First United Corp reports Q1 EPS 56c vs. 65 last year

According to Carissa Rodeheaver, Chairman, President and CEO, “The first quarter of 2024 was a solid quarter with stable net income impacted slightly by the slowing of loan growth, stabilization of the net interest margin and the final costs associated with the branch consolidation announced last quarter. We experienced positive growth in our wealth management income spurred by improving market conditions and growth in new relationships and we successfully managed our core operating expenses. Our associates remain committed to working with our customers as they adjust to the higher interest rate and inflationary cost environment.” Net interest margin, on a non-GAAP, fully tax equivalent basis, was 3.12% for the first quarter of 2024 compared to 3.53% for the first quarter of 2023 and 3.13% for the fourth quarter of 2023.