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First United Bancshares Inc.


Reports 12 Percent Earnings Decrease

EL DORADO -- For the second quarter that ended June 30, First United Bancshares Inc. reported net income of $1.67 million, 78 cents a share, a decrease of 12 percent from the same period in 1990.

Last year, earnings were $1.89 million, 88 cents a share, for the same period.

Net income for the six months ended June 30 was $3.14 million, $1.47 a share, compared with $3.67 million, $1.72 a share, during the same period in 1990.

"The decrease in earnings over the three- and six-month reporting periods were the result of increased provisions for possible loan losses," said James Kelley, the holding company's chairman, president and chief executive officer. "Additional specific reserves for classified loans were needed to properly reflect the level of anticipated losses in the loan portfolio as of June 30.

"Although earnings decreased as a result of the additional provisions for possible loan losses, we are encouraged that our net interest income showed a 7.5 percent increase over the prior year. We expect earnings to stabilize the remainder of 1991 as a result of our improved net interest income and more normal provisions to the loan loss reserve."

Total assets at the end of the period were $813.21 million, compared with $750.58 million on June 30, 1990.

The annualized return on average assets for the six-month period was .79 percent, and the return on average equity was 9.4 percent.

Shareholders' equity rose 7 percent to $68.40 million, compared with $63.63 million on June 30, 1990.

Book value per share was $32.02, compared with $29.79 on June 30 of last year.

First United is the bank holding company for First National Bank of El Dorado, First National Bank of Magnolia, Merchants and Planters Bank of Camden and City National Bank of Fort Smith.

Contact: John E. Burns, First United Bancshares Inc., Main & Washington Streets, El Dorado, 71731, 863-3181.
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Title Annotation:Public company corporate reports
Publication:Arkansas Business
Article Type:company profile
Date:Aug 12, 1991
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