 |
|||||
| First United Corporation and Subsidiaries | |||||
| Consolidated Statement of Income | |||||
|
Years ended December 31,
|
|||||
| (in thousands, except share amounts) |
2000
|
1999
|
|||
|
|
|||||
| Interest Income |
|
||||
| Interest and fees on loans and leases |
$52,740
|
$47,014
|
|||
| Interest on investment securities: |
|
|
|||
| Taxable |
9,071
|
6,223
|
|||
| Exempt from federal income taxes |
1,177
|
1,193
|
|||
|
|
|||||
|
10,251
|
7,416
|
||||
| Interest on federal funds sold |
157
|
413
|
|||
|
|
|||||
| Total Interest Income |
63,148
|
54,843
|
|||
| Interest Expense |
|
|
|||
| Interest on deposits: |
|
|
|||
| Savings |
633
|
707
|
|||
| Interest-bearing transaction accounts |
5,413
|
3,793
|
|||
| Time, $100,000 or more |
6,812
|
5,166
|
|||
| Other time |
13,863
|
12,363
|
|||
| Interest on Federal Home Loan Bank borrowing |
|
|
|||
| and other borrowed funds |
8,318
|
5,117
|
|||
|
|
|||||
| Total interest expense |
35,039
|
27,146
|
|||
|
|
|||||
| Net interest income |
28,109
|
27,697
|
|||
| Provision for possible credit losses |
2,198
|
2,066
|
|||
|
|
|||||
| Net Interest Income After Provision for Possible Credit Losses |
25,911
|
25,631
|
|||
| Other Operating Income |
|
|
|||
| Trust Department income |
2,275
|
1,755
|
|||
| Service charges on deposit accounts |
2,063
|
1,996
|
|||
| Insurance premium income |
1,008
|
940
|
|||
| Security gains |
(123)
|
115
|
|||
| Other income |
2,934
|
2,393
|
|||
|
|
|||||
| Total Other Operating Income |
8,157
|
7,199
|
|||
| Other Operating Expenses |
|
|
|||
| Salaries and employee benefits |
11,359
|
10,402
|
|||
| Occupancy expense of premises |
1,100
|
971
|
|||
| Equipment expense |
1,811
|
1,808
|
|||
| Data processing expense |
1,070
|
876
|
|||
| Deposit assessment and related fees |
188
|
109
|
|||
| Other expense |
6,467
|
6,573
|
|||
|
|
|||||
| Total other operating expenses |
21,995
|
20,739
|
|||
|
|
|||||
| Income before income taxes |
12,073
|
12,091
|
|||
| Applicable income taxes |
3,762
|
4,130
|
|||
|
|
|||||
| Net Income |
$ 8,311
|
$ 7,961
|
|||
|
|
|||||
| Earnings Per Share |
$1.37
|
$1.30
|
|||
|
|
|||||
|
This
information has been excerpted from the Audited Consolidated Financial
Statements of First United Corporation, which are included in
the Corporation’s Annual Report on Form 10-K filed with the Securities
and Exchange Commission. This information should be read in conjunction
with the Corporation’s Form 10-K for the year ended December 31,
2000. A copy of the Form 10-K can be obtained by writing to: Robert
W. Kurtz, First United Corporation, P.O. Box 9, Oakland, MD 21550-0009.
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9
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