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 19, 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 $8.1 million or $0.32 per share for the first quarter of 1999 as compared to $8.2 million or $0.32 per share for the same period in 1998. "Our results are right on target for the first quarter," stated Kelley. "While loan growth and interest spreads continue to be challenging, our $100 million growth in loans coupled with the increases in net interest income and pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income is encouraging." Total assets at the end of the period were $2.5 billion, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5.0% when compared with $2.4 billion at March 31, 1998. Total deposits at March 31, 1999 were $2.1 billion, while total gross loans for the same period were $1.4 billion. The return on average assets was 1.32% and return on average equity was 13.02% on an 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. basis for the period end. 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 7.7% to $258.2 million at March 31, 1999 compared with $239.8 million at March 31, 1998. Book value per share at March 31, 1999 was $10.21 compared with $9.48 at the same time 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 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)
March 31,
1999 1998
ASSETS
Cash and Due from Banks $ 85,956 $ 105,997
Short-term Investments 98,326 103,221
Securities Available-for-Sale 689,829 638,893
Investment Securities 212,254 219,528
Total Loans 1,352,135 1,248,814
Unearned Discount (5,588) (6,135)
Allowance for Possible Loan Losses (17,786) (17,219)
Net Loans 1,328,761 1,225,460
Premises and Equipment 42,691 41,208
Goodwill 10,259 11,396
Other Real Estate 1,324 1,248
Other Assets 36,116 36,058
----------- -----------
TOTAL ASSETS $ 2,505,516 $ 2,383,009
LIABILITIES
Deposits:
Demand $ 328,126 $ 310,578
Savings and Interest-bearing Demand 589,139 552,164
Time 1,214,497 1,160,007
Total Deposits 2,131,762 2,022,749
Short-term Borrowings 72,377 71,140
Other Liabilities 20,196 24,007
Notes Payable 22,984 25,337
----------- -----------
TOTAL LIABILITIES 2,247,319 2,143,233
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; 25,294
shares issued and outstanding in
1999 and 1998) 25,294 25,294
Surplus 26,610 25,111
Undivided Profits 205,922 186,795
Accumulated Other Comprehensive
Income 371 2,576
----------- -----------
TOTAL CAPITAL ACCOUNTS 258,197 239,776
TOTAL LIABILITIES AND CAPITAL ACCOUNTS $ 2,505,516 $ 2,383,009
FIRST UNITED BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Three Months Ended
March 31,
1999 1998
INTEREST INCOME
Interest and Fees on Loans $30,164 $28,506
Interest on Securities - Taxable 11,335 12,117
- Non-Taxable 1,870 1,631
Interest on Federal Funds Sold and
Securities Purchased Under Agreements
to Resell 782 778
Interest on Deposits in Banks 204 302
------- -------
TOTAL INTEREST INCOME 44,355 43,334
INTEREST EXPENSE
Interest on Deposits 18,925 18,865
Interest on Federal Funds Purchased
and Securities Sold Under Agreements
to Repurchase 835 1,000
Interest on Notes Payable 347 348
------- -------
TOTAL INTEREST EXPENSE 20,107 20,213
NET INTEREST INCOME 24,248 23,121
Provision for Loan Losses 688 317
------- -------
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES 23,560 22,804
OTHER INCOME
Service Charges on Deposit Accounts 2,395 2,256
Trust Income 619 526
Security Gains (Losses) 187 102
Other Operating Income 1,577 1,495
------- -------
TOTAL OTHER INCOME 4,778 4,379
OTHER EXPENSE
Salaries 6,970 6,494
Pension and Other Employee Benefits 2,138 2,123
Net Occupancy Expense 1,267 1,224
Equipment Expense 1,069 978
Data Processing Expense 1,179 1,010
Other Operating Expenses 4,027 4,116
------- -------
TOTAL OTHER EXPENSE 16,650 15,945
INCOME BEFORE INCOME TAX EXPENSE 11,688 11,238
INCOME TAX EXPENSE 3,565 3,064
------- -------
NET INCOME $ 8,123 $ 8,174
------- -------
EARNINGS PER SHARE:
Basic $ 0.32 $ 0.32
------- -------
Diluted $ 0.32 $ 0.32
------- -------
CASH DIVIDENDS PER SHARE $ 0.115 $ 0.10
------- -------
AVERAGE SHARES ISSUED AND OUTSTANDING 25,294 25,294
------- -------
FIRST UNITED BANCSHARES, INC.
SELECTED FINANCIAL INFORMATION
(Dollars in thousands)
Three Months Ended
March 31,
1999 1998
SELECTED AVERAGE BALANCES
Total Assets $2,490,438 $2,349,808
Earning Assets 2,338,357 2,195,392
Loans, Net of Unearned Income 1,349,206 1,213,510
Total Securities 896,267 900,151
Total Deposits 2,128,785 2,008,037
Shareholders' Equity 252,964 232,913
SELECTED PERIOD END DATA
Total Assets $2,505,516 $2,383,009
Securities Available-for-Sale 689,829 638,893
Investment Securities 212,254 219,528
Loans, Net 1,328,761 1,225,460
Total Deposits 2,131,762 2,022,749
Shareholders' Equity 258,197 239,776
Book Value per Share 10.21 9.48
Tangible Book Value per Share 9.79 8.93
Non-accrual Loans 7,850 4,446
Loans Past Due 90 Days+ 2,407 2,266
Restructured Loans 831 912
Gross Charge-offs 549 1,229
Recoveries 345 437
PERFORMANCE RATIOS
Return on Average Assets 1.32% 1.41%
Return on Average Equity 13.02% 14.23%
Net Interest Margin (FTE) 4.40% 4.43%
Allowance for Loan Losses to Loans 1.32% 1.38%
Equity to Assets 10.29% 9.96%
Leverage Ratio 9.92% 9.53%
Total Risk-based Capital 17.97% 17.52%
Tier I Risk-based Capital Ratio 16.72% 16.27%
Nonperforming Loans to Total Loans .82% .61%
Net Charge-offs to Loans Outstanding .02% .06%
Efficiency Ratio (includes goodwill
amortization) 55.35% 56.19%
MISCELLANEOUS
Net Interest Income (FTE) $ 25,341 $ 23,998
Intangible Assets - Goodwill 10,259 11,396
Purchased Mortgage Servicing Rights 785 706
Mortgage Loan Servicing Portfolio 136,302 122,794
Total Trust Assets (in millions)
-Discretionary 438,199 459,561
-Non-discretionary 138,572 130,649
-Bond Issues 61,934 32,195
Tier I Capital 247,569 225,804
Tier II Capital 18,508 17,345
Risk Weighted Assets 1,480,640 1,387,636
Common Stock Closing Price (NASDAQ) 13.875 26.75
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