| FIRST UNITED CORPORATION |
| Oakland, MD |
| Stock Symbol
: FUNC |
| (Dollars in
thousands, except per share data) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
unaudited |
|
unaudited |
|
|
30-Sep |
30-Sep |
|
30-Jun |
|
31-Mar |
|
30-Sep |
30-Sep |
|
|
2007 |
2006 |
|
2007 |
|
2007 |
|
2007 |
2006 |
|
| EARNINGS
SUMMARY |
|
| Interest income |
|
$24,262 |
$20,560 |
|
$22,841 |
|
$21,418 |
|
$68,521 |
$59,076 |
|
| Interest expense |
|
$13,021 |
$10,380 |
|
$11,947 |
|
$11,353 |
|
$36,321 |
$28,445 |
|
| Net
interest income |
|
$11,241 |
$10,180 |
|
$10,894 |
|
$10,065 |
|
$32,200 |
$30,631 |
|
| Provision
for loan and lease losses |
$790 |
$499 |
|
$367 |
|
$163 |
|
$1,320 |
$579 |
|
| Noninterest
income |
|
$4,063 |
$3,510 |
|
$4,018 |
|
$2,361 |
|
$10,442 |
$10,330 |
|
| Noninterest
expense |
|
$9,626 |
$8,538 |
|
$9,836 |
|
$9,243 |
|
$28,705 |
$26,992 |
|
| Income
taxes |
|
$1,333 |
$1,388 |
|
$1,504 |
|
$959 |
|
$3,796 |
$4,276 |
|
| Net income |
|
$3,555 |
$3,265 |
|
$3,205 |
|
$2,061 |
|
$8,821 |
$9,114 |
|
| Cash dividends paid |
|
$1,199 |
$1,166 |
|
$1,198 |
|
$1,199 |
|
$3,596 |
$3,491 |
|
|
|
Three Months Ended |
|
|
unaudited |
|
|
30-Sep |
30-Sep |
|
30-Jun |
|
31-Mar |
|
|
2007 |
2006 |
|
2007 |
|
2007 |
|
| PER COMMON
SHARE |
|
| Earnings
per share |
|
|
Basic/Diluted |
$0.58 |
$0.53 |
|
$0.52 |
|
$0.34 |
|
| Book value |
|
$16.40 |
$16.10 |
|
$15.90 |
|
$16.06 |
|
| Closing
market value |
|
$21.16 |
$21.25 |
|
$19.85 |
|
$22.50 |
|
|
| Common
shares |
|
|
outstanding at period end |
6,157,579 |
6,135,594 |
|
6,151,451 |
|
6,146,443 |
|
|
| PERFORMANCE
RATIOS (Period End, annualized) |
|
| Return on
average assets |
0.84% |
0.93% |
|
0.77% |
|
0.62% |
|
| Return on
average shareholders' |
|
|
equity |
|
11.84% |
12.79% |
|
10.72% |
|
8.43% |
|
| Net
interest margin |
|
3.48% |
3.57% |
|
3.46% |
|
3.39% |
|
| Efficiency
ratio |
|
65.39% |
64.04% |
|
67.53% |
|
72.07% |
|
|
| PERIOD END
BALANCES |
30-Sep |
31-Dec |
|
30-Sep |
|
|
2007 |
2006 |
|
2006 |
|
|
| Assets |
|
$1,458,646 |
$1,349,317 |
|
$1,321,462 |
|
| Earning
assets |
|
$1,334,816 |
$1,232,481 |
|
$1,207,550 |
|
| Gross loans |
|
$1,031,864 |
$963,656 |
|
$957,391 |
|
|
Consumer Real Estate |
$394,179 |
$373,721 |
|
$373,284 |
|
|
Commercial |
$473,343 |
$408,361 |
|
$400,699 |
|
|
Consumer |
|
$164,342 |
$181,574 |
|
$183,408 |
|
| Investment
securities |
|
$299,105 |
$263,272 |
|
$245,297 |
|
| Total
deposits |
|
$1,056,901 |
$971,381 |
|
$948,543 |
|
|
Noninterest bearing |
$104,318 |
$106,579 |
|
$113,714 |
|
|
Interest bearing |
$952,583 |
$864,802 |
|
$834,829 |
|
| Shareholders'
equity |
|
$100,978 |
$96,856 |
|
$98,757 |
|
|
| CAPITAL
RATIOS |
|
30-Sep |
31-Dec |
|
30-Sep |
|
| Period end
capital to risk- |
2007 |
2006 |
|
2006 |
|
|
weighted assets: |
|
|
Tier 1 |
|
11.30% |
11.81% |
|
11.92% |
|
|
Total |
|
12.38% |
12.95% |
|
13.07% |
|
|
| ASSET QUALITY |
|
| Net
charge-offs for the quarter |
$368 |
$333 |
|
$359 |
|
| Nonperforming
assets: (Period End) |
|
|
Nonaccrual loans |
$7,160 |
$3,190 |
|
$1,714 |
|
|
Restructured loans |
$519 |
$522 |
|
$525 |
|
|
Loans
90 days past due |
|
|
and accruing |
$2,260 |
$658 |
|
$2,421 |
|
|
Other real estate owned |
$462 |
$23 |
|
$86 |
|
|
Total nonperforming assets |
|
|
and past due loans |
$16,549 |
$14,788 |
|
$13,325 |
|
| Allowance
for credit losses |
|
|
to gross loans, at period end |
0.67% |
0.68% |
|
0.66% |
|
| Nonperforming
and 90 day past-due loans |
|
|
to total loans, at period end |
0.91% |
0.40% |
|
0.43% |
|
| Nonperforming
loans and 90 day past-due |
|
|
loans to total assets, at period end |
0.65% |
0.29% |
|
0.31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|