Exhibit 99.1

FIRST UNITED CORPORATION ANNOUNCES

SECOND QUARTER 2022 EARNINGS

OAKLAND, MARYLAND—July 25, 2022: First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the “Bank”), today announced earnings results for the three- and six-month periods ended June 30, 2022. Consolidated net income was $5.4 million for the second quarter of 2022, or $0.82 per diluted share, compared to $4.4 million, or $0.66 per diluted share, for the second quarter of 2021 and $5.7 million, or $0.86 per diluted share, for the first quarter of 2022. Year to date income was $11.1 million as of June 30, 2022, or $1.68 per diluted share, compared to $7.8 million, or $1.15 per diluted share for the same period of 2021.

According to Carissa Rodeheaver, President and CEO, “the rising interest rate environment has been the catalyst to our increasing net interest margin as we have seen rising loan yields and have maintained our deposit pricing. Income from our wealth department has declined, despite strong production, resulting from lower asset values related to the declining stock market and lower bond values. Our efficiency ratio continues to positively reflect our utilization of technology and our intense focus on expenses. We also increased our provision expense this quarter given our strong loan growth and the volatile economy. Overall, we continue to be pleased with our strong financial results and attribute that to the dedication and hard work of our employees.”

Second Quarter Financial Highlights:

Total assets at June 30, 2022 decreased by $7.9 million, or 0.5%, when compared to March 31, 2022 and increased by $22.6 million, or 1.3%, when compared to December 31, 2021. Significant changes during the second quarter included:

Cash balances decreased by $54.5 million when compared to first quarter of 2022 and $94.1 million when compared to December 31, 2021, as loan balances grew

Investment securities decreased $11.8 million when compared to first quarter of 2022 and increased $30.4 million when compared to December 31, 2021

Gross loans increased $52.2 million when compared to first quarter of 2022 and $79.9 million when compared to December 31, 2021

Commercial growth of $44.6 million and $80.4 million

Mortgage balances increased $6.6 million and $1.6 million

Consumer loans increased $1.0 million and decreased $2.0 million

Deposits decreased $23.2 million when compared to first quarter of 2022 and increased $15.0 million when compared to December 31, 2021

Decline in interest bearing deposits driven by reductions in time deposits and municipal money market balances

The ratio of the allowance for loan losses (“ALL”) to loans outstanding was 1.28% at June 30, 2022 as compared to 1.29% at March 31, 2022 and 1.38% at December 31, 2021

Total provision expense of $0.6 million for both the second quarters of 2022 and 2021 as compared to a credit of $0.4 million for the first quarter of 2022

○

Continued strong asset quality, stabilization of modified loans that have returned to principal and interest payments, low delinquency offset by increased qualitative factors due to the unstable economy related to interest rate increases, inflation, an uncertain supply chain

Consolidated net income was $5.4 million for the second quarter of 2022

Net interest margin, on a non-GAAP, fully tax equivalent (“FTE”) basis, was 3.52% for the second quarter of 2022 compared to 3.40% for the first quarter of 2022 and 3.15% for the second quarter of 2021

Core, non-interest income, on a non-GAAP basis, was stable in the second quarter of 2022 when compared to the first quarter of 2022. Comparing the second quarter of 2022 to the second quarter of 2021, core non-interest income, on a non-GAAP basis, decreased, which was driven primarily by reduced gains on sales of mortgage loans and sales of investment securities during the second quarter of 2021. These reductions were partially offset by increases in service charge income and debit card income in the second quarter of 2022

Core, non-interest expense, on a non-GAAP basis, remained stable when comparing the second quarter of 2022 to the first quarter of 2022. When comparing the second quarter of 2022 to the second quarter of 2021, operating expenses decreased relating to reduced salaries and benefits, professional services, telephone, and investor relations expenses offset by increases in equipment and occupancy expenses, OREO expenses and other miscellaneous expenses

Income Statement Overview

Consolidated net income was $5.4 million for the second quarter of 2022 compared to $4.4 million for the second quarter of 2021 and $5.7 million for the first quarter of 2022. Basic and diluted net income per share for the second quarter of 2022 were both $0.82, compared to basic and diluted net income per share of $0.66 for the second quarter of 2021 and $0.86 for the first quarter of 2022.

The increase in net income year over year was driven by an increase in net interest income of $1.2 million and reduced operating expenses of $0.4 million, offset by an increase in provision expense of $0.1 million, reduced other operating income, and a decrease of $0.3 million in gains from sales of mortgages. Additionally, we experienced a decrease in gains from sales of available for sale investments and recognized an expense of $0.2 million in OREO related expenses in the second quarter 2022 compared to a gain on sale of OREO of $0.2 million in the second quarter of 2021. The OREO expenses were attributable to one development project as we continue to work with the participation group to market and sell the commercial parcels.

Compared to the linked quarter of 2022, net interest income increased by $0.6 million. This increase was offset by a $0.6 million provision for loan loss in the second quarter compared to a $0.4 million credit in the first quarter. The increase in provision expense was due primarily to loan growth and changes in qualitative factors applied to the allowance for loan loss calculation during the second quarter of 2022, particularly related to the current economic outlook.

Year to date income for the first six months of 2022 was $11.1 million compared to $7.8 million for the same period in 2021. The year over year increase was primarily driven by a $2.3 million increase in net interest income; of which, $1.9 million resulted from the decrease in interest expense as costs of funds fell by approximately 55%. Additionally, comparative year-to-date income increased due to the $3.3 million in litigation settlement expense recognized in 2021.

Net Interest Income and Net Interest Margin

Net interest income, on a non-GAAP, FTE basis, increased by $1.2 million for the second quarter 2022 when compared to the second quarter of 2021. This increase was driven by an increase of $0.3 million in interest income related to an overall increase of 15 basis points on interest earning assets despite a decline in average balances of $33.8 million. Interest income on loans decreased $0.2 million due primarily to a reduction of fees related to Paycheck Protection Program loan forgiveness recognized during 2021. Investment income increased $0.6 million due to an increase in average balances related to the deployment of excess cash balances to purchase investment securities late in the fourth quarter of 2021 and early in the first quarter of 2022. The reduction of $1.1 million in interest expense resulted from the lowering of deposit rates throughout 2021, the decline of $73.3 million of average balances in the higher cost CD portfolio and the prepayment of $70.0 million of Federal Home Loan Bank (“FHLB”) advances in 2021. The net interest margin for the second quarter of 2022 was 3.52%, compared to 3.15% for the second quarter of 2021.

Comparing the second quarter of 2022 to the first quarter of 2022, net interest income, on a non-GAAP, FTE basis, increased by $0.6 million. This increase was driven by a $0.6 million increase in interest income, resulting in an increase in the yield on earning assets of 11 basis points while maintaining stable average balances. Interest income on loans increased $0.4 million related to an increase in average balances of $31.8 million, driven by strong commercial loan growth. Interest expense remained stable while average balances declined $4.4 million when comparing the second quarter of 2022 to the first quarter of 2022. Comparing the second quarter of 2022 to the first quarter of 2022, net interest margin increased to 3.52% for the second quarter compared to 3.40% in the first quarter.

Comparing the six months ended June 30, 2022 to the six months ended June 30, 2021, net interest income, on a non-GAAP, FTE basis, increased by $2.3 million. Interest income increased by $0.4 million and interest expense decreased by $1.9 million. 2021 interest income included $2.0 in fees related to PPP loan forgiveness recognized during the first half of 2021. The yield on earning assets increased 10 basis points to 3.66% in 2022 compared to 3.56% in 2021 in correlation with the rising interest rate environment and new loans booked at higher rates. Interest expense on deposits decreased $1.3 million while the average balances decreased $10.2 million and interest on long-term borrowings decreased $0.7 million relating to the prepayment of $70.0 million of FHLB advances in the third quarter of 2021. The decreased interest expense resulted in an overall decrease of 32 basis points on interest bearing liabilities. To date, we have not experienced significant pressure on deposit pricing, but we expect to experience increasing rates the remainder of this year given the recent moves by the Federal Reserve. The net interest margin for the six months ended June 30, 2022 was 3.46% compared to 3.13% for the six months ended June 30, 2021.

Non-Interest Income

Other operating income, including gains, for the second quarter of 2022 decreased by approximately $0.3 million when compared with the same period of 2021. Gains on sales of mortgage loans decreased by approximately $0.3 million related to the diminished refinance activity due to the rising interest rate environment and management’s strategic decision to book new mortgage loans at higher rates to our in-house portfolio. Net gains on sales of investments decreased by approximately $0.2 million, which was partially offset by the increase of service charges on deposit accounts by approximately $0.1 million.

On a linked quarter basis, other operating income remained stable. Slight increases in service charges and brokerage commissions were offset by decreases in gains on sales of residential mortgage loans and other miscellaneous income.

Non-interest income for the six months ended June 30, 2022 decreased by approximately $0.8 million when compared to the same period of 2021. This decrease was primarily due to the decrease in net gains on sales of residential mortgage loans of $0.8 million as refinance activity has slowed considerably in correlation with rising mortgage interest rates and due to management’s strategic decision to book new mortgage loans at higher rates to our in-house portfolio.

Non-Interest Expense

Core operating expenses decreased by $0.4 million when comparing the second quarter of 2022 to the second quarter of 2021. This decrease was driven by a decrease in legal and professional fees of approximately $0.9 million and investor relations expense of approximately $0.2 million, which were partially offset by an increase in salaries and employee benefits of approximately $0.3 million and net OREO expenses of approximately $0.4 million. The increase in OREO expenses was driven by expenses attributable to one development project as we continue to work with the participation group to market and sell the commercial parcels and gains on sales of properties in 2021 that resulted in a net credit.

Comparing the second quarter of 2022 to the linked first quarter of 2022, operating expenses remained stable. Salaries and employee benefits decreased by approximately $0.2 million primarily due to a larger portion of salaries being recorded as deferred loan fees resulting from increased loan production during the second quarter of 2022. This decrease was offset by increases in OREO expenses of $0.1 million and miscellaneous expenses of $0.1 million.

For the six months ended June 30, 2022, non-interest expenses decreased by $2.3 million in 2022 compared to the six months ended June 30, 2021. This decrease was attributable to the one-time litigation settlement expense of $3.3 million, and $1.2 million in legal expenses that were recognized in 2021 along with a $0.2 million reduction in telephone expense and a $0.2 million decline in investor relations costs. These decreases were partially offset by year-over-year increases in salaries and employee benefits of $1.2 million, which is partially related to the reduction of employee wages associated with deferred loan costs and increases of $0.3 million in equipment expenses, $0.9 million in OREO expenses and $0.2 million in miscellaneous other expenses.

The effective income tax rates as a percentage of income for the six months ended June 30, 2022 and June 30, 2021 were 24.5% and 25.2%, respectively. The reduced tax rate for the six months ended June 30, 2022 when compared to the six months ended June 30, 2021 was related to an increased benefit at the holding company related to the fair value costs associated with the executive long term incentive plan payouts, and state tax treatment of the litigation settlement expenses. The new low-income housing tax credit investment in 2021 is expected to begin generating tax credits in 2022 and should provide increased tax credits beginning in 2023 and beyond for the term of the tax credit.

Balance Sheet Overview

Total assets at June 30, 2022 were $1.8 billion, representing a $7.9 million decrease since March 31, 2022 and a $22.6 million increase since December 31, 2021. During the second quarter of 2022, cash and interest-bearing deposits in other banks decreased by $54.5 million, the investment portfolio decreased by $11.8 million and gross loans increased by $52.2 million. Other assets including deferred taxes, premises and equipment and accrued interest receivable also increased collectively by $6.6 million.

Total liabilities at June 30, 2022 were $1.6 billion, representing a $3.7 million decrease since March 31, 2022 and a $31.6 million increase since December 31, 2021. Total deposits decreased by $23.2 million since March 31, 2022 and increased by $15.0 million since December 31, 2021. The decline in deposits during the second quarter is primarily attributable to reduced money market balances associated with one local municipality. Short term borrowings increased $12.2 million since December 31, 2021, driven by $18.9 million in overnight borrowings, which were offset by a decrease in other short-term borrowings of $7.9 million during the quarter. The increase in overnight borrowings at June 30, 2022 was primarily driven by the strong loan growth coupled with the decline in deposit balances during the second quarter and the timing difference associated with an expected loan pay-off. Management plans to bring approximately $50.0 million in trust department money market accounts which had been placed off-balance sheet in 2021, back on-balance sheet in the third quarter.

Outstanding gross loans of $1.2 billion at June 30, 2022 reflected growth of $79.9 million for the first six months of 2022 and growth of $52.2 million for the second quarter of 2022. Since December 31, 2021, commercial real estate loans increased by $47.7 million, acquisition and development loans decreased by $12.0 million and commercial and industrial loans increased by $44.6 million year-to-date. The growth in the commercial real estate and commercial and industrial portfolios is a result of expansion of relationships with existing clients as well as new commercial clients. Residential mortgage loans increased $1.6 million related to the diminished refinance activity due to the rising interest rate environment and management’s strategic decision to book new mortgage loans at higher rates to our in-house portfolio. The consumer loan portfolio decreased by $2.0 million due to amortization of the existing portfolio offsetting new production.

New commercial loan production for the three months ended June 30, 2022 was approximately $103.4 million. At June 30, 2022, unfunded, committed commercial construction loans totaled approximately $34.9 million. Commercial amortization and payoffs were approximately $47.7 million through June 30, 2022.

New consumer mortgage loan production for the second quarter of 2022 was approximately $15.1 million with most of this production being comprised of in-house mortgages. The pipeline in-house, portfolio loans as of June 30, 2022 consisted of $13.5 million. Production levels have slowed for residential mortgages as compared to the second quarter of 2021 because of the increasing interest rates for the first six months of 2022.

Total deposits at June 30, 2022 increased $15.0 million when compared to deposits at December 31, 2021. Non-interest-bearing deposits increased $26.1 million primarily related to the new commercial business gained during 2022. Interest bearing demand deposits increased $71.4 million. Traditional savings accounts increased $15.6 million. Money market balances decreased $69.8 million driven by one local municipality opting to move their funds to a state-sponsored deposit account that offers a higher yield as well as a movement of balances to the trust department for higher rates, while maintaining the customer relationship. Time deposits decreased $28.3 million related to maturing time deposits moving into other deposit products.

Book value per share of the Company’s common stock was $19.97 at June 30, 2022, compared to $20.65 per share at March 31, 2022. At June 30, 2022, there were 6,656,395 of basic outstanding shares and 6,666,790 of diluted outstanding shares of common stock. The decrease in the book value at June 30, 2022 was due to the decline in common equity driven by the increase in accumulated other comprehensive loss from March to June as well as the increase in outstanding shares of common stock related to the director grant issued in the second quarter of 2022.

Asset Quality

The ALL decreased to $15.7 million at June 30, 2022 compared to $16.0 million at December 31, 2021. The provision for loan losses was an expense of $0.6 million for the quarter ended June 30, 2022 compared to an expense of $0.6 million for the quarter ended June 30, 2021. The expense to provision expense recorded in the second quarter of 2022 was attributable primarily to loan portfolio growth during the quarter and changes in the qualitative factors, particularly related to the current economic outlook. Net charge-offs of $179,000 were recorded for the quarter ended June 30, 2022, compared to net charge offs of $67,000 for 2021. The ratio of the ALL to loans outstanding was 1.28% at June 30, 2022, compared to 1.29% at March 31, 2022 and 1.38% at December 31, 2021.

The ratio of year-to-date net charge offs to average loans for the six months ending June 30, 2022 was an annualized 0.07%, compared to net charge offs to average loans of 0.01% for 2021. Details of the ratio, by loan type are shown below. Our special assets team continues to effectively collect on charged-off loans, resulting in ongoing overall low net charge-off ratios.

Ratio of Net Recoveries/ (Charge Offs) to Average Loans
	06/30/2022			06/30/2021
Loan Type	(Charge Off) / Recovery			(Charge Off) / Recovery
Commercial Real Estate		0.00	%		0.00	%
Acquisition & Development		0.03	%		0.05	%
Commercial & Industrial		(0.04	%)		0.03	%
Residential Mortgage		0.03	%		(0.03	%)
Consumer		(1.45	%)		(0.42	%)
Total Net Charge Offs		(0.07	%)		(0.01	%)

Non-accrual loans totaled $2.1 million at June 30, 2022 compared to $2.5 million at December 31, 2021. The decrease in non-accrual balances at June 30, 2022 was primarily related to $0.2 million of principal pay-downs of residential mortgage and home equity loans.

Non-accrual loans that have been subject to partial charge-offs totaled $1.3 million at June 30, 2022 and $0.5 million at December 31, 2021. Loans secured by 1-4 family residential real estate properties in the process of foreclosure totaled $0.1 million at June 30, 2022 and $0.2 million at December 31, 2021. As a percentage of the loan portfolio, accruing loans past due 30 days or more increased to 0.37% compared to 0.19% at March 31, 2022 and 0.31% as of December 31, 2022.

ABOUT FIRST UNITED CORPORATION

First United Corporation is the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers, and two statutory trusts that were used as financing vehicles. The Bank has four wholly-owned subsidiaries: OakFirst Loan Center, Inc., a West Virginia finance company; OakFirst Loan Center, LLC, a Maryland finance company; First OREO Trust, a Maryland statutory trust that holds and services real estate acquired by the Bank through foreclosure or by deed in lieu of foreclosure; and FUBT OREO I, LLC, a Maryland company that likewise holds and services real estate acquired by the Bank through foreclosure or by deed in lieu of foreclosure. The Bank also owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership, a Maryland limited partnership, and a 99.9% non-voting interest in MCC FUBT Fund, LLC, an Ohio limited liability company, both of which were formed for the purpose of acquiring, developing and operating low-income housing units. 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, 2022 and the impact that any such events have on our critical accounting assumptions and estimates made as of June 30, 2022, 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,
	2022			2021			2022		2021
Results of Operations:
Interest income	$	14,731		$	14,436		$	28,878	$	28,498
Interest expense		760			1,673			1,566		3,499
Net interest income		13,971			12,763			27,312		24,999
Provision for loan losses		624			555			205		665
Other operating income		4,413			4,321			8,795		8,659
		13			442			65		1,030
Other operating expense		10,637			11,032			21,215		23,555
Income before taxes	$	7,136		$	5,939		$	14,752	$	10,468
Income tax expense		1,708			1,536			3,609		2,635
	$	5,428		$	4,403		$	11,143	$	7,833

Per share data:
Basic net income per share	$	0.82		$	0.66		$	1.68	$	1.15
Diluted net income per share	$	0.82		$	0.66		$	1.68	$	1.15
Adjusted basic/diluted net income (1)	$	0.82		$	0.66		$	1.68	$	1.52
Dividends declared per share	$	0.15		$	0.15		$	0.30	$	0.30
	$	19.97		$	19.74
Diluted book value	$	19.93		$	19.72
Tangible book value per share	$	18.17		$	18.07
Diluted Tangible book value per share	$	18.14		$	18.05

Closing market value	$	18.76		$	17.43
Market Range:
	$	23.80		$	19.42
	$	17.50		$	16.35

Shares outstanding at period end: Basic		6,656,395			6,614,604
Shares outstanding at period end: Diluted		6,666,790			6,621,677

Performance ratios: (Year to Date Period End, annualized)
Return on average assets		1.26	%		0.88	%
Adjusted return on average assets (1)		1.26	%		1.18	%
Return on average shareholders' equity		16.25	%		12.21	%
Adjusted return on average shareholders' equity (1)		16.25	%		15.98	%
Net interest margin (Non-GAAP), includes tax exempt income of $444 and $429		3.46	%		3.13	%
Net interest margin GAAP		3.40	%		3.07	%
Efficiency ratio - non-GAAP (2)		57.11	%		67.69	%

(1) See reconcilation of this non-GAAP financial measure provided elsewhere herein.
(2) 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
		2022			2021
Financial Condition at period end:
Assets	$	1,752,455		$	1,729,838
Earning assets	$	1,608,094		$	1,504,300
Gross loans	$	1,233,613		$	1,153,687
Commercial Real Estate	$	421,942		$	374,291
Acquisition and Development	$	116,115		$	128,077
Commercial and Industrial	$	225,640		$	180,977
Residential Mortgage	$	406,293		$	404,685
	$	63,623		$	65,657
Investment securities	$	373,455		$	343,030
Total deposits	$	1,484,354		$	1,469,374
Noninterest bearing	$	527,761		$	501,627
Interest bearing	$	956,593		$	967,747
Shareholders' equity	$	132,892		$	141,900

Capital ratios:

Tier 1 to risk weighted assets		14.31	%		14.64	%
Common Equity Tier 1 to risk weighted assets		12.27	%		12.50	%
Tier 1 Leverage		11.23	%		10.80	%
Total risk based capital		15.46	%		15.89	%

Asset quality:

Net charge-offs for the quarter	$	(179	)	$	(67	)
Nonperforming assets: (Period End)
Nonaccrual loans	$	2,149		$	2,462
Loans 90 days past due and accruing		325			300

Total nonperforming loans and 90 day past due	$	2,474		$	2,762

Restructured loans	$	3,226		$	3,297
Other real estate owned	$	4,517		$	4,477

Allowance for loan losses to gross loans		1.28	%		1.38	%
Allowance for loan losses to gross loans, excluding PPP loans		1.28	%		1.39	%
Allowance for loan losses to non-accrual loans		732.29	%		648.05	%
Allowance for loan losses to non-performing assets		225.10	%		220.40	%
Non-performing and 90 day past due loans to total loans		0.20	%		0.24	%
Non-performing loans and 90 day past due loans to total assets		0.14	%		0.16	%
Non-accrual loans to total loans		0.17	%		0.21	%
Non-performing assets to total assets		0.40	%		0.42	%

FIRST UNITED CORPORATION

Oakland, MD

Stock Symbol : FUNC

Financial Highlights - Unaudited

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in thousands, except per share data)	2022			2022			2021			2021			2021			2021
Results of Operations:
Interest income	$	14,731		$	14,147			14,848			14,910			14,436			14,062
Interest expense		760			806			930			1,285			1,673			1,826
Net interest income		13,971			13,341			13,918			13,625			12,763			12,236
Provision for loan losses		624			(419	)		(885	)		(597	)		555			110
Other operating income		4,413			4,382			6,337			4,523			4,321			4,338
Net gains		13			52			83			82			442			588
Other operating expense		10,637			10,578			11,182			13,027			11,032			12,523
Income before taxes	$	7,136		$	7,616		$	10,041		$	5,800		$	5,939		$	4,529
Income tax expense		1,708			1,901			2,492			1,412			1,536			1,099
Net income	$	5,428		$	5,715		$	7,549		$	4,388		$	4,403		$	3,430

Per share data:
Basic net income per share	$	0.82		$	0.86		$	1.14		$	0.66		$	0.66		$	0.49
Diluted net income per share	$	0.82		$	0.86		$	1.14		$	0.66		$	0.66		$	0.49
Adjusted basic/diluted net income (1)	$	0.82		$	0.86		$	1.10		$	0.93		$	0.66		$	0.86
Dividends declared per share	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15		$	0.15
Book value	$	19.97		$	20.65		$	21.43		$	20.22		$	19.74		$	18.46
Diluted book value	$	19.93		$	20.63		$	21.41		$	20.19		$	19.72		$	18.45
Tangible book value per share	$	18.17		$	18.83		$	19.61		$	18.55		$	18.07		$	16.89
Diluted Tangible book value per share	$	18.14		$	18.82		$	19.59		$	18.53		$	18.05		$	16.88

Closing market value	$	18.76		$	22.53		$	18.76		$	18.60		$	17.43		$	17.62
Market Range:
High	$	23.80		$	24.50		$	20.50		$	19.45		$	19.42		$	20.05
Low	$	17.50		$	18.81		$	17.86		$	16.26		$	16.35		$	15.30

Shares outstanding at period end: Basic		6,656,395			6,637,979			6,620,955			6,617,941			6,614,604			6,998,617
Shares outstanding at period end: Diluted		6,666,790			6,649,604			6,628,028			6,625,014			6,621,677			7,001,997

Performance ratios: (Year to Date Period End, annualized)
Return on average assets		1.26	%		1.31	%		1.12	%		0.92	%		0.88	%		0.79	%
Adjusted return on average assets (1)		1.26	%		1.31	%		1.36	%		1.25	%		1.18	%		1.38	%
Return on average shareholders' equity		16.25	%		16.49	%		14.92	%		12.45	%		12.21	%		10.58	%
Adjusted return on average shareholders' equity (1)		16.25	%		16.49	%		17.82	%		16.72	%		15.98	%		18.36	%
Net interest margin (Non-GAAP), includes tax exempt income of $241 and $239		3.46	%		3.40	%		3.28	%		3.21	%		3.13	%		3.11	%
Net interest margin GAAP		3.40	%		3.34	%		3.22	%		3.16	%		3.07	%		3.05	%
Efficiency ratio - non-GAAP (2)		57.11	%		58.81	%		52.94	%		57.57	%		62.72	%		53.00	%
(1) See reconcilation of this non-GAAP financial measure provided elsewhere herein.
(2) 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,			March 31,			December 31,			September 30,			June 30,			March 31,
		2022			2022			2021			2021			2021			2021
Financial Condition at period end:
Assets	$	1,752,455		$	1,760,325		$	1,729,838		$	1,708,556		$	1,763,806		$	1,781,833
Earning assets	$	1,608,094		$	1,572,737		$	1,504,300		$	1,466,664		$	1,461,613		$	1,481,045
Gross loans	$	1,233,613		$	1,181,401		$	1,153,687		$	1,161,868		$	1,145,343		$	1,199,325
Commercial Real Estate	$	421,942		$	391,136		$	374,291		$	371,785		$	361,941		$	365,731
Acquisition and Development	$	116,115		$	133,031		$	128,077		$	132,256		$	131,630		$	123,625
Commercial and Industrial	$	225,640		$	194,914		$	180,977		$	195,758		$	229,852		$	299,178
Residential Mortgage	$	406,293		$	399,704		$	404,685		$	405,885		$	364,408		$	374,327
Consumer	$	63,623		$	62,616		$	65,657		$	56,184		$	57,512		$	36,464
Investment securities	$	373,455		$	385,265		$	343,030		$	297,543		$	307,696		$	273,363
Total deposits	$	1,484,354		$	1,507,555		$	1,469,374		$	1,444,494		$	1,456,111		$	1,468,263
Noninterest bearing	$	527,761		$	530,901		$	501,627		$	491,441		$	497,736		$	485,311
Interest bearing	$	956,593		$	976,654		$	967,747		$	953,053		$	958,375		$	982,952
Shareholders' equity	$	132,892		$	137,038		$	141,900		$	133,787		$	130,556		$	129,189

Capital ratios:

Tier 1 to risk weighted assets		14.31	%		14.55	%		14.64	%		14.26	%		14.55	%		14.99	%
Common Equity Tier 1 to risk weighted assets		12.27	%		12.45	%		12.50	%		12.15	%		12.37	%		12.76	%
Tier 1 Leverage		11.23	%		10.94	%		10.80	%		10.33	%		9.94	%		10.22	%
Total risk based capital		15.46	%		15.71	%		15.89	%		15.51	%		15.80	%		16.24	%

Asset quality:

Net (charge-offs)/recoveries for the quarter	$	(179	)	$	(244	)	$	(67	)	$	435		$	(41	)	$	(42	)
Nonperforming assets: (Period End)
Nonaccrual loans	$	2,149		$	2,332		$	2,462		$	7,441		$	7,285		$	7,891
Loans 90 days past due and accruing		325			37			300			189		$	273			6
								0			0			0
Total nonperforming loans and 90 day past due	$	2,474		$	2,369		$	2,762		$	7,630		$	7,558		$	7,897

Restructured loans	$	3,226		$	3,228		$	3,297		$	3,759		$	3,825		$	3,892
Other real estate owned	$	4,517		$	4,477		$	4,477		$	6,663		$	6,756		$	7,533

Allowance for loan losses to gross loans		1.28	%		1.29	%		1.38	%		1.46	%		1.49	%		1.38	%
Allowance for loan losses to gross loans, excluding PPP loans		1.28	%		1.30	%		1.39	%		1.50	%		1.60	%		1.57	%
Allowance for loan losses to non-accrual loans		732.29	%		655.75	%		648.05	%		227.20	%		234.29	%		209.78	%
Allowance for loan losses to non-performing assets		225.10	%		223.37	%		220.40	%		118.28	%		119.24	%		107.28	%
Non-performing and 90 day past due loans to total loans		0.20	%		0.20	%		0.24	%		0.66	%		0.66	%		0.66	%
Non-performing loans and 90 day past due loans to total assets		0.14	%		0.13	%		0.16	%		0.45	%		0.43	%		0.44	%
Non-accrual loans to total loans		0.17	%		0.20	%		0.21	%		0.64	%		0.64	%		0.66	%
Non-performing assets to total assets		0.40	%		0.39	%		0.42	%		0.84	%		0.81	%		0.87	%

(Dollars in thousands - Unaudited)	June 30, 2022			March 31, 2022			December 31, 2021
Assets
Cash and due from banks	$	20,108		$	71,211		$	109,823
Interest bearing deposits in banks		1,543			4,905			5,897
Cash and cash equivalents		21,651			76,116			115,720
Investment securities – available for sale (at fair value)		132,867			143,609			286,771
Investment securities – held to maturity (at cost)		240,588			241,656			56,259
Restricted investment in bank stock, at cost		1,026			1,026			1,029
Loans held for sale		—			140			67
Loans		1,233,613			1,181,401			1,153,687
Unearned fees		(104	)		(107	)		(292	)
Allowance for loan losses		(15,737	)		(15,292	)		(15,955	)
Net loans		1,217,772			1,166,002			1,137,440
Premises and equipment, net		35,305			34,001			34,697
Goodwill and other intangible assets		11,947			12,000			12,052
Bank owned life insurance		45,739			45,442			45,150
Deferred tax assets		13,653			10,361			6,857
Other real estate owned, net		4,517			4,477			4,477
Operating lease asset		2,075			2,161			2,247
Accrued interest receivable and other assets		25,315			23,334			27,072
Total Assets	$	1,752,455		$	1,760,325		$	1,729,838
Liabilities and Shareholders’ Equity
Liabilities:
Non-interest bearing deposits	$	527,761		$	530,901		$	501,627
Interest bearing deposits		956,593			976,654			967,747
Total deposits		1,484,354			1,507,555			1,469,374
Short-term borrowings		69,914			58,902			57,699
Long-term borrowings		30,929			30,929			30,929
Operating lease liability		2,570			2,666			2,761
Accrued interest payable and other liabilities		30,798			22,200			26,182
Dividends payable		998			995			993
Total Liabilities		1,619,563			1,623,247			1,587,938
Shareholders’ Equity:
Common Stock – par value $0.01 per share; Authorized 25,000,000 shares; issued and outstanding 6,656,395 shares at June 30, 2022 and 6,620,955 at December 31, 2021		67			66			66
Surplus		24,105			23,712			23,661
Retained earnings		154,636			150,207			145,487
Accumulated other comprehensive loss		(45,916	)		(36,907	)		(27,314	)
Total Shareholders’ Equity		132,892			137,078			141,900
Total Liabilities and Shareholders’ Equity	$	1,752,455		$	1,760,325		$	1,729,838

	Three Months Ended
	2022					2021
	Q2		Q1			Q4			Q3			Q2			Q1
In thousands	(Unaudited)
Interest income
Interest and fees on loans	$	12,861	$	12,432		$	13,456		$	13,667		$	13,097		$	12,732
Interest on investment securities
Taxable		1,540		1,406			1,048			880			994			990
Exempt from federal income tax		279		282			268			266			268			275
Total investment income		1,819		1,688			1,316			1,146			1,262			1,265
Other		51		27			76			97			77			65
Total interest income		14,731		14,147			14,848			14,910			14,436			14,062
Interest expense
Interest on deposits		401		475			596			732			999			1,146
Interest on short-term borrowings		21		18			19			17			26			24
Interest on long-term borrowings		338		313			315			536			648			656
Total interest expense		760		806			930			1,285			1,673			1,826
Net interest income		13,971		13,341			13,918			13,625			12,763			12,236
Provision for loan losses		624		(419	)		(885	)		(597	)		555			110
Net interest income after provision for loan losses		13,347		13,760			14,803			14,222			12,208			12,126
Other operating income
Net gains on investments, available for sale		—		3			—			—			154			—
Losses on equity investment		—		—			(35	)		(54	)		—			—
Gains on sale of residential mortgage loans		7		21			119			136			272			588
Gains/(losses) on disposal of fixed assets		6		28			(1	)		—			16			—
Net gains		13		52			83			82			442			588
Other Income
Service charges on deposit accounts		463		465			479			475			412			405
Other service charges		232		213			245			232			221			211
Trust department		2,044		2,189			2,209			2,166			2,034			2,241
Debit card income		983		886			1,021			900			913			810
Bank owned life insurance		297		292			299			298			293			286
Brokerage commissions		313		220			228			229			357			268
Insurance reimbursement		—		—			1,375			—			—			—
Other		81		117			481			223			91			117
Total other income		4,413		4,382			6,337			4,523			4,321			4,338
Total other operating income		4,426		4,434			6,420			4,605			4,763			4,926
Other operating expenses
Salaries and employee benefits		5,793		5,968			5,847			5,719			5,507			4,988
FDIC premiums		155		174			197			209			183			183
Equipment		1,029		1,044			1,061			1,032			954			851
Occupancy		711		727			673			684			693			725
Data processing		805		821			784			819			875			726
Marketing		151		106			127			129			133			146
Professional services		564		520			656			615			1,491			766
Contract labor		158		165			152			153			185			148
Telephone		139		114			131			123			268			215
Other real estate owned		152		95			(485	)		150			(198	)		(412	)
Investor relations		123		96			130			116			306			124
Settlement expense		—		—			—			—			—			3,300
FHLB prepayment penalty		—		—			—			2,368			—			—
Contributions		42		21			1,115			55			27			23
Other		815		727			794			855			608			740
Total other operating expenses		10,637		10,578			11,182			13,027			11,032			12,523
Income before income tax expense		7,136		7,616			10,041			5,800			5,939			4,529
Provision for income tax expense		1,708		1,901			2,492			1,412			1,536			1,099
Net Income	$	5,428	$	5,715		$	7,549		$	4,388		$	4,403		$	3,430
Basic net income per common share	$	0.82	$	0.86		$	1.14		$	0.66		$	0.66		$	0.49
Diluted net income per common share	$	0.82	$	0.86		$	1.14		$	0.66		$	0.66		$	0.49
Weighted average number of basic shares outstanding		6,650		6,628			6,620			6,617			6,609			6,996
Weighted average number of diluted shares outstanding		6,661		6,636			6,627			6,624			6,615			7,000
Dividends declared per common share	$	0.15	$	0.15		$	0.15		$	0.15		$	0.15		$	0.15

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 for 2021 results exclude settlement charges associated with the settlement with Driver Management, FHLB penalty expense, insurance reimbursement and contributions for each period indicated below.

	Three months ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
(in thousands, except for per share amount)
Net income - as reported	$	5,428		$	5,715		$	7,549		$	4,388		$	4,403		$	3,430
Adjustments:
Settlement Expense		—			—			—			—			—			3,300
FHLB Penalty		—			—			—			2,368			—			—
Insurance Reimbursement		—			—			(1,375	)		—			—			—
Foundation Contribution		—			—			1,000			—			—			—
Income tax effect of adjustments		—			—			86			(578	)		—			(735	)
Adjusted net income (non-GAAP)	$	5,428		$	5,715		$	7,260		$	6,178		$	4,403		$	5,995

Basic and Diluted earnings per share - as reported	$	0.82		$	0.86		$	1.14		$	0.66		$	0.66		$	0.49
Adjustments:
Settlement Expense		—			—			—			—			—			0.47
FHLB Penalty		—			—			—			0.35			—			—
Insurance Reimbursement		—			—			(0.20	)		—			—			—
Foundation Contribution		—			—			0.15			—			—			—
Income tax effect of adjustments		—			—			0.01			(0.08	)		—			(0.10	)
Adjusted basic and diluted earnings per share (non-GAAP)	$	0.82		$	0.86		$	1.10		$	0.93		$	0.66		$	0.86

	As of or for the three month period ended
(in thousands, except per share data)	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021			March 31, 2021
Per Share Data
Basic net income per share (1) - as reported	$	0.82		$	0.86		$		$1.14	$	0.66		$	0.66		$	0.49
Basic net income per share (1) - non-GAAP	$	0.82		$	0.86		$		$1.10	$	0.93		$	0.66		$	0.86
Diluted net income per share (1) - as reported	$	0.82		$	0.86		$		$1.14	$	0.66		$	0.66		$	0.49
Diluted net income per share (1) - non-GAAP	$	0.82		$	0.86		$		$1.10	$	0.93		$	0.66		$	0.86
Basic book value per share	$	19.97		$	20.65		$		$21.43	$	20.22		$	19.74		$	18.46
Diluted book value per share	$	19.93		$	20.63		$		$21.41	$	20.19		$	19.72		$	18.45

Significant Ratios:

Return on Average Assets (1) - as reported		1.26	%		1.31	%		1.12	%		0.92	%		0.88	%		0.79	%
Settlement, FHLB and contribution expenses, and insurance reimbursement income, net of income tax effect		—			—			0.23	%		0.33	%		0.30	%		0.59	%
Adjusted Return on Average Assets (1) (non-GAAP)		1.26	%		1.31	%		1.35	%		1.25	%		1.18	%		1.38	%

Return on Average Equity (1) - as reported		16.25	%		16.49	%		14.92	%		12.45	%		12.21	%		10.58	%
Settlement, FHLB and contribution expenses, and insurance reimbursement income, net of income tax effect		—			—			2.90	%		4.43	%		3.77	%		7.78	%
Adjusted Return on Average Equity (1) (non-GAAP)		16.25	%		16.49	%		17.82	%		16.88	%		15.98	%		18.36	%

Efficiency Ratio - non-GAAP
Non-interest expense	$	10,637		$	10,578		$	11,182		$	13,027		$	11,032		$	12,523
Less: non-GAAP adjustments:
Foundation Contribution								(1,000	)
Settlement expense																	(3,300	)
FHLB Penalty											(2,368	)
Non-interest expense - as adjusted	$	10,637		$	10,578		$	10,182		$	10,659		$	11,032		$	9,223

Net interest income plus non-interest income	$	18,397		$	17,775		$	20,338		$	18,230		$	17,526		$	17,162
Plus: non-GAAP adjustments:
Tax-equivalent income		236			242			233			232			233			239
Less non-GAAP adjustment:
Insurance reimbursement								(1,375	)
Fixed asset (gains)/losses								1						(16	)
Investment securities (gains)/losses		(6	)		(31	)		35			54			(154	)		-
Net interest income plus non-interest income - as adjusted	$	18,627		$	17,986		$	19,232		$	18,516		$	17,589		$	17,401

Efficiency Ratio (1)		57.11	%		58.81	%		52.94	%		57.57	%		62.72	%		53.00	%

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

	Three Months Ended
	June 30,
	2022								2021
(dollars in thousands)	Average Balance			Interest		Average Yield/Rate			Average Balance			Interest		Average Yield/Rate
Assets
Loans	$	1,200,651		$	12,876		4.30	%	$	1,173,007		$	13,119		4.49	%
Investment Securities:
Taxable		350,602			1,540		1.76	%		273,196			994		1.46	%
Non taxable		26,879			500		7.46	%		25,325			480		7.60	%
Total		377,481			2,040		2.17	%		298,521			1,474		1.98	%
Federal funds sold		36,151			39		0.43	%		174,346			39		0.09	%
Interest-bearing deposits with other banks		3,728			4		0.43	%		3,288			—		0.00	%
Other interest earning assets		1,026			8		3.13	%		3,654			38		4.17	%
Total earning assets		1,619,037			14,967		3.71	%		1,652,816			14,670		3.56	%
Allowance for loan losses		(15,221	)							(16,758	)
Non-earning assets		166,785								147,763
Total Assets	$	1,770,601							$	1,783,821
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	298,571		$	93		0.12	%	$	214,310		$	172		0.33	%
Interest-bearing money markets		282,083			74		0.11	%		328,100			170		0.14	%
Savings deposits		251,187			18		0.03	%		221,614			25		0.04	%
Time deposits		142,013			216		0.61	%		215,349			779		1.29	%
Short-term borrowings		60,727			21		0.14	%		51,035			24		0.20	%
Long-term borrowings		30,929			338		4.38	%		100,929			656		2.57	%
Total interest-bearing liabilities		1,065,510			760		0.29	%		1,131,337			1,826		0.59	%
Non-interest-bearing deposits		539,488								498,130
Other liabilities		30,564								27,085
Shareholders’ Equity		136,039								127,269
Total Liabilities and Shareholders’ Equity	$	1,771,601							$	1,783,821
Net interest income and spread				$	14,207		3.42	%				$	12,997		2.97	%
Net interest margin							3.52	%							3.15	%

	Six Months Ended
	June 30,
	2022								2021
(dollars in thousands)	Average Balance			Interest		Average Yield/ Rate			Average Balance			Interest		Average Yield/ Rate
Assets
Loans	$	1,184,804		$	25,326		4.31	%	$	1,187,760		$	25,873		4.39	%
Investment Securities:
Taxable		356,878			2,946		1.66	%		264,525			1,984		1.51	%
Non taxable		27,447			1,005		7.38	%		25,698			972		7.63	%
Total		384,325			3,951		2.07	%		290,223			2,956		2.05	%
Federal funds sold		44,689			57		0.26	%		155,009			63		0.08	%
Interest-bearing deposits with other banks		4,487			5		0.22	%		2,980			1		0.05	%
Other interest earning assets		1,028			16		3.14	%		4,054			78		3.88	%
Total earning assets		1,619,333			29,355		3.66	%		1,640,026			28,971		3.56	%
Allowance for loan losses		(15,558	)							(16,582	)
Non-earning assets		172,839								152,853
Total Assets	$	1,776,614							$	1,776,297
Liabilities and Shareholders’ Equity
Interest-bearing demand deposits	$	291,220		$	182		0.13	%	$	208,930		$	347		0.33	%
Interest-bearing money markets		289,377			137		0.10	%		344,100			288		0.17	%
Savings deposits		247,573			36		0.03	%		212,342			46		0.04	%
Time deposits		148,377			521		0.71	%		221,414			1,464		1.33	%
Short-term borrowings		60,144			39		0.13	%		50,670			50		0.20	%
Long-term borrowings		30,929			651		4.24	%		100,929			1,304		2.61	%
Total interest-bearing liabilities		1,067,620			1,566		0.30	%		1,138,385			3,499		0.62	%
Non-interest-bearing deposits		541,992								481,803
Other liabilities		29,337								26,704
Shareholders’ Equity		137,665								129,405
Total Liabilities and Shareholders’ Equity	$	1,776,614							$	1,776,297
Net interest income and spread				$	27,789		3.36	%				$	25,472		2.94	%
Net interest margin							3.46	%							3.13	%

Exhibit 99.2

FIRST UNITED CORPORATION INVESTOR PRESENTATION Second Quarter 2022

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 , 2021 , 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 .

Table of Contents 3 I. II. II. III. Corporate Profile Strategy & Strengths Financial Performance Appendices Pg. 4 Pg. 6 Pg. 10 Pg. 23

4 Mission Statement To enrich the lives of our customers, our employees and our shareholders through uncommon commitment to service and effective financial solutions Company Overview Founded: 1900 Headquarters: Oakland, MD Locations: 27 branches Business Lines: Commercial & Retail Banking, Trust Services, Wealth Management Ticker: FUNC (Nasdaq) Website: www.MyBank.com Financial Highlights (as of June 30, 2022) Assets: $1.75 billion Loans: $1.23 billion Deposits: $1.48 billion AUM: $1.33 billion Efficiency Ratio (1) : 57.94% TCE Ratio (1) : 6.95 % YTD Dividends Declared/Share: $0.30 Tangible Book Value Per Share (1) : $18.17 Diluted EPS - GAAP: $1.68 Diluted EPS - non - GAAP (1) : $1.68 NIM: 3.46% NPAs/Total Assets: 0.40 % Net Charge - offs/Avg. Loans: 0.07% (1) See Appendix for a reconciliation of these non - GAAP financial measures West Virginia Maryland Star denotes Oakland, Maryland Headquarters Franchise Overview

5 Our Core Markets West Region Central Region East Region Loans (000s) $301,732 $362,553 $460,782 Deposits (000s) $148,970 $771,255 $562,617 Deposit Market Share (1) (at June 30, 2021) 2% 45% 4% Branches (2) 6 10 11 Note: Out of market loans represent $109 million and are not reflected in the above table (1) Source: FDIC Market Share Data, most current. Deposit market share for each region includes the following counties liste d b elow: West: Harrison, WV; Monongalia, WV Central: Garrett, MD; Allegany, MD; Mineral, WV East: Washington, MD; Frederick, MD; Berkeley, WV (2) Advisory Center that was opened in 1Q21 converted to full - service express branch 2Q22 ŽŠŸŽ› ž•˜— Ž›”Ž•Ž¢ ˜›Š— Š–œ Šœ‘’—˜— Š›˜› ›ŽŽ›’Œ” Š››˜•• Š•’–˜›Ž ˜›” ›Š—”•’— ž–‹Ž›•Š— Š››Ž— ‘Ž—Š—˜Š‘ ŽěŽ›œ˜— ˜ž˜ž— •Š›”Ž ˜—˜–Ž›¢ ˜ Š› ——Žȱ›ž—Ž• Š¢ŽĴŽ Š¢•˜› ›Žœ˜— ‘’˜ Š›œ‘Š•• ¢•Ž› ŽĵŽ• ›˜˜”Ž ˜—˜—Š•’Š Š›’˜— Ž ’œ Š››’œ˜— Š›‹˜ž› Šœ‘’—˜— ›ŽŽ—Ž ••Ž‘Ž—¢ ’—Ž›Š• Š››ŽĴ ••ŽŠ—¢ ˜–Ž›œŽ Ž˜› žŒ”Ž› Š›¢ Š–™œ‘’›Ž ›Š— ‹ 6 3*OREDO0DUNHW,QWHOOLJHQFH$OOULJKWVUHVHUYHG

??????? ??????? ??????? 6 Our Core Strengths Diversified Revenue Stream Core Deposit Franchise Engaged and Diverse Board & Management Robust Enterprise Risk Management Expense Structure Forward - Thinking Approach Community Engagement ▪ Diversified revenue stream (non - interest income 24% of operating revenue ) driven by trust and brokerage fee income provides protection during times of low interest rates ▪ Reflects stable legacy markets, produces steady low - cost funding ▪ Growing via utilization of technology and deepening of business relationships ▪ Our diverse and experienced Board has the skills to oversee key business risks, strategic initiatives and governance best practices ▪ Ongoing Board succession strategy – 60% change over 7 years ▪ Strong underwriting guidelines and risk management framework ▪ Focus on risk mitigation, loan concentration management and information security ▪ Well established operational infrastructure will support future growth ▪ Expense management focus, hybrid work environment and technology contribute to cost savings ▪ Innovative and dynamic approach to attracting and retaining clients, leading to future growth and efficiencies ▪ Investment in FinTech funds provides early exposure to new technology ▪ Supporting local businesses, individuals, schools and non - profits with financial education, consultation and robust product and service offerings ▪ Knowledgeable associates committed to helping clients and the communities we serve

7 ▪ Low net charge - offs and strong asset quality as a result of conservative and proactive credit culture ▪ Strong reserves - ALL level of 1.28%; future provisioning based on loan growth 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 ▪ CECL implementation on target f or January 2023 Asset Quality Risk Management, Monitoring & Mitigation Underlies all Strategic Priorities ▪ Maintaining an asset sensitive balance sheet, poised to take advantage of rising interest rates ▪ Limiting longer - term investment exposure and actively managing loan terms ▪ 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 ▪ Capital stress tests indicate Bank is well positioned to absorb potential losses ▪ Utilizing HTM portfolio to reduce impact of rising rates on TCE ▪ Loan to deposit ratio of 83% ▪ Liquidity contingency plan in place ▪ Liquidity stress testing performed quarterly with strong liquidity under various scenarios ▪ Available borrowing capacity of $457.0 million through correspondent lines of credit and FHLB ▪ Strong, stable low - cost core deposit franchise of 91% of average total interest - earning assets Interest Rate Sensitivity Cyber - Security Fraud Monitoring Capital Liquidity Management

8 ▪ Develop focused strategies utilizing data analytics to grow profitable client relationships ▪ Align marketing plan to support data analytic strategies ▪ Promote digital banking and technology platforms to client base for repetitive transactions ▪ Leverage evolving technology to streamline operational processes and procedures ▪ Capitalize on hybrid work environment to increase efficiencies and attract talent from a broader geographic footprint ▪ Capitalize on existing infrastructure to build stronger revenue streams and improve operating leverage ▪ Increase market penetration and expand our footprint via our Financial Center model, wealth management M&A and strategic bank partnerships. ▪ Attract and hire passionate, diverse talent to engage with clients and prospects across broader demographics ▪ Promote associate retention & development through an inclusive and equitable work environment ▪ Encourage education and independent, innovative thought to support personal and professional growth ▪ Provide seamless client experience across all business lines using integrated relationship teams ▪ Customize financial solutions and utilize personal service to grow client relationships, enhance loyalty and trust ▪ Support local communities through financial education, ongoing consultation, inclusive product offerings and volunteerism ▪ Utilize flexibility of hybrid work environment to foster workforce well - being and safety ▪ Enhance investor communication ▪ Protect client information and privacy ▪ Incorporate environmental considerations into all decision making ▪ Explore, evaluate and monitor investments in technology ▪ Utilize systemic risk management to protect our integrity, brand reputation and customer and stakeholder confidence Strategic Pillars & Key Objectives Digital & Data Analytics Efficiency & Profitability Culture & Engagement Sustainable Growth & Reputation

9 Innovation and Technology We believe in the power of innovation and technology, and are committed to providing improved digital services, efficient operational platforms, and investments towards solutions that deliver a seamless client experience and secure financial foundation. Completed projects and upgrades: Future enhancements in process or under consideration : FinTech Investments Exclamation Labs FinTech Funds ▪ Mortgage Bot ▪ Business Online Banking Refresh ▪ Contactless Visa Debit Cards ▪ FIS Core Upgraded Version ▪ SecureLOCK Premium Debit Card Fraud ▪ Network Refresh and Data Center Re - design ▪ Help Desk Migration ▪ Microsoft 365 Backup ▪ Zelle for Business ▪ Online Banking External Transfer ▪ PeopleSoft General Ledger and Accounts Payable ▪ New Customer Relationship Management Tool ▪ Automated Loan Booking ▪ Vericast Online Consumer Loans ▪ Consumer Online and Mobile Banking Digital Platform Upgrade. ▪ Electronic Faxing ▪ Customer Service Center Enhancements

10 10 Second Quarter Financial Highlights $5.4 Million Net Income (1) $0.82 Diluted EPS (1) 1.23% * ROAA (1) 17.55 * ROATCE (1) 3.52% NIM ▪ Total assets stable compared to linked quarter ▪ Consolidated net income (1) of $5.4 million in 2Q22 compared to $4.4million in 2Q21 and $5.7 million in linked quarter; pre - provision net revenue of $7.8 million compared to $6.5 million, respectively ▪ Net interest income, on a non - GAAP, FTE basis* increased by 9.3% in 2Q22 compared to 2Q21, driven by stable interest income and a 58% decrease in interest expense ▪ The ratio of the allowance for loan losses (“ALL”) to loans outstanding was 1.28% in 2Q22 compared to 1.29% in linked quarter ▪ Efficiency ratio of 57.11% (1) ; expense savings and efficiencies continue to be primary focus; Bank is poised for upside earnings in a rising interest rate environment (1) See Appendix for a reconciliation of these non - GAAP financial measure * 2Q2022 Annualized

11 11 Year to Date Financial Highlights $11.1Million Net Income (1) $1.68 Diluted EPS (1) 1.26% * ROAA (1) 17.88 * ROATCE (1) 3.46% NIM ▪ Total assets increased by $22.6 million, or 1.3% compared to December 31, 2021 ▪ Consolidated net income (1) of $11.1 million for six months end June 30, 2022 compared to $10.4 million for six months ended June 30, 2021; pre - provision net revenue of $15.0 million compared to $14.4 million, respectively ▪ Net interest income, on a non - GAAP, FTE basis* increased by 9.1% in first six months of 2022 compared to the first six months of 2021, driven by stable interest income and a 55% decrease in interest expense ▪ The ratio of the allowance for loan losses (“ALL”) to loans outstanding was 1.28% at June 30, 2022 compared to 1.38% at December 31, 2021 ▪ Transferred approximately $139.0 million, fair value, of available for sale securities to held to maturity in first quarter of 2022 ▪ Efficiency ratio of 57.94% (1) , expense savings and efficiencies continue to be primary focus; Bank is poised for upside earnings in a rising interest rate environment (1) See Appendix for a reconciliation of these non - GAAP financial measure * 2Q2022 Annualized

12 Generating Reliable Growth Our strategic plan is delivering consistent growth, increasing profits and earnings per share to drive long - term shareholder return. $15.5 $17.8 $23.2 $30.8 $15.0 2018 2019 2020 2021 2Q22 Pre - Provision Net Revenue ($ in millions) (1) Diluted Earnings per Share (1) $1.51 $1.85 $1.97 $3.54 $1.68 2018 2019 2020 2021 2Q22 +32.8% YoY +79.7% YOY Total Gross Loans, including PPP ($ in millions) $996 $1,039 $1,168 $1,154 $1,234 2018 2019 2020 2021 2Q22 $114 PPP $8 PPP Total Deposits ($ in millions) $1,068 $1,142 $1,422 $1,469 $1,484 2018 2019 2020 2021 2Q22 (1) See Appendix for a reconciliation of these non - GAAP financial measures $.8 PPP

13 Solid Profitability ▪ Consistently improved return on assets and return on average equity enable us to fund the dividend and invest in future growth. ▪ Strategic initiatives are underway to enhance growth, lower expenses, and continue improving profitability. Core ROAA (non - GAPP (1) ) Core ROATCE (non - GAPP (1) ) (1) See Appendix for a reconciliation of these non - GAAP financial measures 0.81% 0.93% 0.86% 1.35% 1.26% 2018 2019 2020 2021 2Q22 Strategic Target 1.0% - 1.25% 10.39% 11.44% 11.92% 19.61% 17.88% 2018 2019 2020 2021 2Q22 Strategic Target 14% - 15%

14 Proactive Loan Portfolio Management Commercial Loan Mix (6/30/2022) Loan Portfolio Mix (6/30/2022) Loan Type Balance (MMs) % Total 1 - 4 Family $406 33% CRE – OO 143 12% CRE – NOO 237 19% Multi - family 42 3% C&D 116 9% C&I 225 18% Consumer 64 5% PPP 1 1% Diverse portfolio loan types and industries reduce Commercial portfolio risk Focus on risk mitigation and managing of concentrations ▪ CRE / Total Capital: 214% ▪ ADC / Total Capital: 59%

15 Asset Quality ▪ Appraisal policy requires 18 - month updates for impaired or special assets ▪ Proactive, ongoing client engagement and experienced work - out teams ▪ Quarterly Criticized Asset Reviews ▪ Centralized risk rating, and monitoring of risk rating migration and delinquency trends ▪ Decreased maximum HE LTV to 80% ▪ Robust annual third - party loan review Nonaccrual Loans / Total Loans NPAs / Total Assets 0.95% 1.40% 0.35% 0.21% 0.17% 2018 2019 2020 2021 2Q22 1.17% 1.30% 0.99% 0.60% 0.40% 2018 2019 2020 2021 2Q22 Underwriting and Monitoring

16 Loan Loss Allowance (ALL) ALL Trends (Net Charge - Offs)/Average Loans ALL % by Segment (excluding PPP loans) Excluding PPP loans, which are guaranteed ALL = 1.39% Excluding PPP loans, which are guaranteed ALL = 1.56% 1.10% 1.19% 1.41% 1.38% 1.28% 2018 2019 2020 2021 2Q22 0.11% - 0.02% 0.13% - 0.02% - 0.07% 2018 2019 2020 2021 2Q22 ▪ Credit booked to provision in 1Q22 due primarily to strong asset quality, low delinquency, improving economic conditions and successful performance of modified loans; provision expense booked in 2Q22 due to loan growth and conservative increase in qualitative factors ▪ All modified loans have returned to principal and interest payments ▪ CECL implementation on target for January 2023 Excluding PPP loans, which are guaranteed ALL = 1.28%

17 Industry Leading Deposit Franchise Deposit Composition (6/30/2022) CD Maturities (MMs) (6/30/2022) ▪ Stable legacy markets and growing portfolio of commercial deposit accounts ▪ Noninterest bearing deposits have grown from 8% of portfolio in 2009 to 36% as of June 30, 2022 $40 $45 $49 $1 3 Mos. or Less 3-12 Months 1-3 Years Over 3 Year Core deposits comprise 91% of deposits Deposit Type Balance (MMs) % NIB Demand $527.8 36% IB Demand $299.5 20% MMA & Savings $522.1 35% Time Deposits $134.9 9%

18 Net Interest Margin ▪ Disciplined loan and deposit pricing has produced a strong margin that is in line with our peers ▪ Margin expansion in the latter half of 2021 and into first six months of 2022 primarily due to new loan volume and existing loans pricing at higher rates and reduced cost of interest - bearing liabilities ▪ Net interest income was aided by increasing loan yields, lower cost of funds on interest - bearing deposits and the reduced interest expense related to the prepayment of FHLB long - term borrowings ▪ Our team approach to full client relationships, our focus on community - oriented business owners and our high - tech branch network provide continued access to low - cost deposits, treasury management and commercial loans Components (1) (1) See Appendix for a reconciliation of these non - GAAP financial measures 4.41% 4.57% 3.99% 3.63% 3.66% 0.86% 1.18% 0.91% 0.51% 0.30% 3.74% 3.68% 3.34% 3.28% 3.46% 0.42% 0.70% 0.49% 0.24% 0.12% -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% 2018 2019 2020 2021 2Q22 Yield on Earning Assets Cost of Interest-bearing Liabilities Net Interest Margin Cost of Deposits

19 Diversified Fee Income ▪ First United’s non - interest income (1) comprised 24% of operating revenue for the first six months of 2022 ▪ 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 ▪ Wealth acquisition strategy in place to grow assets under management; fees impacted in first six months of 2022 due to reduction in asset market value resulting from volatile stock market and declining bond values due to increasing interest rates Non - Interest Income Mix – 2Q 2022 Trust & Brokerage Assets Under Management (MMs) (1) See Appendix for a reconciliation of these non - GAAP financial measures Composition Trust and Brokerage 54% Service Charges 15% Net Gain on Loan Sales 0% Debit Card Income 21% Bank - owned Life Insurance 7% Other Noninterest Income 3% $1,084 $1,212 $1,377 $1,482 $1,331 2018 2019 2020 2021 2Q22

20 Expense Discipline ▪ Efficiency ratio has decreased 15 basis points since 2018 ▪ Core processor negotiation resulted in multi - year savings ▪ Restructuring and consolidation of regional operating structure ▪ Existing operational infrastructure and technology investments positioned for continued growth ▪ Enhanced implementation of technology resulting in on - going efficiencies and savings ( Docusign , virtual meetings, digital account openings and loan documentation, reduced printing, hybrid remote work options, etc.) ▪ Future expense savings initiatives ▪ Analyzing real estate partnerships and physical space alternatives ▪ Reviewing benefits structure and tax - saving strategies ▪ Review of all contracts as they mature to negotiate future cost savings Efficiency Ratio (1) Operating Leverage Ratio Significant portion of earnings improvement can be attributed to expense reductions 72.8% 70.9% 64.6% 56.4% 57.9% 2018 2019 2020 2021 2Q22 Strategic Target 58% - 63% - 1.6% 2.9% 9.5% 13.4% 0.3% 2018 2019 2020 2021 2Q22 (1) See Appendix for a reconciliation of these non - GAAP financial measures

21 Prudent Capital Management ▪ Tangible book value per share consistently grew through 2021(17.0% CAGR) while simultaneously taking decisive action to benefit shareholders ▪ Impacted in 2022 by economic driven decline in market value in investment and pension plan portfolios ▪ History of increasing dividend has improved shareholders’ return ▪ Opportunistic share repurchases have benefited EPS ▪ Regulatory capital ratios significantly above regulatory requirements ▪ Actively exploring other investments of capital Regulatory Capital Tangible Book Value / Share $14.97 $16.17 $17.17 $19.61 $18.17 2018 2019 2020 2021 2Q22 4% 6% 8% 10% 12% 14% 16% 18% Dec-17 Dec-20 Dec-21 30-Jun Leverage CET1 Tier 1 Total Regulatory Well - Capitalized Regulatory Minimum plus fully phased in Capital Conservation Buffer

22 Strategic Targets Metric Actual 12/31/2021 Non - GAAP 12/31/2021 Long Term Strategic Target Range Strong Shareholder Return EPS Growth (YoY) 49% 79% (1) 8% - 15% Dividend Payout Ratio 19.7% 16.3% 20% - 25% ROAA 1.12% 1.35% (1) 1.00% - 1.25% ROATCE 16.27% 19.61% (1) 14% - 15% TCE Ratio 7.56% 7.56% 8% - 10% High Quality, Diversified Revenue Stream Revenue Growth (YoY) 42.8% 72.2% (1) 2% - 7% Non - Int Inc / Revenue 28.3% 26.9% (1) 24% - 28% N IM 3.28% 3.28% 3.3% - 3.7% Balance Sheet Growth % Loan Growth - 1.2% incl PPP - 1.2% incl PPP 6% - 11% Loans / Assets 67% 67% 71% - 76% Loans / Deposits 79% 79% 87% - 90% Highly Efficient Operations Efficiency Ratio (adjusted for non - core items) 64.7% 57.5% (1) 58% - 63% Positive Operating Leverage Operating Leverage Ratio 0.33% 13.5% (1) 1% - 5% Robust Risk Enterprise Management NPLs / Loans 0.21% 0.21% 0.50% - 1.00% NCOs (Recoveries) / Avg. Total Loans - 0.02% - 0.02% 0.10% - 0.50% (1) See Appendix for a reconciliation of these non - GAAP financial measures

23 Strong Investor Relations and 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 . 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 [email protected]. The Secretary will deliver all shareholder communications directly to the Board for consideratio n. 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

24 I. II. III. IV. Management Team Board of Directors ESG Journey & Statistics Non - GAAP Reconciliation Pg. 25 Pg. 26 Pg. 27 Pg. 29 Appendices

25 Our leadership team reflects the diversity of thought from the communities we serve, executes on our strategy and drives shareholder returns. Our Dedicated Management Team Carissa L. Rodeheaver Chairman of the Board, President & CEO 30 - year career with First United with in - depth industry, sales, wealth management, financial and operational experience Jason B. Rush SVP & Chief Operating Officer 28 years with in - depth industry, retail, risk and compliance and operations experience Tonya K. Sturm SVP & Chief Financial Officer, Corporate Secretary & Treasurer 35+ years of extensive 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 of experience specializing in Wealth management, estate planning, trust administration and financial planning

26 Board of Directors Carissa L. Rodeheaver Chairman of the Board, President & CEO First United Corporation and First United Bank & Trust John F. Barr Independent Director Owner, Ellsworth Electric, Inc. John W. McCullough Lead Director, Nomination & Governance Chair Retired as Partner of Ernst & Young, LLP Brian Boal Independent Director, Audit Chair Boal & Associates, PC Sanu Chadha Independent Director Managing Partner, M&S Consulting Christy DiPietro Independent Director Chartered Financial Analyst, Hidden Code Advisory Patricia Milon Independent Director Senior Regulatory Expert, Macro Financial Solutions 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

27 ESG Journey Ongoing Shareholder Engagement ▪ Enhance Board oversight of Environment & Social issues ▪ Enhance Disclosure on Environment & Social issues ▪ Continue progress on FUNC ESG strategy Ongoing Board Refreshment Enhanced disclosure through investor materials, proxy statement, and website. 2022+ ▪ Declassified the Board of Directors (phased - in by 2024) ▪ Adopt Proxy Access ▪ Shareholder access to change By - laws ▪ Management majority vote proposal received favorable shareholder vote ▪ Updated NGC Charter ▪ Adopted a diversity policy for director refreshment ▪ Formalize LID role & responsibilities ▪ Revised stock ownership guidelines for Directors and Executives ▪ Introduced 2020 incentive programs – further aligning executive pay with performance ▪ Adopted right to call a special meeting. ▪ Adopted mandatory director retirement policy ▪ Adopted plurality voting standard for contested director elections ▪ Enhanced shareholder engagement program Spring/Fall 2021 Summer/Fall 2020 Spring 2020 2019 & earlier Over the past few years, we have implemented several important governance enhancements. These changes align our governance profile with our long - term investors’ expectations for best - in - class corporate governance. We continue to advance our ESG profile over time, recognizing the importance of our key stakeholders – including our customers and our communities – to our business.

28 ▪ 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 ▪ 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 ▪ 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 Environmental Social Governance ESG Process We plan to share more on our priorities and enhancements to our ESG strategy throughout 2022.

29 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 ($000s, except where otherwise noted) YTD 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 6/30/2022 Pre-Provision Net Revenue ("PPNR") Pre-tax income, as reported 13,431$ 16,465$ 17,788$ 26,309$ 4,529$ 5,939$ 5,800$ 10,041$ 7,616$ 7,136$ 14,752$ Add back: Provision expense 2,111 1,320 5,401 (817) 110 555 (597) (885) (419) 624 205$ Add back: FHLB penalty, gross - - - 2,368 - - 2,368 - - - -$ Add back: Contribution 1,000 1,000 - - -$ Add back: Insurance reimbursement (1,375) (1,375) - - -$ Add back: Settlement expense, gross - - - 3,300 3,300 - - - - - -$ Pre-Provision Net Revenue, as adjusted 15,542$ 17,785$ 23,189$ 30,785$ 7,939$ 6,494$ 7,571$ 8,781$ 7,197$ 7,760$ 14,957$ Net Income Net income, as reported 10,667$ 13,129$ 13,841$ 19,770$ 3,430$ 4,403$ 4,388$ 7,549$ 5,715$ 5,428$ 11,143$ Less: Preferred stock dividends - - - - - - - - - - - Net income, available to common shareholders,as reported (a) 10,667$ 13,129$ 13,841$ 19,770$ 3,430$ 4,403$ 4,388$ 7,549$ 5,715$ 5,428$ 11,143$ Add Back: Impact of Tax Reform Act Add back: FHLB penalty, net of tax - - - 1,790 - 1,790 - - - - Add back: Contribution, net of tax 770 770 - - - Add back: Insurance reimbursement, net of tax (1,059) (1,059) - - - Add back: Settlement expense, net of tax - - - 2,565 2,565 - - - - - - Net income, as adjusted (b) 10,667$ 13,129$ 13,841$ 23,836$ 5,995$ 4,403$ 6,178$ 7,260$ 5,715$ 5,428$ 11,143$ Weighted Average Common shares - basic (actual) (d) 7,078,644 7,110,022 7,003,955 6,710,463 6,995,798 6,609,275 6,616,829 6,619,950 6,627,564 6,650,256 6,638,910 Weighted Average Common shares - diluted (actual) (e) 7,078,644 7,110,022 7,013,164 6,716,587 7,000,305 6,615,117 6,623,902 6,627,023 6,636,156 6,661,061 6,648,608

30 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 6/30/2022 Earnings Per Share - Basic Earnings Per Share - Basic, as reported (a)/(d) 1.51$ 1.85$ 1.98$ 2.95$ 0.49$ 0.66$ 0.66$ 1.14$ 0.86$ 0.82$ 1.68$ Add Back: Impact of Tax Reform Act Add back: FHLB penalty, net of tax - - - 0.27 - - 0.27 - - - - Add back: Contribution, net of tax 0.12 0.12 - - - Add back: Insurance reimbursement, net of tax (0.16) (0.16) - - - Add back: Settlement expense, net of tax - - - 0.37 0.37 - - - - - - Earnings Per Share - Basic, as adjusted (b)/(d) 1.51$ 1.85$ 1.98$ 3.54$ 0.86$ 0.66$ 0.93$ 1.10$ 0.86$ 0.82$ 1.68$ Earnings Per Share - Diluted Earnings Per Share - Diluted, as reported (a)/(e) 1.51$ 1.85$ 1.97$ 2.95$ 0.49$ 0.66$ 0.66$ 1.14$ 0.86$ 0.82$ 1.68$ Add Back: Impact of Tax Reform Act Add back: FHLB penalty, net of tax - - - 0.27 - 0.27 - - - - Add back: Contribution, net of tax 0.12 0.12 - - - Add back: Insurance reimbursement, net of tax (0.16) (0.16) - - - Add back: Settlement expense, net of tax - - - 0.37 0.37 - - - - - - Earnings Per Share - Diluted, as adjusted (b)/(e) 1.51$ 1.85$ 1.97$ 3.54$ 0.86$ 0.66$ 0.93$ 1.10$ 0.86$ 0.82$ 1.68$ Return on Average Assets (quarter and YTD annualized) Average Assets ( c) 1,311,902$ 1,418,928$ 1,613,669$ 1,765,148$ 1,765,133$ 1,783,821$ 1,768,803$ 1,750,614$ 1,769,234$ 1,770,601$ 1,776,614$ Return on Average Assets, as reported (a)/(c) 0.81% 0.93% 0.86% 1.12% 0.78% 0.99% 0.99% 1.72% 1.31% 1.23% 1.26% Add Back: Impact of Tax Reform Act Add back: FHLB penalty, net of tax - - - 0.10% - - 0.40% - - - - Add back: Contribution, net of tax 0.04% 0.18% - - - Add back: Insurance reimbursement, net of tax -0.06% -0.24% - - - Add back: Settlement expense, net of tax - - - 0.15% 0.58% - - - - - - Return on Average Assets, as adjusted (b)/(c) 0.81% 0.93% 0.86% 1.35% 1.36% 0.99% 1.40% 1.66% 1.31% 1.23% 1.26%

31 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 6/30/2022 Return on Average Common Stockholders' Equity Return on Average Tangible Common Stockholders' Equity Average common stockholders' equity (f) 113,659$ 125,774$ 127,101$ 132,550$ 131,541$ 127,269$ 133,952$ 137,436$ 140,517$ 136,039$ 137,665$ Average common stockholders' equity, as adjusted 113,659 125,774 127,101 132,550 131,541 127,269 133,952 137,436 140,517 136,039 137,665 Less: Average goodwill 11,004 11,004 11,004 11,004 11,004 11,004 11,004 11,004 12,034 11,965 11,991 Average tangible common equity (g) 102,655$ 114,770$ 116,097$ 121,546$ 120,537$ 116,265$ 122,948$ 126,432$ 128,483$ 124,074$ 125,674$ Return on average common stockholders' equity, as reported (a)/(f) 9.39% 10.44% 10.89% 14.92% 10.43% 13.84% 13.10% 21.97% 16.27% 15.96% 16.32% Add back: FHLB penalty, net of tax - - - 1.47% - 5.35% - - - Add back: Contribution 0.63% -0.84% - Add back: Insurance reimbursement -1.15% 7.80% - Add back: Settlement expense, net of tax 2.11% - Return on average common stockholders' equity, as adjusted (b)/(f) 9.39% 10.44% 10.89% 17.98% 18.23% 13.84% 18.45% 21.13% 16.27% 15.96% 16.32% Return on average tangible common equity, as reported (a)/(g) 10.39% 11.44% 11.92% 16.27% 11.38% 15.15% 14.28% 23.88% 17.79% 17.55% 17.88% Add Back: Impact of Tax Reform Act - - Add back: FHLB penalty, net of tax - - - 1.47% - - 5.82% - - - Add back: Contribution 0.63% 2.44% - - - Add back: Insurance reimbursement -0.87% -3.35% - - - Add back: Settlement expense, net of tax - - - 2.11% 8.51% - - - - - - Return on average tangible common equity, as adj (b)/(g) 10.39% 11.44% 11.92% 19.61% 19.89% 15.15% 20.10% 22.97% 17.79% 17.55% 17.88% Tangible Book Value per Common Share Total common equity, as reported (h) 117,066$ 125,940$ 131,047$ 141,900$ 129,189$ 130,556$ 133,787$ 141,900$ 137,078$ 132,892$ 132,892$ Less: Goodwill 11,004 11,004 11,004 12,052 11,004 11,004 11,004 12,052 12,000 11,947 11,947 Total tangible common equity (i) 106,062$ 114,936$ 120,043$ 129,848$ 118,185$ 119,552$ 122,783$ 129,848$ 125,078$ 120,945$ 120,945$ Common shares outstanding - basic (actual) (j) 7,086,632 7,110,022 6,992,911 6,620,955 6,998,617 6,614,604 6,617,941 6,620,955 6,637,979 6,656,395 6,656,395 Tangible book value per basic common share (i)/(j) 14.98$ 16.17$ 17.17$ 19.61$ 16.89$ 18.07$ 18.55$ 19.61$ 18.84$ 18.17$ 18.17$

32 Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 6/30/2022 Tangible common equity to tangible assets ("TCE Ratio") Total assets, as reported (k) 1,384,516 1,442,966 1,733,414 1,729,838 1,781,833 1,763,806 1,708,555 1,729,838 1,760,325 1,752,455 1,752,455 Less: Goodwill 11,004 11,004 11,004 12,052 11,004 11,004 11,004 12,052 12,000 11,947 11,947 Total tangible assets (l) 1,373,512$ 1,431,962$ 1,722,410$ 1,717,786$ 1,770,829$ 1,752,802$ 1,697,551$ 1,717,786$ 1,748,325$ 1,740,508$ 1,740,508$ Tangible common equity to tangible assets (k)/(l) 7.72% 8.03% 6.97% 7.56% 6.67% 6.82% 7.23% 7.56% 7.15% 6.95% 6.95% Net interest margin (tax equivalent) Net interest income 44,182$ 46,391$ 48,546$ 52,542$ 12,236$ 12,762$ 13,625$ 13,919$ 13,341$ 13,971$ 27,312$ Tax equivalent adjustment 796 868 917 939 239 234 232 234 241 236 477 Tax equivalent net interest income (m) 44,978$ 47,259$ 49,463$ 53,481$ 12,475$ 12,996$ 13,857$ 14,153$ 13,582$ 14,207$ 27,789$ Average earning assets (n) 1,203,813$ 1,285,019$ 1,480,165$ 1,629,299$ 1,627,190$ 1,652,816$ 1,628,594$ 1,609,156$ 1,619,585$ 1,619,037$ 1,619,333$ Net interest margin (tax equivalent) (m)/(n) 3.74% 3.68% 3.34% 3.28% 3.11% 3.15% 3.38% 3.49% 3.40% 3.52% 3.46% Efficiency Ratio Noninterest expense, as reported 43,808$ 45,389$ 43,934$ 47,764$ 12,927$ 11,033$ 13,027$ 10,777$ 10,578$ 10,637$ 21,215$ Less: FHLB penalty, gross (2,368) (2,368) - - - - Less: Contribution (1,000) (1,000) - - - Less: Settlement expense - - - (3,300) (3,300) - - - - - - Noninterest expense, adjusted (o) 43,808$ 45,389$ 43,934$ 41,096$ 9,627$ 11,033$ 10,659$ 9,777$ 10,578$ 10,637$ 21,215$ Net interest income 44,182$ 46,391$ 48,546$ 52,542$ 12,236$ 12,762$ 13,625$ 13,919$ 13,341$ 13,971$ 27,312$ Noninterest income 15,168 16,783 18,577 20,714 5,330 4,764 4,605 6,015 4,403 4,420 8,823 Less: Insurance reimbursement - - - (1,375) - (1,375) - - - Tax equivalent adjustment 796 868 917 939 239 234 232 234 241 236 477 Total tax equivalent revenue (p) 60,146$ 64,042$ 68,040$ 72,820$ 17,805$ 17,760$ 18,462$ 18,793$ 17,985$ 18,627$ 36,612$ Efficiency ratio, as adjusted (o)/(p) 72.84% 70.87% 64.57% 56.44% 54.07% 62.12% 57.73% 52.02% 58.81% 57.10% 57.94%

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

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

Exhibit No.		Description
99.1		Press release dated July 25, 2022 (furnished herewith)
99.2		Investor presentation dated July 25, 2022 (furnished herewith)
104		Cover page interactive data file (embedded within the iXBRL document)

	FIRST UNITED CORPORATION


Dated: July 25, 2022	By:	/s/ Tonya K. Sturm
		Tonya K. Sturm
		Senior Vice President & CFO