First United Bancshares, Inc. Announces First Quarter Results.EL DORADO El Dorado, legendary country of South America El Dorado (ĕl`dərä`dō, –rā`–) [Span.,=the gilded man], legendary country of the Golden Man sought by adventurers in South America. , Ark.--(BUSINESS WIRE)--April 20, 1998--James V. Kelley Kelley may refer to any of the following: People
Net income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $8.2 million or $0.65 per share for the first quarter of 1998 as compared to $7.2 million or $0.57 per share for the same period in 1997. Total assets at the end of the period were $2.38 billion, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 7% when compared with $2.22 billion at March 31, 1997. Total deposits at March 31, 1998 were $2.02 billion, while total loans for the same period were $1.25 billion. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets and return on average equity was 1.42% and 14.31% respectively. "During the first quarter of this year, we closed the acquisitions of Citizens National Bancshares Inc. of Hope, Ark. and First Republic Bancshares Inc. of Monroe Monroe. 1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as , La." stated Kelley. "Both of these transactions will be immediately accretive to earnings per share. First quarter results met our projections and First United continues to seek opportunities for expansion in both core banking and non-bank lines of business." Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. rose approximately 13.4% to $239.1 million at March 31, 1998 compared with $210.9 million at March 31, 1997. Book value per share, excluding unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. (losses) on securities available-for-sale, at March 31, 1998 was $18.70 compared with $16.81 at the same time last year. First United is a mult-bank holding company with 13 affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. banks and a non-bank subsidiary Non-bank subsidiaries, are firms owned by bank holding companies which offer non-bank products and services, such as insurance and investment advice, and do not offer FDIC insured banking products, such as checking and savings accounts. , First United Trust Company, N.A., serving 38 communities in Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. , Texas, and Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. .
First United's stock is listed on the 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 National Market System under the symbol "UNTD." -0-
FIRST UNITED BANCSHARES, INC.
CONSOLIDATED BALANCE SHEET
(Dollars in thousands) Three Months Ended
March 31,
1998 1997
ASSETS
Cash and Due from Banks $ 105,997 $ 100,424
Short-term Investments 103,221 71,398
Securities Available-for-Sale 638,893 635,745
Investment Securities 219,528 272,046
Total Loans 1,248,814 1,068,177
Unearned Discount (6,135) (5,202)
Allowance for Loan Losses (17,219) (15,162)
Net Loans 1,225,460 1,047,813
Premises and Equipment 41,208 40,196
Goodwill 10,374 11,455
Other Real Estate 1,248 1,539
Other Assets 36,391 34,541
----------- -----------
TOTAL ASSETS $2,382,320 $2,215,157
LIABILITIES
Deposits:
Demand $ 310,578 $ 296,930
Savings and Interest-bearing Demand 552,164 514,362
Time 1,160,007 1,070,186
Total Deposits 2,022,749 1,881,478
Short-term Borrowings 84,821 75,890
Other Liabilities 24,007 39,030
Notes Payable 11,656 7,890
----------- -----------
TOTAL LIABILITIES 2,143,233 2,004,288
CAPITAL ACCOUNTS
Preferred Stock (Par value of $1.00;
500 shares authorized in 1998 and
1997, none outstanding) 0 0
Common Stock (Par value of $1.00;
24,000 shares authorized; 12,647
shares issued and outstanding in
1998 and 1997) 12,647 12,647
Surplus 35,988 35,988
Undivided Profits 187,876 163,998
Net Unrealized Gains (Losses) on
Securities Available-for-Sale,
Net of Tax 2,576 (1,764)
----------- -----------
TOTAL CAPITAL ACCOUNTS 239,087 210,869
TOTAL LIABILITIES AND
CAPTIAL ACCOUNTS $2,382,320 $2,215,157
FIRST UNITED BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share data) Three Months Ended
March 31,
1998 1997
INTEREST INCOME
Interest and Fees and Loans $ 28,506 $ 24,371
Interest on Securities - Taxable 12,117 12,544
- Non-taxable 1,631 1,555
Interest on Federal Funds Sold
and Securities Purchased Under
Agreements to Resell 778 734
Interest on Deposits in Banks 302 280
----------- -----------
TOTAL INTEREST INCOME 43,334 39,484
INTEREST EXPENSE
Interest on Deposits 18,865 17,424
Interest on Federal Funds Purchased
and Securities Sold Under Agreements
to Repurchase 1,000 838
Interest on Notes Payable 348 361
----------- -----------
TOTAL INTEREST EXPENSE 20,213 18,623
NET INTEREST INCOME 23,121 20,861
Provision for Loan Losses 317 469
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 22,804 20,392
OTHER INCOME
Service Charges on Deposit Accounts 2,256 2,007
Trust Income 526 692
Security Gains (Losses) 102 (1)
Other Operating Income 1,495 1,270
----------- -----------
TOTAL OTHER INCOME 4,379 3,968
OTHER EXPENSE
Salaries 6,494 5,921
Pension and Other Employee Benefits 2,123 1,998
Net Occupancy Expense 1,224 1,171
Equipment Expense 978 917
Data Processing Expense 1,010 775
Other Operating Expenses 4,093 3,602
----------- -----------
TOTAL OTHER EXPENSE 15,922 14,384
INCOME BEFORE INCOME TAX EXPENSE 11,261 9,976
INCOME TAX EXPENSE 3,064 2,760
----------- -----------
NET INCOME $ 8,197 $ 7,216
----------- -----------
EARNINGS PER SHARE $ 0.65 $ 0.57
---------- -----------
CASH DIVIDENDS PER SHARE $ 0.20 $ 0.17
----------- -----------
AVERAGE SHARES ISSUED AND OUTSTANDING 12,647 12,647
FIRST UNITED BANCSHARES, INC.
SELECTED FINANCIAL INFORMATION
(Dollars in thousands) Three Months Ended
March 31,
1998 1997
SELECTED AVERAGE BALANCES
Total Assets $2,349,119 $2,253,774
Earning Assets 2,195,392 2,109,749
Loans, Net of Unearned Income 1,213,510 1,040,936
Total Securities 900,151 1,328,012
Deposits 2,008,037 1,869,689
Interest Bearing Liabilities 94,748 79,721
Shareholders' Equity 232,224 224,839
SELECTED PERIOD END DATA
Total Assets $2,382,320 $2,215,157
Securities Available-for-Sale 638,893 635,745
Investment Securities 219,528 272,046
Loans, Net 1,225,460 1,047,813
Total Deposits 2,022,749 1,881,478
Shareholders' Equity 239,087 210,869
Book Value per Share 18.70 16.81
Tangible Book Value per Share 17.88 15.91
Non-accrual Loans 4,446 3,482
Loans Past Due 90 Days+ 2,266 1,849
Restructured Loans 912 1,226
Gross Charge-offs 1,233 903
Recoveries 468 526
PERFORMANCE RATIOS
Return on Average Assets 1.39% 1.30%
Return on Average Equity 13.91% 13.02%
Net Interest Margin (FTE) 4.44% 4.17%
Allowance for Loan Losses to Loans 1.38% 1.42%
Equity to Assets 9.93% 9.59%
Leverage Ratio 9.54% 9.13%
Total Risk-based Capital 17.53% 23.79%
Tier I Risk-based Capital Ratio 16.28% 22.54%
Nonperforming Loans to Total Loans 0.61% 0.33%
Net Charge-offs (Recoveries) to
Average Loans, Net of Unearned
Income 0.06% 0.04%
Efficiency Ratio 55.22% 56.05%
MISCELLANEOUS
Net Interest Income (TE) $ 23,208 $ 20,945
Intangible Assets - Goodwill 10,374 11,455
Purchased Mortgage Servicing Rights 312 430
Total Trust Assets (in millions)
- Discretionary 459,561 408,981
- Non-discretionary 130,649 158,478
- Bond Issues 32,195 50,860
Tier I Capital 226,137 201,178
Common Stock Closing Price (NASDAQ) 53.50 38.25
CONTACT: First United Bancshares Inc., El Dorado John E. Burns, 870/863-3181 burns47@arkansas.net |
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