United Financial Reports 1st Quarter 2002 Earnings.Business Editors ST. PETERSBURG Petersburg, city (1990 pop. 38,386), politically independent and in no county, SE Va., on the Appomattox River; inc. 1850. A port of entry and an important tobacco market, it has industries producing chemicals, pharmaceuticals, furniture, structural steel, lumber, , Fla.--(BUSINESS WIRE)--April 11, 2002 United Financial (Nasdaq:UFHI UFHI United Financial Holdings, Inc. ) reported net income for the three months ending March 31, 2002 of $848,000, up $110,000 or 15% from the $738,000 of the prior year. Earnings were 18 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, up 13% from the 16 cents of the first quarter 2001. Shareholder's equity at March 31, 2002 totaled $26.2 million, an increase from the $21.0 million at March 31, 2001. Total assets as of March 31, 2002 were $369 million, an increase of $112 million or 43% above the $257 million of March 2001. Neil W. Savage, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "We are very pleased to be reporting record first quarter results. Loan growth continues to remain strong, as evidenced by a 40% increase from the prior year. Much of this growth is attributed to our Sarasota Sarasota (sâr'əsō`tə), city (1990 pop. 50,961), seat of Sarasota co., SW Fla., on Sarasota Bay; settled c.1884, inc. 1914. subsidiary, United Bank of the Gulf Coast. Additionally, new loan production was strong in our Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) division. As well, the accomplishments of the bank's Residential Mortgage Lending Division were impressive. Overall, financial markets have improved and interest rates have stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. , resulting in higher margins." Headquartered in St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. , United Financial is the parent company for United Bank, United Bank of the Gulf Coast, United Trust Company, EPW EPW Enemy Prisoner of War EPW Electron Plasma Wave EPW Earth Penetrating Warhead EPW Earth Penetrating Weapon EPW Engine Protection Washer EPW Edge Pro Wrestling EPW Extreme Power Wrestling EPW Extreme Polystyrene Wrestling EPW Electronic Payment Window Investment Management, Inc. and UFMB UFMB Unit Financial Management Board Inc., and trades on the Nasdaq Small Cap market under the symbol UFHI.
Financial Highlights
(in thousands except share data)
(unaudited)
2002 2001 % Change
---- ---- --------
As of March 31
Total Assets $368,653 $257,437 43 %
Net Loans 263,412 187,904 40 %
Total Deposits 306,533 214,566 43 %
Stockholder's Equity 26,213 21,015 25 %
Book Value per Share 5.18 4.67 11 %
Number of common shares outstanding 4,440,421 4,440,421 --
2002 2001 % Change
---- ---- --------
For the three months ending March 31
(in thousands except per share data)
Interest Income $5,612 $5,092 10%
Interest Expense 2,093 2,247 (7)%
----- -----
Net Interest Income 3,519 2,845 24%
Provision for Loan Losses 303 210 44%
--- ---
Net Interest Income after Provision
for Loan Losses 3,216 2,635 22%
Non-Interest Income 1,614 1,415 14%
Non-Interest Expense 3,472 2,896 20%
----- -----
Earnings before Income Taxes 1,358 1,154 18%
Income Taxes 510 416 23%
--- ---
Net Earnings $ 848 $ 738 15%
===== =====
Earnings per Share:
Basic $.19 $.17 12%
Diluted .18 .16 13%
Market makers for UFHI include: Advest, Inc., Morgan Keegan &
Company, Inc., William R. Hough & Co., Sterne, Agee & Leach, Inc., and
Spear Leeds & Kellogg Capital Markets
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