First · NASDAQ:FUNC
First — First United — Q3 2026 Earnings Presentation
31 slides from First's earnings presentation, October 2026
Slide 1: Investor Presentation Third Quarter 2026
INVESTOR PRESENTATION Third Quarter 2026 MyBank.com
Slide 2: Forward looking statements
Forward looking statements This presentation contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the future, as
Slide 3: Table of Contents
Table of Contents I. Corporate Overview Pg. 4 II. Financial Performance Pg. 10 III. Appendices Pg. 23
Slide 4: Corporate Overview
Corporate Overview Overview Our Mission Founded: 1900 To enrich the lives of our associates, customers, communities and shareholders through uncommon Headquarters: Oakland, MD commitment to service and customized financial solutions. Locations: 23 branches Star denotes Oakland, Maryland Business Lin
Slide 5: Rooted in Community. Built on Trust.
Rooted in Community. Built on Trust. 1935 First National Bank of Oakland purchased Farmers Bank of Oakland. 1960 First National Bank of Oakland purchased First National Bank of Friendsville. 1963 Bank By Boat - the Lake Community Office opened, was called America's First Banking by Boat Office. 1988
Slide 6: Core Markets
Core Markets Note: Out of market loans representing $207 million are not reflected in this table (1) Source: FDIC Market Share Data, most current. Deposit market share for each region includes the following West Region Central Region East Region counties: West: Monongalia, WV Loans (000s): $368,352
Slide 7: Core Strengths
Core Strengths Financial Diversified Revenue Core Deposit Engaged & Diverse Strength Stream Franchise Leadership Regulatory capital ratios Diversified revenue stream Stable legacy markets Diverse and experienced significantly above driven by trust and produce steady low-cost Board with skill
Slide 8: Shareholder Value
Shareholder Value 180% 160% 172.84% $1.06 140% $0.92 $0.82 120% $0.78 100% $0.60 80% 60% 63.83% 40% 20% 29.97% 0% 2022 2023 2024 2025 2026 FUNC S&P US Small Cap Banks 2026 Proxy Peers 5 Year Total Shareholder Return Dividends (per share, paid during year) 8
Slide 9: Strategic priorities: culture, profitable growth, resource optimization
Culture & Human Capital Profitable Growth Resource Optimization Attract, hire and retain passionate, Explore opportunities and strategies Optimize balance sheet mix to diverse talent to engage with to expand both net-interest maximize profitability. clients and prospects across income and non-
Slide 10: Third Quarter Financial Highlights
Third Quarter Financial Highlights $7.2 Million $1.11 1.38%* 13.91%* 4.05% Net Income(1) Diluted EPS(1) ROAA(1) ROATCE(1) NIM Total assets increased $16.0 million compared to June 30, 2026 Consolidated net income(1) of $7.2 million in 3Q26 compared to $6.9 million in 3Q25 and $5.7 million in lin
Slide 11: Year to Date Financial Highlights
Year to Date Financial Highlights $21.1 Million $3.26 1.36%* 14.14%* 3.94% Net Income(1) Diluted EPS(1) ROAA(1) ROATCE(1) NIM Total assets increased $10.6 million compared to December 31, 2025 Consolidated net income(1) of $21.1 million in 2026 compared to $18.7 million in 2025; pre-provision ne
Slide 12: Solid Profitability
Solid Profitability Pre-Provision Net Revenue ($ in millions)(1) Diluted Earnings per Share(1) $37.0 $32.5 $30.7 $31.4 $3.99 $3.76 $25.9 $3.21 $3.26 $2.80 2022 2023 2024 2025 3Q2026 2022 2023 2024 2025 3Q2026 Core ROAA (non-GAAP(1)) Core ROATCE (non-GAAP(1)) Long-term Strategic Target 1.25% - 1.60%
Slide 13: Loan Diversification
Loan Diversification Multi-family Construction - All Other Consumer 3% RE/Rental/Leasing - Developers 4% 4% 3% Construction - Developers Health Care / 5% Social Assistance C&D 7% 4% Trade 4% RE/Rental/Leasing Total 1-4 Family NOO 34% 25% CRE - OO RE/Rental/Leasing 13% Loan Multifamily 5% Portfolio C
Slide 14: Credit Quality
Credit Quality Nonaccrual Loans / Total Loans ALL / ACL Trends 0.33% 1.36% 0.27% 0.28% 0.28% 1.28% 0.20% 1.24% 1.23% 1.14% 2022 2023 2024 2025 3Q2026 2022 2023 2024 2025 3Q2026 NPAs / Total Assets (Net Charge-Offs)/Average Loans 0.59% 0.46% 0.48% -0.04% 0.41% ----0.06% 0.31% -0.07% -0.07% -0.16% 202
Slide 15: Investment Portfolio
Investment Portfolio Floating Corporate Par Portfolio Book MBS Sector Duration Municipal (000s) % Yield Treasury/Agency 73,388 26% 2.29% 5.12 Fixed Fixed MBS 49,968 18% 2.84% 5.48 MBS Treasury/ Agency Floating MBS 5,153 2% 5.11% 3.06 CMO 72,631 26% 2.31% 6.30 $280.3 Municipal 15,475 6% 4.57% 7.32 Mi
Slide 16: Deposits
Deposits Deposit Composition ($ in billions as of 9/30/2026) Deposit Type Balance % Insured Deposits $1,374,119.556 77% $1.571 $1.551 $1.575 $1.735 $1.788 Uninsured – Uncollateralized $ 312,033,777 17% 0% 2% 0% 3% 0% Deposits 8% 9% 8% 10% 9% Uninsured - Collateralized $ 101,575,412 6% Deposits 36% 3
Slide 17: Net Interest Margin
Net Interest Margin 5.43% 5.45% 5.49% 5.52% 5.17% 5.1% 4.63% 4.1% 3.85% 3.83% 3.89% 3.94% 3.56% 3.67% 3.1% 3.38% 3.26% 2.51% 2.42% 2.22% 2.25% 2.23% 1.92% 2.1% 1.68% 1.66% 1.58% 1.56% 1.1% 1.53% 0.44% 1.16% 0.1% 0.21% 2022 2023 2024 2025 1Q2026 2Q2026 3Q2026 Yield on Earning Assets Cost of Interest-
Slide 18: Diversified Fee Income
Diversified Fee Income Non-Interest Income Mix Trust & Brokerage Assets 2026 Under Management (MMs) Composition $1,934 $1,840 Trust and Brokerage 56% $1,677 $1,532 Service Charges 14% $1,359 Net Gain on Loan Sales 1% Debit Card Income 19% Bank-owned Life Insurance 8% Other Noninterest Income 2% 2022
Slide 19: Capital Management
Capital Management Strong capital levels allowing for continued growth. Total Risk-Based Capital Ratio Leverage Ratio 16.12% 15.92% 16.61% 16.60% 15.64% 12.21% 12.83% 11.46% 11.30% 11.88% 10% 5% 2022 2023 2024 2025 3Q2026 2022 2023 2024 2025 3Q2026 Tier 1 Ratio CET1 Ratio 15.06% 14.70% 15.36% 15.34%
Slide 20: Capital and Liquidity Overview
Capital and Liquidity Overview $31.41 $29.57 $25.89 Liquidity Sources (9/30/2026) Amount Amount Net $20.90 $22.56 Available Used Availability ($ in thousands) ($ in thousands) ($ in thousands) Internal Sources Excess Cash $52,274 $52,274 Unpledged Securities (BV) $23,770 $23,770 2022 2023 2024 2025
Slide 21: Operational Efficiency
Operational Efficiency Key Drivers: (1) ProfitStar forecasting model Efficiency Ratio Automated loan booking Strategic Target 53% - 58% Project management enhancements 65.1% Evaluation of core banking technology Proactive contract negotiations 61.3% Vendor consolidation 58.2% 56.4% 56.5%
Slide 22: Strategic Targets
Strategic Long Term Targets Metric Actual 12/31/2024 Non-GAAP 12/31/2024 Actual 12/31/2025 Non-GAAP 12/31/2025 Strategic Target Range (*) EPS Growth (YoY) 41% 15% 20% 27% 8% - 12% Dividend Payout 27.0% 27.0% 24% 24% 22% - 27% Strong Ratio Shareholder ROAA 1.06% 1.08% 1.21% 1.28% 1.25% - 1.45% Return
Slide 23: Appendices
Appendices I. Management Team Pg. 24 II. Board of Directors Pg. 25 III. Community Engagement Pg. 26 IV. Non-GAAP Reconciliation Pg. 28
Slide 24: Management Team
Management Team Jason B. Rush R.L. Fisher Julie W. Peterson Chairman of the Board, EVP & Chief Banking Officer EVP & Chief Credit Officer President and CEO 25+years with in-depth industry, 30+ years with in-depth industry, 30+ years with in-depth industry, retail, commercial and mortgage commercial
Slide 25: Board of Directors
Board of Directors John F. Barr Patricia Milon Independent Director Independent Director Chairman of the Board, Principal, Ellsworth Electric, Inc. Milford Advisory Group, LLC Jason B. Rush Chairman of the Board, President and CEO Sanu Chadha Beth E. Moran First United Corporation and Independent Di
Slide 26: Commitment to Community
Commitment to Comm nity A proud community partner dedicated to Strengthening the places we call home. At First United Bank & Trust, our commitment extends beyond banking. Through financial education, volunteerism, charitable giving, and local partnerships, we invest in programs and initiatives that
Slide 27: Recognition That Demonstrates Our Strength & Purpose
Recognition That Demonstrates Our Strength & Purpose Recognition is an important part of who we are. By celebrating accomplishments, milestones, and exceptional service, First United Bank & Trust reinforces a workplace culture where associates feel valued, supported, and empowered to make a lasting
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation This presentation includes certain non-GAAP financial measures, including pre-provision net revenue, net income, earnings per share (basic and diluted), return on average assets, return on average tangible common equity, tangible common equity, tangible assets, the ratio of t
Slide 29: Non-GAAP Reconciliation, continued
Non-GAAP Reconciliation, continued ($000s, except where otherwise noted) YTD 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3Q2026 Weighted Average Common shares - basic (actual) (d) 6,649,740 6,685,676 6,527,077 6,489,581 6,474,368 6,489,245 6,496,122 6,498,587 6,482,52
Slide 30: Non-GAAP Reconciliation, continued
Non-GAAP Reconciliation, continued ($000s, except where otherwise noted) YTD 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3Q2026 Return on Average Assets (quarter and YTD annualized) Average Assets ( c) $ 1,801,711 $ 1,924,119 $ 1,946,724 $ 2,022,002 $ 1,976,702 $ 1,99
Slide 31: Non-GAAP Reconciliation, continued
Non-GAAP Reconciliation, continued 2022 2023 2024 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3Q2026 Tangible Book Value per Common Share Total common equity, as reported (h) $ 151,793 $ 161,873 $ 179,295 $ 203,634 $ 183,694 $ 191,147 $ 199,099 $ 203,634 $ 205,261 $ 212,374 $ 213,98