BOCA RATON, Fla. - First United Bancorp earned $1.7 million in the first nine months, compared with $628,000 for the same period last year.
The earnings include income of $640,000 from the adoption of Financial Accounting Standard 109.
However, earnings for the nine-month period increased 69% from the previous year even before the accounting changes and earnings per share increased 23% from the prior year before the change.
Warren S. Orlando, president and chief executive officer of the $124 million-asset company, attributes these increases to operating efficiencies resulting from a merger last year with Minzer Bank, as well as an improved interest margin.
