition them to other deposit and wealth management products offered by the Bank.

Short-term borrowings increased by $17.1 million as the Bank borrowed $40.0 million from the BTFP in January 2024, partially offset by a decrease of approximately $22.0 million in other short-term borrowings due primarily to management’s strategic decision to shift municipal customers into the ICS deposit product. Long-term borrowings decreased by $40.0 million as a $40.0 million FHLB advance matured in March 2024 and was fully repaid utilizing proceeds from lower yielding investment maturities.

The book value of the Corporation’s common stock was $25.39 per share at June 30, 2024 compared to $24.38 per share at December 31, 2023. At June 30, 2024, there were 6,465,601 of basic outstanding shares and 6,479,624 of diluted outstanding shares of common stock. During the first six months of 2024, the Company purchased and retired 201,800 shares of First United Corporation stock as part of its previously announced stock repurchase plan at an average price of $19.99 per share. The increase in the book value at June 30, 2024 was due to the undistributed net income of $6.0 million for the first six months of 2024.

Asset Quality

The allowance for credit losses (“ACL”) was $17.9 million at June 30, 2024 compared to $16.9 million recorded at June 30, 2023 and $17.5 million at December 31, 2023. The provision for credit losses was $1.2 million for the quarter ended June 30, 2024 compared to $0.4 million for the quarter ended June 30, 2023 and $0.9 million for the first quarter of 2024. The increased provision expense recorded in 2024 was primarily related to $1.1 million in charge-offs related to one non-accrual commercial and industrial loan relationship and was partially offset by improving qualitative risk factors of our loan portfolio. Net charge-offs of $1.3 million were recorded for the quarter ended June 30, 2024 compared to net charge-offs of $0.4 million for the quarter ended June 30, 2023. The ratio of the ACL to loans outstanding was 1.26% at June 30, 2024 compared to 1.27% at March 31, 2024 and 1.25% at June 30, 2023.

The ratio of year-to-date net charge offs to average loans was 0.25% for the six-month period ended June 30, 2024 and 0.10% for the six-month period ended June 30, 2023. The commercial and industrial portfolio had net charge offs of 0.89% for the six-month period ended June 30, 2024 compared to a net charge offs of 0.13% for the six-month period ended June 30, 2023. This shift was due primarily to charge offs of equipment loan balances on one non-accrual commercial relationship during 2024. The consumer portfolio had net charge offs of 2.02% for the six-month period ended June 30, 2024 compared to net charge offs of 1.40% for the six month period ended June 30, 2023. The increase in net charge offs in consumer loans in 2024 was primarily driven by approximately $0.4 million in charge offs of overdrawn demand deposit balances during the first quarter of 2024 and student loan accounts in the second quarter. Details of the ratios, by loan type, are shown below. Our special assets team continues to actively collect on charged-off loans, resulting in overall low net charge-off ratios.

Ratio of Net (Charge Offs)/Recoveries to Average Loans
Loan Type	6/30/2024 (Charge Off) / Recovery			6/30/2023 (Charge Off) / Recovery
Commercial Real Estate		0.01	%		(0.04	)%
Acquisition & Development		0.01	%		0.02	%
Commercial & Industrial		(0.89	)%		(0.13	)%
Residential Mortgage		(0.01	)%		0.01	%
Consumer		(2.02	)%		(1.40	)%
Total Net (Charge Offs)/Recoveries		(0.25	)%		(0.10	)%

Non-accrual loans totaled $9.4 million at June 30, 2024 compared to $4.0 million at December 31, 2023. The increase in non-accrual balances at June 30, 2024 was related to two commercial and industrial loan relationships totaling $12.1 million that were moved to non-accrual during the first quarter of 2024. The reduction in non-accrual balances during the second quarter of 2024 is related to a borrower’s decision to sell a piece of collateral and reduce outstanding balances by approximately $5.5 million and the charge-off of $1.1 million on another commercial and industrial credit.

Non-accrual loans that have been subject to partial charge-offs totaling $1.0 million at June 30, 2024 and $0.1 million at December 31, 2023. Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $1.5 million at June 30, 2024 and $1.8 million at December 31, 2023. As a percentage of the loan portfolio, accruing loans past due 30 days or more was 0.26% at June 30, 2024 compared to 0.24% at December 31, 2023 and 0.18% as of June 30, 2023.

ABOUT FIRST UNITED CORPORATION

First United Corporation is a Maryland corporation chartered in 1985 and a financial holding company registered with the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended, that elected financial holding company status in 2021. The Corporation’s primary business is serving as the parent company of the Bank, First United Statutory Trust I (“Trust I”) and First United Statutory Trust II (“Trust II” and together with Trust I, “the Trusts”), both Connecticut statutory business trusts. The Trusts were formed for the purpose of selling trust preferred securities that qualified as Tier 1 capital. The Bank has two consumer finance company subsidiaries- Oak First Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company – and two subsidiaries that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure – First OREO Trust, a Maryland statutory trust, and FUBT OREO I, LLC, a Maryland limited liability company. In addition, the Bank owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland, and a 99.9% non-voting membership interest in MCC FUBT Fund, LLC, an Ohio limited liability company formed for the purpose of acquiring, developing and operating low-income housing units in Allegany County, Maryland (the “MCC Fund”). The Corporation’s website is www.mybank.com.

FORWARD-LOOKING STATEMENTS

This press release 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 well as its assumptions and judgments concerning such beliefs, plans and objectives. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. The beliefs, plans and objectives on which forward-looking statements are based involve risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports that First United Corporation files with the Securities and Exchange Commission entitled "Risk Factors". In addition, investors should understand that the Corporation is required under generally accepted accounting principles to evaluate subsequent events through the filing of the consolidated financial statements included in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and the impact that any such events have on our critical accounting assumptions and estimates made as of June 30, 2024, which could require us to make adjustments to the amounts reflected in this press release.

FIRST UNITED CORPORATION

Oakland, MD

Stock Symbol : FUNC

Financial Highlights - Unaudited

(Dollars in thousands, except per share data)

	Three Months Ended						Six Months Ended
	June 30,			June 30,			June 30,		June 30,
	2024			2023			2024		2023
Results of Operations:
Interest income	$	23,113		$	19,972		$	45,011	$	37,801
Interest expense		7,875			5,798			15,961		9,109
Net interest income		15,238			14,174			29,050		28,692
Provision for credit losses		1,194			395			2,140		938
Other operating income		4,782			4,483			9,575		8,822
Net gains		59			86			141		140
Other operating expense		12,364			12,511			25,245		25,149
Income before taxes	$	6,521		$	5,837		$	11,381	$	11,567
Income tax expense		1,607			1,423			2,769		2,778
Net income	$	4,914		$	4,414		$	8,612	$	8,789

Per share data:
Basic net income per share	$	0.75		$	0.66		$	1.31	$	1.32
Diluted net income per share	$	0.75		$	0.66		$	1.31	$	1.31
Adjusted Basic net income (1)	$	0.75		$	0.66		$	1.37	$	1.32
Adjusted Diluted net income (1)	$	0.75		$	0.66		$	1.37	$	1.31
Dividends declared per share	$	0.20		$	0.20		$	0.40	$	0.40
Book value	$	25.39		$	23.12
Diluted book value	$	25.34		$	23.07
Tangible book value per share	$	23.55		$	21.29
Diluted Tangible book value per share	$	23.49		$	21.25

Closing market value	$	20.42		$	14.26
Market Range:
High	$	22.88		$	17.01
Low	$	19.40		$	12.56

Shares outstanding at period end: Basic		6,465,601			6,711,422
Shares outstanding at period end: Diluted		6,479,624			6,724,734

Performance ratios: (Year to Date Period End, annualized)
Return on average assets		0.89	%		0.95	%
Adjusted return on average assets (1)		0.98	%		0.95	%
Return on average shareholders' equity		10.48	%		11.43	%
Adjusted return on average shareholders' equity (1)		11.52	%		11.43	%
Net interest margin (Non-GAAP), includes tax exempt income of $116 and $452		3.31	%		3.39	%
Net interest margin GAAP		3.29	%		3.34	%
Efficiency ratio - non-GAAP (1)		63.48	%		66.00	%

(1) Efficiency ratio is a non-GAAP measure calculated by dividing total operating expenses by the sum of tax equivalent net interest income and other operating income, less gains/(losses) on sales of securities and/or fixed assets.

	June 30,			December 31
	2024			2023
Financial Condition at period end:
Assets	$	1,868,599		$	1,905,860
Earning assets	$	1,695,425		$	1,725,236
Gross loans	$	1,422,975		$	1,406,667
Commercial Real Estate	$	506,273		$	493,703
Acquisition and Development	$	88,215		$	77,060
Commercial and Industrial	$	260,168		$	274,604
Residential Mortgage	$	511,354		$	499,871
Consumer	$	56,965		$	61,429
Investment securities	$	267,151		$	311,466
Total deposits	$	1,537,071		$	1,550,977
Noninterest bearing	$	423,970		$	427,670
Interest bearing	$	1,113,101		$	1,123,307
Shareholders' equity	$	164,177		$	161,873

Capital ratios:

Tier 1 to risk weighted assets		14.51	%		14.42	%
Common Equity Tier 1 to risk weighted assets		12.54	%		12.44	%
Tier 1 Leverage		11.69	%		11.30	%
Total risk based capital		15.75	%		15.64	%

Asset quality:

Net charge-offs for the quarter	$	(1,309	)	$	(195	)
Nonperforming assets: (Period End)
Nonaccrual loans	$	9,438		$	3,956
Loans 90 days past due and accruing		526			543

Total nonperforming loans and 90 day past due	$	9,964		$	4,499

Other real estate owned	$	2,978		$	4,493

Allowance for credit losses to gross loans		1.26	%		1.24	%
Allowance for credit losses to non-accrual loans		189.90	%		441.86	%
Allowance for credit losses to non-performing assets		138.49	%		194.40	%
Non-performing and 90 day past due loans to total loans		0.70	%		0.32	%
Non-performing loans and 90 day past due loans to total assets		0.53	%		0.24	%
Non-accrual loans to total loans		0.66	%		0.28	%
Non-performing assets to total assets		0.69	%		0.47	%

FIRST UNITED CORPORATION

Oakland, MD

Stock Symbol : FUNC

Financial Highlights - Unaudited

	June 30,			March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in thousands, except per share data)	2024			2024			2023			2023			2023			2023
Results of Operations:
Interest income	$	23,113		$	21,898		$	22,191		$	21,164		$	19,972		$	17,829
Interest expense		7,875			8,086			7,997			7,180			5,798			3,311
Net interest income		15,238			13,812			14,194			13,984			14,174			14,518
Provision for credit losses		1,194			946			419			263			395			543
Other operating income		4,782			4,793			4,793			4,716			4,483			4,339
Net gains/(losses)		59			82			(4,184	)		182			86			54
Other operating expense		12,364			12,881			12,309			12,785			12,511			12,638
Income before taxes	$	6,521		$	4,860		$	2,075		$	5,834		$	5,837		$	5,730
Income tax expense		1,607			1,162			317			1,321			1,423			1,355
Net income	$	4,914		$	3,698		$	1,758		$	4,513		$	4,414		$	4,375

Per share data:
Basic net income per share	$	0.75		$	0.56		$	0.26		$	0.67		$	0.66		$	0.66
Diluted net income per share	$	0.75		$	0.56		$	0.26		$	0.67		$	0.66		$	0.65
Adjusted basic net income (1)	$	0.75		$	0.62		$	0.82		$	0.67		$	0.66		$	0.66
Adjusted diluted net income (1)	$	0.75		$	0.62		$	0.82		$	0.67		$	0.66		$	0.65
Dividends declared per share	$	0.20		$	0.20		$	0.20		$	0.20		$	0.20		$	0.20
Book value	$	25.39		$	24.89		$	24.38		$	23.08		$	23.12		$	22.85
Diluted book value	$	25.34		$	24.86		$	24.33		$	23.03		$	23.07		$	22.81
Tangible book value per share	$	23.55		$	23.08		$	22.56		$	21.27		$	21.29		$	21.01
Diluted Tangible book value per share	$	23.49		$	23.05		$	22.51		$	21.22		$	21.25		$	20.96

Closing market value	$	20.42		$	22.91		$	23.51		$	16.23		$	14.26		$	16.89
Market Range:
High	$	22.88		$	23.85		$	23.51		$	17.34		$	17.01		$	20.41
Low	$	19.40		$	21.21		$	16.12		$	13.70		$	12.56		$	16.75

Shares outstanding at period end: Basic		6,465,601			6,648,645			6,639,888			6,715,170			6,711,422			6,688,710
Shares outstanding at period end: Diluted		6,479,624			6,657,239			6,653,200			6,728,482			6,724,734			6,703,252

Performance ratios: (Year to Date Period End, annualized)
Return on average assets		0.89	%		0.76	%		0.78	%		0.93	%		0.95	%		0.94	%
Adjusted return on average assets (1)		0.98	%		0.85	%		0.94	%		0.93	%		0.95	%		0.94	%
Return on average shareholders' equity		10.48	%		9.07	%		9.68	%		11.44	%		11.43	%		11.87	%
Adjusted return on average shareholders' equity (1)		11.52	%		10.11	%		11.87	%		11.44	%		11.43	%		11.87	%
Net interest margin (Non-GAAP), includes tax exempt income of $116 and $452		3.31	%		3.12	%		3.26	%		3.30	%		3.39	%		3.53	%
Net interest margin GAAP		3.29	%		3.10	%		3.22	%		3.25	%		3.34	%		3.48	%
Efficiency ratio - non-GAAP (1)		63.48	%		65.71	%		65.12	%		66.41	%		66.00	%		67.02	%

	June 30,			March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2024			2023			2023			2023			2023
Financial Condition at period end:
Assets	$	1,868,599		$	1,912,953		$	1,905,860		$	1,928,201		$	1,928,393		$	1,937,442
Earning assets	$	1,695,425		$	1,695,962		$	1,725,236		$	1,717,244		$	1,707,522		$	1,652,688
Gross loans	$	1,422,975		$	1,412,327		$	1,406,667		$	1,380,019		$	1,350,038		$	1,289,080
Commercial Real Estate	$	506,273		$	492,819		$	493,703		$	491,284		$	483,485		$	453,356
Acquisition and Development	$	88,215		$	83,424		$	77,060		$	79,796		$	79,003		$	76,980
Commercial and Industrial	$	260,168		$	274,722		$	274,604		$	254,650		$	249,683		$	241,959
Residential Mortgage	$	511,354		$	501,990		$	499,871		$	491,686		$	475,540		$	456,198
Consumer	$	56,965		$	59,372		$	61,429		$	62,603		$	62,327		$	60,587
Investment securities	$	267,151		$	278,716		$	311,466		$	330,053		$	350,844		$	357,061
Total deposits	$	1,537,071		$	1,563,453		$	1,550,977		$	1,575,069		$	1,579,959		$	1,591,285
Noninterest bearing	$	423,970		$	422,759		$	427,670		$	429,691		$	466,628		$	468,554
Interest bearing	$	1,113,101		$	1,140,694		$	1,123,307		$	1,145,378		$	1,113,331		$	1,122,731
Shareholders' equity	$	164,177		$	165,481		$	161,873		$	154,990		$	155,156		$	152,868

Capital ratios:

Tier 1 to risk weighted assets		14.51	%		14.58	%		14.42	%		14.60	%		14.40	%		14.90	%
Common Equity Tier 1 to risk weighted assets		12.54	%		12.60	%		12.44	%		12.60	%		12.40	%		12.82	%
Tier 1 Leverage		11.69	%		11.48	%		11.30	%		11.25	%		11.25	%		11.47	%
Total risk based capital		15.75	%		15.83	%		15.64	%		15.81	%		15.60	%		16.15	%

Asset quality:

Net (charge-offs)/recoveries for the quarter	$	(1,309	)	$	(459	)	$	(195	)	$	(83	)	$	(398	)	$	(245	)
Nonperforming assets: (Period End)
Nonaccrual loans	$	9,438		$	16,007		$	3,956		$	3,479		$	2,972		$	3,258
Loans 90 days past due and accruing		526			120			543			145			160			87

Total nonperforming loans and 90 day past due	$	9,964		$	16,127		$	4,499		$	3,624		$	3,132		$	3,345

Modified/restructured loans	$	-		$	-		$	-		$	-		$	-		$	-
Other real estate owned	$	2,978		$	4,402		$	4,493		$	4,878		$	4,482		$	4,598

Allowance for credit losses to gross loans		1.26	%		1.27	%		1.24	%		1.24	%		1.25	%		1.31	%
Allowance for credit losses to non-accrual loans		189.90	%		112.34	%		441.86	%		492.84	%		568.81	%		517.83	%
Allowance for credit losses to non-performing assets		138.49	%		87.59	%		194.40	%		473.12	%		539.79	%		212.40	%
Non-performing and 90 day past due loans to total loans		0.70	%		1.14	%		0.32	%		0.26	%		0.23	%		0.26	%
Non-performing loans and 90 day past due loans to total assets		0.53	%		0.84	%		0.24	%		0.19	%		0.16	%		0.17	%
Non-accrual loans to total loans		0.66	%		1.13	%		0.28	%		0.25	%		0.22	%		0.25	%
Non-performing assets to total assets		0.69	%		1.07	%		0.47	%		0.44	%		0.39	%		0.41	%

(Dollars in thousands - Unaudited)	June 30, 2024			March 31, 2024			December 31, 2023
Assets
Cash and due from banks	$	43,635		$	85,578		$	48,343
Interest bearing deposits in banks		1,457			1,354			1,410
Cash and cash equivalents		45,092			86,932			49,753
Investment securities – available for sale (at fair value)		92,954			95,580			97,169
Investment securities – held to maturity (at cost)		174,197			183,136			214,297
Restricted investment in bank stock, at cost		3,395			3,390			5,250
Loans held for sale		447			175			443
Loans		1,422,975			1,412,327			1,406,667
Unearned fees		(306	)		(314	)		(340	)
Allowance for credit losses		(17,923	)		(17,982	)		(17,480	)
Net loans		1,404,746			1,394,031			1,388,847
Premises and equipment, net		29,688			30,268			31,459
Goodwill and other intangible assets		11,938			12,021			12,103
Bank owned life insurance		48,267			47,933			47,607
Deferred tax assets		11,214			10,736			11,948
Other real estate owned, net		2,978			4,402			4,493
Operating lease asset		1,230			1,299			1,367
Accrued interest receivable and other assets		42,453			43,050			41,124
Total Assets	$	1,868,599		$	1,912,953		$	1,905,860
Liabilities and Shareholders’ Equity
Liabilities:
Non-interest bearing deposits	$	423,970		$	422,759		$	427,670
Interest bearing deposits		1,113,101			1,140,694			1,123,307
Total deposits		1,537,071			1,563,453			1,550,977
Short-term borrowings		62,564			79,494			45,418
Long-term borrowings		70,929			70,929			110,929
Operating lease liability		1,412			1,484			1,556
Allowance for credit loss on off balance sheet exposures		801			858			873
Accrued interest payable and other liabilities		30,352			29,925			32,904
Dividends payable		1,293			1,329			1,330
Total Liabilities		1,704,422		$	1,747,472			1,743,987
Shareholders’ Equity:
Common Stock – par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,465,601 shares at June 30, 2024 and 6,639,888 at December 31, 2023		65			66			66
Surplus		20,280			23,865			23,734
Retained earnings		179,892			176,272			173,900
Accumulated other comprehensive loss		(36,060	)		(34,722	)		(35,827	)
Total Shareholders’ Equity		164,177			165,481			161,873
Total Liabilities and Shareholders’ Equity	$	1,868,599		$	1,912,953		$	1,905,860

	2024						2023
	Q2			Q1			Q4			Q3			Q2			Q1

In thousands	(Unaudited)
Interest income
Interest and fees on loans	$	20,221		$	19,218		$	19,290		$	18,055		$	16,780		$	15,444
Interest on investment securities
Taxable		1,697			1,744			1,834			1,792			1,779			1,768
Exempt from federal income tax		53			53			53			123			268			270
Total investment income		1,750			1,797			1,887			1,915			2,047			2,038
Other		1,142			883			1,014			1,194			1,145			347
Total interest income		23,113			21,898			22,191			21,164			19,972			17,829
Interest expense
Interest on deposits		6,398			6,266			6,498			5,672			4,350			2,678
Interest on short-term borrowings		509			461			54			33			29			31
Interest on long-term borrowings		968			1,359			1,445			1,475			1,419			602
Total interest expense		7,875			8,086			7,997			7,180			5,798			3,311
Net interest income		15,238			13,812			14,194			13,984			14,174			14,518
Credit loss expense/(credit)
Loans		1,251			961			530			322			434			414
Debt securities held to maturity		—			—			—			45			—			—
Off balance sheet credit exposures		(57	)		(15	)		(111	)		(104	)		(39	)		129
Provision for credit losses		1,194			946			419			263			395			543
Net interest income after provision for credit losses		14,044			12,866			13,775			13,721			13,779			13,975
Other operating income
Net losses on investments, available for sale		—			—			(4,214	)		—			—			—
Gains on sale of residential mortgage loans		59			82			59			182			86			54
Losses on disposal of fixed assets		—			—			(29	)		—			—			—
Net gains/(losses)		59			82			(4,184	)		182			86			54
Other Income
Service charges on deposit accounts		556			556			567			569			546			516
Other service charges		225			215			223			230			244			232
Trust department		2,255			2,188			2,148			2,139			2,025			1,970
Debit card income		999			932			1,120			995			1,031			955
Bank owned life insurance		334			326			325			320			311			305
Brokerage commissions		362			495			360			245			258			297
Other		51			81			50			218			68			64
Total other income		4,782			4,793			4,793			4,716			4,483			4,339
Total other operating income		4,841			4,875			609			4,898			4,569			4,393
Other operating expenses
Salaries and employee benefits		7,256			7,157			6,390			6,964			6,870			7,296
FDIC premiums		285			269			268			254			277			193
Equipment		635			923			912			718			747			780
Occupancy		652			954			1,169			745			742			785
Data processing		1,422			1,318			1,384			1,388			1,306			1,306
Marketing		184			134			311			242			160			120
Professional services		449			486			631			488			520			494
Contract labor		84			183			170			155			157			134
Telephone		103			109			125			115			116			110
Other real estate owned		14			86			(370	)		139			18			124
Investor relations		91			53			65			74			123			83
Contributions		66			50			12			74			79			64
Other		1,123			1,159			1,242			1,429			1,396			1,149
Total other operating expenses		12,364			12,881			12,309			12,785			12,511			12,638
Income before income tax expense		6,521			4,860			2,075			5,834			5,837			5,730
Provision for income tax expense		1,607			1,162			317			1,321			1,423			1,355
Net Income	$	4,914		$	3,698		$	1,758		$	4,513		$	4,414		$	4,375
Basic net income per common share	$	0.75		$	0.56		$	0.26		$	0.67		$	0.66		$	0.66
Diluted net income per common share	$	0.75		$	0.56		$	0.26		$	0.67		$	0.66		$	0.65
Weighted average number of basic shares outstanding		6,527			6,642			6,649			6,714			6,704			6,675
Weighted average number of diluted shares outstanding		6,537			6,655			6,663			6,728			6,718			6,697
Dividends declared per common share	$	0.20		$	0.20		$	0.20		$	0.20		$	0.20		$	0.20

Non-GAAP Financial Measures (unaudited)

Reconciliation of as reported (GAAP) and non-GAAP financial measures

The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

The following non-GAAP financial measures exclude accelerated depreciation expenses related to the branch closures.

	Three months ended June 30,				Six months ended June 30,
(in thousands, except for per share amount)	2024		2023		2024			2023
Net income - as reported	$	4,914	$	4,414	$	8,612		$	8,789
Adjustments:
Accelerated depreciation expenses		—		—		562			—
Income tax effect of adjustments		—		—		(137	)		—
Adjusted net income (non-GAAP)	$	4,914	$	4,414	$	9,037		$	8,789

Diluted earnings per share - as reported	$	0.75	$	0.66	$	1.31		$	1.31
Adjustments:
Accelerated depreciation expenses		—		—		0.08			—
Income tax effect of adjustments		—		—		(0.02	)		—
Adjusted basic and diluted earnings per share (non-GAAP)	$	0.75	$	0.66	$	1.37		$	1.31

	As of or for the three months ended						As of or for the six months ended
	June 30,						June 30,
(in thousands, except per share data)	2024			2023			2024		2023
Per Share Data
Basic net income per share (1) - as reported	$	0.75		$	0.66		$	1.31	$	1.32
Basic net income per share (1) - non-GAAP		0.75			0.66			1.37		1.32
Diluted net income per share (1) - as reported	$	0.75		$	0.66		$	1.31	$	1.31
Diluted net income per share (1) - non-GAAP		0.75			0.66			1.37		1.31
Basic book value per share	$	25.39		$	23.12
Diluted book value per share	$	25.34		$	23.07

Significant Ratios:

	As of or for the six months ended
	June 30,
Return on Average Assets (1) - as reported		0.89	%		0.95	%
Accelerated depreciation expenses		0.12	%		—
Income tax effect of adjustments		-0.03	%		—
Adjusted Return on Average Assets (1) (non-GAAP)		0.98	%		0.95	%

Return on Average Equity (1) - as reported		10.48	%		11.43	%
Accelerated depreciation expenses		1.38	%		—
Income tax effect of adjustments		(0.34	%)		—
Adjusted Return on Average Equity (1) (non-GAAP)		11.52	%		11.43	%

(1) See reconcilation of this non-GAAP financial measure provided elsewhere herein.

	Three Months Ended
	June 30
	2024								2023
(dollars in thousands)	Average Balance			Interest		Average Yield/Rate			Average Balance			Interest		Average Yield/Rate
Assets
Loans	$	1,415,353		$	20,237		5.75	%	$	1,317,728		$	16,794		5.11	%
Investment Securities:
Taxable		268,522			1,697		2.54	%		337,032			1,779		2.12	%
Non taxable		7,800			95		4.90	%		26,093			479		7.36	%
Total		276,322			1,792		2.61	%		363,125			2,258		2.49	%
Federal funds sold		66,658			1,037		6.26	%		84,629			1,102		5.22	%
Interest-bearing deposits with other banks		2,194			18		3.30	%		1,735			19		4.39	%
Other interest earning assets		3,390			87		10.32	%		4,490			24		2.23	%
Total earning assets		1,763,917			23,171		5.28	%		1,771,707			20,197		4.57	%
Allowance for credit losses		(18,184	)							(16,982	)
Non-earning assets		198,750								175,369
Total Assets	$	1,944,483							$	1,930,094
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	369,836		$	1,495		1.63	%	$	377,773		$	1,132		1.20	%
Interest-bearing money markets - retail		400,747			3,515		3.53	%		304,322			1,809		2.38	%
Interest-bearing money markets - brokered		111			1		3.62	%		—			—		—	%
Savings deposits		182,988			46		0.10	%		226,172			56		0.10	%
Time deposits - retail		146,420			1,016		2.79	%		130,634			552		1.69	%
Time deposits - brokered		24,396			325		5.36	%		61,081			801		5.26	%
Short-term borrowings		71,900			509		2.85	%		47,356			29		0.25	%
Long-term borrowings		70,929			968		5.49	%		110,929			1,419		5.13	%
Total interest-bearing liabilities		1,267,327			7,875		2.50	%		1,258,267			5,798		1.85	%
Non-interest-bearing deposits		479,232								484,952
Other liabilities		32,884								31,517
Shareholders’ Equity		165,040								155,358
Total Liabilities and Shareholders’ Equity	$	1,944,483							$	1,930,094
Net interest income and spread				$	15,296		2.78	%				$	14,399		2.72	%
Net interest margin							3.49	%							3.26	%

	Six Months Ended
	June 30,
	2024								2023
(dollars in thousands)	Average Balance			Interest		Average Yield/Rate			Average Balance			Interest		Average Yield/Rate
Assets
Loans	$	1,411,620		$	39,471		5.62	%	$	1,298,743		$	32,251		5.01	%
Investment Securities:
Taxable		281,524			3,441		2.46	%		338,817			3,547		2.11	%
Non taxable		7,803			189		4.87	%		26,099			963		7.44	%
Total		289,327			3,630		2.52	%		364,916			4,510		2.49	%
Federal funds sold		65,251			1,795		5.53	%		62,361			1,409		4.56	%
Interest-bearing deposits with other banks		1,352			49		7.29	%		3,342			45		2.72	%
Other interest earning assets		4,248			181		8.57	%		3,069			38		2.56	%
Total earning assets		1,771,798			45,126		5.12	%		1,732,431			38,253		4.45	%
Allowance for loan losses		(17,940	)							(15,905	)
Non-earning assets		201,872								172,461
Total Assets	$	1,955,730							$	1,888,987
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	361,358		$	2,936		1.63	%	$	365,491		$	2,021		1.11	%
Interest-bearing money markets - retail		392,164			6,774		3.47	%		314,246			3,107		1.99	%
Interest-bearing money markets - brokered		55			1		3.66	%		—			—		—	%
Savings deposits		186,280			94		0.10	%		236,383			135		0.12	%
Time deposits - retail		152,049			2,134		2.82	%		124,684			832		1.35	%
Time deposits - brokered		27,198			724		5.35	%		35,771			933		5.26	%
Short-term borrowings		72,626			970		2.69	%		52,332			60		0.23	%
Long-term borrowings		86,973			2,327		5.38	%		77,338			2,021		5.27	%
Total interest-bearing liabilities		1,278,703			15,960		2.51	%		1,206,245			9,109		1.52	%
Non-interest-bearing deposits		478,655								497,226
Other liabilities		33,624								30,497
Shareholders’ Equity		164,748								155,019
Total Liabilities and Shareholders’ Equity	$	1,955,730							$	1,888,987
Net interest income and spread				$	29,166		2.61	%				$	29,144		2.93	%
Net interest margin							3.31	%							3.39	%

EX-99.2 3 tm2419928d1_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

INVESTOR PRESENTATION Second Quarter 2024 MyBank.com 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 future, as well as its assumptions and judgments concerning such beliefs, plans and objectives . These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions . Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true . The beliefs, plans and objectives on which forward - looking statements are based involve risks and uncertainties that could cause actual results to differ materially from those addressed in the forward - looking statements . For a discussion of these risks and uncertainties, see the section of the periodic reports that First United Corporation files with the Securities and Exchange Commission entitled "Risk Factors . Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties . Actual results could be materially different from management’s expectations . This presentation should be read in conjunction with our Annual Report on Form 10 - K, as amended, for the year ended December 31 , 2023 , including the sections of the report entitled “Risk Factors”, as well as the reports and other documents that we subsequently file with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www . sec . gov or at our website at www . mybank . com . Except as required by law, we do not intend to publish updates or revisions of any forward - looking statements we make to reflect new information, future events or otherwise .

3 Table of Contents I. II. III. Corporate Overview Financial Performance Appendices Pg. 4 Pg. 9 Pg. 31 4 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: 22 branches Business Lines: ▪ Commercial & Retail Banking ▪ Trust Services ▪ Wealth Management Ticker: FUNC (Nasdaq) Website: www.MyBank.com Overview West Virginia Maryland • Pittsburgh, PA • Washington, DC • Columbus, OH • Baltimore, MD • Richmond, VA Morgantown, WV භ • Philadelphia, PA • Harrisburg, PA Winchester, VA භ Star denotes Oakland, Maryland Headquarters 5 West Region Central Region East Region Loans (000s) $322,866 $425,333 $551,787 Deposits (000s) $134,158 $791,482 $492,332 Deposit Market Share (1) (at June 30, 2023) 2% 47% 4% Branches 3 9 10 Note: Out of market loans represent $124 million and are not reflected in this table; Brokered CDs represent $15 million and 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; Frederick, MD; Berkeley, WV Core Markets 6 6 Core Strengths ▪ Diversified revenue stream driven by trust and brokerage fee income provides protection during times of low interest rates Diversified Revenue Stream ▪ Stable legacy markets produce steady low - cost funding ▪ Technology and business relationships drive growth Core Deposit Franchise ▪ Diverse and experienced Board with the skills to oversee risks, strategic initiatives and governance best practices ▪ Ongoing Board succession strategy Engaged & Diverse Leadership ▪ Supporting local causes with financial education, consultation and robust products and services ▪ Knowledgeable associates committed to helping clients & the communities we serve Culture of Engagement ▪ Well - established operational infrastructure will support future growth ▪ Expense management focus, hybrid work environment and technology drive cost savings Expense Structure ▪ Strong underwriting guidelines and risk management framework ▪ Focus on risk mitigation, loan concentration management and information security Robust Enterprise Risk Management ▪ Innovative and dynamic approach to attracting and retaining clients ▪ Investment in FinTech funds provides early exposure to new technology Forward - Thinking Approach ▪ Regulatory capital ratios significantly above regulatory requirements ▪ Significant access to liquidity sources Financial Strength 7 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 1.26%; future provisioning based on loan growth, economic environment and asset quality changes ▪ Diversified commercial loan portfolio and geographic footprint ▪ Disciplined loan growth strategy, concentration management, stress testing and exception tracking and monitoring ▪ Well - defined loan approval levels ▪ Centralized risk rating and monitoring of risk rating migration and delinquency trends ▪ Robust annual third - party loan review ▪ Maintaining a slightly asset sensitive balance sheet and positioning for down rate environment ▪ Limiting longer - term investment exposure and actively managing loan and deposit terms ▪ Focused on capturing core, low - cost deposits ▪ Monitoring dynamic and static rate ramp scenarios ▪ Board regularly briefed on cyber - security matters ▪ Robust information security training programs for associates and Board ▪ Regular third - party review and testing of information security, compliance processes and cybersecurity controls ▪ No security breaches to - date ▪ Adaptive fraud detection and management ▪ Strong capital levels well above regulatory “well - capitalized” definition ▪ Conservative dividend payout policy to improve TCE and maintain capital during turbulent economic environment ▪ Capital stress tests indicate Bank is well positioned to absorb potential losses ▪ Stock repurchase program approved by board ▪ Loan to deposit ratio of 93% ▪ Liquidity contingency plan in place and funds position monitored daily ▪ Liquidity stress testing performed quarterly with strong liquidity under various scenarios ▪ Available borrowing capacity of $380 million through correspondent lines of credit, FHLB and the Federal Reserve ▪ Strong, stable low - cost core deposit franchise of 90% of total deposit portfolio Cyber - Security & Fraud Monitoring Asset Quality Capital Liquidity Management Interest Rate Sensitivity 8 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 opportunities. ▪ Expand associate engagement , cross - functional collaboration , and communication . ▪ Enhance succession plan by fostering forward - thinking strategies that promote innovation and long - term growth. Product & Service Revenue Diversification ▪ Increase non - interest income as a percentage of revenue to reduce dependence on net interest margin. ▪ Expand business development training and outreach efforts to drive strategic sales growth and deepen community - oriented business owner relationships . ▪ Revamp customer segmentation to focus on expanding product and service utilization by the existing customer base. ▪ Improve brand awareness in growth markets. Resource Optimization ▪ Optimize balance sheet mix to maximize profitability. ▪ Expand net interest margin through a disciplined approach to loan and deposit portfolio repricing. ▪ Effectively manage Capital through repurchase opportunities and effective investor communication . ▪ Improve efficiency by utilizing technology, leveraging data, artificial intelligence, and digital alternatives. ▪ Reduce monetary loss and administrative costs associated with cyber security and fraud. ▪ Allocate resources to enhance market share and execute tactics to optimize geographic presence. ▪ Cultivate relationships for potential future bank and wealth expansion. Effective use of technology, marketing and communications, and an environmental focus underlies all strategic priorities.

9 Second Quarter Financial Highlights $4.9 Million Net Income (1) $0.75 Diluted EPS (1) 1.02% * ROAA (1) 12.91 * ROATCE (1) 3.49% NIM ▪ Total assets declined $22.3 million compared to March 31, 2024 ▪ Consolidated net income (1) of $4.9 million in 2Q24 compared to $4.4 million in 2Q23 and $3.7 million in linked quarter; pre - provision net revenue of $7.7 million compared to $6.2 million and $6.4, respectively ▪ Net interest income, on a non - GAAP, FTE basis* increased by 10.29% in 2Q24 compared to 1Q24, driven by a 14.72% increase in interest income partially offset by a 35.82% increase in interest expense, driven by the competitive deposit landscape ▪ Asset quality remains strong with the ratio of the allowance for credit losses (“ACL”) to loans outstanding at 1.26% in 2Q24 and 1.27% in the linked quarter ▪ Efficiency ratio of 61.39% (1) for the second quarter of 2024 compared to 65.71% for the linked quarter; decrease primarily attributable to the increase in net interest income and reduced expenses for accelerated depreciation on the branch closures recognized in the first quarter (1) See Appendix for a reconciliation of these non - GAAP financial measure * 2Q2024 Annualized 10 Year to Date Financial Highlights $8.6 Million Net Income (1) $1.37 Diluted EPS (1) 0.98% * ROAA (1) 12.38 * ROATCE (1) 3.31% NIM ▪ Total assets declined $37.3 million compared to December 31, 2023 ▪ Consolidated net income (1) of $8.6 million as of June 30, 2024 compared to $8.8 million as of June 30, 2023; pre - provision net revenue of $14.1 million as of June 30, 2024 compared to $12.5 million as of June 30, 2023 ▪ Net interest income, on a non - GAAP, FTE basis* was stable for the six months ended June 30, 2024 compared to the six months ended June 30, 2023; increased interest income was o ffset by an increase in interest expense due to the continued competitive deposit landscape ▪ Asset quality remains strong with the ratio of the allowance for credit losses (“ACL”) to loans outstanding at 1.26% at June 30, 2024 ▪ Efficiency ratio of 63.47% (1) as of June 30, 2024 compared to 65.71% for the first quarter; decrease primarily attributable to the increase in net interest income and reduced expenses for accelerated depreciation on the branch closures recognized in the first quarter (1) See Appendix for a reconciliation of these non - GAAP financial measure * 2Q2024 Annualized

11 Long - Term Growth Pre - Provision Net Revenue ($ in millions) (1) $23.2 $30.8 $32.5 $25.9 $14.1 2020 2021 2022 2023 2Q2024 (1) See Appendix for a reconciliation of these non - GAAP financial measures $1.97 $3.54 $3.76 $2.80 $1.37 2020 2021 2022 2023 2Q2024 Diluted Earnings per Share (1) Total Deposits ($ in millions) $1,422 $1,469 $1,571 $1,551 $1,537 2020 2021 2022 2023 2Q2024 Total Gross Loans, including PPP ($ in millions) $1,168 $1,154 $1,279 $1,407 $1,423 2020 2021 2022 2023 2Q2024 $114 PPP $8 PPP 12 Solid Profitability (1) See Appendix for a reconciliation of these non - GAAP financial measures Long - term Strategic Target 13% - 15% Long - term Strategic Target 1.25% - 1.60% Core ROAA (non - GAAP (1) ) Core ROATCE (non - GAAP (1) ) 0.86% 1.35% 1.39% 0.97% 0.98% 2020 2021 2022 2023 2Q2024 11.92% 19.78% 19.94% 12.92% 12.38% 2020 2021 2022 2023 2Q2024

13 Total 1 - 4 Family 36% CRE - NOO 21% C&I 19% CRE - OO 11% C&D 6% Consumer 4% Multi - family 3% Loan Diversification Loan Portfolio Mix (06/30/2024) RE/Rental/Leasing NOO 23% RE/Rental/ Leasing OO, C&I 20% All Other 17% Accommodations 12% Services 7% RE/Rental/Leasing Multifamily 5% Trade 3% Construction - Developers 1% Health Care / Social Assistance 4% RE/Rental/Leasing - Developers 5% Construction - All Other 3% Commercial Loan Mix (06/30/2024)

14 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 -$ 4,326,148$ 3,027,534$ 10,173,744$ 85,130,566$ 105,491,967$ 208,149,959$ RE / Rental / Leasing - OO, C&I 14,394 35,617 1,241,290 8,828,717 48,642,770 121,466,297 180,229,085 RE / Rental / Leasing - Multifamily - 55,028 2,121,878 9,701,770 14,929,878 22,404,518 49,213,072 RE / Rental / Leasing - Developers - 61,167 77,396 - 2,299,635 38,709,056 41,147,254 Construction - All Other 40,000 77,143 113,983 1,816,431 7,567,381 17,403,180 27,018,117 Construction - Developers - - 2,242,926 78,613 382,524 7,568,366 10,272,429 Accommodations - 1,434,260 3,766,224 10,651,241 47,595,664 22,854,741 86,302,129 Services - 2,185,455 358,501 9,466,125 14,046,610 37,533,443 63,590,133 Health Care / Social Assistance - 1,914,511 4,934,612 8,321,060 21,903,848 37,074,031 Trade - 334,726 207,492 1,269,874 9,473,115 14,069,345 25,354,552 All Other 39,178 320,590 1,395,451 1,000,600 30,928,427 109,291,622 142,975,869 Totals 93,571$ 8,830,135$ 16,467,185$ 57,921,727$ 269,317,629$ 518,696,383$ 871,326,630$ 15 Commercial Real Estate Focus on risk mitigation and managing of concentrations ▪ CRE / Total Capital: 234% ▪ ADC / Total Capital: 41% * There are no office buildings located in metropolitan markets or over four stories.

** There are no major/big box retail tenants. OFFICE* Geography Note Book Balance Number of loans Avg Loan Balance Note Book Balance Number of loans Avg Loan Balance Note Book Balance Number of loans Avg Loan Balance Central 10,813,859$ 32 337,933$ 6,539,736$ 6 1,089,956$ 17,353,595$ 38 456,674$ East 4,731,859$ 13 363,989$ 28,952,578$ 12 2,412,715$ 33,684,437$ 25 1,347,377$ OOM 81,039$ 1 81,039$ -$ 0 -$ 81,039$ 1 81,039$ West 7,916,371$ 17 465,669$ 44,254,040$ 19 2,329,160$ 52,170,411$ 36 1,449,178$ Grand Total 23,543,128$ 63 373,700$ 79,746,353$ 37 2,155,307$ 103,289,482$ 100 1,032,895$ % of Gross Loans 1.65% 5.60% 7.26% % of CRE 4.70% 15.92% 20.62% RETAIL** Geography Note Book Balance Number of loans Avg Loan Balance Note Book Balance Number of loans Avg Loan Balance Note Book Balance Number of loans Avg Loan Balance Central 9,214,101$ 19 484,953$ 368,039$ 3 122,680$ 9,582,140$ 22 148,763$ East 8,593,265$ 12 716,105$ 40,549,837$ 7 5,792,834$ 49,143,102$ 19 2,511,626$ OOM 2,792,242$ 2 1,396,121$ 15,548,660$ 4 3,887,165$ 18,340,902$ 6 3,651,356$ West 2,639,720$ 6 439,953$ 13,153,577$ 10 1,315,358$ 15,793,297$ 16 1,145,259$ Grand Total 23,239,328$ 39 595,880$ 69,620,114$ 24 2,900,838$ 92,859,441$ 63 1,473,959$ % of Gross Loans 1.63% 4.89% 6.52% % of CRE 4.64% 13.90% 18.53% CRE - Owner Occupied CRE - Non-Owner Occupied Total CRE - Owner Occupied CRE - Non-Owner Occupied Total 16 Variable Rate Loans and Repricing * Includes personal lines of credit and home equity lines Loan Type Reprices Monthly % to Total Type Repricing Repricing 2024 % to Total Type RepricingRepricing 2025 % to Total Type Repricing Repricing 2026 + % to Total Type Repricing Grand Total Commercial Loans 18,071,554$ 9.9% 24,099,736$ 51.0% 13,971,912$ 39.1% 100,548,508$ 30.1% 156,691,711$ Commercial Lines of Credit 77,229,829 42.3% - 0.0% - 0.0% 409,081 0.1% 77,638,910 Commercial Floor Plans 30,072,021 16.5% - 0.0% - 0.0% - 0.0% 30,072,021 Mortgage - 0.0% 23,152,814 49.0% 21,786,205 60.9% 233,645,758 69.8% 278,584,777 Home Equity Lines (no Locks) 11,374,653 6.2% - 0.0% - 0.0% - 0.0% 11,374,653 Other Consumer Lines* 45,665,819 25.0% - 0.0% - 0.0% - 0.0% 45,665,819 Totals 182,413,876$ 100.0% 47,252,550$ 100.0% 35,758,117$ 100.0% 334,603,347$ 100.0% 600,027,890$

17 Credit Quality ALL / ACL Trends (Net Charge - Offs)/Average Loans Nonaccrual Loans / Total Loans NPAs / Total Assets 0.35% 0.21% 0.27% 0.28% 0.66% 2020 2021 2022 2023 2Q2024 0.99% 0.60% 0.46% 0.48% 0.69% 2020 2021 2022 2023 2Q2024 1.41% 1.38% 1.14% 1.24% 1.26% 2020 2021 2022 2023 2Q2024 0.13% - 0.02% --- - 0.06% - 0.07% - 0.25% 2020 2021 2022 2023 2Q2024 Nonaccrual loans decreased by $6.6 million in Q2 as compared to Q1 due to repayment of $5.5 million and a $1.1 million charge - of f on one C&I relationship.

18 Investment Portfolio Sector Par (000s) Portfolio % Book Yield Duration Treasury/Agency 78,388 28% 2.28% 6.93 Fixed MBS 51,281 18% 2.38% 5.30 CMO 73,569 26% 1.85% 6.46 Municipal 15,315 6% 3.97% 5.63 Corporate 1,000 1% 5.90% 2.14 Other 57,884 21% 1.99% 4.49 TOTAL $277,437 100.0 2.24% 5.88 Ratings: 100% of municipal holdings are rated A or better* $277.4 Million Year 2024 2025 2026 2027 2028 Thereafter Annual Cashflow ($000’s) $17,192 $23,880 $26,343 $31,408 $17,041 $144,145 Base Case Portfolio Total Cashflow Treasury/ Agency CMO Fixed MBS Other Municipal Corporate The Other category above of $57.9 million includes agency backed multi - family, commercial mortgage - backed securities. Trust Preferred securities are not included in total above.

19 Shocked Investment Portfolio Unrealized Gains / Losses Capital Impact Intent Dn200 Dn100 BaseCase Up100 Up200 Up300 Up400 AFS - 10,807 - 14,454 - 18,151 - 21,876 - 25,405 - 28,789 - 31,662 HTM - 11,077 - 21,071 - 31,213 - 39,767 - 48,402 - 56,466 - 63,361 Total - 21,884 - 35,525 - 49,364 - 61,642 - 73,807 - 85,254 - 95,024 Corp As Reported Corp Pro - Forma AFS + HTM Sale Corp Difference Bank As Reported Bank Pro - Forma AFS + HTM Sale Bank Difference Federal Reserve Minimum RBC Thresholds Regulatory Well - Capitalized Thresholds Corp Excess Above Well - Capitalized (After Proforma Sale) Tier 1 Capital 220,877 182,201 (38,676) 195,202 147,877 (47,325) Total Risk Based Capital (RBC) 239,646 200,679 (38,967) 213,749 165,877 (47,872) CET 1 Ratio 12.54% 10.30% (2.24%) 13.16% 10.27% (2.88%) 4.50% 6.50% 3.80% Tier 1 Ratio 14.51% 12.33% (2.18%) 13.16% 10.27% (2.88%) 6.00% 8.00% 4.33% Total RBC Ratio 15.75% 13.58% (2.17%) 14.41% 11.53% (2.88%) 8.00% 10.00% 3.58% Leverage Ratio 11.69% 9.64% (2.05%) 10.47% 7.93% (2.54%) 4.00% 5.00% 4.64% Locally held TIF bonds of $1.8 million and Trust Preferred securities of $18.7 million have been excluded from the sale impac t 20 Deposits 30% 34% 32% 28% 28% 14% 16% 23% 23% 24% 40% 39% 36% 37% 38% 16% 11% 8% 10% 9% 0% 0% 0% 2% 1% 2020 2021 2022 2023 2Q2024 NIB Demand IB Demand MMA & Savings CDs - Retail CDs - Brokered $1.57 $1.42 $1.54 $1.57 $1.58 Deposit Composition ($ in billions as of 06/30/2024) 82% 79% 81% 91% 93% Loan to Deposit Ratio 2020 2021 2022 2023 2Q2024 Deposit levels relatively flat due to fierce competition for deposits and recent inflationary spending by consumers, businesses and municipalities.

Deposit Type Balance % Insured Deposits $1,192,648,646 78% Uninsured – Uncollateralized Deposits $279,187,694 18% Uninsured - Collateralized Deposits $65,235,239 4% Deposit Type Balance (MMs) % Retail Deposits $760,735,472 50% Business Deposits $776,336,106 50% 21 Funding 46% 46% 8% Commercial Deposits Retail Deposits Borrowings Funding Mix Brokered/Wholesale Maturities $40 $40 $15 January 2025 September 2024 August 2024 Dollars (in millions) Bank Term Funding Program FHLB Advance FHLB Advance 4.87% 5.31% 4.70% Brokered CD Brokered CD Federal Home Loan Bank

22 Net Interest Margin (1) See Appendix for a reconciliation of these non - GAAP financial measures 3.99% 3.63% 3.85% 4.63% 5.12% 0.91% 0.51% 0.44% 1.92% 2.51% 3.34% 3.28% 3.56% 3.26% 3.31% 0.49% 0.24% 0.21% 1.16% 1.59% -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% 5.5% 2020 2021 2022 2023 2Q2024 Yield on Earning Assets Cost of Interest-bearing Liabilities Net Interest Margin Cost of Deposits 23 Diversified Fee Income (1) See Appendix for a reconciliation of these non - GAAP financial measures Composition Trust and Brokerage 54% Service Charges 16% Net Gain on Loan Sales 1% Debit Card Income 20% Bank - owned Life Insurance 7% Other Noninterest Income 2% Non - Interest Income Mix 2Q2024 Trust & Brokerage Assets Under Management (MMs) ▪ First United’s non - interest income (1) comprised 25% of operating revenue as of June 30, 2024 ▪ Fee - based business provides stable growth and a diversified revenue stream not directly tied to interest rates, as well as opportunities to build client relationships ▪ First United’s diverse array of products provides opportunities to fully engage with customers and produce stable increases to earnings $1,377 $1,482 $1,359 $1,532 $1,597 2020 2021 2022 2023 2Q2024 24 Committed to Efficiency & Innovation (1) See Appendix for a reconciliation of these non - GAAP financial measures Efficient operational platforms and fraud protection ▪ Mortgage Bot ▪ SecureLOCK Premium Debit Card Fraud ▪ Credit Insights/ Savvy Money Cross Marketing Tool ▪ ProfitStars forecasting model ▪ Automated Loan Booking ▪ Vericast Consumer Loan Lead Generator ▪ Customer Service Center Enhancements ▪ U1 - Connect Customer Relationship Management Software Efficiency Ratio (1) Strategic Target 53% - 58% FinTech Investments ▪ Provision IAM ▪ FinTech Funds Planned solutions for a seamless and secure client experience: ▪ Zelle for Business ▪ Online Banking External Transfer ▪ New Customer Relationship Management Tool ▪ Consumer Online and Mobile Banking Digital Platform Upgrade ▪ Business Online and Mobile Banking Digital Platform Upgrade ▪ Check Fraud Prevention Solution Decrease in first six months of 2024 due primarily to increased net interest income related to loans repricing to higher rates and controlled expenses.

64.6% 57.5% 56.4% 65.1% 63.5% 2020 2021 2022 2023 2Q2024

25 Liquidity Position Liquidity Sources (06/30/2024) Amount Available ($ in thousands) Amount Used ($ in thousands) Net Availability ($ in thousands) Internal Sources Excess Cash $25,003 $25,003 Unpledged Securities (BV) $36,492 $36,492 External Sources Federal Reserve (Discount Window) $29,748 $29,748 Correspondent Unsecured Lines of Credit FHLB Bank Term Funding Program $140,000 $253,300 $40,000 $42,914 $40,000 $140,000 $210,386 $0 Total Funding Sources $524,543 $82,914 $441,629 26 Interest Rate Risk (1) Standard Model Assumptions Interest Rate Risk Sensitivity ▪ The Bank’s interest rate risk position is stress tested under three interest rate ramp scenarios to determine the impact on net interest income, net income and capital under dynamic and static balance sheet conditions.

▪ The Bank’s net interest income position at a slightly asset sensitive position. ▪ The Bank’s largest risk from an interest rate risk perspective is falling rate scenarios but has improved from prior quarter. ▪ Assumptions regarding offering rates, loan and investment prepayment speeds, beta and decay rates are reviewed and adjusted on a quarterly basis. Management Outlook & Strategy ▪ Disciplined loan pricing ▪ Manage deposit pricing on relationship and exception basis ▪ Deposit acquisition through short - term CD promotions and adjustable - rate money market products for businesses, municipalities and consumers ▪ $15 million brokered CDs maturing in August ▪ $40 million in FHLB advances maturing in September ▪ $40 million in BTFP maturing in 2025 - 400 - 300 - 200 - 100 Flat +100 +200 +300 +400 Net Interest Income (06/30/24) (12.8%) (8.9%) (6.0%) (2.9%) 2.7% 4.4% 4.8% 4.1% Net Interest Income (03/31/24) (13.2%) (8.6%) (5.1%) (2.1%) 1.9% 3.7% 5.5% 7.3% EVE (03/31/24) (7.4%) (0.2%) 3.5% 3.8% (1.2%) (6.1%) (9.1%) (12.7%) 12 Month Sensitivity Shock 27 Capital Management CET1 Ratio Leverage Ratio Tier 1 Ratio Total Risk - Based Capital Ratio Regulatory Well - Capitalized 10% 5% 8% 6.5% 14.83% 14.64% 15.06% 14.42% 14.51% 2020 2021 2022 2023 2Q2024 16.08% 15.89% 16.12% 15.64% 15.75% 2020 2021 2022 2023 2Q2024 10.36% 10.80% 11.46% 11.30% 11.69% 2020 2021 2022 2023 2Q2024 12.61% 12.50% 12.96% 12.44% 12.54% 2020 2021 2022 2023 2Q2024

28 Capital Management Tangible Book Value / Share TCE Ratio $17.17 $19.61 $20.90 $22.56 $23.55 2020 2021 2022 2023 2Q2024 6.97% 7.56% 7.59% 7.91% 8.20% 2020 2021 2022 2023 2Q2024 29 Strategic Targets Metric Actual 12/31/2022 Actual 12/31/2023 Non - GAAP 12/31/2023 Long Term Strategic Target Range (*) Strong Shareholder Return EPS Growth (YoY) 27% - 40% - 26% (1) 8% - 12% Dividend Payout Ratio 15.9% 34.6% 34.6% 20% - 25% ROAA 1.39% 0.78% 0.97% (1) 1.25% - 1.60% ROATCE 19.94% 10.51% 12.92% (1) 13% - 15% TCE Ratio 7.59% 7.91% 7.91% 8% - 10% High Quality, Diversified Revenue Stream Revenue Growth (YoY) 3.3% 0.0% 0.0% 6% - 8% Non - Int Inc / Revenue 23.7% 24.8% 24.8% 21% - 23% N IM 3.56% 3.26% 3.26% 3.5% - 3.8% Balance Sheet Growth % Loan Growth 10.9% 9.9% 9.9% 7% - 10% Loans / Assets 69% 74% 74% 70% - 76% Loans / Deposits 81% 91% 91% 85% - 90% Highly Efficient Operations Efficiency Ratio (adjusted for non - core items) 56.4% 65.1% (1) 65.1% (1) 53% - 58% Robust Risk Enterprise Management NPLs / Loans 0.30% 0.32% 0.32% 0.50% - 1.00% Net Charge Offs / Avg. Total Loans - 0.06% - 0.07% - 0.07% 0.10% - 0.50% (*) Targets reviewed on an annual basis – Revised June 2023 (1) See Appendix for a reconciliation of these non - GAAP financial measures 30 Strong Investor Relations & Shareholder Engagement Members of the Board and senior management routinely engage with shareholders and other stakeholders, and management regularly updates the Board in the context of ongoing investor discussions.

These engagements help the Board and management gather feedback on a variety of topics, including strategic and financial performance, ESG disclosure, executive compensation, Board composition, and leadership structure. 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 How to contact your Board: Shareholders and interested parties wishing to contact our Board may send a letter to First United Co rporation Board of Directors, c/o Tonya K. Sturm, Secretary, First United Corporation, 19 South Second Street, Oakland, Maryland, 21550 - 00 09 or by e - mail at tsturm@mybank.com. The Secretary will deliver all shareholder communications directly to the Board for consideratio n.

31 I. II. III. IV. Management Team Board of Directors ESG Journey & Statistics Non - GAAP Reconciliation Pg. 32 Pg. 33 Pg. 36 Pg.

38 Appendices 32 Our Dedicated 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 compliance and operations experience Tonya K. Sturm SVP & Chief Financial Officer, Corp. Secretary & Treasurer 35+ years of banking, audit, credit, retail, risk and compliance and financial experience R.L. Fisher SVP & Chief Revenue Officer 25+years with in - depth industry, retail, commercial and mortgage banking experience Keith R. Sanders SVP & Chief Wealth Officer 30+ years specializing in wealth management, estate planning, trust administration and financial planning Our leadership team reflects the diversity of thought from the communities we serve, executes on our strategy and drives shareholder returns.

33 33 John F. Barr Independent Director Owner, 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, Milford Advisory Group, LLC I. Robert Rudy Independent Director President, I.R. Rudy’s, Inc. Marisa Shockley Independent Director , Compensation Chair Owner, Shockley, Inc. H. Andrew Walls, III Independent Director President, MPB Print & Sign Superstore Member, MEGBA, LLC Beth E. Moran Independent Director, The Law Offices of Beth E. Moran Brian Boal Lead Independent Director, Nomination & Governance Chair Boal & Associates, PC Carissa L. Rodeheaver Chairman of the Board, President & CEO First United Corporation and First United Bank & Trust Board of Directors Kevin Hessler Independent Director , Principal, LSWG, Inc.

34 Board of Directors Thoughtful Evaluation and Evolution Our Board is comprised of a diverse group of directors who bring a variety of perspectives, experience, and characteristics to First United. Director Diversity 55% 91% of our directors are gender and/or racially diverse of our directors are independent 0 - 5 5 - 10 10+ TENURE >60 50 - 60 <50 AGE 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. x Annual Committee and Self - Evaluations x Balanced Tenure, with four directors added in the past four years x Retirement policy, at the age of 75 x Routine shareholder & stakeholder engagement x Policy to interview a diverse slate of candidates x 100% Independent Board Committees x Majority Voting Standard for Director Elections 35 Board of Directors The First United board of directors brings a diverse range of skills, experiences, and backgrounds to the work of overseeing ris k and strategy.

With experience in fields such as banking, government, accounting, investing, project management, technology, and a range of local entreprene uri al businesses, they apply these diverse backgrounds to their work on behalf of our shareholders. Director Skills Matrix Barr Boal 1 Chadha DiPietro 1 Hessler 1 Milon Moran Rodeheaver Rudy Shockley 1 Walls Executive Leadership x x x x x x x x Public Company Board Experience x x x Information Technology x x Financial Services/ Banking x x x x x x Asset Management x x x x Brokerage/ Investment Banking x x x Strategic Planning x x x x x x x x x x x Accounting/Finance x x x x x Regulatory x x x x Risk Management x x x x x x x x Legal Expertise x x Governance x x x x x x x Board Tenure and Age Tenure 10 10 3 3 .5 4 1 11 31 10 18 Age 70 51 47 62 67 61 60 58 71 59 63 1 Qualifies as a Financial Expert for proxy purposes. Brokered CD 36 Continuous Progress We continue to advance our ESG profile over time, recognizing the importance of our key stakeholders – including our customers a nd our communities – to our business.

Over the past few years, we have implemented several important enhancements to align our ESG profile with our long - term investors’ expectations for best - in - class corporate governance. x Enhanced structure to more strongly align pay and performance Compensation x Enhanced Board oversight of Environment & Social issues x Enhanced Disclosure on Environment & Social issues x Continued progress on FUNC ESG strategy ESG Governance x Revised stock ownership guidelines for Directors and Executives x Declassified the Board of Directors Adopted Proxy Access x Shareholder access to change By - laws x Management majority vote proposal received strong shareholder support (albeit short of super - majority threshold needed) x Ongoing Board refreshment x Adopted right to call a special meeting.

x Adopted mandatory director retirement policy x Adopted plurality voting standard for contested director elections x Enhanced shareholder engagement program x Modernized NGC Charter x Adopted a diversity policy for director refreshment x Formalized LID role & responsibilities 37 ESG at First United ▪ LED lighting installed throughout branch network and operations center ▪ Recycling, focus on reduced printing (65% reduction since pre - COVID) ▪ Leveraging virtual meeting opportunities to reduce travel footprint ▪ 46% of deposit customers and 11% of loan customers enrolled in electronic statements ▪ 15 tons of paper securely shredded and recycled, 1,800 pounds of electronics and computers and 500 pounds of toner cartridges recycled Environmental ▪ Created Diversity Engagement team, led by our newly appointed Director of Diversity and Engagement ▪ Developed a formal workforce Diversity and Inclusion Policy ▪ Formalized a policy requiring a diverse slate of candidates for each future open board seat ▪ First United Community Dreams Foundation supporting financial literacy, education, affordable housing and neighborhoods ▪ Formed a Veteran Employee Resource Group and hold an annual Veterans Day Celebration ▪ Formalized a paid time off policy for community volunteerism Social ▪ Adopting best - in - class governance practices and shareholder rights ▪ Recent Enhancements – Board refreshment, Board declassification, Proxy access and Shareholder access to change By - laws ▪ Future Enhancements under consideration - Majority Voting Standard Governance 38 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 equity to tangible assets, tangible book value per share, net interest margin, and efficiency ratio . These non - GAAP financial measures and any other non - GAAP financial measures that are discussed in this presentation should not be considered in isolation, and should be considered as additions to, and not substitutes for or superior to, measures of financial performance prepared in accordance with GAAP . There are a number of limitations related to the use of these non - GAAP financial measures versus their nearest GAAP equivalents . For example, other companies may calculate non - GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of the Company’s non - GAAP financial measures as tools for comparison . The following is a reconciliation of the non - GAAP financial measures used in (or conveyed orally during) this presentation to their most directly comparable GAAP financial measures . Non - GAAP Reconciliation ($000s, except where otherwise noted) YTD 2020 2021 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 6/30/2024 Pre-Provision Net Revenue ("PPNR") Pre-tax income, as reported 17,788$ 26,309$ 33,181$ 19,476$ 5,730$ 5,837$ 5,834$ 2,075$ 4,860$ 6,521$ 11,381$ Add back: Provision expense 5,401 (817) (643) 1,619 543 394 263 419 946 1,192 2,138$ Add back: FHLB penalty, gross - 2,368 - - - - - - - - -$ Add back: Contribution 1,000 - - - - - - - - -$ Add back: Insurance reimbursement (1,375) - - - - - - - - -$ Add back: Settlement expense, gross - 3,300 - - - - - - - - -$ Add back: Securities loss 4,214 4,214 - - -$ Add back: Branch closure expenses 623 623 562 - 562$ Pre-Provision Net Revenue, as adjusted 23,189$ 30,785$ 32,538$ 25,932$ 6,273$ 6,231$ 6,097$ 7,331$ 6,368$ 7,713$ 14,081$ Net Income Net income, as reported 13,841$ 19,770$ 25,048$ 15,060$ 4,375$ 4,414$ 4,513$ 1,758$ 3,698$ 4,914$ 8,612$ Less: Preferred stock dividends - - - - - - - - - - -$ Net income, available to common shareholders,as reported (a) 13,841$ 19,770$ 25,048$ 15,060$ 4,375$ 4,414$ 4,513$ 1,758$ 3,698$ 4,914$ 8,612$ Add Back: Impact of Tax Reform Act Add back: FHLB penalty, net of tax - 1,790 - - - - - - - - - Add back: Contribution, net of tax 770 - - - - - - - - - Add back: Insurance reimbursement, net of tax (1,059) - - - - - - - - - Add back: Settlement expense, net of tax - 2,565 - - - - - - - - - Add back: Securities loss 3,259 3,259 - - - Add back: Branch closure expenses 482 482 425 - 425 Net income, as adjusted (b) 13,841$ 23,836$ 25,048$ 18,801$ 4,375$ 4,414$ 4,513$ 5,499$ 4,123$ 4,914$ 9,037$ 39 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2020 2021 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 6/30/2024 Weighted Average Common shares - basic (actual) (d) 7,003,955 6,710,463 6,649,740 6,685,676 6,675,181 6,703,805 6,714,267 6,649,493 6,643,898 6,526,553 6,585,226 Weighted Average Common shares - diluted (actual) (e) 7,013,164 6,716,587 6,661,055 6,701,243 6,697,102 6,717,527 6,727,579 6,662,765 6,655,637 6,536,546 6,596,092 Earnings Per Share - Basic Earnings Per Share - Basic, as reported (a)/(d) 1.98$ 2.95$ 3.77$ 2.25$ 0.66$ 0.66$ 0.67$ 0.26$ 0.56$ 0.75$ 1.31$ Add Back: Impact of Tax Reform Act Add back: FHLB penalty, net of tax - 0.27 - - - - - - - - - Add back: Contribution, net of tax 0.12 - - - - - - - - - Add back: Insurance reimbursement, net of tax (0.16) - - - - - - - - - Add back: Settlement expense, net of tax - 0.37 - - - - - - - - - Add back: Securities loss 0.49 0.49 - - - Add back: Branch closure expenses 0.07 0.07 0.06 - 0.06 Earnings Per Share - Basic, as adjusted (b)/(d) 1.98$ 3.54$ 3.77$ 2.81$ 0.66$ 0.66$ 0.67$ 0.82$ 0.62$ 0.75$ 1.37$ Earnings Per Share - Diluted Earnings Per Share - Diluted, as reported (a)/(e) 1.97$ 2.95$ 3.76$ 2.24$ 0.65$ 0.66$ 0.67$ 0.26$ 0.56$ 0.75$ 1.31$ Add Back: Impact of Tax Reform Act Add back: FHLB penalty, net of tax - 0.27 - - - - - - - - - Add back: Contribution, net of tax 0.12 - - - - - - - - - Add back: Insurance reimbursement, net of tax (0.16) - - - - - - - - - Add back: Settlement expense, net of tax - 0.37 - - - - - - - - - Add back: Securities loss 0.49 - - - 0.49 - - - Add back: Branch closure expenses 0.07 - - - 0.07 0.06 - 0.06 Earnings Per Share - Diluted, as adjusted (b)/(e) 1.97$ 3.54$ 3.76$ 2.80$ 0.65$ 0.66$ 0.67$ 0.82$ 0.62$ 0.75$ 1.37$

40 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2020 2021 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 6/30/2024 Return on Average Assets (quarter and YTD annualized) Average Assets ( c) 1,613,669$ 1,765,148$ 1,801,711$ 1,924,119$ 1,892,111$ 1,930,093$ 1,954,107$ 1,963,840$ 1,958,684$ 1,933,390$ 1,946,045$ Return on Average Assets, as reported (a)/(c) 0.86% 1.12% 1.39% 0.78% 0.94% 0.92% 0.92% 0.36% 0.76% 1.02% 0.89% Add Back: Impact of Tax Reform Act Add back: FHLB penalty, net of tax - 0.10% 0.00% 0.00% - - - - - Add back: Contribution, net of tax 0.04% 0.00% 0.00% - - - - - Add back: Insurance reimbursement, net of tax -0.06% 0.00% 0.00% - - - - - Add back: Settlement expense, net of tax - 0.15% 0.00% 0.00% - - - - - Add back: Securities loss 0.17% 0.17% - - - Add back: Branch closure expenses 0.02% 0.02% 0.09% 0.00% 0.09% Return on Average Assets, as adjusted (b)/(c) 0.86% 1.35% 1.39% 0.97% 0.94% 0.92% 0.92% 0.55% 0.85% 1.02% 0.98% Return on Average Common Stockholders' Equity Return on Average Tangible Common Stockholders' Equity Average common stockholders' equity (f) 127,101$ 132,550$ 137,685$ 155,631$ 149,416$ 155,358$ 156,346$ 156,141$ 163,944$ 165,040$ 164,748$ Average common stockholders' equity, as adjusted 127,101 132,550 137,685 155,631 149,416 155,358 156,346 156,141 163,944 165,040 164,748 Less: Average goodwill and intangibles 11,004 11,004 12,043 12,279 12,405 12,320 12,236 12,156 12,071 11,991 12,031 Average tangible common equity (g) 116,097$ 121,546$ 125,642$ 143,352$ 137,011$ 143,038$ 144,110$ 143,985$ 151,873$ 153,049$ 152,717$ Return on average common stockholders' equity, as reported (a)/(f) 10.89% 14.92% 18.19% 9.68% 11.87% 11.40% 11.45% 4.47% 9.07% 11.98% 10.51% Add back: FHLB penalty, net of tax - 1.47% 0.00% 0.00% - - - - - - - Add back: Contribution 0.63% 0.00% 0.00% - - - - - - - Add back: Insurance reimbursement -1.15% 0.00% 0.00% - - - - - - - Add back: Settlement expense, net of tax 2.11% 0.00% 0.00% - - - - - - - Add back: Securities loss 2.10% 2.10% - - - Add back: Branch closure expenses 0.31% 0.31% 1.04% - 1.04% Return on average common stockholders' equity, as adjusted (b)/(f) 10.89% 17.98% 18.19% 12.09% 11.87% 11.40% 11.45% 6.88% 10.11% 11.98% 11.55% Return on average tangible common equity, as reported (a)/(g) 11.92% 16.27% 19.94% 10.51% 12.95% 12.38% 12.42% 4.84% 9.79% 12.91% 11.34% Add Back: Impact of Tax Reform Act 0.00% 0.00% - - - - - - - Add back: FHLB penalty, net of tax - 1.47% 0.00% 0.00% - - - - - - - Add back: Contribution 0.63% 0.00% 0.00% - - - - - - - Add back: Insurance reimbursement -0.87% 0.00% 0.00% - - - - - - - Add back: Settlement expense, net of tax - 2.11% 0.00% 0.00% - - - - - - - Add back: Securities loss 2.10% 2.10% - - - Add back: Branch closure expenses 0.31% 0.31% 1.04% - 1.04% Return on average tangible common equity, as adj (b)/(g) 11.92% 19.61% 19.94% 12.92% 12.95% 12.38% 12.42% 7.25% 10.83% 12.91% 12.38% 41 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2020 2021 2022 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 6/30/2024 Tangible Book Value per Common Share Total common equity, as reported (h) 131,047$ 141,900$ 151,793$ 161,873$ 152,868$ 155,156$ 154,990$ 161,873$ 165,481$ 164,177$ 164,177$ Less: Goodwill and intangibles 11,004 12,052 12,433 12,103 12,350 12,268 12,185 12,103 12,021 11,938 11,938 Total tangible common equity (i) 120,043$ 129,848$ 139,360$ 149,770$ 140,518$ 142,888$ 142,805$ 149,770$ 153,460$ 152,239$ 152,239$ Common shares outstanding - basic (actual) (j) 6,992,911 6,620,955 6,666,428 6,639,888 6,688,710 6,711,422 6,715,170 6,639,888 6,648,645 6,465,601 6,465,601 Tangible book value per basic common share (i)/(j) 17.17$ 19.61$ 20.90$ 22.56$ 21.01$ 21.29$ 21.27$ 22.56$ 23.08$ 23.55$ 23.55$ Tangible common equity to tangible assets ("TCE Ratio") Total assets, as reported (k) 1,733,414 1,729,838 1,848,169 1,905,860 1,937,442 1,928,346 1,928,201 1,905,860 1,912,953 1,868,599 1,868,599 Less: Goodwill 11,004 12,052 12,433 12,103 12,350 12,268 12,185 12,103 12,021 11,938 11,938 Total tangible assets (l) 1,722,410$ 1,717,786$ 1,835,736$ 1,893,757$ 1,925,092$ 1,916,078$ 1,916,016$ 1,893,757$ 1,900,932$ 1,856,661$ 1,856,661$ Tangible common equity to tangible assets (k)/(l) 6.97% 7.56% 7.59% 7.91% 7.30% 7.46% 7.45% 7.91% 8.07% 8.20% 8.20% Net interest margin (tax equivalent) Net interest income 48,546$ 52,542$ 57,631$ 56,869$ 14,516$ 14,175$ 13,984$ 14,194$ 13,812$ 15,239$ 29,051$ Tax equivalent adjustment 917 939 940 629 227 226 117 59 57 57 114$ Tax equivalent net interest income (m) 49,463$ 53,481$ 58,571$ 57,498$ 14,743$ 14,401$ 14,101$ 14,253$ 13,869$ 15,296$ 29,165$ Average earning assets (n) 1,480,165$ 1,629,299$ 1,647,151$ 1,766,240$ 1,692,998$ 1,771,707$ 1,793,102$ 1,806,562$ 1,787,955$ 1,763,917$ 1,771,798$ Net interest margin (tax equivalent) (m)/(n) 3.34% 3.28% 3.56% 3.26% 3.53% 3.26% 3.12% 3.13% 3.12% 3.49% 3.31% Efficiency Ratio Noninterest expense, as reported 43,934$ 47,764$ 43,145$ 50,244$ 12,638$ 12,511$ 12,785$ 12,310$ 12,881$ 12,364$ 25,245$ Less: FHLB penalty, gross (2,368) - - - - - - - - - Less: Contribution (1,000) - - - - - - - - - Less: Settlement expense - (3,300) - - - - - - - - - Less: Branch closure expenses 623 623 562 - 562 Noninterest expense, adjusted (o) 43,934$ 41,096$ 43,145$ 49,621$ 12,638$ 12,511$ 12,785$ 11,687$ 12,319$ 12,364$ 24,683$ Net interest income 48,546$ 52,542$ 57,631$ 56,868$ 14,516$ 14,174$ 13,984$ 14,194$ 13,812$ 15,239$ 29,051$ Noninterest income 18,577 20,714 17,906 14,471 4,394 4,569 4,898 610 4,875 4,841 9,716 Less: Insurance reimbursement - (1,375) - - - - - Less: Securities loss (4,214) (4,214) - - - Tax equivalent adjustment 917 939 940 629 227 226 117 59 57 57 114 Total tax equivalent revenue (p) 68,040$ 72,820$ 76,477$ 76,182$ 19,137$ 18,969$ 18,999$ 19,077$ 18,744$ 20,137$ 38,881$ Efficiency ratio, as adjusted (o)/(p) 64.57% 56.44% 56.41% 65.12% 66.03% 65.94% 67.28% 61.25% 65.71% 61.39% 63.47%