FUNC News & Events

According to Carissa Rodeheaver, Executive Chairman of the Board, "2025 was a truly remarkable year for First United as we celebrated our 125th anniversary-an extraordinary milestone in our history. Throughout the year, we had the privilege of honoring the relationships we've built with our clients while highlighting our ongoing commitment to future generations through trust, innovation, and meaningful community impact. In addition to commemorating our legacy, we delivered a record year of core earnings, excluding a non-recurring markdown on a foreclosure property. Our performance was driven by a strong net interest margin, robust loan, deposit and trust production, and our continued disciplined approach to expense management. As we look to the future, I am pleased to recognize Jason B. Rush as First United's newly appointed President and Chief Executive Officer. We are confident that Jason will continue to advance our mission and uphold our uncommon commitment to exceptional service and comprehensive financial solutions for our clients and communities."

First United announced that Carissa Rodeheaver, Chairman of the Board, President, and CEO, will retire at the conclusion of the 2026 annual meeting of shareholders currently scheduled for May 7, 2026. To facilitate the succession of management, effective January 1, 2026, Rodeheaver will serve as Executive Chairman of the Corporation and the Bank until her retirement. The Board of Directors has implemented a succession plan whereby Jason Rush, Senior Vice President & COO, will succeed Rodeheaver as President and CEO of both the Corporation and the Bank effective January 1, 2026, and the boards of directors intend to elect Rush to serve as a director of the Corporation and the Bank. Rush has served as Senior Vice President and COO of the Corporation and the Bank since January 2017 and has held various roles since joining the Bank in 1993.

Q3 net interest margin, on a non-GAAP, fully tax equivalent basis, was 3.69%, reflecting increased loan yields and stable funding costs. Diluted Tangible book value per share was $28.82 at quarter end from $27.59 last quarter. CEO Carissa Rodeheaver stated, "We are pleased to report another strong quarter, once again driven by increased net interest margin and expense control. Our commercial, mortgage and wealth relationship managers continue to deliver strong production, and our entire team remains focused on controlling expenses. The strong income allowed us to increase our dividend this quarter. "

Q2 net interest margin, on a non-GAAP, fully tax equivalent basis, was 3.65% vs. 3.49% last year. Tangible book value per share was $27.64 from $23.55 a year ago. CEO Carissa Rodeheaver said, "Q2 remained strong, driven by our increasing net interest margin. We were successful in controlling funding costs and the higher-than-expected interest rate environment led to favorable interest income in our loan portfolio. Loan production increased during the quarter and pipelines remain strong. We are excited to have expanded our Morgantown team during the first half of this year and are optimistic about the growth potential of that market. We will continue to add talent when the opportunity presents itself and to focus on technologies that will improve efficiencies long-term and to enhance our customer experience."