First United Corp reports Q3 EPS 67c vs. $1.04 last year

Net interest margin, on a non-GAAP, FTE basis, was 3.12% for the third quarter of 2023 compared to 3.26% for the second quarter of 2023 and 3.66% for the third quarter of 2022. According to Carissa Rodeheaver, Chairman, President and CEO, “We continue to be encouraged by the strong loan growth and the positive asset quality metrics of our loan portfolio. While we saw continued compression of our net interest margin during the quarter due to the rising funding costs, we believe the pricing is stabilizing. We remain focused on utilizing technology to bring efficiencies to our operations to control future expenses. Our team has successfully assisted our customers in navigating this volatile and unpredictable financial environment.”