Revenue during the quarter plunged 51.28 percent to $11.88 million from $24.38 million in the previous year period. Net interest income for the quarter rose 7 percent over the prior year period to $9.36 million. Non-interest income for the quarter fell 78.63 percent over the last year period to $3.43 million.

First United Corporation has made provision of $0.91 million for loan losses during the quarter, up 113.55 percent from $0.43 million in the same period last year.

Net interest margin improved 15 basis points to 3.19 percent in the quarter from 3.04 percent in the last year period. Efficiency ratio for the quarter deteriorated to 73.90 percent from 69.30 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

According to Carissa L. Rodeheaver, chairman of the Board, chief executive officer and president, "We made great progress in 2016 as we implemented our new brand, opened our first branch of the future, introduced new banking technology, consolidated our community office franchise, and announced our common stock rights offering and repayment of a portion of our higher cost capital and debt. We are also making good strides in continually improving asset quality and changing the mix on our balance sheet for both assets and liabilities in order to increase our core earnings. Our Board of Directors, management and all associates are re-energized as we look to 2017."

Return on average assets moved down 43 basis points to 0.55 percent in the quarter from 0.98 percent in the last year period. At the same time, return on average equity decreased 502 basis points to 6.38 percent in the quarter from 11.40 percent in the last year period.

Tier-1 leverage ratio stood at 10.95 percent for the quarter, down from 11.64 percent for the previous year quarter. Book value per share was $14.95 for the quarter, up 3.03 percent or $0.44 compared to $14.51 for the same period last year.