BANK UNITED REPORTS EARNINGS FOR FIRST QUARTER OF FISCAL 1995.HOUSTON--(BUSINESS WIRE)--Feb. 3, 1995--Bank United of Texas FSB (FrontSide Bus) See system bus. FSB - front side bus (NYSE NYSE See: New York Stock Exchange :BKU/PRA) today reported net income of $18 million for the quarter ended Dec. 31, 1994 -- the first quarter of fiscal 1995. Total assets reached $9.6 billion, compared to $8.4 billion at Dec. 31, 1993. The increase is due to the bank's continued acquisition of one- to four-family residential mortgages and retention in its portfolio of originated adjustable-rate loans. Bank United's stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased to $653 million at quarter end, compared to $604 million at the year-ago quarter. This represents a core capital ratio of 5.97 percent. Operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before (net income before taxes and net gains/losses on interest-earning assets) were $31.3 million for the current quarter, compared to $30.2 million for the year-ago quarter. The current quarter's net income of $18 million was down from $34.3 million for the corresponding quarter of fiscal 1994. The difference can be attributed primarily to the recognition of tax benefits during the first quarter of fiscal 1994 caused by the implementation of Financial Accounting Standard No. 109, "Accounting for Income Taxes." No such benefits were recognized in the current quarter. Also sales of mortgage warehouse loans resulted in a loss on interest-earning assets for the quarter ended Dec. 31, 1994, vs. a gain for the year-ago quarter. Mortgage loan originations 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. decreased for the period by $1.2 billion from the year-ago quarter. Bank United operates a fully integrated national housing finance business focused on one- to four-family residential mortgages. The bank's business is conducted through a retail banking network of 64 branches in Texas -- 34 in the greater Houston Houston–Sugar Land–Baytown is a 10-county metropolitan area defined by the Office of Management and Budget. It is located along the Gulf Coast region in the U.S. state of Texas. area, 26 located in the Dallas/Fort Worth Metroplex The Dallas–Fort Worth–Arlington metropolitan area, a title designated by the U.S. Census as of 2003, encompasses 12 counties within the U.S. state of Texas. The metropolitan area is further divided into two metropolitan divisions: Dallas–Plano–Irving , and two each in Austin Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum and San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. ; a mortgage banking network of 131 loan offices in 32 states under the name of Bank United Mortgage in Texas and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). and Commonwealth United Mortgage elsewhere, as well as a $10.8 billion mortgage 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; and a wholesale banking division which specializes in real estate lending as well as buying, managing, securitizing and selling mortgages in the wholesale and secondary mortgage markets. Bank United is FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. and an equal housing lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . -0-
BANK UNITED OF TEXAS FSB
SUPPLEMENTAL FINANCIAL INFORMATION
(Dollars in Millions, except per share data)
At or for the
Three Months Ended
December 31,
---------------------- Percent
1994 1993 Change
---- ---- -------
Summary Income Statement
------------------------
Interest income $ 154.6 $ 123.7 25%
Interest expense 107.5 74.8 44%
---------- --------- -------
Net interest income 47.1 48.9 -4%
Provision for loan losses 0.9 1.5 -40%
Loan servicing fees and charges 10.8 6.7 61%
Net gains (losses) on interest-
earning assets (2.2) 4.3 -151%
Gains from sales of servicing
rights 21.0 22.1 -5%
Other 3.0 2.9 3%
---------- --------- -------
Non-interest income 32.6 36.0 -9%
Non-interest expenses 49.7 48.9 2%
---------- --------- -------
Income before taxes 29.1 34.5 -16%
Income tax expense (net of FAS 109
tax benefit in 1993) 11.1 0.2 5450%
---------- --------- -------
Net income $ 18.0 $ 34.3 -48%
Preferred dividends (2.2) (2.2) -
---------- --------- -------
Net income applicable to
common stock $ 15.8 $ 32.1 -51%
========== ========= =======
Operating earnings (net income
before taxes and net gains/losses
on interest-earning assets $ 31.3 $ 30.2 4%
========== ========= =======
----------------------------------------------------------------------
Note:
-----
Income from loan servicing
activities $ 4.6 $ 3.5 31%
----------------------------------------------------------------------
Other Selected Data
-------------------
Total assets - Period end $ 9,615 $ 8,353 15%
- Average 9,178 8,401 9%
Average interest-earning assets $ 8,876 $ 7,932 12%
Deposits
Retail $ 3,896 $ 4,213 -8%
Wholesale 603 336 79%
Brokered 270 327 -17%
---------- --------- -------
Total deposits $ 4,769 $ 4,876 -2%
Stockholders' equity $ 653 $ 604 8%
Mortgage loan applications for
the period $ 1,353 $ 2,647 -49%
Mortgage loan originations for
the period 825 2,025 -59%
Servicing portfolio 10,829 8,534 Return on average assets 0.78% 1.62% Return on average total equity 10.98% 22.98% Return on average common equity 11.12% 25.16% Average equity to average assets 7.07% 7.05% Earnings per share $ 5.53 $ 11.25
Dividends paid per share
Common stock $ 1.93 $ 1.99
Preferred stock 0.63 0.63
Capital ratios- Current
period end Requirement
-----------
Tangible capital ratio 1.50% 5.83% 6.44%
Core capital ratio 3.00% 5.97% 6.68%
Total risk-based
capital ratio 8.00% 13.13% 15.30%
Tier 1 capital ratio N/A 12.60% 14.49%
----------------------------------------------------------------------
N/A - Not applicable
CONTACT: Bank United of Texas FSB Vern Stockton Stockton, city (1990 pop. 210,943), seat of San Joaquin co., central Calif., on the San Joaquin River; inc. 1850. One of the fastest-growing U.S. cities during the late 20th cent., Stockton is an inland seaport located at the head of the San Joaquin delta. (media relations) 713/965-6920 Lynne Lynne may refer to: In places:
The process by which the corporation communicates with its investors. ) 713/965-6965 |
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