First United Q2 net income $4.9M ($0.75/sh), net interest margin 3.49%

FIRST UNITED CORP/MD/

2024-Q2 EPS reported $1.31

Net income $4.9M vs $4.4M Q2 2023; diluted EPS $0.75 vs $0.66.
Net interest margin (FTE) 3.49% for Q2; net interest income up $1.1M YoY.
Provision for credit losses $1.2M due to $1.1M charge-off on one commercial C&I credit.
Loan portfolio grew $16.3M in H1 2024; commercial pipeline $64.9M.
Repurchased 201,800 shares at avg $19.99; paid $0.20 quarterly dividend.

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