First United Corp (FUNC) 8.98 $FUNC
First United EPS of $0.10
Seeking Alpha - at Seeking Alpha - Mon Nov 10, 4:50PM CST
FUNC: 8.98 (-0.02)
First United Corporation Announces 3rd Quarter 2014 Earnings
PR Newswire - Mon Nov 10, 3:35PM CST
First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust, a Maryland trust company (the "Bank"
, announces that consolidated net income available to common shareholders was $2.0 million for the first nine months of 2014, compared to $4.3 million for the same period of 2013. Basic and diluted net income per common share for the first nine months of 2014 was $.32, compared to basic and diluted net income per common share of $.69 for the same period of 2013. The decrease in earnings was due to a decrease of $3.4 million in interest income, primarily interest on loans, and an increase in provision expense of $1.8 million, offset by an increase of $.5 million in other operating income, a decrease of $.6 million in interest expense, and a $1.6 million decrease in other operating expenses. The increase in other operating income was primarily attributable to an increase of $.9 million in gains on sales of securities offset by reductions in other real estate owned rental income. The decrease in other operating expenses was due to a decrease of $.6 million in Other Real Estate Owned ("OREO" expenses and a decrease of $.7 million in other miscellaneous expenses. Declines in other miscellaneous expenses such as miscellaneous loan fees, deferred compensation, and personnel related expenses also contributed to the decrease. The net interest margin for the first nine months of 2014, on a fully tax equivalent ("FTE" basis, decreased to 3.02% from 3.37% for the first nine months of 2013. The net interest margin for the year ended December 31, 2013, on an FTE basis, was 3.25%.
FUNC: 8.98 (-0.02)
First United EPS of $0.10
Seeking Alpha - at Seeking Alpha - Mon Nov 10, 4:50PM CST
FUNC: 8.98 (-0.02)
First United Corporation Announces 3rd Quarter 2014 Earnings
PR Newswire - Mon Nov 10, 3:35PM CST
First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust, a Maryland trust company (the "Bank"
, announces that consolidated net income available to common shareholders was $2.0 million for the first nine months of 2014, compared to $4.3 million for the same period of 2013. Basic and diluted net income per common share for the first nine months of 2014 was $.32, compared to basic and diluted net income per common share of $.69 for the same period of 2013. The decrease in earnings was due to a decrease of $3.4 million in interest income, primarily interest on loans, and an increase in provision expense of $1.8 million, offset by an increase of $.5 million in other operating income, a decrease of $.6 million in interest expense, and a $1.6 million decrease in other operating expenses. The increase in other operating income was primarily attributable to an increase of $.9 million in gains on sales of securities offset by reductions in other real estate owned rental income. The decrease in other operating expenses was due to a decrease of $.6 million in Other Real Estate Owned ("OREO" expenses and a decrease of $.7 million in other miscellaneous expenses. Declines in other miscellaneous expenses such as miscellaneous loan fees, deferred compensation, and personnel related expenses also contributed to the decrease. The net interest margin for the first nine months of 2014, on a fully tax equivalent ("FTE" basis, decreased to 3.02% from 3.37% for the first nine months of 2013. The net interest margin for the year ended December 31, 2013, on an FTE basis, was 3.25%. FUNC: 8.98 (-0.02)
