First United Bancshares, Inc. Announces Third Quarter Earnings.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)--Oct. 21, 1996--James V. Kelley Kelley may refer to any of the following: People
Net income for the nine months ended Sept. 30, 1996 was $13.87 million, an increase of approximately 21% over the same period in 1995 when net income was $11.43 million. Net income for the three months ended Sept. 30, 1996 increased approximately 19% to $4.69 million compared with $3.95 million for the same period in 1995. Earnings per share for the first nine months of 1996 were $1.68 compared with $1.48 during the same period in 1995, an increase of approximately 14%. Earnings per share for the third quarter of 1996 increased 12% to $.57 per share compared with $.51 during the same period in 1995. Total assets at the end of the period were $1.52 billion, an increase of approximately 15.69% when compared with $1.31 billion at Sept. 30, 1995. Total deposits at Sept. 30, 1996 were $1.30 billion, while total loans for the same period were $719.21 million. 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 nine month period was 1.26% and return on average equity was 12.94% on an annualized basis. "We are very pleased with the third quarter performance of First United," stated Kelley. "The company continues to show record profits and we are encouraged that the remainder of 1996 will be a continuation of these results." 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 13.89% to $144.31 million at Sept. 30, 1996 compared with $126.71 million at Sept. 30, 1995. Book value per share at Sept. 30, 1996 was $17.72 compared with $16.34 at September September: see month. 30 of last year. On Aug. 31, 1996, First United acquired Carlisle Bancshares, Inc. ("Carlisle"), with $100 million in assets, in its wholly-owned subsidiaries, Citizens Bank and Trust, FirstBank of 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. , and Hazen First State Bank, in a transaction accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Net income of approximately $1.2 million related to Carlisle for periods prior to its Aug. 31, 1996 acquisition has been included in First United's results for the nine months ended Sept. 30, 1996. First United's results for the three months ended Sept. 30, 1996 include Carlisle's results for the entire three-month period. Prior year results have not been restated. First United is a $1.52 billion bank holding company with 11 affiliate banks in Arkansas and Texas. The 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." CONTACT: First United Bancshares, Inc., El Dorado John E. Burns, 501/863-3181 |
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