First United reports Q2 EPS 92c vs. 75c last year

Q2 net interest margin, on a non-GAAP, fully tax equivalent basis, was 3.65% vs. 3.49% last year. Tangible book value per share was $27.64 from $23.55 a year ago. CEO Carissa Rodeheaver said, “Q2 remained strong, driven by our increasing net interest margin. We were successful in controlling funding costs and the higher-than-expected interest rate environment led to favorable interest income in our loan portfolio. Loan production increased during the quarter and pipelines remain strong. We are excited to have expanded our Morgantown team during the first half of this year and are optimistic about the growth potential of that market. We will continue to add talent when the opportunity presents itself and to focus on technologies that will improve efficiencies long-term and to enhance our customer experience.”