First United Bancshares, Inc. Announces Second 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)--July 20, 1998--James V. Kelley Kelley may refer to any of the following: People
Net income before merger-related costs was $16.1 million or $0.63 per share for the first six months of 1998 as compared to $15.1 million or $0.60 per share for the same period in 1997. Net income before merger-related costs was $7.7 million or $0.30 per share for the three months ended June 30, 1998. Net income for the same period in 1997 was $7.5 million or $0.29 per share. Including merger-related costs, net income for the six months ended June 30, 1998 was $15.5 million or $0.61 per share and net income for the three months ended June 30, 1998 was $7.3 million or $0.29 per share. During 1998, First United acquired Citizens National Bancshares, Inc. in Hope, Arkansas Hope is a small city in Hempstead County, Arkansas, United States. According to 2006 Census Bureau estimates, the population of the city is 10,467.[1] The city is the county seat of Hempstead CountyGR6. ("Citizens") and First Republic Bancshares, Inc. in Monroe, Louisiana The city of Monroe is the parish seat of Ouachita Parish, in the US state of Louisiana. [1] [2] It is the principal city of the Monroe, Louisiana Metropolitan Statistical Area (pop. ("First Republic") in transactions accounted for as poolings of interests. Costs associated with these transactions totaled $0.6 million and $0.4 million, respectively, for the six and three months ended June 30, 1998. All periods prior to these mergers have been restated to include the results of Citizens and First Republic. Total assets at the end of the period were $2.41 billion, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5.5% when compared with $2.28 billion at June 30, 1997. Total deposits at June 30, 1998 were $2.05 billion, while total gross loans for the same period were $1.30 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 for the six months period was 1.32% and return on average equity was 13.37% on an annualized basis, compared with 1.39% and 14.39%, respectively, for the same period in 1997. 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 8.3% to $244.1 million at June 30, 1998 compared with $225.5 million at June 30, 1997. Book value per share at June 30, 1998 was $9.56 compared with $8.91 at June 30 of last year. On May 26, 1998, First United declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a 2-for-1 stock split which was effected in the form of a 100% stock dividend. The dividend was distributed on June 30, 1998 and increased the issued and outstanding common stock of the company from 12.6 million and 25.3 million shares. All per share data and number of shares outstanding have been retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin restated to reflect the effect of this stock split. First United is a multi-bank holding company with thirteen 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. .
In addition, First United has reached an agreement in principle to acquire Mountain Bancshares, Inc. located in Yellville, Arkansas Yellville is a city in Marion County, Arkansas, United States. The population was 1,312 at the 2000 census. The city is the county seat of Marion CountyGR6. . Mountain Bancshares, Inc. owns The Bank of Yellville, a $103 million bank, which operates locations in Yellville, Bull Shoals, Flippin, Lead Hill and Mountain Home, Arkansas Mountain Home is a city located in Baxter County, Arkansas, a wet county, and is the county seat.GR6 It was incorporated in 1888. The city sprang up around the Male and Female Academy which Professor J.S. Howard founded during the 1850s. . 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) Six Months Ended
June 30,
1998 1997
ASSETS
Cash and Due from Banks $ 93,309 $ 92,685
Short-term Investments 124,070 37,317
Securities Available-for-Sale 608,174 684,878
Investment Securities 219,550 240,631
Total Loans 1,300,556 1,161,235
Unearned Discount (6,276) (6,631)
Allowance for Loan Losses (18,113) (15,698)
Net Loans 1,276,167 1,138,906
Premises and Equipment 41,526 41,817
Goodwill 10,406 11,536
Other Real Estate 863 1,393
Other Assets 35,297 35,359
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TOTAL ASSETS $2,409,362 $2,284,522
LIABILITIES
Deposits:
Demand $ 343,769 $ 302,561
Savings and Interest-bearing Demand 553,176 529,700
Time 1,154,121 1,099,504
Total Deposits 2,051,066 1,931,765
Short-term Borrowings 68,046 67,423
Other Liabilities 19,931 27,941
Notes Payable 26,186 31,898
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TOTAL LIABILITIES 2,165,229 2,059,027
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;
50,000 shares authorized; 25,294
shares issued and outstanding in
1998 and 1997) 25,294 25,294
Surplus 25,128 23,341
Undivided Profits 191,302 176,693
Net Unrealized Gains (Losses) on
Securities Available-for-Sale,
Net of Tax 2,409 167
----------- -----------
TOTAL CAPITAL ACCOUNTS 244,133 225,495
TOTAL LIABILITIES AND CAPITAL ACCOUNTS $2,409,362 $2,284,522
FIRST UNITED BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share data) Three Months Ended
June 30,
1998 1997
INTEREST INCOME
Interest and Fees on Loans $ 30,078 $ 27,072
Interest on Securities - Taxable 11,234 13,041
- Non-Taxable 1,688 1,616
Interest on Federal Funds Sold and
Securities Purchased Under Agreements
to Resell 1,164 729
Interest on Deposits in Banks 249 242
----------- -----------
TOTAL INTEREST INCOME 44,413 42,700
INTEREST EXPENSE
Interest on Deposits 19,208 18,251
Interest on Federal Funds Purchased
and Securities Sold Under Agreements
to Repurchase 985 1,031
Interest on Notes Payable 364 455
----------- -----------
TOTAL INTEREST EXPENSE 20,557 19,737
NET INTEREST INCOME 23,856 22,963
Provision for Loan Losses 1,350 810
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 22,506 22,153
OTHER INCOME
Service Charges on Deposit Accounts 2,285 2,262
Trust Income 595 496
Security Gains (Losses) 49 37
Other Operating Income 1,202 1,236
----------- -----------
TOTAL OTHER INCOME 4,131 4,031
OTHER EXPENSE
Salaries 6,664 6,343
Pension and Other Employee Benefits 2,114 2,085
Net Occupancy Expense 1,297 1,312
Equipment Expense 947 964
Data Processing Expense 997 909
Merger-related Costs 411 0
Other Operating Expenses 3,976 4,041
----------- -----------
TOTAL OTHER EXPENSE 16,406 15,654
INCOME BEFORE INCOME TAX EXPENSE 10,231 10,530
INCOME TAX EXPENSE 2,942 3,077
----------- -----------
NET INCOME $ 7,289 $ 7,453
----------- -----------
EARNINGS PER SHARE $ 0.29 $ 0.29
----------- -----------
CASH DIVIDENDS PER SHARE $ 0.115 $ 0.10
----------- -----------
AVERAGE SHARES ISSUED AND OUTSTANDING 25,294 25,294
FIRST UNITED BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share data) Six Months Ended
June 30,
1998 1997
INTEREST INCOME
Interest and Fees on Loans $ 58,584 $ 52,555
Interest on Securities - Taxable 23,351 25,691
- Non-Taxable 3,319 3,212
Interest on Federal Funds Sold and
Securities Purchased Under Agreements
to Resell 1,942 1,484
Interest on Deposits in Banks 551 535
----------- -----------
TOTAL INTEREST INCOME 87,747 83,477
INTEREST EXPENSE
Interest on Deposits 38,073 36,078
Interest on Federal Funds Purchased
and Securities Sold Under Agreements
to Repurchase 1,985 1,869
Interest on Notes Payable 712 816
----------- -----------
TOTAL INTEREST EXPENSE 40,770 38,763
NET INTEREST INCOME 46,977 44,714
Provision for Loan Losses 1,667 1,284
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 45,310 43,430
OTHER INCOME
Service Charges on Deposit Accounts 4,541 4,436
Trust Income 1,121 1,188
Security Gains (Losses) 151 36
Other Operating Income 2,697 2,530
----------- -----------
TOTAL OTHER INCOME 8,510 8,190
OTHER EXPENSE
Salaries 13,158 12,458
Pension and Other Employee Benefits 4,237 4,112
Net Occupancy Expense 2,521 2,521
Equipment Expense 1,925 1,919
Data Processing Expense 2,007 1,715
Merger-related Costs 567 0
Other Operating Expense 7,913 7,830
----------- -----------
TOTAL OTHER EXPENSE 32,328 30,555
INCOME BEFORE INCOME TAX EXPENSE 21,492 21,065
INCOME TAX EXPENSE 6,006 6,008
----------- -----------
NET INCOME $ 15,486 $ 15,057
----------- -----------
EARNINGS PER SHARE $ 0.61 $ 0.60
----------- -----------
CASH DIVIDENDS PER SHARE $ 0.215 $ 0.185
----------- -----------
AVERAGE SHARES ISSUED AND OUTSTANDING 25,294 25,294
FIRST UNITED BANCSHARES, INC.
SELECTED FINANCIAL INFORMATION
(Dollars in thousands) Six Months Ended
June 30,
1998 1997
SELECTED AVERAGE BALANCES
Total Assets $2,361,627 $2,287,873
Earning Assets 2,203,864 2,121,576
Loans, Net of Unearned Income 1,252,844 1,107,671
Total Securities 848,693 933,863
Total Deposits 2,038,373 1,955,885
NIB Demand Deposits 326,987 327,090
Large Time Deposits 348,002 319,041
Interest Bearing Liabilities 69,374 58,804
Shareholders' Equity 233,598 220,937
SELECTED PERIOD END DATA
Total Assets $2,409,362 $2,284,522
Securities Available-for-Sale 608,174 684,878
Investment Securities 219,550 240,631
Loan, Net 1,276,167 1,138,906
Large Time Deposits 341,162 318,866
Total Deposits 2,051,066 1,931,765
Long-term Debt - Parent Only 11,657 12,757
Shareholders' Equity 244,133 225,495
Book Value per Share 9.56 8.91
Tangible Book Value per Share 9.15 8.45
Non-accrual Loans 4,465 3,538
Loans Past Due 90 Days+ 5,107 5,026
Restructured Loans 1,063 1,203
Gross Charge-offs 1,255 1,869
Recoveries 690 905
PERFORMANCE RATIOS
Return on Average Assets 1.32% 1.39%
Return on Average Equity 13.37% 14.39%
Net Interest Margin (FTE) 4.49% 4.73%
Allowance for Loan Losses to Loans 1.39% 1.35%
Equity to Assets 10.03% 9.86%
Leverage Ratio 9.65% 9.41%
Total Risk-based Capital 17.35% 17.64%
Tier I Risk-based Capital Ratio 16.10% 16.43%
Nonperforming Loans to Total Loans .81% .31%
Net Charge-offs (Recoveries) to
Average Loans, Net of Unearned Income .05% .09%
Efficiency Ratio 55.42% 56.19%
MISCELLANEOUS
Net Interest Income (TE) $ 24,680 $ 24,351
Intangible Assets - Goodwill 10,406 11,536
Purchased Mortgage Servicing Rights 283 400
Mortgage Loan Servicing Portfolio 126,379 121,533
Total Trust Assets (in millions)
-Discretionary 459,277 430,144
-Non-discretionary 167,784 138,074
-Bond Issues 32,413 37,825
Tier I Capital 231,176 213,792
Tier II Capital 17,944 15,698
Risk Weighted Assets 1,435,549 1,301,213
Common Stock Closing Price (NASDAQ) 24.4375 21.375
CONTACT: First United Bancshares, Inc., El Dorado John E. Burns, 870/863-3181 burns47@arkansas.net |
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