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Exhibit 99.1 FIRST UNITED CORPORATION ANNOUNCES FIRST QUARTER 2021 EARNINGS Strong earnings per share driven by wealth management , gains , and reduced provision and core expenses Increased dividend resulting in attractive yield OAKLAND , MARYLAND — May 4 , 2021 : 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 periods ended March 31 , 2021 and 2020 . First Quarter 2021 Financial Highlights : • Total assets grew by $ 48.4 million when compared to December 31 , 2020 , a 2.8 % increase . • Loan and deposit growth were 2.7 % and 3.1 % , respectively , when compared to December 31 , 2020 . • Net interest margin , on a fully tax equivalent ( “ FTE ” ) basis , declined to 3.11 % at March 31 , 2021 compared to 3.69 % at March 31 , 2020 and 3.34 % at December 31 , 2020 , attributable to the lower interest rate environment , higher cash balances and lower yielding PPP loans . • The ratio of the allowance for loan losses ( " ALL " ) to loans outstanding was 1.38 % at March 31 , 2021 as compared to 1.42 % at March 31 , 2020. The ALL to loans outstanding , excluding PPP loan balances of $ 145.2 million , was 1.57 % at March 31 , 2021 , non - GAAP . 0 Total provision expense was $ 0.1 million and $ 2.7 million for the three months ended March 31 , 2021 and 2020 , respectively • о Lower provision expense was due to strong asset quality as net charge offs and delinquency ratios remain low , as well as minimal growth in non- Paycheck Protection Program ( " PPP " ) loans Consolidated net income increased 95.4 % to $ 3.4 million compared to $ 1.8 million for the first quarter of 2020 , inclusive of litigation settlement expenses of $ 3.3 million in the first quarter of 2021 . 0 Basic and diluted net income per share were both $ 0.49 compared to $ 0.25 for the first quarter of 2020 , a 96.0 % increase 0 Increased net income due to decrease in provision expense , increased gains , insurance proceeds and wealth income , offset by litigation settlement expenses and income taxes