Exhibit 99.1

FIRST UNITED CORPORATION ANNOUNCES

FIRST QUARTER 2022 EARNINGS

OAKLAND, MARYLAND—April 21, 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-month period ended March 31, 2022. Consolidated net income was $5.7 million for the first quarter of 2022, or $0.86 per diluted share, compared to $3.4 million, or $0.49 per diluted share, for the first quarter of 2021. Non-GAAP, core earnings were $5.7 million ($0.86 per diluted share) for the first quarter of 2022 compared to $6.0 million, excluding litigation settlement charges ($0.86 per diluted share) for the first quarter of 2021 and $7.3 million, excluding the insurance reimbursement and the contribution to the First United Community Dreams Foundation, ($1.10 per diluted share) for the fourth quarter of 2021.

First Quarter Financial Highlights:

According to Carissa Rodeheaver, President and CEO, “2022 began with solid loan and deposit growth, stable asset quality and strong production in our wealth division despite the volatile markets. Our bank is poised for upside earnings in a rising interest rate environment, but we continue to monitor the economic environment and the impact that inflation may have on our customers. Expense savings and efficiencies continue to be top of mind for our entire team as we look forward to another strong year.”

Income Statement Overview

Consolidated net income was $5.7 million for the first quarter of 2022 compared to $3.4 million for the first quarter of 2021. Basic and diluted net income per share for the first quarter of 2022 were both $0.86, compared to basic and diluted net income per share of $0.49 for the first quarter of 2021. The increase in earnings for the first quarter of 2022 was primarily driven by the reduction of $3.3 million in litigation settlement expenses recorded in the first quarter of 2021. Additionally, we experienced an increase in net interest income, a credit to provision expense, stable non-interest income and reduced professional fees, marketing expenses and telephone related expenses offset by increases to salaries and employee benefits and other real estate owned (“OREO”) expenses.

Net Interest Income and Net Interest Margin

Net interest income, on a non-GAAP, FTE basis, increased by $1.1 million (8.9%) for the first quarter 2022 when compared to the first quarter of 2021. This increase was driven by stable interest income and a 56% decrease in interest expense of $1.0 million. Interest income on loans decreased $0.3 million due to a decrease in average loan balances of $33.9 million and a reduction of unearned fees, primarily related to PPP loan forgiveness during 2021. Investment income increased $0.4 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 interest expense resulted from the lowering of deposit rates throughout 2021, the declining balances in the higher cost CD portfolio and the prepayment of the FHLB advances in 2021. The net interest margin for the first quarter of 2022 was 3.40%, compared to 3.11% for the first quarter of 2021.

Comparing the first quarter of 2022 to the fourth quarter of 2021, net interest income, on a non-GAAP, FTE basis, decreased by $1.0 million (7.1%). This decrease was driven by a $0.7 million (4.6%) decrease in interest income, offset by a slight decrease in interest expense of $0.1 million. The decrease in interest income was a result of a 30 basis point decline in average yield on the loan portfolio despite a slight increase in average balances in the first quarter of 2022, offset by an increase in interest income on the investment portfolio related to the purchases as discussed above. The decline in average yield was primarily due to contractual repricing of loans at lower rates. The net interest margin, on an FTE basis, decreased to 3.40% for the first quarter of 2022 compared to 3.49% for the fourth quarter of 2021.

Non-Interest Income

Other operating income, including gains, for the first quarter of 2022 decreased by approximately $0.5 million when compared with the same period of 2021. An increase of $0.1 million in service charge and debit card income was offset by a decline of $0.1 million in trust and brokerage income due to the decline in the market value of assets under management during the first quarter of 2022, which was driven by the volatile stock market and the increase in interest rates during the quarter. Net gains decreased $0.5 million when comparing the first quarter of 2022 to the first quarter of 2021. This decrease was due to the slowing of refinance activity in the mortgage portfolio, which resulted in fewer gains on sales in 2022.

Comparing the first quarter of 2022 to the fourth quarter of 2021, non-GAAP, core other operating income, exclusive of the $1.4 million in insurance reimbursement recorded in the fourth quarter of 2021, decreased $0.6 million. This decrease was primarily attributable to a $0.4 million decline in miscellaneous other income and a $0.2 million decrease in service charge and debit card income in the first quarter of 2022 when compared to the fourth quarter of 2021.

Non-Interest Expense

Non-GAAP, core operating expenses, exclusive of the $3.3 million in litigation settlement expense recorded in the first quarter of 2021, increased by $1.4 million when comparing the first quarter of 2022 to the first quarter of 2021. This increase was driven by an increase in salaries and benefits of $0.9 million related in part to a reduction in deferred loan origination costs in 2021 (primarily related to PPP activities) and increased incentive pay, offset by a decline in life and health insurance related to reduced claims. OREO expenses increased by $0.5 million due to an expense credit in the first quarter of 2021 related to gains on sales of properties. Equipment and data processing fees also increased $0.3 million quarter over quarter. These increases were offset by a decrease of $0.2 million in professional services and $0.1 million in telephone related expenses.

Comparing the first quarter of 2022 to the fourth quarter of 2021, excluding the $1.0 million contribution to the First United Community Dreams Foundation in the fourth quarter of 2021, non-GAAP, core expenses increased by $0.4 million. OREO expenses of $0.1 million increased by $0.6 million due to a $0.5 million expense credit in the fourth quarter of 2021 related to gains on sales of properties. This increase was offset by decreases of $0.2 million in professional fees and investor relations costs.

The effective income tax rates as a percentage of income for the three months ended March 31, 2022 and 2021 were 24.7% and 24.3%, respectively. The slight increase in the tax rate for 2022 was primarily due to the reduction in tax exempt income as well as the reduction in tax credits related to the expiration of a low-income housing tax credit in June 2021. A new 2021 investment in a low-income housing tax credit is expected to provide tax benefits later in 2022 and future years.

Balance Sheet Overview

Total assets at March 31, 2022 increased to $1.8 billion, representing a $30.5 million increase since December 31, 2021. During the first quarter of 2022, cash and interest-bearing deposits in other banks decreased by $39.6 million, the investment portfolio increased by $42.2 million and gross loans increased by $27.7 million. Management made a strategic decision to deploy excess cash balances early in the first quarter of 2022 by purchasing approximately $50.0 million in short-term treasury bonds. OREO balances remained stable during the first quarter although there continues to be interest in parcels of real estate that previously secured a large commercial participation loan. We anticipate further reductions to OREO balances during 2022 as we consummate additional sale contracts.

Total liabilities increased by $35.3 million when compared to liabilities at December 31, 2021. The increase in the first quarter of 2022 was attributable to core relationship deposit growth of $38.2 million. Balances in short-term borrowings related to our Treasury Management product increased slightly by $1.2 million. These increases were offset by the decline in other liabilities of $4.0 million primarily related to the decline in the market values of the pension plan assets. Total shareholders’ equity decreased by $4.8 million during the quarter, as net income of $5.7 million was offset by the payment of $1.0 million in dividends and the decline of $9.6 million in accumulated other comprehensive loss related to declining market values of our investment portfolio and pension plan assets.

Outstanding loans of $1.2 billion at March 31, 2022 reflected an increase of $27.7 million during the first quarter of 2022. Core commercial loan growth was offset slightly by PPP loan forgiveness. Commercial real estate loans increased by $16.8 million, acquisition and development loans increased by $5.0 million and commercial and industrial loans increased by $14.0 million, as growth in core portfolio loans of $20.4 million was offset by $6.4 million of PPP loan forgiveness. Residential mortgage loans decreased $5.0 million resulting from amortization of the portfolio as well as paydowns and payoffs. The refinancing activity continued to slow in the first quarter and much of the production of residential mortgage loans was booked to the in-house portfolio. The consumer loan portfolio decreased by $3.0 million.

Commercial loan production for the three months ended March 31, 2022 was approximately $68.1 million.  At March 31, 2022, unfunded, committed commercial construction loans totaled approximately $25.6 million. Commercial amortization and payoffs were approximately $45.1 million through March 31, 2022, exclusive of PPP loans.

Consumer mortgage loan production for the first quarter of 2022 was approximately $20.5 million with the vast majority of this production being comprised of in-house mortgages.  The production and pipeline mix of in-house, portfolio loans and investor loans as of March 31, 2022 consisted of $13.4 million in portfolio loans and $1.0 million in investor loans.  Production levels have slowed for residential mortgages as compared to the first quarter of 2021 based on the long-term interest rate increases that have occurred during the fourth quarter of 2021 and into the first quarter of 2022.

Total deposits at March 31, 2022 increased by $38.2 million when compared to deposits at December 31, 2021. During the first quarter of 2022, non-interest-bearing deposits increased by $29.3 million, driven by retail commercial account growth. Traditional savings accounts increased by $14.8 million as we continued to see significant growth in our Prime Saver product, and total demand deposits increased by $56.4 million. Total money market accounts decreased by $47.3 million as some of our municipal accounts are shifting balances to state offered account products paying higher rates. Time deposits decreased by $14.9 million as we continued to hold rates low due to our higher cash balances.

Book value per share of the Company’s common stock was $20.65 at March 31, 2022, compared to $21.43 per share at December 31, 2021. At March 31, 2022, there were 6,637,979 of basic outstanding shares and 6,649,604 of diluted outstanding shares of common stock.

Asset Quality

The ALL decreased to $15.3 million at March 31, 2022 compared to $16.0 million at December 31, 2021. The provision for loan losses was a credit of $0.4 million for the quarter ended March 31, 2022 and an expense of $0.1 million for the quarter ended March 31, 2021. The credit to provision expense recorded in 2022 was attributable to reductions in the qualitative factors, particularly related to the continued payment performance of previously modified loans that began performing in accordance with their original payment terms. Net charge-offs of $0.2 million were recorded for the quarter ended March 31, 2022, compared to net charge offs of $42,000 for 2021. The ratio of the ALL to loans outstanding, including PPP loan balances, was 1.29% at March 31, 2022 compared to 1.38% at December 31, 2021. The ratio of ALL to loans outstanding, excluding PPP loan balances of $1.3 million and $7.7 million, respectively was 1.30% at March 31, 2022 and 1.39% at December 31, 2021, non-GAAP.

The ratio of net charge offs to average loans for the quarter ended March 31, 2022 was an annualized 0.08%, 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.

Non-accrual loans totaled $2.3 million at March 31, 2022 compared to $2.5 million at December 31, 2021. The slight decrease in non-accrual balances at March 31, 2022 was primarily related to $0.1 million of one commercial and industrial loan that paid off in the first quarter of 2022.

Non-accrual loans that have been subject to partial charge-offs totaled $0.6 million at March 31, 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 $0.2 million at both March 31, 2022 and December 31, 2021.  Management continues to conform to federal and state mandates relative to the foreclosure processes for both Federal Backed and Non-Federal Backed mortgages.  As a percentage of the loan portfolio, accruing loans past due 30 days or more decreased to 0.19% compared to 0.31% at December 31, 2021.

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," including among many others the risk factor set forth in First United’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2021. 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 March 31, 2022 and the impact that any such events have on our critical accounting assumptions and estimates made as of March 31, 2022, which could require us to make adjustments to the amounts reflected in this press release.

(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.  

(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.

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

Exhibit 99.2

FIRST UNITED CORPORATION INVESTOR PRESENTATION First Quarter 2022

Forward looking statements This presentation contains forward - looking statements as defined by the Private Securities Litigation Reform Act of 1995 . Forward - looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the future, as well as its assumptions and judgments concerning such beliefs, plans and objectives . These statements are evidenced by terms such as "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 .

I. II. III. Corporate Profile Financial Performance Appendix Pg. 4 Pg. 10 Pg. 23 Table of Contents

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: 26 branches Business Lines: Commercial & Retail Banking, Trust Services, Wealth Management Ticker: FUNC (Nasdaq) Website: www.MyBank.com Financial Highlights (as of March 31, 2022) Assets: $1.76 billion Loans: $1.18 billion Deposits: $1.51 billion AUM: $1.43 billion Efficiency Ratio (1) : 58.81% TCE Ratio (1) : 7.15% YTD Dividends Declared/Share: $0.15 Tangible Book Value Per Share (1) : $18.84 Diluted EPS - GAAP: $0.86 Diluted EPS - non - GAAP (1) : $0.86 NIM: 3.40% NPAs/Total Assets: . 39% Net Charge - offs/Avg. Loans: 0.08% (1) See Appendix for a reconciliation of these non - GAAP financial measures West Virginia Maryland Star denotes Oakland, Maryland Headquarters Franchise Overview

Our Core Markets West Region Central Region East Region Loans (000s) $285,441 $358,021 $429245 Deposits (000s) $145,509 $803,973 $541,103 Deposit Market Share (1) (at June 30, 2021) 2% 45% 4% Branches / Advisory Centers (2) 5 10 11 Note: Out of market loans represent $113 million and are not reflected in the above table (1) Source: FDIC Market Share Data, most current. Deposit market share for each region includes the following counties liste d b elow: West: Harrison, WV; Monongalia, WV Central: Garrett, MD; Allegany, MD; Mineral, WV East: Washington, MD; Frederick, MD; Berkeley, WV (2) Includes 1 Advisory Center opened in the West Region in 1Q21 ŽŠŸŽ› ž•˜— Ž›”Ž•Ž¢ ˜›Š— Š–œ Šœ‘’—˜— Š›˜› ›ŽŽ›’Œ” Š››˜•• Š•’–˜›Ž ˜›” ›Š—”•’— ž–‹Ž›•Š— Š››Ž— ‘Ž—Š—˜Š‘ ŽěŽ›œ˜— ˜ž˜ž— •Š›”Ž ˜—˜–Ž›¢ ˜ Š› ——Žȱ›ž—Ž• Š¢ŽĴŽ Š¢•˜› ›Žœ˜— ‘’˜ Š›œ‘Š•• ¢•Ž› ŽĵŽ• ›˜˜”Ž ˜—˜—Š•’Š Š›’˜— Ž ’œ Š››’œ˜— Š›‹˜ž› Šœ‘’—˜— ›ŽŽ—Ž ••Ž‘Ž—¢ ’—Ž›Š• Š››ŽĴ ••ŽŠ—¢ ˜–Ž›œŽ Ž˜› žŒ”Ž› Š›¢ Š–™œ‘’›Ž ›Š— ‹ 6 3*OREDO0DUNHW,QWHOOLJHQFH$OOULJKWVUHVHUYHG

??????? ??????? ??????? 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 25% 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 and loan concentration management ▪ 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

▪ Low net charge - offs and strong asset quality as a result of conservative and proactive credit culture ▪ Strong reserves - ALL level of 1.30%, excluding PPP loans; 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 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 and 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 78% ▪ Liquidity contingency plan in place ▪ Liquidity stress testing performed quarterly with strong liquidity under various scenarios ▪ Available borrowing capacity of $469.0 million through correspondent lines of credit and FHLB ▪ Strong, stable low - cost core deposit franchise of 90% of average total interest - earning assets Interest Rate Sensitivity Cyber - Security Fraud Monitoring Capital Liquidity Management

▪ 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 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

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 under consideration: FinTech Investments Exclamation Labs ▪ Consumer Online and Mobile Banking ▪ Business Online Banking Refresh ▪ Contactless Visa Debit Cards ▪ FIS Core ▪ SecureLOCK Premium debit card fraud ▪ Network Refresh and Data Center Re - design ▪ Help Desk migration ▪ Microsoft 365 backup ▪ Mortgage Bot ▪ Zelle Business ▪ Online Banking External Transfer ▪ New Customer Relationship Management tool ▪ PeopleSoft General Ledger and Accounts Payable

Financial Performance $5.7 Million Net Income (1) $0.86 Diluted EPS (1) 1.31% * ROAA (1) 17.79 * ROATCE (1) 3.40% NIM ▪ Total assets increased by $30.5 million, or 1.8% compared to linked quarter ▪ Consolidated net income (1) of $5.7 million in 1Q22 compared to $3.4million in 1Q21 and $7.5 million in linked quarter ▪ Net interest income, on a non - GAAP, FTE basis* increased by 8.9% in 1Q22 compared to 1Q21, driven by stable interest income and a 56% decrease in interest expense. ▪ The ratio of the allowance for loan losses (“ALL”) to loans outstanding was 1.29% in 1Q22 compared to 1.38% in linked quarter ▪ Transferred approximately $139.0 million, fair value, of available for sale securities to held to maturity ▪ Expense savings and efficiencies continue to be primary focus as Bank is poised for upside earnings in a rising interest rate environment *1Q2022 Annualized (1) See Appendix for a reconciliation of these non - GAAP financial measures

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 $7.2 2018 2019 2020 2021 1Q22 Pre - Provision Net Revenue ($ in millions) (1) Diluted Earnings per Share (1) $1.51 $1.85 $1.97 $3.54 $0.86 2018 2019 2020 2021 1Q22 +32.8% YoY +79.7% YOY Total Gross Loans, including PPP ($ in millions) $996 $1,039 $1,168 $1,154 $1,181 2018 2019 2020 2021 1Q22 PPP $114 $8 Total Deposits ($ in millions) $1,068 $1,142 $1,422 $1,469 $1,507 2018 2019 2020 2021 1Q22 (1) See Appendix for a reconciliation of these non - GAAP financial measures $1

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% 1.31% 2018 2019 2020 2021 1Q22 Strategic Target 1.0% - 1.25% 10.39% 11.44% 11.92% 19.61% 17.79% 2018 2019 2020 2021 1Q22 Strategic Target 14% - 15%

Proactive Loan Portfolio Management Commercial Loan Mix (3/31/2022) Loan Portfolio Mix (3/31/2022) Industry Balance (MMs) Average Balance (MMs) % RE/Rental/Leasing – NOO $131 $1.4 18% RE/Rental/Leasing – OO, C&I 168 .4 23% Construction – Developers 43 2.2 6% Accommodations 76 2.2 10% Services 54 .2 7% RE/Rental/Leasing – Multifamily 43 .6 6% Health Care / Social Assistance 27 .3 4% Trade 35 .1 5% RE/Rental/Leasing – Developers 29 .8 4% Construction – All Other 28 .1 4% All Other 96 .2 13% Loan Type Balance (MMs) Average Balance (MMs) % Total 1 - 4 Family $400 $.11 34% CRE – OO 146 .45 12% CRE – NOO 201 1.56 17% Multi - family 44 .55 4% C&D 133 .30 11% C&I 193 .12 16% Consumer 63 .01 5% PPP 1 .12 1% Diverse portfolio loan types and industries reduce Commercial portfolio risk Focus on risk mitigation and managing of concentrations ▪ CRE / Total Capital: 231% ▪ ADC / Total Capital: 95%

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% 0.20% 2018 2019 2020 2021 1Q22 1.17% 1.30% 0.99% 0.60% 0.39% 2018 2019 2020 2021 1Q22 Underwriting and Monitoring

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% 1.29% 2018 2019 2020 2021 1Q22 0.11% - 0.02% 0.13% - 0.02% - 0.08% 2018 2019 2020 2021 1Q22 ▪ Credit to provision in 1Q22 due primarily to strong asset quality, low delinquency, improving economic conditions and successful performance of modified loans. ▪ All modified loans have returned to principal and interest payments. Excluding PPP loans, which are guaranteed ALL = 1.30%

Industry Leading Deposit Franchise Deposit Composition (3/31/2022) CD Maturities (MMs) (3/31/2022) ▪ Stable legacy markets and growing portfolio of commercial deposit accounts ▪ Noninterest bearing deposits have grown from 8% of portfolio in 2009 to 35% as of March 31, 2022 $42 $53 $49 $5 3 Mos. or Less 3-12 Months 1-3 Years Over 3 Year Core deposits comprise 90% of deposits Deposit Type Balance (MMs) % NIB Demand $530.9 35% IB Demand $284.6 19% MMA & Savings $543.8 36% Time Deposits $148.3 10%

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 quarter of 2022 primarily due to new loan volume pricing at higher rates, the recognition of deferred PPP loan fees related to forgiveness and reduced cost of interest - bearing liabilities ▪ Net interest income was aided by 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% 3.60% 0.86% 1.18% 0.91% 0.51% 0.31% 3.74% 3.68% 3.34% 3.28% 3.40% 0.42% 0.70% 0.49% 0.24% 0.13% -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% 2018 2019 2020 2021 1Q22 Yield on Earning Assets Cost of Interest-bearing Liabilities Net Interest Margin Cost of Deposits

Diversified Fee Income ▪ First United’s non - interest income (1) comprised 25% of operating revenue for the first quarter 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 Non - Interest Income Mix – 1Q 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 1% Debit Card Income 20% Bank - owned Life Insurance 7% Other Noninterest Income 3% $1,084 $1,212 $1,377 $1,482 $1,430 2018 2019 2020 2021 1Q22

Expense Discipline ▪ Our investment in the wealth management business line generates additional expenses; even so, efficiency ratio has decreased ~15 points since 2017 ▪ Implemented several initiatives to reduce expenses and to be more competitive versus our peers ▪ 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 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% 58.8% 2018 2019 2020 2021 1Q22 Strategic Target 58% - 63% - 1.6% 2.9% 9.5% 13.4% - 8.9% 2018 2019 2020 2021 1Q22 (1) See Appendix for a reconciliation of these non - GAAP financial measures

Prudent Capital Management ▪ Management has consistently grown tangible book value per share (18.0% CAGR) while simultaneously taking decisive action to benefit shareholders ▪ Increasing dividend has improved shareholders’ return ▪ History of opportunistic share repurchases has 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 $18.84 2018 2019 2020 2021 1Q22 4% 6% 8% 10% 12% 14% 16% 18% Dec-17 Dec-20 Dec-21 22-Mar Leverage CET1 Tier 1 Total Regulatory Well - Capitalized Regulatory Minimum plus fully phased in Capital Conservation Buffer

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

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 gain 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

I. II. III. IV. Management Team Board of Directors ESG Journey & Statistics Non - GAAP Reconciliation Pg. 24 Pg. 25 Pg. 26 Pg. 28 Appendix

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

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

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 are committed to continuing to improve our ESG profile over time.

▪ 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 that 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 Statistics We plan to share more on our priorities and enhancements to our ESG strategy throughout 2022.

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 ($000s, except where otherwise noted) YTD 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 3/31/2022 Pre-Provision Net Revenue ("PPNR") Pre-tax income, as reported 13,431$ 16,465$ 17,788$ 26,309$ 4,529$ 5,939$ 5,800$ 10,041$ 7,616$ 7,616$ Add back: Provision expense 2,111 1,320 5,401 (817) 110 555 (597) (885) (419) (419) 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$ 7,197$ Net Income Net income, as reported 10,667$ 13,129$ 13,841$ 19,770$ 3,430$ 4,403$ 4,388$ 7,549$ 5,715$ 5,715$ 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$ 5,715$ 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$ 5,715$ 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 6,627,564 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 6,636,156

Non - GAAP Reconciliation , continued 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 3/31/2022 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$ 0.86$ 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$ 0.86$ 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$ 0.86$ 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$ 0.86$ 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$ 1,769,234$ 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% 1.31% 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% 1.31%

Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 3/31/2022 Return on Average Tangible Common Stockholders' Equity Average common stockholders' equity (f) 113,659$ 125,774$ 127,101$ 132,550$ 131,541$ 127,269$ 133,952$ 137,436$ 140,517$ 140,517$ Average common stockholders' equity, as adjusted 113,659 125,774 127,101 132,550 131,541 127,269 133,952 137,436 140,517 140,517 Less: Average goodwill 11,004 11,004 11,004 11,004 11,004 11,004 11,004 11,004 12,034 12,034 Average tangible common equity (g) 102,655$ 114,770$ 116,097$ 121,546$ 120,537$ 116,265$ 122,948$ 126,432$ 128,483$ 128,483$ 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% 16.27% 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% 16.27% 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% 17.79% 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% 17.79% 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$ 137,078$ Less: Goodwill 11,004 11,004 11,004 12,052 11,004 11,004 11,004 12,052 12,000 12,000 Total tangible common equity (i) 106,062$ 114,936$ 120,043$ 129,848$ 118,185$ 119,552$ 122,783$ 129,848$ 125,078$ 125,078$ 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 6,637,979 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$ 18.84$

Non - GAAP Reconciliation , continued ($000s, except where otherwise noted) YTD 2018 2019 2020 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 3/31/2022 Tangible common equity to tangible assets ("TCE Ratio") Total assets, as reported (k) 1,384,516 1,442,966 1,733,414 1,729,838 1,781,833 1,763,806 1,708,555 1,729,838 1,760,325 1,760,325 Less: Goodwill 11,004 11,004 11,004 12,052 11,004 11,004 11,004 12,052 12,000 12,000 Total tangible assets (l) 1,373,512$ 1,431,962$ 1,722,410$ 1,717,786$ 1,770,829$ 1,752,802$ 1,697,551$ 1,717,786$ 1,748,325$ 1,748,325$ 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% 7.15% 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$ 13,341$ Tax equivalent adjustment 796 868 917 939 239 234 232 234 241 241 Tax equivalent net interest income (m) 44,978$ 47,259$ 49,463$ 53,481$ 12,475$ 12,996$ 13,857$ 14,153$ 13,582$ 13,582$ 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$ 1,619,585$ 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% 3.40% Efficiency Ratio Noninterest expense, as reported 43,808$ 45,389$ 43,934$ 47,764$ 12,927$ 11,033$ 13,027$ 10,777$ 10,578$ 10,578$ 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$ 10,578$ Net interest income 44,182$ 46,391$ 48,546$ 52,542$ 12,236$ 12,762$ 13,625$ 13,919$ 13,341$ 13,341$ Noninterest income 15,168 16,783 18,577 20,714 5,330 4,764 4,605 6,015 4,403 4,403 Less: Insurance reimbursement - - - (1,375) - (1,375) - - Tax equivalent adjustment 796 868 917 939 239 234 232 234 241 241 Total tax equivalent revenue (p) 60,146$ 64,042$ 68,040$ 72,820$ 17,805$ 17,760$ 18,462$ 18,793$ 17,985$ 17,985$ Efficiency ratio, as adjusted (o)/(p) 72.84% 70.87% 64.57% 56.44% 54.07% 62.12% 57.73% 52.02% 58.81% 58.81%