OAKLAND, Md., Oct. 19, 2026 /PRNewswire/ -- 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 nine-month periods ended September 30, 2026. Consolidated net income was $7.2 million on a Generally Accepted Accounting Principles ("GAAP") basis for the third quarter of 2026, or $1.11 per diluted share, compared to $6.9 million, or $1.07 per diluted share, for the third quarter of 2025 and $5.7 million, or $0.88 per diluted share, for the second quarter of 2026. Net income for the first nine months of 2026 was $19.5 million, or $3.01 per diluted share, compared to $18.7 million, or $2.88 per diluted share, for the same period of 2025. Non-GAAP net income was $7.2 million and $21.1 million for the three- and nine-months ended September 30, 2026, respectively. Annualized Return on Average Assets and Return on Average Equity for the nine-month period ended September 30, 2026 were 1.26% and 12.37%, respectively.
According to Jason Rush, Chairman of the Board, President and CEO, "We delivered another solid quarter, benefiting from an improved net interest margin, continued growth in wealth management income, and steady loan growth. Our loan pipelines remain robust heading into the fourth quarter, providing positive momentum as we close out the year. Credit quality remains strong. However, given continued inflationary pressures and uncertainty surrounding interest rates, we believe it is prudent to maintain a disciplined approach to reserves. We also remain focused on expense management and are continuing to identify opportunities to improve efficiency across the organization."
Third Quarter Financial Highlights:
- Net interest margin, on a non-GAAP, fully tax equivalent ("FTE") basis, was 4.05% for the third quarter of 2026, reflecting increased loan yields and reduced funding costs.
- Strong loan production during the quarter, with $115.0 million in commercial loan originations and $34.7 million in residential mortgage originations.
- Provision expense was $1.9 million in the third quarter, primarily due to solid growth in loans and unfunded commitments, and the continued economic and political uncertainty.
- Operating expenses decreased by $2.0 million when compared to the linked quarter driven by a one-time, $1.7 million, net of tax, expense related to consulting fees incurred for contract negotiations with our core processor recorded in the second quarter of 2026.
- A cash dividend of $0.28 per share was declared in the third quarter.
Income Statement Overview
On a GAAP basis, net income for the third quarter of 2026 was $7.2 million, compared to $5.7 million for the second quarter of 2026, inclusive of a $1.7 million, net of tax, third-party consulting expense incurred for core contract negotiations, and $6.9 million for the third quarter of 2025.
Q3 2026 Q2 2026 Q3 2025
Net Income, GAAP (millions) $7.2 $5.7 $6.9
Net Income, non-GAAP (millions) $7.2 $7.3 $6.9
Diluted net income per share, GAAP $1.11 $0.88 $1.07
Diluted net income per share, non-GAAP $1.11 $1.14 $1.07
Third Quarter 2026 Compared to Third Quarter 2025
Consolidated net income increased by $0.2 million for the third quarter of 2026 when compared to the third quarter of 2025. The increase was driven by an increase of $2.2 million in net interest income, and an increase of $0.3 million in non-interest income, inclusive of gains, offset by a $1.4 million increase in provision for credit losses as a result of solid growth in loans and unfunded commitments and a $0.8 million increase in other operating expenses. Comparing the third quarter of 2026 to the same period of 2025, interest and fees on loans increased by $1.8 million driven by solid loan growth and the continued repricing of adjustable-rate loans. Interest expense decreased by $1.0 million when comparing year-over-year quarterly expenses. The decrease was attributable to the repayment of $50.0 million in brokered certificates of deposit in January and July 2026 at their maturities and $65.0 million in Federal Home Loan Bank ("FHLB") borrowings in March 2026. Other operating income increased slightly by $0.3 million driven by an increase in trust and brokerage income of $0.3 million as a result of increased production and favorable market values on assets under management. Other operating expenses increased by $0.8 million, driven by a $0.5 million increase in salaries and benefits attributable to new hires to complete the build out of talent in our West and East regions, normal merit increases in April 2026 and increased life and health insurance costs due to increased claims. Equipment, occupancy and data processing expenses increased by $0.3 million as a result of the implementation of new loan origination software in late 2025. Other expenses, such as marketing and contract labor, increased slightly and were offset by decreases in professional services and other real estate owned ("OREO") expenses and contributions.
Third Quarter 2026 Compared to Second Quarter 2026
Compared to the linked quarter, net income increased by $1.5 million driven by an increase in net interest income of $1.0 million as a result of increased yields on loans and reduced funding costs and an increase of $0.2 million in other operating income, inclusive of net gains. The increase in net gains was due to gains on sales of mortgages to the secondary market and the receipt of funds related to a branch sale in late 2025. Other miscellaneous income increased as a result of a one-time cash receipt of incentives related to check fees and the increased other expenses in the second quarter as a result of the one-time third-party expense incurred for core contract negotiations. An increase of $1.2 million in the provision for credit losses was recognized due to the growth in loans and unfunded commitments experienced in the third quarter as well as the continued economic and political uncertainty.
Year to date 2026 compared to Year to date 2025
Net income for the nine months ended September 30, 2026 was $19.5 million on a GAAP basis, inclusive of a $1.7 million, net of tax, consulting fee incurred on core contract negotiations completed in the second quarter, and $21.1 million on a non-GAAP basis compared to GAAP and non-GAAP basis income of $18.7 million for the nine months ended September 30, 2025. The year-over-year increase of $0.8 million was attributable to a $6.1 million increase in net interest income driven by the continued increase on the yield on earning assets and overall decrease in funding costs, an increase in other non-interest income of $1.0 million, inclusive of net gains, as a result of increased trust and brokerage income of $0.8 million, and increased bank owned life insurance ("BOLI") income of $0.3 million related to a one-time death benefit received in the first quarter of 2026, partially offset by an increase in other operating expenses of $4.7 million driven by the aforementioned consulting fee, increased salaries and benefits of $2.2 million and an increase in equipment, occupancy and data processing expenses of $0.6 million, primarily due to the implementation of a new loan origination software in late 2025. The increase in salaries and benefits was the result of new hires to complete the build out of talent in our West and East regions, annual merit increases in April 2026, increased incentives related to the accruals for projected annual payouts, and increased life and health insurance costs due to higher claims, partially offset by the reduction of costs associated with loan originations.
Net Interest Income and Net Interest Margin
Third Quarter 2026 Compared to Third Quarter 2025
Net interest income, on a non-GAAP, FTE basis, increased by $2.2 million for the third quarter of 2026 when compared to the third quarter of 2025. This increase was driven by an increase of $1.2 million in interest income. Interest income on loans increased by $1.8 million due to the increase of 16 basis points in overall yield on the loan portfolio as a result of growth in average balances of $78.8 million and the continued upward repricing of adjustable-rate loans. Investment income remained stable year over year. Interest income on federal funds sold decreased by $0.5 million due to a decrease of $18.5 million in average cash balances held at the Federal Reserve Bank as a result of funding the loan growth in the third quarter of 2026. Interest expense decreased by $1.0 million in the third quarter of 2026 when compared to the third quarter of 2025. Interest on deposits decreased by $0.2 million despite a $65.1 million increase in average deposit balances, primarily in interest bearing demand and money market deposits, primarily in our value money market product as customers desire to maintain liquid funding. Interest expense on long-term borrowings decreased $0.8 million due to an $86.7 million decrease in average balances for the third quarter of 2026 when compared to the same period of 2025, primarily related to the repayment of $25.0 million and $65.0 million of FHLB advances at their maturities in September 2025 and March 2026, respectively.
Third Quarter 2026 Compared to Second Quarter 2026
Comparing the third quarter of 2026 to the second quarter of 2026, net interest income, on a non-GAAP, FTE basis, increased by $1.0 million. Interest income increased by $0.8 million driven by an increase in average loan balances of $31.3 million in the third quarter of 2026 and a 9 basis point increase in yield. Interest expense decreased by $0.2 million when comparing the third quarter of 2026 to the second quarter of 2026. While we saw an increase in average deposit balances of $2.6 million, we continue to be focused on funding costs and recognized a decrease of 9 basis points. Management's strategic focus on margin management during the third quarter of 2026 resulted in a 7 basis point increase in the net interest margin to 4.05% compared to 3.98% for the second quarter of 2026.
Year to date 2026 compared to Year to date 2025
Comparing the nine months ended September 30, 2026 to the nine months ended September 30, 2025, net interest income, on a non-GAAP, FTE basis, increased by $6.2 million. Interest income increased by $4.2 million, primarily driven by an increase of $4.1 million on interest and fees on loans, as average loan balances increased by $53.0 million and the yield increased by 15 basis points. Interest expense on interest-bearing liabilities decreased by $2.0 million despite an increase in average deposit balances of $79.6 million driven by increases of $28.7 million in demand deposit accounts and $84.1 million in retail money market balances, partially offset by decreases in savings balances of $9.4 million and brokered time deposits of $24.7 million. Interest expense on short-term borrowings remained stable and interest expense on long-term borrowings decreased by $2.0 million as a result of a decrease in average balances of $70.3 million, due to the repayment of $65.0 million of FHLB advances at their maturities in March 2026. The net interest margin for the nine months ended September 30, 2026 was 3.94% compared to 3.64% for the nine months ended September 30, 2025.
Non-Interest Income
Third Quarter 2026 Compared to Third Quarter 2025
Other operating income, inclusive of net gains, increased by $0.3 million driven by an increase in trust and brokerage income of $0.3 million as a result of increased production of new accounts as well as favorable market values in assets under management. Net gains decreased by $0.1 million as new residential mortgage production is more favorable to book to our in-house portfolio as compared to selling to secondary market outlets. Debit card income, service charge income and BOLI income were stable when comparing the quarters.
Third Quarter 2026 Compared to Second Quarter 2026
On a linked quarter basis, other operating income, inclusive of net gains, increased by $0.2 million. Net gains increased by $0.1 million as a result of the receipt of proceeds on the previously recorded branch office sale as well as an increase in gains on sale of mortgages. Check fees increased by $0.1 million when comparing the third quarter of 2026 to the linked quarter as a result of a one-time cash incentive received during the third quarter.
Year to date 2026 compared to Year to date 2025
Comparing the nine months ended September 30, 2026 to the same period of 2025, other operating income, inclusive of net gains, increased by $1.0 million. The increase was primarily driven by an increase in trust and brokerage income of $0.8 million as a result of increased production of new business as well as favorable market values in assets under management, a $0.1 million increase in debit card income, and an increase in BOLI income of $0.3 million as previously mentioned, partially offset by a reduction in net gains as new production of residential mortgage loans were booked in house rather than selling them to the secondary market.
Non-Interest Expense
Third Quarter 2026 Compared to Third Quarter 2025
Other operating expenses increased by $0.8 million driven by a $0.5 million increase in salaries and benefits as a result of new hires to complete the build out of our West and East regions, normal merit increases in April 2026 and increased life and health insurance costs due to increased claims in the third quarter of 2026, partially offset by the reduction of costs associated with loan originations. Equipment, occupancy and data processing expenses increased $0.3 million as a result of the implementation of a new loan origination software in late 2025. These increases were partially offset by reductions in professional services and OREO expenses and contributions.
Third Quarter 2026 Compared to Second Quarter 2026
Other operating expenses decreased by $2.0 million driven by the one-time, $1.7 million, net of tax, consulting fee incurred with core contract negotiations in the second quarter. All other expenses were stable when comparing the third quarter of 2026 to the second quarter of 2026 as we continue a strategic focus on expense control.
Year to date 2026 compared to Year to date 2025
Comparing the nine months ended September 30, 2026 to the same period of 2025, other operating expenses increased by $4.7 million primarily driven by the one-time, third-party consulting expense incurred for core contract negotiations discussed above, a $2.2 million increase in salaries and benefits as a result of new hires to complete the build out of talent in our West and East regions, normal merit increases in April 2026, increased incentives related to the accrual for projected annual payouts, increased life and health insurance costs due to higher claims, partially offset by the reductions of costs associated with loan originations, and an increase in equipment, occupancy and data processing expenses of $0.6 million, primarily due to a new loan origination software implementation in late 2025.
The effective income tax rates, as a percentage of income, for the nine-month periods ended September 30, 2026 and 2025 were 24.1% and 24.7%, respectively.
Balance Sheet Overview
Total assets at September 30, 2026 were $2.1 billion, representing a $10.6 million increase since December 31, 2025. During the first nine months of 2026, gross loans increased by $83.7 million and the pension assets increased $2.3 million due to increased market values. These increases were partially offset by a $56.7 million decrease in cash and interest-bearing deposits in other banks, a decrease in the investment portfolio of $8.3 million related to principal and interest cashflows, and a decrease in the investments in bank stock related to the reduction in FHLB stock that resulted from the full repayment of borrowings in March 2026.
Total liabilities at September 30, 2026 were $1.9 billion, representing a $0.2 million increase since December 31, 2025. Total deposits increased by $52.6 million when compared to December 31, 2025. Non-interest-bearing demand deposits slightly increased by $2.1 million, savings and money market accounts increased by $45.0 million due primarily to the expansion of current and new relationships throughout the first nine months of 2026 and interest-bearing demand deposits increased $61.0 million, primarily related to municipality accounts. A total of $50.0 million in brokered certificates of deposit were fully repaid in January 2026 and July 2026 at their maturities. Retail time deposits decreased by $5.5 million since December 31, 2025. Short-term borrowings increased by $15.2 million at September 30, 2026 when compared to December 31, 2025 as a result of overnight borrowings in anticipation of loan funding. These borrowings were subsequently fully repaid in October 2026.
Outstanding loans of $1.6 billion at September 30, 2026 reflected an $83.7 million increase since December 31, 2025.
Loan Type Change since Change since
(in millions) June 30,
2026 December 31, 2025
Commercial $7.2 $39.1
Residential Mortgages $17.0 $27.2
Consumer $9.1 $17.4
Gross Loans $33.3 $83.7
Since December 31, 2025, commercial real estate loans increased by $45.7 million as a result of new business relationships as well as additional growth in existing relationships; acquisition and development loans increased by $34.1 million; commercial and industrial loans decreased by $40.7 million as a result of payoffs related to approximately $15.0 million due to competitive pricing, approximately $7.3 million related to sales of businesses, approximately $18.0 million due to a loan refinancing with another institution, and the payoff of a floorplan line of credit. Residential mortgage loans increased by $27.2 million as a result of robust mortgage production booked in house as opposed to selling to the secondary market outlets, offset slightly by normal amortization. Consumer loans increased by $17.4 million related to the purchases of approximately $18.0 million in consumer loan pools in the second and third quarters of 2026, offset by normal paydowns.
New commercial loan production for the third quarter of 2026 was approximately $115.0 million. The pipeline of commercial loans as of September 30, 2026 was $138.0 million and unfunded committed commercial construction loans totaled approximately $37.0 million. Commercial amortization and payoffs were approximately $137.0 million through September 30, 2026, 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 third quarter of 2026 was approximately $34.7 million, with most of that production comprised of in-house mortgages. The pipeline of in-house, portfolio loans as of September 30, 2026 was $29.8 million. Unfunded commitments related to residential construction loans totaled $26.0 million at September 30, 2026.
Total deposits of $1.8 billion at September 30, 2026, representing an increase of $52.6 million when compared to December 31, 2025.
Deposit Type Change since Change since
(in millions) June 30,
2026 December 31, 2025
Non-Interest-Bearing $13.8 $2.1
Interest-Bearing Demand $47.7 $61.0
Savings and Money Market $17.4 $45.0
Time Deposits- Brokered ($25.0) ($50.0)
Time Deposits- Retail ($1.7) ($5.5)
Total Deposits $52.2 $52.6
Non-interest-bearing demand deposits increased by $2.1 million, savings and money market accounts increased by $45.0 million due primarily to the expansion of current and new relationships throughout the first nine months of 2026 primarily in our value money market product as customers continue to desire liquid funds and interest-bearing demand deposits increased $61.0 million, primarily related to municipality accounts. Brokered certificates of deposit were fully repaid at their maturities in January and July 2026. Retail time deposits decreased by $5.5 million since December 31, 2025.
The book value of the Corporation's common stock was $33.15 per share at September 30, 2026 compared to $31.33 per share at December 31, 2025. At September 30, 2026, there were 6,456,055 basic outstanding shares and 6,464,823 diluted outstanding shares of common stock. The increase in the book value at September 30, 2026 was due to the undistributed net income of $14.4 million for the first nine months of 2026.
Asset Quality
The allowance for credit losses ("ACL") was $21.8 million at September 30, 2026 compared to $19.1 million at September 30, 2025 and $19.5 million at December 31, 2025. The provision for credit losses was $1.9 million for the quarter ended September 30, 2026 compared to $0.8 million for the quarter ended June 30, 2026 and $0.5 million for the quarter ended September 30, 2025. Provision for credit losses was $3.6 million and $2.0 million for the first nine months of 2026 and 2025, respectively. The increase in the provision for credit losses in the third quarter of 2026 was primarily attributable to solid loan growth as well as growth in the unfunded commitments of approximately $39.0 million during the quarter, and the continued economic and political uncertainty. Asset quality remained strong during the first nine months of 2026. Net charge-offs of $0.1 million were recorded for the quarter ended September 30, 2026 compared to net charge-offs of $0.4 million for the quarter ended September 30, 2025 and $0.1 million for the quarter ended June 30, 2026. The ratio of the ACL to loans outstanding was 1.36% at September 30, 2026 compared to 1.28% at December 31, 2025 and 1.28% at September 30, 2025.
The ratio of net charge offs to average loans was 0.04% and 0.08% for the nine-month periods ended September 30, 2026 and 2025, respectively. The commercial and industrial portfolio had net charge offs of 0.06% and 0.41% for the nine-month periods ended September 30, 2026 and 2025, respectively. The acquisition and development portfolio had net recoveries of 0.02% and 0.42% for the nine-month periods ended September 30, 2026 and 2025, respectively. The decrease in net recoveries was due primarily to recoveries recognized in 2025 related to one relationship previously charged off in 2016. Net charge offs in consumer loans decreased in the first nine months of 2026 when compared to the first nine months of 2025 from 1.06% to 0.91%. The decrease was primarily driven by charge-offs in unsecured consumer loans in 2025. 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
09/30/2026 09/30/2025
Loan Type (Charge Off) / (Charge Off) /
Recovery Recovery
Commercial Real Estate 0.00 % 0.00 %
Acquisition & Development 0.02 % 0.42 %
Commercial & Industrial
(0.06 %)
(0.41 %)
Residential Mortgage 0.01 % 0.01 %
Consumer
(0.91 %)
(1.06 %)
Total Net Charge Offs
(0.04 %)
(0.08 %)
Non-accrual loans totaled $3.2 million at September 30, 2026 compared to $4.2 million at December 31, 2025. The decrease in non-accrual balances at September 30, 2026 was related to a large paydown on one commercial and industrial loan.
Non-accrual loans that have been subject to partial charge-offs totaled $41,000 at September 30, 2026 and $0.2 million at December 31, 2025. Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $1.3 million at September 30, 2026 and $0.5 million at December 31, 2025. The increase was primarily related to one residential mortgage loan of approximately $1.1 million. As a percentage of the loan portfolio, accruing loans past due 30 days or more increased to 0.45% at September 30, 2026 compared to 0.32% at December 31, 2025 and 0.26% as of September 30, 2025. This increase was attributable to one large non-owner occupied commercial real estate loan.
Loans that have been modified in accordance with ASU 2022-02 increased from $1.2 million at December 31, 2025 to $6.9 million at September 30, 2026. The increase was due to one large commercial and industrial loan of $5.9 million that had a term extension accommodation completed in the third quarter of 2026.
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- OakFirst Loan Center, Inc., a West Virginia corporation, and OakFirst Loan Center, LLC, a Maryland limited liability company - and one subsidiary that it uses to hold real estate acquired through foreclosure or by deed in lieu of foreclosure - First OREO Trust, a Maryland statutory trust. 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 and Mineral County, West Virginia. 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 September 30, 2026 and the impact that any such events have on our critical accounting assumptions and estimates made as of September 30, 2026, 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 Nine Months Ended
September 30, September 30, September 30, September 30,
2026 2025 2026 2025
Results of Operations:
Interest income $26,979 $25,762 $78,859 $74,695
Interest expense 7,365 8,359 22,585 24,569
Net interest income 19,614 17,403 56,274 50,126
Provision for credit losses 1,930 510 3,590 2,026
Other operating income 5,486 5,074 16,013 14,836
Net gains 121 261 292 499
Other operating expense 13,815 12,986 43,273 38,536
Income before taxes $9,476 $9,242 $25,716 $24,899
Income tax expense 2,295 2,294 6,205 6,161
Net income $7,181 $6,948 $19,511 $18,738
Per share data:
Basic net income per share $1.11 $1.07 $3.02 $2.89
Diluted net income per share $1.11 $1.07 $3.01 $2.88
Adjusted Basic net income (1) $1.11 $1.07 $3.27 $2.89
Adjusted Diluted net income (1) $1.11 $1.07 $3.26 $2.88
Dividends declared per share $0.28 $0.26 $0.80 $0.70
Book value $33.15 $30.65
Diluted book value $33.10 $30.59
Tangible book value per share $31.41 $28.87
Diluted Tangible book value per share $31.37 $28.82
Closing market value $42.77 $36.77
Market Range:
High $46.18 $38.41
Low $42.16 $32.02
Shares outstanding at period end: Basic 6,456,055 6,496,908
Shares outstanding at period end: Diluted 6,464,823 6,508,790
Performance ratios: (Year to Date Period End, annualized)
Return on average assets 1.26 % 1.24 %
Adjusted return on average assets (1) 1.36 % 1.24 %
Return on average shareholders' equity 12.37 % 13.23 %
Adjusted return on average shareholders' equity (1) 13.38 % 13.23 %
Net interest margin (Non-GAAP), includes tax exempt income of $221 and $160 3.94 % 3.64 %
Net interest margin GAAP 3.93 % 3.63 %
Efficiency ratio - non-GAAP (2) 56.51 % 58.73 %
(1) See reconciliation of this non-GAAP financial measure provided elsewhere herein.
(2) Efficiency ratio is a non-GAAP measure calculated by dividing total operating September 30, December 31,
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 and costs
incurred on core contract renewal.
2026 2025
Financial Condition at period end:
Assets $2,098,046 $2,087,453
Earning assets $1,879,432 $1,807,780
Gross loans $1,605,422 $1,521,704
Commercial Real Estate $616,483 $570,808
Acquisition and Development $124,429 $90,272
Commercial and Industrial $236,362 $277,034
Residential Mortgage $564,073 $536,912
Consumer $64,075 $46,678
Investment securities $271,242 $279,534
Total deposits $1,787,729 $1,735,149
Noninterest bearing $455,127 $453,036
Interest bearing $1,332,602 $1,282,113
Shareholders' equity $213,988 $203,634
Capital ratios:
Tier 1 to risk weighted assets 15.34 % 15.36 %
Common Equity Tier 1 to risk weighted assets 13.59 % 13.52 %
Tier 1 Leverage 12.83 % 12.21 %
Total risk based capital 16.60 % 16.61 %
Asset quality:
Net charge-offs for the quarter $(138) $(99)
Nonperforming assets: (Period End)
Nonaccrual loans $3,162 $4,192
Loans 90 days past due and accruing 604 477
Total nonperforming loans and 90 day past due $3,766 $4,669
Other real estate owned
$ - $1,083
Other repossessed assets $2,692 $2,802
Modified loans $6,913 $1,209
Allowance for credit losses to gross loans 1.36 % 1.28 %
Allowance for credit losses to non-accrual loans 688.20 % 464.46 %
Allowance for credit losses to non-performing assets 336.96 % 227.61 %
Non-performing and 90 day past due loans to total loans 0.23 % 0.31 %
Non-performing loans and 90 day past due loans to total assets 0.18 % 0.22 %
Non-accrual loans to total loans 0.20 % 0.28 %
Non-performing assets to total assets 0.31 % 0.41 %
FIRST UNITED CORPORATION
Oakland, MD
Stock Symbol : FUNC
Financial Highlights - Unaudited
September 30, June 30, March 31, September 30, June 30, March 31,
December 31,
(Dollars in thousands, except per share data) 2026 2026 2026 2025 2025 2025 2025
Results of Operations:
Interest income $26,979 $26,169 $25,711 $26,153 $25,762 $24,871 $24,062
Interest expense 7,365 7,583 7,637 8,166 8,359 8,164 8,046
Net interest income 19,614 18,586 18,074 17,987 17,403 16,707 16,016
Provision for credit losses 1,930 781 879 717 510 860 656
Other operating income 5,486 5,319 5,208 5,330 5,074 4,940 4,822
Net gains 121 39 132 (97) 261 146 92
Other operating expense 13,815 15,765 13,693 14,869 12,986 12,974 12,576
Income before taxes $9,476 $7,398 $8,842 $7,634 $9,242 $7,959 $7,698
Income tax expense 2,295 1,731 2,179 1,857 2,294 1,975 1,892
Net income $7,181 $5,667 $6,663 $5,777 $6,948 $5,984 $5,806
Per share data:
Basic net income per share $1.11 $0.88 $1.03 $0.89 $1.07 $0.92 $0.90
Diluted net income per share $1.11 $0.88 $1.03 $0.89 $1.07 $0.92 $0.89
Adjusted basic net income (1) $1.11 $1.14 $1.02 $1.10 $1.07 $0.92 $0.90
Adjusted diluted net income (1) $1.11 $1.14 $1.02 $1.10 $1.07 $0.92 $0.89
Dividends declared per share $0.28 $0.26 $0.26 $0.26 $0.26 $0.22 $0.22
Book value $33.15 $32.91 $31.84 $31.33 $30.65 $29.43 $28.35
Diluted book value $33.10 $32.86 $31.78 $31.27 $30.59 $29.38 $28.27
Tangible book value per share $31.41 $31.16 $30.08 $29.56 $28.87 $27.64 $26.55
Diluted Tangible book value per share $31.37 $31.12 $30.02 $29.50 $28.82 $27.59 $26.47
Closing market value $42.77 $44.11 $36.64 $37.19 $36.77 $31.01 $30.02
Market Range:
High $46.18 $45.98 $40.53 $40.79 $38.41 $32.09 $41.61
Low $42.16 $36.27 $35.02 $33.63 $32.02 $25.90 $29.38
Shares outstanding at period end: Basic 6,456,055 6,453,836 6,446,717 6,499,476 6,496,908 6,494,611 6,478,634
Shares outstanding at period end: Diluted 6,464,823 6,462,604 6,459,155 6,511,358 6,508,790 6,506,493 6,497,454
Performance ratios: (Year to Date Period End, annualized)
Return on average assets 1.26 % 1.20 % 1.29 % 1.21 % 1.24 % 1.20 % 1.19 %
Adjusted return on average assets (1) 1.36 % 1.36 % 1.28 % 1.28 % 1.24 % 1.20 % 1.19 %
Return on average shareholders' equity 12.37 % 11.92 % 13.06 % 12.70 % 13.23 % 12.78 % 12.83 %
Adjusted return on average shareholders' equity (1) 13.38 % 13.49 % 12.99 % 13.39 % 13.23 % 12.78 % 12.83 %
Net interest margin (Non-GAAP), includes tax exempt income of $221 and $160 3.94 % 3.89 % 3.83 % 3.67 % 3.64 % 3.61 % 3.56 %
Net interest margin GAAP 3.93 % 3.87 % 3.82 % 3.66 % 3.63 % 3.60 % 3.55 %
Efficiency ratio - non-GAAP (2) 56.51 % 57.49 % 58.45 % 58.19 % 58.73 % 59.66 % 59.95 %
(1) See reconciliation of this non-GAAP financial measure provided elsewhere herein.
(2) Efficiency ratio is a non-GAAP measure calculated by dividing total operating expenses by September 30, June 30, March 31, December 31, September 30, June 30, March 31,
the sum of tax equivalent net interest income and other operating income, less gains/(losses) on
sales of securities and/or fixed assets and costs incurred on core contract renewal.
2026 2026 2026 2025 2025 2025 2025
Financial Condition at period end:
Assets $2,098,046 $2,082,092 $2,039,010 $2,087,453 $2,023,974 $2,007,471 $1,979,753
Earning assets $1,879,432 $1,854,045 $1,810,557 $1,807,780 $1,784,056 $1,789,747 $1,762,891
Gross loans $1,605,422 $1,572,131 $1,525,466 $1,521,704 $1,496,762 $1,502,481 $1,479,869
Commercial Real Estate $616,483 $625,821 $609,491 $570,808 $554,418 $550,717 $532,764
Acquisition and Development $124,429 $102,211 $97,785 $90,272 $93,968 $98,937 $94,063
Commercial and Industrial $236,362 $242,013 $246,192 $277,034 $279,079 $281,484 $282,370
Residential Mortgage $564,073 $547,118 $526,314 $536,912 $521,317 $521,968 $520,072
Consumer $64,075 $54,968 $45,684 $46,678 $47,980 $49,375 $50,600
Investment securities $271,242 $279,300 $282,711 $279,534 $278,898 $279,541 $275,143
Total deposits $1,787,729 $1,735,513 $1,750,703 $1,735,149 $1,678,902 $1,614,207 $1,623,574
Noninterest bearing $455,127 $441,365 $451,303 $453,036 $429,986 $425,784 $422,415
Interest bearing $1,332,602 $1,294,148 $1,299,400 $1,282,113 $1,248,916 $1,188,423 $1,201,159
Shareholders' equity $213,988 $212,374 $205,262 $203,634 $199,099 $191,147 $183,694
Capital ratios:
Tier 1 to risk weighted assets 15.34 % 15.26 % 15.82 % 15.36 % 15.59 % 15.22 % 14.87 %
Common Equity Tier 1 to risk weighted assets 13.59 % 13.48 % 13.94 % 13.52 % 13.68 % 13.32 % 12.97 %
Tier 1 Leverage 12.83 % 12.70 % 12.23 % 12.21 % 12.10 % 12.08 % 11.94 %
Total risk based capital 16.60 % 16.51 % 17.07 % 16.61 % 16.84 % 16.47 % 16.10 %
Asset quality:
Net (charge-offs)/recoveries for the quarter $(138) $(96) $(198) $(99) $(435) $(151) $(360)
Nonperforming assets: (Period End)
Nonaccrual loans $3,162 $4,514 $4,695 $4,192 $3,825 $3,813 $4,026
Loans 90 days past due and accruing 604 391 66 477 801 535 233
Total nonperforming loans and 90 day past due $3,766 $4,905 $4,761 $4,669 $4,626 $4,348 $4,259
Other real estate owned
$ -
$ - $1,083 $1,083 $2,718 $3,035 $3,062
Other repossessed assets $2,692 $2,780 $2,692 $2,802 $3,043 $2,802 $2,802
Modified loans $6,913 $1,199 $1,955 $1,209 $998 $1,198 $1,021
Allowance for credit losses to gross loans 1.36 % 1.31 % 1.31 % 1.28 % 1.28 % 1.27 % 1.25 %
Allowance for credit losses to non-accrual loans 688.20 % 456.16 % 424.94 % 464.46 % 499.06 % 499.45 % 458.69 %
Allowance for credit losses to non-performing assets 336.96 % 267.94 % 233.73 % 227.61 % 183.78 % 186.98 % 182.43 %
Non-performing and 90 day past due loans to total loans 0.23 % 0.31 % 0.31 % 0.31 % 0.31 % 0.29 % 0.29 %
Non-performing loans and 90 day past due loans to total assets 0.18 % 0.24 % 0.23 % 0.22 % 0.23 % 0.22 % 0.22 %
Non-accrual loans to total loans 0.20 % 0.29 % 0.31 % 0.28 % 0.26 % 0.25 % 0.27 %
Non-performing assets to total assets 0.31 % 0.37 % 0.42 % 0.41 % 0.51 % 0.51 % 0.51 %
Consolidated Statement of Condition
(Dollars in thousands - Unaudited) September June 30, March 31,
2026 2026 December 31,
30, 2026 2025
Assets
Cash and due from banks $
73,725 $
84,195 $
89,220 $
129,830
Interest bearing deposits in banks 1,147 993 627 1,782
Cash and cash equivalents 74,872 85,188 89,847 131,612
Investment securities - available for sale (at fair value) 101,978 107,997 109,004 107,144
Investment securities - held to maturity (at cost) 168,212 170,259 172,672 171,361
Equity investments with readily determinable fair market values 1,052 1,044 1,035 1,029
Restricted investment in bank stock, at cost 1,621 1,621 1,621 4,630
Loans held for sale 132 130
Loans 1,605,422 1,572,131 1,525,466 1,521,704
Unearned fees (711) (592) (512) (476)
Allowance for credit losses (21,761) (20,591) (19,951) (19,470)
Net loans 1,582,950 1,550,948 1,505,003 1,501,758
Premises and equipment, net 29,149 29,550 30,020 29,665
Goodwill and other intangible assets 11,196 11,279 11,361 11,444
Bank owned life insurance 50,884 50,501 50,125 50,360
Deferred tax assets 9,499 8,072 9,141 8,730
Other real estate owned, net 1,083 1,083
Operating lease asset 788 862 939 1,015
Pension asset 23,140 24,044 20,036 20,798
Accrued interest receivable and other assets 42,705 40,727 36,991 46,694
Total Assets $
2,098,046 $
2,082,092 $
2,039,010 $
2,087,453
Liabilities and Shareholders' Equity
Liabilities:
Non-interest bearing deposits $
455,127 $
441,365 $
451,303 $
453,036
Interest bearing deposits 1,332,602 1,294,148 1,299,400 1,282,113
Total deposits 1,787,729 1,735,513 1,750,703 1,735,149
Short-term borrowings 32,838 69,233 19,588 17,661
Long-term borrowings 30,929 30,929 30,929 95,929
Operating lease liability 927 1,009 1,095 1,180
Allowance for credit loss on off balance sheet exposures 2,074 1,463 1,418 1,218
Accrued interest payable and other liabilities 27,753 29,893 28,323 30,992
Dividends payable 1,808 1,678 1,692 1,690
Total Liabilities 1,884,058 1,869,718 1,833,748 1,883,819
Shareholders' Equity:
Common Stock - par value $0.01 per share; Authorized 25,000,000 65 64 64 65
shares; issued and outstanding 6,456,055 shares at September 30, 2026,
and 6,499,476 at December 31, 2025
Surplus 19,706 19,514 19,360 21,551
Retained earnings 221,636 216,262 212,255 207,284
Accumulated other comprehensive loss (27,419) (23,466) (26,417) (25,266)
Total Shareholders' Equity 213,988 212,374 205,262 203,634
Total Liabilities and Shareholders' Equity $
2,098,046 $
2,082,092 $
2,039,010 $
2,087,453
Historical Income Statement
2026 2025
Q3 Q2 Q1 Year to
date Q4 Q3 Q2 Q1
In thousands
(Unaudited)
Interest income
Interest and fees on loans $
24,861 $
23,779 $
22,502 $
90,328 $
23,219 $
23,060 $
22,294 $
21,755
Interest on investment securities
Taxable 1,837 1,907 1,880 7,210 1,845 1,826 1,776 1,763
Exempt from federal income tax 59 59 59 218 59 57 57 45
Total investment income 1,896 1,966 1,939 7,428 1,904 1,883 1,833 1,808
Other 222 424 1,270 3,092 1,030 819 744 499
Total interest income 26,979 26,169 25,711 100,848 26,153 25,762 24,871 24,062
Interest expense
Interest on deposits 6,784 7,033 6,631 27,524 7,044 7,009 6,788 6,683
Interest on short-term borrowings 50 26 11 75 17 17 21 20
Interest on long-term borrowings 531 524 995 5,136 1,105 1,333 1,355 1,343
Total interest expense 7,365 7,583 7,637 32,735 8,166 8,359 8,164 8,046
Net interest income 19,614 18,586 18,074 68,113 17,987 17,403 16,707 16,016
Credit loss expense/(credit)
Loans 1,308 736 679 2,345 480 480 728 657
Debt securities held to maturity 11 43 43
Off balance sheet credit exposures 611 45 200 355 237 (13) 132 (1)
Provision for credit losses 1,930 781 879 2,743 717 510 860 656
Net interest income after provision for credit losses 17,684 17,805 17,195 65,370 17,270 16,893 15,847 15,360
Other operating income
Net gains on investments, available for sale 97 97
Gains on sale of residential mortgage loans 89 39 86 533 132 163 146 92
Gains/(Losses) on disposal of fixed assets 32 46 (228) (229) 1
Net gains/(losses) 121 39 132 402 (97) 261 146 92
Other Income
Service charges on deposit accounts 590 568 547 2,255 568 563 577 547
Other service charges 201 204 189 845 207 218 214 206
Trust department 2,723 2,684 2,554 9,824 2,667 2,448 2,386 2,323
Debit card income 1,045 1,046 931 4,057 1,173 980 983 921
Bank owned life insurance 384 376 539 1,408 364 355 348 341
Brokerage commissions 385 388 382 1,445 308 346 370 421
Other 158 53 66 332 43 164 62 63
Total other income 5,486 5,319 5,208 20,166 5,330 5,074 4,940 4,822
Total other operating income 5,607 5,358 5,340 20,568 5,233 5,335 5,086 4,914
Other operating expenses
Salaries and employee benefits 8,122 8,157 8,201 29,347 7,108 7,589 7,319 7,331
FDIC premiums 280 274 279 1,051 273 266 267 245
Equipment 484 525 521 2,217 559 515 565 578
Occupancy 683 690 725 2,860 817 679 675 689
Data processing 1,845 1,739 1,664 6,243 1,623 1,517 1,600 1,503
Marketing 263 193 234 904 288 182 196 238
Professional services 599 2,702 570 2,449 745 639 589 476
Contract labor 156 189 166 634 178 127 166 163
Telephone 96 93 96 380 97 89 96 98
Other real estate owned 4 59 123 2,235 1,866 69 208 92
Investor relations 60 85 60 306 55 57 132 62
Contributions 66 81 65 344 120 90 78 56
Other 1,157 978 989 4,435 1,140 1,167 1,083 1,045
Total other operating expenses 13,815 15,765 13,693 53,405 14,869 12,986 12,974 12,576
Income before income tax expense 9,476 7,398 8,842 32,533 7,634 9,242 7,959 7,698
Provision for income tax expense 2,295 1,731 2,179 8,018 1,857 2,294 1,975 1,892
Net Income $
7,181 $
5,667 $
6,663 $
24,515 $
5,777 $
6,948 $
5,984 $
5,806
Basic net income per common share $
1.11 $
0.88 $
1.03 $
3.78 $
0.89 $
1.07 $
0.92 $
0.90
Diluted net income per common share $
1.11 $
0.88 $
1.03 $
3.77 $
0.89 $
1.07 $
0.92 $
0.89
6,455 6,451 6,483 6,490 6,499 6,496 6,489 6,474
Weighted average number of basic shares outstanding
Weighted average number of diluted shares outstanding 6,464 6,461 6,494 6,504 6,510 6,508 6,506 6,490
Dividends declared per common share $
0.28 $
0.26 $
0.26 $
0.96 $
0.26 $
0.26 $
0.22 $
0.22
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 gains on disposal of fixed assets and consulting fees incurred with core processing contract in 2026.
Three months ended September 30, Nine months ended September 30,
2026 2025 2026 2025
(in thousands, except for per share amount)
Net income - as reported $
7,181 $
6,948 $
19,511 $
18,738
Adjustments:
Gain on disposal of fixed assets (32) (78)
Consulting fee on core processing contract 2,179
Income tax effect of adjustments 8 (508)
Adjusted net income (non-GAAP) $
7,157 $
6,948 $
21,104 $
18,738
Basic earnings per share - as reported $
1.11 $
1.07 $
3.02 $
2.89
Adjustments:
Gain on disposal of fixed assets (0.01)
Consulting fee on core processing contract 0.26
Adjusted basic earnings per share (non-GAAP) $
1.11 $
1.07 $
3.27 $
2.89
Diluted earnings per share - as reported $
1.11 $
1.07 $
3.01 $
2.88
Adjustments:
Gain on disposal of fixed assets (0.01)
Consulting fee on core processing contract 0.26
Adjusted diluted earnings per share (non-GAAP) $
1.11 $
1.07 $
3.26 $
2.88
As of or for the three months ended As of or for the nine months
ended
September 30, September 30,
(in thousands, except per share data) 2026 2025 2026 2025
Per Share Data
Basic net income per share - as reported $
1.11 $
1.07 $
3.02 $
2.89
Basic net income per share - non-GAAP 1.11 1.07 3.27 2.89
Diluted net income per share - as reported $
1.11 $
1.07 $
3.01 $
2.88
Diluted net income per share - non-GAAP 1.11 1.07 3.26 2.88
Basic book value per share $
33.15 $
30.65
Diluted book value per share 33.10 30.59
As of or for the nine months
ended
Significant Ratios:
September 30,
2026 2025
Return on Average Assets - as reported 1.26 % 1.24 %
Adjustments:
Gain on disposal of fixed assets (0.01 %)
Consulting fee on core processing contract 0.11 %
Adjusted Return on Average Assets (non-GAAP) 1.36 % 1.24 %
Return on Average Equity - as reported 12.37 % 13.23 %
Gain on disposal of fixed assets (0.04 %)
Consulting fee on core processing contract 1.05 %
Adjusted Return on Average Equity (non-GAAP) 13.38 % 13.23 %
Three Months Ended
September 30
2026 2025
(dollars in thousands) Average Interest Average Average Interest Average
Balance Yield/ Balance Yield/
Rate Rate
Assets
Loans $
1,580,631 $
24,897 6.25
%
% $
1,501,876 23,072 6.09
Investment Securities:
Taxable 286,479 1,837 2.54
%
% 285,623 1,826 2.54
Non taxable 7,480 106 5.62
%
% 7,516 102 5.38
Total 293,959 1,943 2.62
%
% 293,139 1,928 2.61
Federal funds sold 52,274 177 1.34
%
% 70,731 697 3.91
Interest-bearing deposits with other banks 1,102 14 5.04
%
% 5,324 30 2.24
Other interest earning assets 2,668 31 4.61
%
% 5,660 92 6.45
Total earning assets 1,930,634 27,062 5.56
%
% 1,876,730 25,819 5.46
Allowance for credit losses (20,866) (19,343)
Non-earning assets 160,300 185,364
Total Assets $
2,070,068 $
2,042,751
Liabilities and Shareholders' Equity
Deposits
Interest-bearing demand deposits $
406,335 $
1,798 1.76
%
% $
367,771 $
1,509 1.63
Interest-bearing money markets- retail 569,149 3,848 2.68
%
% 489,088 3,834 3.11
Interest-bearing money markets- brokered 1 % 436 1 0.91
%
Savings deposits 156,736 39 0.10
%
% 163,433 43 0.10
Time deposits - retail 146,182 1,030 2.80
%
% 148,955 1,064 2.83
Time deposits - brokered 6,371 69 4.30
%
% 50,000 558 4.43
Total deposits 1,284,774 6,784 2.09
%
% 1,219,683 7,009 2.28
Short-term borrowings 20,732 50 0.96
%
% 21,378 17 0.32
Long-term borrowings 30,929 531 6.81
%
% 117,668 1,333 4.49
Total interest-bearing liabilities 1,336,435 7,365 2.19
%
% 1,358,729 8,359 2.44
Non-interest-bearing deposits 486,337 456,773
Other liabilities 31,965 31,020
Shareholders' Equity 215,331 196,229
Total Liabilities and Shareholders' Equity $
2,070,068 $
2,042,751
Net interest income and spread $
19,697 3.37
%
% $
17,460 3.02
Net interest margin 4.05
%
% 3.69
Nine Months Ended
September 30,
2026 2025
(dollars in thousands) Average Interest Average Average Interest Average
Balance Yield/ Balance Yield/
Rate Rate
Assets
Loans $
1,544,575 $
71,223 6.17
%
% $
1,491,573 $
67,144 6.02
Investment Securities:
Taxable 289,495 5,624 2.60
%
% 285,293 5,365 2.51
Non taxable 7,488 317 5.66
%
% 7,158 284 5.30
Total 296,983 5,941 2.67
%
% 292,451 5,649 2.58
Federal funds sold 69,889 1,690 3.23
%
% 54,385 1,709 4.20
Interest-bearing deposits with other banks 1,433 43 4.01
%
% 3,899 65 2.23
Other interest earning assets 3,515 183 6.96
%
% 5,749 288 6.70
Total earning assets 1,916,395 79,080 5.52
%
% 1,848,057 74,855 5.42
Allowance for credit losses (20,285) (18,812)
Non-earning assets 172,002 184,309
Total Assets $
2,068,112 $
2,013,554
Liabilities and Shareholders' Equity
Deposits
Interest-bearing demand deposits $
397,119 $
5,066 1.71
%
% $
368,384 $
4,682 1.70
Interest-bearing money markets- retail 559,723 11,276 2.69
%
% 475,592 10,958 3.08
Interest-bearing money markets- brokered 56 1 2.39
%
% 357 7 2.62
Savings deposits 158,512 120 0.10
%
% 167,905 131 0.10
Time deposits - retail 148,061 3,324 3.00
%
% 146,985 3,241 2.95
Time deposits - brokered 20,737 661 4.26
%
% 45,398 1,461 4.30
Total deposits 1,284,208 20,448 2.13
%
% 1,204,621 20,480 2.27
Short-term borrowings 19,755 87 0.59
%
% 21,408 58 0.36
Long-term borrowings 49,500 2,050 5.54
%
% 119,830 4,031 4.50
Total interest-bearing liabilities 1,353,463 22,585 2.23
%
% 1,345,859 24,569 2.44
Non-interest-bearing deposits 471,165 447,478
Other liabilities 32,645 30,795
Shareholders' Equity 210,839 189,422
Total Liabilities and Shareholders' Equity $
2,068,112 $
2,013,554
Net interest income and spread $
56,495 3.29
%
% $
50,286 2.98
Net interest margin 3.94 3.64
% %
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SOURCE First United Corporation
Tonya K. Sturm, tsturm@mybank.com