First United Corp reports Q3 EPS 89c vs. 67c last year

Q3 net interest margin, on a non-GAAP, fully tax equivalent basis, was 3.46%. Tangible book value per share was $25.06 from $21.27 at previous quarter end. CEO Carissa Rodeheaver said, “Earnings for Q3 were marked by stable net interest income, non-interest income and expenses. Provision expense decreased as compared to prior quarters this year as we saw improvements in our asset quality contributing to our increased net income. We continue to remain disciplined in our pricing despite competitive pressure as we build our balance sheet for current earnings and protect our long-term profitability. Our team of dedicated associates worked diligently during the quarter to maintain, build and support high levels of production and to assist our customers with their financial needs in this volatile economic environment.”