First United Bancshares Inc. announces 1994 operating 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)--Jan. 17, 1995--James V. Kelley, Chairman, President and Chief Executive Officer of First United Bancshares Inc. has reported financial results for the quarter and year ended Dec. 31, 1994. Net income was $14.0 million or $2.72 per share for the year ended Dec. 31, 1994 as compared to $13.2 million or $2.56 for the same period in 1993 before the cumulative effect of an accounting change. The 1993 amounts have been restated to reflect the acquisition of InvestArk Bankshares Inc. which was completed in 1994. Net income for the three months ended Dec. 31, 1994 was $3.3 million or $0.65 per share compared with $2.6 million or $0.50 per share for the same period in 1993. Total assets at the end of the year were $1.116 million as compared with $1.124 million at Dec. 31, 1993. 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 year ended Dec. 31, 1994 was 1.24% and return on average equity was 12.3%. Excluding unrealized losses on securities available for sale, 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 9.4% during the twelve month period to $118.3 million from $108.1 million at Dec. 31, 1993. Book value per share at Dec. 31, 1994 was $22.94 compared with $20.92 at December 31 of the prior year. First United currently has pending the acquisition of FirstBank located in Texarkana, Texas Texarkana, Texas is a municipal designation in Bowie County, Texas, United States which forms the western half of Texarkana. It is separated from Texarkana, Arkansas, by State Line Avenue. . FirstBank has $156.5 million in total assets. The total purchase price for FirstBank is approximately $25 million with the transaction being accounted for as a purchase. The acquisition of FirstBank is expected to be completed during the first quarter of 1995. First United is a $1.12 billion bank holding company with 7 affiliate banks in Arkansas. 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 Burns This article covers the British politician. For other people with the same name see John Burns (disambiguation) John Elliot Burns (20 October 1858 – 24 January 1943) was a prominent English trade unionist, anti-racist, socialist and politician of the late 19th and , 501/863-3181 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion