First United Bancshares, Inc. Announces Third 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)--Oct. 18, 1999-- James V James V, king of Scotland James V, 1512–42, king of Scotland (1513–42), son and successor of James IV. His mother, Margaret Tudor, held the regency until her marriage in 1514 to Archibald Douglas, 6th earl of Angus, when she lost it to John . Kelley Kelley may refer to any of the following: People
Net income was $25.1 million or $0.99 per share for the first nine months of 1999 as compared to $22.7 million or $0.90 per share for the same period in 1998. Net income was $8.6 million or $0.34 per share for the three months ended September 30, 1999. Net income for the same period in 1998 was $7.2 million or $0.29 per share. "Quarterly results met our projections and once again reflect continued improvement from the prior year," stated Kelley. "Although our July July: see month. acquisition in Marshall, Texas  Marshall is a major city of the northeastern region of the U.S. state of Texas, United States. It is a major cultural and educational center in East Texas, and the multi-state Ark-La-Tex region. had little effect on third quarter earnings, we continue to be excited about the potential for growth in this market." Total assets at the end of the period were $2.64 billion, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 9.0% when compared with $2.41 billion at September 30, 1998. Total deposits at September 30, 1999 were $2.23 billion, while total gross loans for the same period were $1.49 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 nine month period was 1.31% and return on average equity was 12.98% on an annualized basis, compared with 1.28% and 12.84%, respectively, for the same period in 1998. 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 2.4% to $258.8 million at September 30, 1999 compared with $252.8 million at September 30, 1998. Book value per share at September 30, 1999 was $10.23 compared with $10.00 at September 30 of last year. First United is a multi-bank holding company with 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 39 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) Nine Months Ended
September 30,
1999 1998
ASSETS
Cash and Due from Banks $ 87,316 $ 82,668
Short-term Investments 66,739 84,266
Securities Available-for-Sale 713,742 619,073
Investment Securities 196,644 228,260
Total Loans 1,491,483 1,334,099
Unearned Discount (4,669) (6,224)
Allowance for Loan Losses (18,593) (17,575)
Net Loans 1,468,221 1,310,300
Premises and Equipment 43,118 42,203
Goodwill 16,307 10,915
Other Real Estate 3,377 1,178
Other Assets 42,465 35,958
----------- -----------
TOTAL ASSETS $2,637,929 $2,414,821
LIABILITIES
Deposits:
Demand $ 347,231 $ 300,840
Savings and Interest-bearing Demand 616,006 555,664
Time 1,264,185 1,196,760
Total Deposits 2,227,422 2,053,264
Short-term Borrowings 92,245 59,742
Other Liabilities 24,517 24,581
Notes Payable 34,896 24,398
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TOTAL LIABILITIES 2,379,080 2,161,985
CAPITAL ACCOUNTS
Preferred Stock (Par Value of $1.00;
500 shares authorized in 1999 and
1998, none outstanding) 0 0
Common Stock (Par value of $1.00;
50,000 shares authorized; 25,296 and
25,294 shares issued and outstanding
in 1999 and 1998, respectively) 25,296 25,294
Surplus 26,636 26,610
Undivided Profits 216,572 196,415
Accumulated Other Comprehensive
Income (9,655) 4,517
----------- -----------
TOTAL CAPITAL ACCOUNTS 258,849 252,836
TOTAL LIABILITIES AND CAPITAL ACCOUNTS $2,637,929 $2,414,821
FIRST UNITED BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share data) Three Months Ended
September 30,
1999 1998
INTEREST INCOME
Interest and Fees on Loans $ 32,630 $ 30,803
Interest on Securities - Taxable 12,014 10,660
- Non-Taxable 1,876 1,934
Interest on Federal Funds Sold and
Securities Purchased Under Agreements
to Resell 620 1,144
Interest on Deposits in Banks 111 241
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TOTAL INTEREST INCOME 47,251 44,782
INTEREST EXPENSE
Interest on Deposits 19,570 19,733
Interest on Federal Funds Purchased
and Securities Sold Under Agreements
to Repurchase 1,509 894
Interest on Notes Payable 317 294
----------- -----------
TOTAL INTEREST EXPENSE 21,396 20,921
NET INTEREST INCOME 25,855 23,861
Provision for Loan Losses 686 513
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 25,169 23,348
OTHER INCOME
Service Charges on Deposit Accounts 2,792 2,356
Trust Income 558 527
Security Gains (Losses) 0 141
Other Operating Income 1,196 2,051
----------- -----------
TOTAL OTHER INCOME 4,546 5,075
OTHER EXPENSE
Salaries 7,349 6,756
Pension and Other Employee Benefits 2,122 2,412
Net Occupancy Expense 1,405 1,351
Equipment Expense 1,066 991
Data Processing Expense 864 1,659
Other Operating Expenses 4,529 4,286
----------- -----------
TOTAL OTHER EXPENSE 17,335 17,455
INCOME BEFORE INCOME TAX EXPENSE 12,380 10,968
INCOME TAX EXPENSE 3,788 3,753
----------- -----------
NET INCOME $ 8,592 $ 7,215
----------- -----------
EARNINGS PER SHARE:
Basic $ 0.34 $ 0.29
----------- -----------
Diluted $ 0.34 $ 0.29
----------- -----------
CASH DIVIDENDS PER SHARE $ 0.125 $ 0.115
----------- -----------
AVERAGE SHARES ISSUED AND OUTSTANDING 25,295 25,294
FIRST UNITED BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME
(in thousands, except per share data) Nine Months Ended
September 30,
1999 1998
INTEREST INCOME
Interest and Fees on Loans $ 93,035 $ 89,387
Interest on Securities - Taxable 34,905 34,011
- Non-Taxable 5,638 5,253
Interest on Federal Funds Sold and
Securities Purchased Under Agreements
to Resell 2,136 3,086
Interest on Deposits in Banks 559 792
----------- -----------
TOTAL INTEREST INCOME 136,273 132,529
INTEREST EXPENSE
Interest on Deposits 57,346 57,806
Interest on Federal Funds Purchased
and Securities Sold Under Agreements
to Repurchase 3,340 2,879
Interest on Notes Payable 1,010 1,006
----------- -----------
TOTAL INTEREST EXPENSE 61,696 61,691
NET INTEREST INCOME 74,577 70,838
Provision for Loan Losses 1,861 2,180
----------- -----------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 72,716 68,658
OTHER INCOME
Service Charges on Deposit Accounts 7,817 6,897
Trust Income 1,822 1,648
Security Gains (Losses) 213 292
Other Operating Income 4,190 4,748
----------- -----------
TOTAL OTHER INCOME 14,042 13,585
OTHER EXPENSE
Salaries 21,283 19,914
Pension and Other Employee Benefits 6,412 6,649
Net Occupancy Expense 3,963 3,872
Equipment Expense 3,244 2,916
Data Processing Expense 3,163 3,666
Other Operating Expense 12,618 12,813
----------- -----------
TOTAL OTHER EXPENSE 50,683 49,830
INCOME BEFORE INCOME TAX EXPENSE 36,075 32,413
INCOME TAX EXPENSE 10,978 9,759
----------- -----------
NET INCOME $ 25,097 $ 22,654
----------- -----------
EARNINGS PER SHARE:
Basic $ 0.99 $ 0.90
----------- -----------
Diluted $ 0.99 $ 0.90
----------- -----------
CASH DIVIDENDS PER SHARE $ 0.37 $ 0.33
----------- -----------
AVERAGE SHARES ISSUED AND OUTSTANDING 25,295 25,294
FIRST UNITED BANCSHARES, INC.
SELECTED FINANCIAL INFORMATION
(Dollars in thousands) Nine Months Ended
September 30,
1999 1998
SELECTED AVERAGE BALANCES
Total Assets $2,551,829 $2,373,861
Earning Assets 2,393,589 2,215,201
Loans, Net of Unearned Income 1,383,044 1,301,261
Total Securities 921,713 834,066
Total Deposits 2,161,361 2,074,260
Shareholders' Equity 258,469 236,563
SELECTED PERIOD END DATA
Total Assets $2,637,929 $2,414,821
Securities Available-for-Sale 713,742 619,073
Investment Securities 196,644 228,260
Loans, Net 1,468,221 1,310,300
Total Deposits 2,227,422 2,053,264
Shareholders' Equity 258,849 252,836
Book Value per Share 10.23 10.00
Tangible Book Value per Share 9.97 9.39
Non-accrual Loans 10,429 7,065
Loans Past Due 90 Days+ 2,904 2,596
Restructured Loans 605 1,407
Total Nonperforming Loans 13,938 11,068
Gross Charge-offs 1,181 1,477
Recoveries 464 426
PERFORMANCE RATIOS
Return on Average Assets 1.31% 1.28%
Return on Average Equity 12.98% 12.84%
Net Interest Margin (FTE) 4.35% 4.47%
Allowance for Loan Losses to Loans 1.25% 1.32%
Equity to Assets 10.14% 10.31%
Leverage Ratio 9.58% 9.88%
Total Risk-based Capital 16.87% 17.78%
Tier I Risk-based Capital Ratio 15.62% 16.53%
Nonperforming Loans to Total Loans .93% .83%
Net Charge-offs (Recoveries) to
Average Loans, Net of Unearned Income .05% .08%
Efficiency Ratio (includes goodwill
amortization) 55.18% 56.77%
MISCELLANEOUS
Net Interest Income (FTE) $ 77,825 $ 74,088
Intangible Assets - Goodwill 16,307 10,915
Purchased Mortgage Servicing Rights 693 799
Mortgage Loan Servicing Portfolio 126,358 134,651
Total Trust Assets
-Discretionary 464,653 426,446
-Non-discretionary 145,688 154,260
-Bond Issues 76,937 40,419
Tier I Capital 252,197 237,163
Tier II Capital 20,178 17,932
Risk Weighted Assets 1,614,299 1,434,559
Common Stock Closing Price (NASDAQ) 17.75 21.50
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