1st United Bancorp reports record earnings.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--July 12, 1996--1st United Bancorp, (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FUBC), parent of 1st United Bank, reported record earnings for the quarter ended June June: see month. 30, 1996 of $1.917 million ($.25 per share). Included in the quarter ended June 30, 1996 earnings was a one time after tax gain on sale of assets approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $240,000 or $.03 per share. Excluding the $240,000 gain, net earnings for the quarter ended June 30, 1996 were $1.677 million, a 56% increase over the quarter ended June 30, 1995 of $1.077 million. Earnings per share, excluding the $240,000 after tax gain, for the quarter ended June 30,1996 increased 38% to $.22 per share as compares to $.16 per share for the quarter ended June 30, 1995. Year to date earnings for the period ended June 30, 1996 were $3.497 million ($.45 per share). Excluding the one time gain, earnings for the period ended June 30, 1996 increased 64% to $3.257 million as compared to $1.985 million for the same period in 1995. Earnings per share (excluding the gain) for the period ended June 30, 1996 increased 40% to $.42 per share as compared to $.30 per share in 1995. On Jan. 5, 1996, 1st United Bancorp completed the acquisition of The American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Bancorporation of the South ("American"). 1st United Bancorp continues to make significant progress in reducing the non performing loans and other real estate acquired as a result of the American acquisition. Since March 31, 1996, approximately $2.6 million non-performing assets have been sold. Offsetting this decrease in non-performing assets was approximately $2.3 million in FHA/VA guaranteed loans 1st United repurchased during the quarter ended June 30, 1996. The loans were required to be repurchased due to 1st United's sale of the former American loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. portfolio (no gain or loss was recorded as a result of this sale). Due to the governmental guarantees no losses are anticipated on these loans. 1st United Bancorp has over $446 million in assets and $43.3 million in capital which exceeds all minimum capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . 1st United Bank has 27 full service branches throughout Palm Beach, Brevard Brevard (brəvärd`), town (1990 pop. 5,388), seat of Transylvania co., SW N.C., near French Broad River in the Blue Ridge Mts.; inc. 1867. , southern Martin, and northern Broward Broward could refer to:
1st United Bancorp is a publicly traded financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company listed on the NASDAQ Market under the symbol FUBC. -0-
1ST UNITED BANCORP AND SUBSIDIARY (1ST UNITED BANK)
Selected Financial Data
Condensed Income Statement Data ($ in thousands except per share data)
Three Months Ended
June 30,
1996 1995
(Unaudited)
Interest income $ 8,531 $ 6,445 Interest expense 2,163 1,686 Net interest income 6,368 4,759 Provision for loan losses 20 53 Net interest income after provision for loan losses 6,348 4,706 Gain on sale of asset 385 0 Other income 1,667 877 Total non interest income 2,052 877 Operating expenses 5,395 3,885 Income before taxes 3,005 1,698 Income taxes 1,088 621 Net Income $ 1,917 $ 1,077 PER SHARE DATA Net Income $ .25 $ .16 Cash dividends declared $ .04 $ .03 Average common shares and common stock equivalents outstanding 7,773,000 6,834,000
1ST UNITED BANCORP AND SUBSIDIARY (1ST UNITED BANK)
Selected Financial Data
Condensed Income Statement Data ($ in thousands except per share data)
Six Months Ended
June 30,
1996 1995
(Unaudited)
Interest income $17,363 $11,823 Interest expense 4,477 3,001 Net interest income 12,886 8,822 Provision for loan losses 60 93 Net interest income after provision for loan losses 12,826 8,729 Gain on sale of asset 385 0 Other income 3,414 1,464 Total non-interest income 3,799 1,464 Operating expenses 11,078 7,077 Income before taxes 5,547 3,116 Income taxes 2,050 1,131 Net Income $ 3,497 $ 1,985 PER SHARE DATA Net Income $ .45 $ .30 Cash dividends declared $ .07 $ .11 Average common shares and common stock equivalents outstanding 7,750,000 6,705,000
SELECTED FINANCIAL RATIOS
(Unaudited)
For Quarter Ended For Period Ended
June 30, June 30,
1996 1995 1996 1995
Yield on interest-bearing assets 8.68% 9.25% 8.66% 9.12% Interest expense to earning assets 2.19% 2.42% 2.20% 2.32% Margin on earning assets 6.49% 6.83% 6.46% 6.80% Return on average assets(ROA) 1.47%(1) 1.42% 1.44%(1) 1.41% Return on average equity(ROE) 15.8%(1) 13.66% 1.57%(1) 13.14% (1) Excludes the $240,000 after tax effect of the sale of merchant processing. Including this sale, ROA and ROE for the quarter ended June 30, 1996 is 1.68%, and 18.1%, respectively and for the period ended June 30, 1996 1.56% and 16.9%, respectively. SELECTED PERIOD END BALANCES June 30, March 31, Dec. 31, June 30, (in 000's) 1996 1996 1995 1995 Total gross loans $328,654 $298,654 $234,539 $241,800 Allowance for loan losses 8,908 8,806 6,299 6,608 Securities (carrying value) 53,495 56,919 33,334 40,478 Securities (fair value) 52,679 56,592 33,392 40,301 Intangible assets (including goodwill) 7,755 7,889 4,424 4,613 Total assets 446,135 464,360 306,715 311,190 Deposits-non interest bearing 114,486 120,157 79,538 69,581 Deposits-interest bearing 283,960 295,610 190,218 200,930 Notes payable and long term debt 0 2,208 39 0 Stockholders' equity 43,314 41,600 33,969 31,805 Non-performing loans 12,699 11,463 3,410 4,042 Other real estate owned 6,258 7,606 1,552 1,118 Total non-performing assets 18,957 19,069 4,962 5,160 Outstanding shares 7,450 7,449 6,630 6,625 Book value per share $ 5.81 $ 5.58 $ 5.12 $ 4.80 Selected Ratios: Allowance for loan losses to non-performing loans 70% 77% 185% 163% Allowance for loan losses to loans 2.71% 2.95% 2.68% 2.73% Non-performing loans to total loans 3.86% 3.84% 1.45% 1.67% Non-performing assets to total loans and other real estate 5.66% 6.23% 2.10% 2.12% Tier I leverage ratio 7.99% 7.21% 9.66% 8.42% CONTACT: 1st United Bancorp, Boca Raton John Marino Ma·ri·no , Daniel Constantine Known as "Dan." Born 1961. American football player. As a quarterback with the Miami Dolphins, he set several National Football League records, including those for career and single-season touchdowns and passing , Chief Financial Officer 407/392-4000 |
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