OAKLAND , Md . , May 8 / PRNewswire-FirstCall / -- First United Corporation ( Nasdaq : FUNC ) , a financial holding company and the parent company of First United Bank & Trust , announces consolidated net income available to common shareholders for the quarter ended March 31 , 2009 of $ 2.12 million ( earnings per common share of $ .35 ) , compared to $ 3.14 million ( earnings per common share of $ .51 ) for the first quarter of 2008 . The decrease in net income resulted primarily from a ( $ 1.1 ) million loss on the investment portfolio and $ .7 million in increased provision expense . Interest expense on our interest-bearing liabilities decreased $ 3.3 million due to the low interest rate environment , our decision to increase special pricing only for full relationship customers and certificates of deposit renewing at lower interest rates due to the short duration of our portfolio . As a result , our net interest income for the first three months of 2009 increased $ 1.8 million when compared to the same period of 2008 and our net interest margin increased from 3.56 % for the first three months of 2008 to 3.83 % for the first three months of 2009 .