First United Corp reports Q4 diluted EPS 82c vs. $1.04 last year

Net interest margin, on a non-GAAP, FTE basis, was 3.13% for the fourth quarter of 2023 compared to 3.12% for the third quarter of 2023 and 3.63% for the fourth quarter of 2022. According to Carissa Rodeheaver, Chairman, President and CEO, “2023 was a challenging year as we experienced industry turmoil, the impact of the rapidly increased rate environment and strong deposit competition. Despite these challenges, we were able to limit the impact to our margin, achieve strong loan growth, maintain strong asset quality and execute several strategic items. In the fourth quarter, we accomplished a balance sheet restructuring and announced the consolidation of our branch network. While these strategies had a short-term impact on our fourth quarter and year-to-date earnings, they position us well for greater efficiency and more positive ongoing future earnings. I am proud of our associates and their continued commitment to providing customized financial solutions to our clients resulting in a strong 2023 total shareholder return of 23.6%.” Our team has successfully assisted our customers in navigating this volatile and unpredictable financial environment.”