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Exhibit 99.1 FIRST UNITED CORPORATION ANNOUNCES THIRD QUARTER and YEAR TO DATE 2021 EARNINGS Earnings per share up 37.1 % compared to the first nine months of 2020 driven by wealth management , loan origination and PPP fees , and reduced provision expense despite settlement costs and prepayment penalties Paycheck Protection Program forgiveness of $ 150.0 million and origination fees of $ 3.2 million YTD OAKLAND , MARYLAND - October 26 , 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 nine - month periods ended September 30 , 2021 . Third Quarter Financial Highlights : • Total assets at September 30 , 2021 decreased by $ 24.9 million , or 1.4 % , when compared to December 31 , 2020 . 0 Deployed cash during the third quarter to repay $ 70.0 million of Federal Home Loan Bank ( " FHLB " ) advances and purchase a $ 39.0 million mortgage pool • 0 0 Gross loans increased by $ 16.5 million in the third quarter , driven by the purchase of a $ 39.0 million mortgage pool to offset the decline in mortgage portfolio balances that were refinanced to lower fixed rates . Core commercial growth of $ 12.7 million , offset by forgiveness of $ 83.7 of Paycheck Protection Program ( " PPP ” ) loans during the third quarter Deposits declined by $ 11.6 million during the third quarter ; however , growth year to date was $ 22.1 million Declines in both non - interest bearing and interest bearing deposits as we allowed runoff in higher cost CDs , primarily municipalities The ratio of the allowance for loan losses ( " ALL " ) to loans outstanding was 1.46 % at September 30 , 2021 as compared to 1.36 % at September 30 , 2020 . The ALL to loans outstanding , excluding PPP loan balances of $ 30.3 million , was 1.49 % at September 30 , 2021 , non - GAAP . • • 0 0 Total provision expense was a credit of $ 0.6 million for the third quarter of 2021 as compared to expense of $ 0.2 million for the third quarter of 2020 Lower provision expense due primarily to continued strong asset quality , stable economic factors and stabilization of modified loans that have returned to principal and interest payments Net interest margin , on a non - GAAP , fully tax equivalent ( “ FTE ” ) basis , increased to 3.38 % for the third quarter of 2021 compared to 3.12 % for the third quarter of 2020 and 3.13 % for the second quarter of 2021 . Non - interest income , excluding gains , increased 14 % , or $ 0.6 million in the third quarter of 2021 compared to the third quarter of 2020 . O Increased trust department income of 16 % 0 Increased debit card income of 22 % Non - interest expense increased 24 % , or $ 2.5 million primarily due to the $ 2.4 million of penalties on the repayment of $ 70.0 million FHLB advances . According to Carissa Rodeheaver , President and CEO , " we experienced another strong quarter led by increased fee income from our Wealth department , other service charges , and recognition of Paycheck Protection Program fees as we continued to process forgiveness applications for our borrowers as well as reduced interest expense and operating costs . We also acknowledged the strength of our loan portfolio , resulting in release of a portion of the allowance for loan losses that was provided in 2020 due to the uncertainties of the COVID environment and how it would impact our economy and borrowers . The strong core income was offset by a penalty that we recognized on the prepayment of our Federal Home Loan Bank borrowings as we positioned the Bank for future interest expense savings . The Bank remains strong , well - capitalized and poised for future growth . "