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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ◻ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from _______________ to ________________ Commission file number 0-14237 First United Corporation (Exact name of registrant as specified in its charter) | Maryland | 52-1380770 | | --- | --- | | (State or other jurisdiction of | (I ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended June 30, 2023 ◻ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from _______________ to ________________ Commission file number 0-14237 First United Corporation (Exact name of registrant as specified in its charter) Maryland 52-1380770 (State or other j ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended March 31, 2023 ◻ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from _______________ to ________________ Commission file number 0-14237 First United Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission file number 0-14237 First United Corporation (Exact name of registrant as specified in its charter) | Maryland | 52-1380770 | | --- | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended September 30, 2022 ◻ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from _______________ to ________________ Commission file number 0-14237 First United Corporation (Exact name of registrant as specified in its charter) Maryland 52-1380770 (State or ot ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For quarterly period ended June 30, 2022 ◻ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT For the transition period from _______________ to ________________ Commission file number 0-14237 First United Corporation (Exact name of registrant as specified in its charter) Maryland 52-1380770 (State or other j ...

. FIRST UNITED CORPORATION INVESTOR PRESENTATION Second Quarter 2022 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 "anticipat ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section provides the company's unaudited financial statements, management's analysis, market risk disclosures, and internal controls for the quarter [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for the three months ended March 31, 2022, and 2021, including detailed notes [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to $1.76 billion, driven by net loans and investment securities, while liabilities rose due to deposits Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $76,116 | $115,720 | | Net loans | $1,166,002 | $1,137,440 | | Total investment securities | $385,265 | $343,030 | | **Total Assets** | **$1,760,223** | **$1,729,838** | | **Liabilities & Equity** | | | | Total deposits | $1,507,555 | $1,469,374 | | **Total Liabilities** | **$1,623,145** | **$1,587,938** | | **Total Shareholders' Equity** | **$137,078** | **$141,900** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Net income significantly increased to $5.7 million in Q1 2022, driven by higher net interest income and a credit for loan losses Q1 2022 vs. Q1 2021 Performance (in thousands, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Interest Income | $13,341 | $12,236 | | Provision/(credit) for loan losses | ($419) | $110 | | Total other operating income | $4,434 | $4,926 | | Total other operating expenses | $10,578 | $12,523 | | **Net Income** | **$5,715** | **$3,430** | | **Diluted EPS** | **$0.86** | **$0.49** | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed explanations of accounting policies, including securities transfers, loan loss allowance, fair value, regulatory capital, and CECL adoption - Effective February 1, 2022, the Corporation transferred **$139.0 million** of securities from available-for-sale to held-to-maturity at fair value to mitigate the impact of rising interest rates. The related unrealized loss of **$8.4 million** was retained in accumulated other comprehensive loss (AOCL) and will be amortized over the securities' remaining life[29](index=29&type=chunk) - The allowance for loan losses (ALL) decreased from **$16.0 million** at year-end 2021 to **$15.3 million** at March 31, 2022. The company recorded a credit provision for loan losses of **$419,000** for the quarter[48](index=48&type=chunk)[56](index=56&type=chunk) - The company will adopt the Current Expected Credit Losses (CECL) model on January 1, 2023, which will change the methodology for estimating credit losses on financial instruments. The potential impact is currently under evaluation[124](index=124&type=chunk)[125](index=125&type=chunk) Bank Regulatory Capital Ratios (March 31, 2022) | Ratio | Actual | Required for Adequacy | Required to be Well Capitalized | | :--- | :--- | :--- | :--- | | Total Capital (to risk-weighted assets) | 14.77% | 8.00% | 10.00% | | Tier 1 Capital (to risk-weighted assets) | 13.59% | 6.00% | 8.00% | | Common Equity Tier 1 Capital | 13.59% | 4.50% | 6.50% | | Tier 1 Capital (to average assets) | 10.14% | 4.00% | 5.00% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting increased Q1 2022 net income, portfolio growth, and stable credit quality [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Q1 2022 net income rose to $5.7 million, primarily due to the absence of a prior-year litigation settlement and increased net interest income - The primary driver for the increase in earnings was the absence of a **$3.3 million** litigation settlement expense that was recorded in the first quarter of 2021[137](index=137&type=chunk) Net Interest Income and Margin (FTE, non-GAAP) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Interest Income | $13,582 thousand | $12,475 thousand | | Net Interest Margin | 3.40% | 3.11% | [Financial Condition](index=52&type=section&id=Financial%20Condition) Total assets grew to $1.8 billion, driven by loan and investment portfolio increases, funded by deposit growth, while equity declined due to AOCI - Management strategically deployed excess cash by purchasing approximately **$50.0 million** in short-term treasury bonds early in the first quarter of 2022[157](index=157&type=chunk) Loan Portfolio Composition (in thousands) | Loan Type | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Commercial real estate | $391,136 | $374,291 | | Acquisition and development | $133,031 | $128,077 | | Commercial and industrial | $194,914 | $180,976 | | Residential mortgage | $399,704 | $404,686 | | Consumer | $62,616 | $65,657 | | **Total Loans** | **$1,181,401** | **$1,153,687** | [Risk Elements and Credit Quality](index=55&type=section&id=Risk%20Elements%20and%20Credit%20Quality) Credit quality remained stable, with non-performing assets decreasing and the allowance for loan losses deemed adequate Key Credit Quality Metrics | Metric | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Non-accrual loans to total loans | 0.20% | 0.21% | | Non-performing assets to total assets | 0.39% | 0.42% | | Allowance for loan losses to non-accrual loans | 655.75% | 648.05% | [Liquidity, Market Risk, and Capital Resources](index=61&type=section&id=Liquidity,%20Market%20Risk,%20and%20Capital%20Resources) The company maintains adequate liquidity, is asset-sensitive to rising interest rates, and remains well-capitalized above regulatory requirements - As of March 31, 2022, the company was **asset sensitive**, with a simulation analysis showing that a **100 basis point increase** in interest rates would increase net interest income by an estimated **$970,000** over the next year[189](index=189&type=chunk)[195](index=195&type=chunk) - The Bank had **$130.0 million** available through unsecured lines of credit and approximately **$187.5 million** available through the FHLB at quarter-end[198](index=198&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=65&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers to prior disclosures on market risk, emphasizing the company's interest rate risk management and asset-sensitive position - The information regarding market risk is incorporated by reference from the 'Market Risk and Interest Sensitivity' section in the MD&A[204](index=204&type=chunk) [Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal controls - Based on an evaluation as of March 31, 2022, the company's Principal Executive Officer and Principal Financial Officer concluded that disclosure controls and procedures are **effective at the reasonable assurance level**[206](index=206&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2022 that have materially affected, or are reasonably likely to materially affect, internal controls[207](index=207&type=chunk) [PART II. OTHER INFORMATION](index=67&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, and a list of exhibits filed with the report [Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - There are no legal proceedings to report for the quarter[210](index=210&type=chunk) [Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) No material changes in risk factors have occurred since the prior year's Annual Report on Form 10-K - Management does not believe any material changes in risk factors have occurred since the last disclosure in the 2021 Form 10-K[211](index=211&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None reported[212](index=212&type=chunk) [Exhibits](index=68&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including officer certifications and Inline XBRL data files - Exhibits filed include certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[218](index=218&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission file number 0-14237 First United Corporation (Exact name of registrant as specified in its charter) Indicate by check mark whether th ...