0001144204-12-025742.txt : 20120503 0001144204-12-025742.hdr.sgml : 20120503 20120503111230 ACCESSION NUMBER: 0001144204-12-025742 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120502 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120503 DATE AS OF CHANGE: 20120503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST UNITED CORP/MD/ CENTRAL INDEX KEY: 0000763907 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 521380770 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14237 FILM NUMBER: 12808208 BUSINESS ADDRESS: STREET 1: 19 S SECOND ST CITY: OAKLAND STATE: MD ZIP: 21550 BUSINESS PHONE: 3013349471 MAIL ADDRESS: STREET 1: 19 S SECOND ST CITY: OAKLAND STATE: MD ZIP: 21550 8-K 1 v311687_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Date of Report (Date of earliest event reported): May 2, 2012

 

 

First United Corporation

(Exact name of registrant as specified in its charter)

 

 

Maryland 0-14237 52-1380770
(State or other jurisdiction of (Commission file number) (IRS Employer
incorporation or organization)   Identification No.)

 

 

19 South Second Street, Oakland, Maryland 21550

(Address of principal executive offices) (Zip Code)

 

 

(301) 334-9471

(Registrant’s telephone number, including area code)



N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

 

£ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

£ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

£ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

£ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

 

 

ITEM 2.02. Results of Operation and Financial Condition.

 

On May 2, 2012, First United Corporation issued a press release announcing certain revisions to the results of operations for the first quarter of 2012 that were announced in its April 27, 2012 earnings release. A copy of the press release is furnished herewith as Exhibit 99.1.

 

The information contained in this Item 2.02 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

ITEM 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

The exhibits furnished with this report are listed in the Exhibit Index which immediately follows the signatures hereto, which Exhibit Index is incorporated herein by reference.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

  FIRST UNITED CORPORATION
   
   
Dated: May 3, 2012  By:  /s/ Carissa L. Rodeheaver
   

Carissa L. Rodeheaver, Executive Vice President and

Chief Financial Officer


 

 
 
 

   

EXHIBIT INDEX

 

 

Exhibit No. Description
   
99.1 Press release dated May 2, 2012 (furnished herewith)

 

 
 

 

 

 EX-99.1 2 v311687_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

FIRST UNITED CORPORATION REVISES 1st QUARTER 2012 RESULTS OF OPERATIONS

 

OAKLAND, MARYLAND – May 2, 2012: First United Corporation (NASDAQ: FUNC) issued a press release on April 27, 2012 in which it announced, among other things, a net loss attributable to common shareholders of approximately $3.8 million for the quarter ended March 31, 2012, or basic and diluted loss per common share of $.61. Subsequent to that announcement, the Corporation determined that it would be able to recognize an additional $715,000 in non-interest income for the first quarter due to the March 2012 death of an insured under a bank-owned life insurance policy owned by the Corporation's bank subsidiary, First United Bank & Trust. This additional amount represents the tax-free death benefit that is payable under the policy. As a result, the Corporation is revising its earlier announcement to report consolidated net loss attributable to common shareholders of approximately $3.1 million for the first quarter of 2012, or basic and diluted loss per common share of $.50. The following table sets forth how this development impacts the financial items discussed in the prior release:

 

(Dollars in thousands, except per share data)  Three Months Ended
March 31, 2012
(unaudited)		 
   Revised   Previously Reported 
Other Operating Income   $ 4,052   $ 3,338 
(Loss)/Income before taxes   (2,626)   (3,340)
Net (loss)/income   (2,665)   (3,379)
Net (loss) attributable/net income available to common shareholders   (3,080)   (3,794)
           
Basic/Diluted net income/(loss) per common share  $(.50)  $(.61)
Book value per common share   10.32    10.21 
           
Return on average assets   (.77)%   (.98)%
Return on average shareholders’ equity   (11.05)%   (14.04)%
Efficiency ratio   64.0%   67.10%
           
Assets  $1,385,541   $1,384,827 
Shareholders’ equity   93,706    92,992 

 

Investors are urged to read the April 27, 2012 release for further information regarding the Corporation's financial condition and results of operations for the quarter ended March 31, 2012, which, except as revised by this announcement, remain unchanged.