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Exhibit 99.1 FIRST UNITED CORPORATION ANNOUNCES SECOND QUARTER and YEAR TO DATE 2021 EARNINGS Earnings per share up 85.5 % compared to the first six months of 2020 driven by wealth management , loan origination fees , gains , reduced provision and cost control Paycheck Protection Program forgiveness of $ 106 million and origination fees of $ 2.5 million YTD OAKLAND , MARYLAND — July 28 , 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- and six - month periods ended June 30 , 2021 . Second Quarter 2021 Financial Highlights : • • • • • Consolidated net income increased 71 % to $ 4.4 million compared to $ 2.6 million for the second quarter of 2020 Basic and diluted net income per common share were both $ 0.66 compared to $ 0.37 for the second quarter of 2020 , an 81 % increase year over year Non - GAAP , pre - tax , pre - provision earnings increased 19 % for the second quarter of 2021 when compared to the second quarter of 2020 Wealth management earnings increased 24 % for the second quarter of 2021 when compared to the second quarter of 2020 Mortgage loan production , primarily in loans sold to the secondary market , totaled $ 30.9 million for the quarter , leading to net gains on sales of $ 0.3 million Asset quality remained strong , with low delinquency and modified loans returning to full principal and interest payments Financial Highlights for the Year To Date Periods Ended June 30 of 2021 and 2020 : • Total assets grew by $ 30.4 million when compared to December 31 , 2020 , a 1.8 % increase . • • • When compared to December 31 , 2020 , loans declined 1.9 % , due to $ 106 million of loan forgiveness under the Small Business Administration's ( " SBA's " ) Paycheck Protection Program ( “ PPP ” ) , and deposits grew 2.4 % . Net interest margin , on a non - GAAP , fully tax equivalent ( " FTE " ) basis , declined to 3.13 % at June 30 , 2021 compared to 3.61 % at June 30 , 2020 and 3.34 % at December 31 , 2020 , attributable to the lower interest rate environment , higher cash balances and lower yielding loans ( PPP loans ) . The ratio of the allowance for loan losses ( " ALL " ) to loans outstanding was 1.49 % at June 30 , 2021 as compared to 1.43 % at June 30 , 2020. The ALL to loans outstanding , excluding PPP loan balances of $ 74.1 million , was 1.60 % at June 30 , 2021 , non - GAAP . ○ Total provision expense was $ 0.7 million and $ 4.8 million for the six - month periods ended June 30 , 2021 and 2020 , respectively о Lower provision expense was due primarily to increased provision in 2020 related to the uncertainties and risks associated with the COVID - 19 pandemic Consolidated net income increased 81.4 % to $ 7.8 million compared to $ 4.3 million for the first six months of 2020 , inclusive of litigation settlement expenses of $ 3.3 million in the first quarter of 2021 . ○ о Basic and diluted net income per share were both $ 1.15 compared to $ 0.62 for the six months of 2020 , an 85.5 % increase Net income increased due to increased net interest income from recognition of deferred PPP loan origination fees , decreased provision expense , increased gains related to gains on sales of mortgage loans and investment securities ' gains , insurance proceeds and wealth income , offset by litigation settlement expenses and income taxes