low interest rates. While First United's mortgage portfolio was impacted, as were nearly all banks by the refinancing wave, the Bank was able to provide an array of loan options for its customers, resulting in nearly $100 million in mortgages underwritten. These sales were between the Bank's portfolio and the secondary market.

          Deposits also grew by $33.09 million, or 5.37%. Much of the growth was attributed to the My Easy Access CD - a unique investment instrument for customers, allowing them to receive market rates for their deposit while maintaining access to their money. The growth in deposits also reflected your Company's ongoing effort to build long-term relationships with its customers. We have crafted solutions for customers, which focus on customer needs - both short and long-term. Much of our training and most incentives are directed towards fulfilling this vital role for our customers. Obviously, to the extent we are successful in this strategy, we will add to shareholder value through preserving and building long-term profitable relationships with customers. One of the indicators of our progress in this area was the strong level of customer satisfaction, evidenced in our recent customer survey conducted by an outside, independent firm.

         This past year, we were saddened by the death of Director Dr. Andrew E. Mance. Having been a member of the Board of Directors since 1958, he had seen much of the Company's growth and success. We will miss his support and counsel.

         We are excited as we look into the future. We are dedicated to our mission, and our strategies are developed with this foremost in our minds.

          We look forward to serving customers in our new office in Hagerstown and will be expanding our presence in Martinsburg by year-end with the construction of another office in that dynamic community. Most of all, however, it is all about our staff of dedicated associates throughout the Company. They understand what it is to serve customers and prepare daily to be successful in meeting - and exceeding - customers' needs. It is a pleasure to work with such a group of dedicated associates, and all of us pledge to you, the shareholder, our continued efforts to build long-term value for your investment.