First United reports Q1 EPS 89c vs. 62c last year

Reports Q1 NIM 3.56%. Tangible book value was $26.47 per share at March 31, 2025 vs. $25.83 per share at December 31, 2024. CEO Carissa Rodeheaver stated, “We are very pleased with the Q1results as we saw margin expansion, solid fee income and controlled expenses. Loan production was moderate during the quarter as many borrowers sit on the sidelines waiting for more certainty in the economic and political environments. Funding remains a challenge as inflation has taken its toll resulting in higher spending and reduced deposit balances while competition remains high. We are optimistic about the remainder of 2025 as we position ourselves for future growth and focus on an improved customer experience. We intend to invest in strategic hires and enhanced technology, particularly around the electronic banking experience, which will result in higher salaries and benefits and data processing expenses over the course of this year. However, we expect other expenses to be consistent with this quarter on a forward basis. Our solid performance is attributable to our dedicated associates as they assist our customers through these volatile times.”