First United Corp reports Q2 EPS 75c vs. 66c last year

According to Carissa Rodeheaver, Chairman, President and CEO, “Net interest income improved as we experienced higher repricing of loans and saw stabilization of deposit expense as we remained disciplined in our pricing. Non-interest expenses declined, and loan and wealth production were solid, all resulting in solid core earnings for the quarter offset slightly by increased provision expense. We also took advantage of the lower stock price and improved shareholder position by repurchasing common stock. We believe the environment will continue to be challenging due to the higher interest rates, but we are well positioned to continue to post solid earnings the remainder of the year.”