First United Bancshares Announces Second 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)--July 21, 1997--James V. Kelley, chairman, president and chief executive officer of First United Bancshares Inc., (NASDAQ/NMS: UNTD) has reported financial results for the quarter ended June 30, 1997. Net income was $9.57 million or $1.16 per share for the first six months of 1997 as compared to $9.18 million or $1.11 per share for the same period in 1996. Net income for the three months ended June 30, 1997 was $4.75 million or $.57 per share compared with $4.44 million or $.54 per share for the same period in 1996. Total assets at the end of the period were $1.57 billion, an increase of approximately 6.7% when compared with $1.47 billion at June 30, 1996. Total deposits at June 30, 1997 were $1.32 billion, while total gross loans for the same period were $764 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 six month period was 1.24% and return on average equity was 12.69% on an annualized basis, compared with 1.23% and 12.76%, respectively, for the same period in 1996. 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 9.5% to $155.82 million at June 30, 1997 compared with $142.28 million at June 30, 1996. Book value per share at June 30, 1997 was $18.89 compared with $17.63 at June 30 of last year. First United is a multi-bank holding company with eight affiliate 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 Co., N.A., serving 27 communities in Arkansas and Texas. In additional, First United has signed a definitive agreement to acquire Fredonia State Bank, a $245 million bank located in Nacogdoches, Texas Nacogdoches (pronounced [ˌnæːkə̆ˈdoʊtʃɪs]) is a city in Nacogdoches County, Texas, in the United States. As of the 2000 census, the city population was 29,914. with branches in Garrison in the condition of a garrison; doing duty in a fort or as one of a garrison. See also: Garrison and Alto. First United has also signed a definitive agreement to obtain City Bank & Trust, a $60 million bank in Shreveport, La. Additionally, First United has signed a letter of intent to purchase Citizens National Bancshares Inc, a $263 million bank holding company headquartered in Hope, Ark. Citizens National Bancshares owns Citizens National Bank of Hope, Ark. and Texarkana, Ark., as well as Peoples Bank and Loan Co. in Lewisville, Ark. 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." CONTACT: First United Bancshares Inc., El Dorado John E. Burns, 501/863-3181 |
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