First United Corporation Announces Third Quarter Earnings CNNMoney.com (press release)

06.11.09

OAKLAND, Md., Nov. 6 /PRNewswire-FirstCall/ -- First United Corporation (Nasdaq: FUNC), a financial holding company and the parent company of First United Bank & Trust, today announced a net loss available to common shareholders for the first nine months of 2009 of $3.1 million, or ($.51) per common share, compared to net income available to common shareholders of $9.1 million, or $1.49 per common share, for the same period of 2008. The decrease in net income resulted primarily from $10.8 million in other-than-temporary impairment charges related to available-for-sale securities, increased loan loss provision expense of $4.3 million, and $2.3 million of increased FDIC premiums. The increase in FDIC premiums resulted from the special assessment charge of $.8 million recognized in June 2009, the revised FDIC rate structure and the credit which offset 2008 premiums charged. Core operations remained strong as net interest income for the first nine months of 2009 increased $2.0 million when compared to the same period of 2008 and the Corporation’s net interest margin increased from 3.67% in the first nine months of 2008 to 3.68% in the first nine months of 2009. The provision for loan losses was $10.8 million for the nine months ended September 30, 2009, compared to $6.6 million for the same period of 2008.

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