OAKLAND, Md., Aug. 8, 2017 /PRNewswire/ -- First United
Corporation (NASDAQ: FUNC), a bank holding company and the parent
company of First United Bank & Trust, announces that
consolidated net income available to common shareholders was
$3.5 million for the first six months
of 2017, compared to $2.5 million for
the same period of 2016. Basic and diluted net income per
common share for the first six months of 2017 were both
$.52, compared to basic and diluted
net income per common share of $.39
for the same period of 2016. The increase in earnings was primarily
due to an increase in net interest income of $.5 million, a $1.0
million decrease in provision expense, a decrease of
$.4 million in preferred stock
dividends due to the redemption of $10.0
million of the Corporation's Fixed Rate Cumulative Perpetual
Preferred Stock, Series A (the "Series A Preferred Stock") in both
February 2016 and March 2017, a decrease of $.3 million in other expenses related to a
reserve for a litigation claim in the first quarter of 2016 and a
decrease of $.3 million in Federal
Deposit Insurance Corporation ("FDIC") premiums. These
decreases were offset by reduced income from gains on the
investment portfolio when compared to the first six months of 2016
as well as increased data processing expenses related to the
implementation of new services with our core processor and
increased salaries and benefits related to new hires late in 2016
and merit increases in the second quarter of 2017. The net
interest margin for the first six months of 2017, the year ended
December 31, 2016 and the first six
months of 2016, on a fully tax equivalent ("FTE") basis, was 3.35%,
3.19% and 3.22%, respectively.
Consolidated net income available to common shareholders was
$2.1 million for the second quarter
of 2017, compared to $1.3 million for
the same period of 2016. Basic and diluted net income per
common share for the second quarter of 2017 were both $.30, compared to basic and diluted net income
per common share of $.20 for the same
period of 2016. The increase in earnings was primarily due to a
decrease of $1.0 million in provision
expense and a decrease of $.2 million
in preferred stock dividends due to the redemption of $10.0 million of Series A Preferred Stock in
March 2017. These decreases were offset by reduced income
from gains on the investment portfolio when compared to the second
quarter of 2016 as well as increased salaries and benefits related
to new hires in late 2016 and merit increases in the second quarter
of 2017, increased data processing expenses related to the
implementation of new services with our core processor, and
increased tax expense. The net interest margin for the second
quarter of 2017, on an FTE basis, was 3.42%, compared to 3.20% for
the same period of 2016.
Financial Highlights Comparing the Three and Six Months Ended
June 30, 2017 and 2016:
- Provision expense for the first six months of 2017 decreased by
$1.0 million when compared to the
first six months of 2016. The decrease was driven by a
reduction in net credit losses and reduced loan growth when
comparing the two periods.
- Provision for loan losses was $.3
million for the second quarter of 2017 and $1.3 million for the same time period of
2016. The reduction in provision expense for the second
quarter of 2017 was primarily due to the charge-off of a
$1.6 million specific allocation
placed on a large participation loan in the first quarter of 2017,
a reduction in historical loss factors and reduced loan
growth.
- Net interest income increased $.5
million when comparing the six-month periods ended
June 30, 2017 and June 30, 2016. Interest income increased
$.1 million due primarily to
increased interest and fees on the loan portfolio relating to
growth in the mortgage portfolio, the Fed rate increases on the
home equity portfolio, and the recording of unamortized fees on the
early payoff of a large commercial real estate loan in the second
quarter of 2017. Interest expense decreased by $.4 million due to a $35.3
million reduction in interest-bearing liabilities, which
resulted from the reduction of the average balance of long-term
borrowings related to the payoff of a $15.0
million Federal Home Loan Bank ("FHLB") advance in
December 2016 and the repayment of
$10.8 million of junior subordinated
debentures (the "TPS Debentures") held by First United Statutory
Trust III ("Trust III") in March
2017.
- Net interest income increased $.6
million when comparing the second quarter of 2017 to the
same period of 2016. Interest income increased $.2 million due to increases of $.1 million in interest and fees on loans related
to growth in the mortgage portfolio, the Fed rate increases on the
home equity portfolio as well as the recording of unamortized fees
on the early payoff of a large commercial real estate loan in the
second quarter of 2017 and $.1
million in interest on investments related to the CDO
portfolio and other interest income due to increased cash levels at
Fed. Interest expense decreased by $.3
million due to a $44.6 million
reduction on interest-bearing liabilities, which resulted from the
reduction of the average balance of long-term borrowings related to
the payoff of a $15.0 million FHLB
advance in December 2016 and the
repayment of $10.8 million in TPS
Debentures held by Trust III in March
2017.
- Other operating income decreased $.5
million during the first six months of 2017 when compared to
the same period of 2016. This decrease was primarily
attributable to a $.2 million
decrease in the net gains on sales of investment securities,
decreased brokerage commissions, decreased service charge income,
primarily non-sufficient funds ("NSF") fees and a decrease in bank
owned life insurance ("BOLI") due to the receipt of a one-time
death claim in the second quarter of 2016. These decreases
were offset slightly by increased trust department and debit card
income.
- Operating expenses increased $.3
million in the second quarter of 2017 when compared to the
same period of 2016. This was due primarily to a $.4 million increase in salaries and benefits due
to new hires late in 2016 as well as merit increases in the second
quarter of 2017, offset slightly by a decrease of $.1 million in other real estate owned
expenses.
"We continue to focus on improving core earnings and are pleased
with the progress being made in 2017. The net interest margin
continues to show positive trends as we have benefited from the
increased interest rate environment and the replacement of loans
that have been repaid with higher rate loan production. Our
retail team has also done an excellent job of holding rates on
deposits, providing premium pricing only for relationship
customers. Fee income continues to be strong as our wealth
management department has grown and expanded, offsetting declines
in service charge income. Finally, we remain focused on
upgrading our physical locations with our new brand and enhanced
technology in order to better serve our existing customers and
attract new customers who tend to be more technology
oriented. To offset these costs, we are implementing
efficiencies to control operating expenses," stated Carissa L.
Rodeheaver, Chairman of the Board, Chief Executive Officer
and President.
Balance Sheet Overview
When compared to December 31,
2016, total assets at June 30,
2017 remained stable at $1.3
billion. During the first six months of 2017, cash and
interest-bearing deposits in other banks increased $9.7 million, the investment portfolio decreased
$9.6 million and gross loans
increased $4.0 million. Total
liabilities remained steady at $1.2
million. The increase of $23.5
million in deposits was offset by a decrease in long-term
borrowings of $10.8 million due to
the repayment in that amount of TPS Debentures held by Trust III
following the closing of the Corporation's common stock rights
offering in March 2017 (the "Rights
Offering") and a decrease of $10.8
million in short-term borrowings due to the allocation of
cash from a large municipal account in our overnight investment
product. Comparing June 30,
2017 to December 31, 2016,
shareholders' equity increased $4.9
million as a result of $9.2
million in net proceeds from the Rights Offering and
earnings of $3.5 million during the
first six months of 2017, offset by the redemption of $10.0 million of outstanding shares of Series A
Preferred Stock in March 2017.
Total investment securities available-for-sale decreased
$10.8 million since December 31, 2016. This decline during the
first six months was primarily due to the receipt of $8.0 million on a CDO investment that was called
at auction in June 2017. At June 30,
2017, the securities classified as available-for-sale
included a net unrealized loss of $6.5
million, which represents the difference between the fair
value and amortized cost of securities in the portfolio.
Comparing June 30, 2017 to
December 31, 2016, outstanding loans
increased by $4.0 million
(.45%). Commercial real estate ("CRE") loans decreased
$14.4 million due primarily to
charge-offs of $2.9 million on one
large non-accrual loan and a payoff of $13.0
million on one large commercial real estate loan.
Acquisition and development ("A&D") loans increased
$7.4 million. Commercial and
industrial ("C&I") loans increased $1.3
million. Residential mortgages increased $9.8 million due to continued activity in the 1-4
family residential loans offset by payoffs and amortization of home
equity balances. The consumer portfolio decreased slightly by
$.1 million from scheduled
amortization. Approximately 36% of the commercial loan portfolio
was collateralized by real estate at June
30, 2017, compared to 39% at December
31, 2016.
Total deposits increased $23.5
million during the first six months of 2017 when compared to
deposits at December 31, 2016.
During the first six months of 2017, we continued to see increases
in core deposits and reductions in certificates of deposit.
Non-interest bearing deposits increased $34.8 million due to building new relationships
with both consumer and commercial customers as well as increased
balances on existing accounts. Traditional savings accounts
increased $9.9 million due to
continued growth in our Prime Saver product. Total demand
deposits increased $4.2 million and
total money market accounts decreased $18.3
million due to decreased balances in our ICS money market
account relating to the re-allocation of cash in our trust
accounts. Time deposits less than $100,000 decreased $4.8
million and time deposits greater than $100,000 decreased $2.3
million.
The book value of the Corporation's common stock was
$15.36 per share at June 30, 2017, compared to $14.95 per share at December 31, 2016.
At June 30, 2017, there were
7,067,425 outstanding shares of the Corporation's common stock and
10,000 outstanding shares of the Series A Preferred Stock.
Net- Interest Income (Tax-Equivalent Basis)
Net interest income, on an FTE basis, increased $.5 million (2.71%) during the first six months
of 2017 over the same period in 2016 due to a $.1 million (.56%) increase in interest income
and a $.4 million (9.42%) decrease in
interest expense. The net interest margin for the first six
months of 2017 was 3.35%, compared to 3.22% for the first six
months of 2016.
Comparing the first six months of 2017 to the same period of
2016, the increase in interest income was due to an increase of
$.2 million in interest and fees on
loans, offset by a decrease of $.1
million in interest income on investments. The
increase in interest and fees on loans was primarily due to an
increase in the rate earned of 8 basis points. The decrease
in investment interest income was due primarily to the decrease in
average investment balances of $24.6
million. The decrease in the balances of the
investment portfolio was primarily due to using the scheduled
cashflow for loan funding as well as the receipt of $8.0 million for a called CDO in June
2017.
Interest expense decreased $.4
million during the first six months of 2017 when compared to
the same period of 2016 due to a decrease of $35.3 million on our average balance of
interest-bearing liabilities. This decrease was primarily due
to the reduction of long-term borrowings from the payoff of a
$15.0 million FHLB advance at its
maturity in December 2016 and the
repayment of $10.8 million of TPS
Debentures held by Trust III in March
2017 and the continued shift of higher cost certificates of
deposit to lower cost core accounts.
Net interest income, on an FTE basis, increased $.5 million (5.91%) during the second quarter of
2017 over the same period in 2016 due to a $.2 million (2.12%) increase in interest income
and a $.3 million (1.52%) decrease in
interest expense. The net interest margin for the second
quarter of 2017 was 3.42%, compared to 3.20% for the second quarter
of 2016.
Comparing the second quarter of 2017 to the same period of 2016,
the increase in interest income was due to an increase of
$.1 million in interest and fees on
loans and an increase of $.1 million
in interest income on investments. The increases in interest
and fees on loans and investments were primarily due to an increase
in the rate earned of 9 and 41 basis points, respectively.
The Fed rate increases have positively impacted our home equity
portfolio. We have also seen an increase in rates on the CDO
portfolio. The investment in a new Tax Increment Fund bond
late in 2016 at higher tax-exempt rates has also impacted the
increase in the investment portfolio compared to June 2016.
Interest expense decreased $.3
million during the second quarter of 2017 when compared to
the same period of 2016 due to a decrease of $44.6 million on our average balance of
interest-bearing liabilities. This decrease was primarily due
to the reduction of long-term borrowings from the payoff of a
$15.0 million FHLB advance at its
maturity in December 2016 and the
repayment of $10.8 million of TPS
Debentures held by Trust III in March
2017, the re-allocation of trust money market balances, and
the continued shift from higher cost certificates of deposit to
lower cost core accounts.
Asset Quality
The allowance for loan loss ("ALL") was $9.9 million at both June
30, 2017 and December 31,
2016. The provision for loan losses for the first six months
of 2017 was $.9 million, compared to
$1.9 million for the first six months
of 2016. Net charge-offs of $.9
million were recorded for the six months ended June 30, 2017, compared to $1.2 million for the six months ended
June 30, 2016. The ratio of the ALL
to loans outstanding was 1.11% at both June
30, 2017 and December 31,
2016, and 1.38% at June 30,
2016.
The ratio of net charge-offs to average loans for the six months
ended June 30, 2017 was an annualized
.20%, compared to .26% for the same period in 2016 and .57% for the
year ended December 31, 2016.
The CRE portfolio had an annualized net charge-off rate of 1.84% as
of June 30, 2017, compared to 1.80%
as of December 31, 2016. This
increase was due to charge-offs of $2.2
million in the second quarter on a participation loan for a
mall in Pennsylvania. The A&D loans had an annualized net
recovery rate of .31% as of June 30,
2017, compared to an annualized net recovery rate of .98% as
of December 31, 2016. The
C&I loans had a net recovery rate of 4.43% as of June 30, 2017, compared to a net charge-off rate
of .69% as of December 31,
2016. The improvement was due to a $1.3 million recovery recorded in the first
quarter of 2017 on a loan to an ethanol plant that had been
charged-off in a prior period. The residential mortgage
ratios were a net recovery rate of .01% as of June 30, 2017, compared to a net charge-off rate
of .07% as of December 31, 2016, and
the consumer loan ratios were net charge-off rates of .23% and .77%
as of June 30, 2017 and December 31, 2016, respectively.
Non-accrual loans totaled $9.5
million at June 30, 2017,
compared to $13.9 million at
December 31, 2016. The decrease
in non-accrual balances at June 30,
2017 was primarily due to charge-offs of $2.9 million and the movement of $.8 million to other real estate owned
("OREO"). Non-accrual loans that have been subject to a
partial charge-off totaled $5.5
million at June 30, 2017,
compared to $11.1 million at
December 31, 2016. Loans
secured by 1-4 family residential real estate properties in the
process of foreclosure were $.3
million at June 30, 2017 and
$.5 million at December 31, 2016.
Accruing loans past due 30 days or more increased very slightly
to .68% of the loan portfolio at June 30,
2017, compared to .67% at December
31, 2016. The slight increase for the first six months
of 2017 was due primarily to increases in the past due loans in the
residential mortgage and home equity portfolios.
Non-Interest Income and Non-Interest Expense
Other operating income, exclusive of gains, decreased
$.2 million during the first six
months of 2017 when compared to the same period of 2016. This
decrease was primarily attributable to decreases in service charge
income, primarily NSF income, decreased brokerage commissions and a
decrease in BOLI income due to the receipt of a one-time death
claim received in the second quarter of 2016. These decreases
were offset slightly by increases in trust department and debit
card income.
Net gains of $14 thousand were
reported in other income for the first six months of 2017, compared
to net gains of $.3 million during
the same period of 2016. The decrease resulted from a
reduction in sales of investment securities in the first six months
of 2017.
Other operating income, exclusive of gains, decreased
$.3 million during the second quarter
of 2017 when compared to the same period of 2016. This
decrease was primarily attributable to a $.2
million decrease in BOLI income due to the receipt of a
one-time death claim in the second quarter of 2016 and decreases in
service charge income and brokerage commissions, offset slightly by
increases in trust department and debit card income.
Net gains of $9 thousand were
reported in other income for the second quarter of 2017, compared
to net gains of $64 thousand during
the same period of 2016. The decrease resulted from a
reduction in sales of investment securities in the second quarter
of 2017.
Operating expenses decreased $.1
million in the first six months of 2017 when compared to the
same period of 2016. This was due primarily to a $.4 million decrease in FDIC premiums and a
$.4 million decrease in other
miscellaneous expenses primarily related to reserves for a
litigation claim in the first quarter of 2016, offset by an
increase of $.4 million in salaries
and benefits related to new hires late in 2016 and merit increases
in the second quarter of 2017 and an increase of $.3 million in data processing expenses relating
to the implementation of new services with the core processor.
Operating expenses increased $.3
million in the second quarter of 2017 when compared to the
same period of 2016. This was due primarily to a $.4 million increase in salaries and benefits
related to new hires late in 2016 as well as merit increases in the
second quarter of 2017, offset by a decrease of $.1 million in other real estate owned expenses
due to reduced valuation write-downs on properties in 2017.
ABOUT FIRST UNITED CORPORATION
First United Corporation is the parent company of First United
Bank & Trust, a Maryland trust
company with commercial banking powers, and three statutory trusts
that were used as financing vehicles. The Bank has four
wholly-owned subsidiaries: OakFirst Loan Center, Inc., a
West Virginia finance company;
OakFirst Loan Center, LLC, a Maryland finance company, First OREO Trust, a
Maryland statutory trust, and FUBT
OREO I, LLC, a Maryland company,
both formed for the purposes of holding, servicing and disposing of
the real estate that the Bank acquires through foreclosure or by
deed in lieu of foreclosure. The Bank also owns 99.9% of the
limited partnership interests in Liberty Mews Limited Partnership;
a Maryland limited partnership
formed for the purpose of acquiring, developing and operating
low-income housing units in Garrett
County, Maryland. The Corporation's website is
www.mybank.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of
1995. Forward-looking statements do not represent historical
facts, but are statements about management's beliefs, plans and
objectives about the future, as well as its assumptions and
judgments concerning such beliefs, plans and objectives.
These statements are evidenced by terms such as "anticipate,"
"estimate," "should," "expect," "believe," "intend," and similar
expressions. Although these statements reflect management's
good faith beliefs and projections, they are not guarantees of
future performance and they may not prove true. These
projections involve risk and uncertainties that could cause actual
results to differ materially from those addressed in the
forward-looking statements. For a discussion of these risks
and uncertainties, see the section of the periodic reports that
First United Corporation files with the Securities and Exchange
Commission entitled "Risk Factors".
FIRST UNITED
CORPORATION
|
Oakland,
MD
|
Stock Symbol :
FUNC
|
(Dollars in
thousands, except per share data)
|
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Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
unaudited
|
|
|
unaudited
|
|
|
|
30-Jun
|
|
30-Jun
|
|
31-Mar
|
|
|
30-Jun
|
30-Jun
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
|
2017
|
2016
|
EARNINGS
SUMMARY
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
$
11,691
|
|
$
11,457
|
|
$
11,327
|
|
|
$ 23,018
|
$
22,895
|
Interest
expense
|
|
$
1,762
|
|
$
2,078
|
|
$
1,958
|
|
|
$
3,720
|
$
4,107
|
Net interest
income
|
|
$
9,929
|
|
$
9,379
|
|
$
9,369
|
|
|
$ 19,298
|
$
18,788
|
Provision for loan
losses
|
$
299
|
|
$
1,346
|
|
$
609
|
|
|
$
908
|
$
1,914
|
Other Operating
Income
|
$
3,482
|
|
$
3,759
|
|
$
3,452
|
|
|
$
6,934
|
$
7,147
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Net Gains
|
|
$
9
|
|
$
64
|
|
$
5
|
|
|
$
14
|
$
280
|
Other Operating
Expense
|
$
9,860
|
|
$
9,539
|
|
$
9,444
|
|
|
$ 19,304
|
$
19,436
|
Income before
taxes
|
|
$
3,261
|
|
$
2,317
|
|
$
2,773
|
|
|
$
6,034
|
$
4,865
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Income tax
expense
|
|
$
952
|
|
$
613
|
|
$
793
|
|
|
$
1,745
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$
1,290
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Net income
|
|
$
2,309
|
|
$
1,704
|
|
$
1,980
|
|
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$
4,289
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$
3,575
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|
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|
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Accumulated preferred
stock dividends
|
$
225
|
|
$
450
|
|
$
540
|
|
|
$
765
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$
1,125
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Net income
available
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|
|
|
|
|
|
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to common
shareholders
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$
2,084
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$
1,254
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$
1,440
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|
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$
3,524
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$
2,450
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|
|
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|
|
|
|
|
|
|
|
|
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Three Months
Ended
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|
|
unaudited
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30-Jun
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|
30-Jun
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31-Mar
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|
|
2017
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|
2016
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2017
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PER COMMON
SHARE
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Basic/ Diluted Net
Income Per Common Share
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$
0.30
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$
0.20
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$
0.22
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Book value
|
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$
15.36
|
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$
14.87
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|
$
14.87
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|
|
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Closing market
value
|
|
$
14.90
|
|
$
9.84
|
|
$
14.50
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Market
Range:
|
|
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High
|
|
$
15.80
|
|
$
11.34
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|
$
16.32
|
|
|
|
|
Low
|
|
$
13.80
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|
$
9.65
|
|
$
13.00
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|
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Common shares
outstanding at period end
|
|
|
7,067,425
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6,269,004
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7,052,630
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PERFORMANCE RATIOS
(Period End, annualized)
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Return on average
assets
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0.68%
|
|
0.55%
|
|
0.61%
|
|
|
|
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Return on average
shareholders' equity
|
7.40%
|
|
6.31%
|
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7.00%
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|
|
|
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Net interest
margin
|
|
3.35%
|
|
3.22%
|
|
3.27%
|
|
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Efficiency
ratio
|
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72.80%
|
|
73.40%
|
|
72.60%
|
|
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PERIOD END
BALANCES
|
|
30-Jun
|
|
31-Dec
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|
30-Jun
|
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|
|
2017
|
|
2016
|
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2016
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Assets
|
|
$
1,325,685
|
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$
1,318,190
|
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$
1,307,422
|
|
|
|
|
Earning
assets
|
|
$
1,120,346
|
|
$
1,126,989
|
|
$
1,159,529
|
|
|
|
|
Gross
loans
|
|
$
895,955
|
|
$
891,926
|
|
$
919,252
|
|
|
|
|
Commercial Real
Estate
|
$
283,574
|
|
$
297,959
|
|
$
303,841
|
|
|
|
|
Acquisition and
Development
|
$
111,678
|
|
$
104,282
|
|
$
119,462
|
|
|
|
|
Commercial and
Industrial
|
$
73,691
|
|
$
72,346
|
|
$
75,718
|
|
|
|
|
Residential
Mortgage
|
$
403,198
|
|
$
393,416
|
|
$
395,576
|
|
|
|
|
Consumer
|
|
$
23,814
|
|
$
23,923
|
|
$
24,655
|
|
|
|
|
Investment
securities
|
|
$
227,552
|
|
$
237,169
|
|
$
244,957
|
|
|
|
|
Total
deposits
|
|
$
1,037,712
|
|
$
1,014,229
|
|
$
1,005,268
|
|
|
|
|
Noninterest
bearing
|
$
253,986
|
|
$
219,158
|
|
$
206,123
|
|
|
|
|
Interest
bearing
|
$
783,726
|
|
$
795,071
|
|
$
799,145
|
|
|
|
|
Shareholders'
equity
|
|
$
118,561
|
|
$
113,698
|
|
$
113,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
RATIOS
|
|
30-Jun
|
|
31-Dec
|
|
30-Jun
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
Period end
capital
|
|
|
|
|
|
|
|
|
|
|
Tier 1 to risk weighted
assets
|
15.49%
|
|
14.76%
|
|
14.14%
|
|
|
|
|
Common Equity Tier 1 to
risk weighted assets
|
12.11%
|
|
10.74%
|
|
10.13%
|
|
|
|
|
Tier 1
Leverage
|
11.55%
|
|
10.95%
|
|
10.69%
|
|
|
|
|
Total risk based
capital
|
16.51%
|
|
16.71%
|
|
16.42%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET
QUALITY
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs for
the quarter
|
$
2,672
|
|
$
3,040
|
|
$
924
|
|
|
|
|
Nonperforming assets:
(Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$
9,472
|
|
$
13,946
|
|
$
11,318
|
|
|
|
|
Loans 90 days past
due
|
|
|
|
|
|
|
|
|
|
and accruing
|
$
1,216
|
|
$
420
|
|
$
849
|
|
|
|
|
Total nonperforming
loans
|
|
|
|
|
|
|
|
|
|
and 90 days past due
loans
|
$
10,688
|
|
$
14,366
|
|
$
12,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
loans
|
$
8,938
|
|
$
9,323
|
|
$
11,614
|
|
|
|
|
Other real estate
owned
|
$
11,556
|
|
$
10,910
|
|
$
9,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses
|
|
|
|
|
|
|
|
|
|
to gross loans, at
period end
|
1.11%
|
|
1.11%
|
|
1.38%
|
|
|
|
|
Nonperforming and 90
day past due loans
|
|
|
|
|
|
|
|
|
|
to total loans, at
period end
|
1.19%
|
|
1.61%
|
|
1.32%
|
|
|
|
|
Nonperforming loans
and 90 day past due
|
|
|
|
|
|
|
|
|
|
loans to total assets,
at period end
|
0.81%
|
|
1.09%
|
|
0.93%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/first-united-corporation-announces-2nd-quarter-2017-earnings-300501549.html
SOURCE First United Corporation