BOCA RATON, Fla., April 27 /PRNewswire-FirstCall/ -- (Nasdaq: FUBC)
-- 1st United Bancorp, Inc. ("1st United") reported net income of
$346,000 for the quarter ended
March 31, 2010 compared to net income
of $52,000 for the quarter ended
March 31, 2009.
After giving effect to preferred stock dividends for 2009, 1st
United reported basic and diluted earnings (loss) per share
available to common stock shareholders of $0.01 and ($0.01)
for the three months ended March 31,
2010 and 2009, respectively.
Highlights for the quarter ended March
31, 2010:
Financial Condition
- Total assets at March 31, 2010
were $1.046 billion, an increase of
approximately $30 million over the
total assets at December 31, 2009 of
$1.016 billion.
- Deposits grew by approximately $40
million (5%) to $842.6 million
at March 31, 2010 as compared to
December 31, 2009. Included in this
growth is approximately $29.7 million
in growth in non-interest bearing deposits during the quarter which
represent approximately 27% of total deposits at March 31, 2010 compared to 24% at December 31, 2009.
- The allowance for loan losses at March
31, 2010 was $13.5 million
(1.95% of total loans) and 64% of non-accrual loans. This
compares to an allowance for loan losses at December 31, 2009 of $13.3
million (1.95% of total loans) and 69% of non-accrual
loans.
- Non-performing assets (non-accruing loans, loans accruing >=
90 days and other real estate owned) to total assets were 2.03% at
March 31, 2010. This compares
to non-performing assets of 1.97% at December 31, 2009.
- Total risk-based capital ratio, Tier 1 capital ratio, and
leverage ratio at March 31, 2010 were
25.42%, 23.22% and 12.71%, respectively, and exceed all regulatory
requirements for "well capitalized."
Operating Results
- Net income of $346,000 for the
quarter ended March 31, 2010 was
impacted by:
- Net Interest Margin of 4.23% for the quarter ended March 31, 2010
- Provision for loan losses of $1.25
million for the quarter
- Acquisition related expenses of approximately $360,000 and integration costs of $500,000 during the quarter ended March 31, 2010
Management Comments:
"With the continuing economic challenges in the first quarter of
2010 we were pleased to report a net income of approximately
$346,000," said Warren S. Orlando, Chairman. "This net
income was after a provision for loan losses of $1.25 million, and integration related expenses
(including rent and personnel costs) that will be eliminated by
June 30, 2010 of approximately
$860,000 during the quarter."
We are now over $1 billion in
assets with a very strong capital base that will allow us to expand
and take advantage of future opportunities."
"The integration of Republic Federal Bank which was acquired
from the FDIC on December 11, 2009 is
going very well. Our full system conversion was successfully
completed on April 23, 2010. We
are very pleased with the retention and growth of the deposits in
our newly acquired branches in Miami-Dade
County," said Rudy E. Schupp,
Chief Executive Officer. "Our core business remains strong
and we had new loan production during the quarter of approximately
$33 million. We have the
people, liquidity, capital and financial strength to continue to
make quality loans and meet the banking needs of the communities we
serve."
"Our non-performing assets to total assets at March 31, 2010 were 2.03%, a slight increase over
December 31, 2009, which were 1.97%.
We remain vigilant and aggressive in monitoring asset quality
and are committed to acting quickly to resolve problem assets as
they are identified," said John
Marino, President and Chief Financial Officer. "Our
provision of $1.25 million reflects
our ongoing efforts to ensure appropriate coverage of potential
problem loans."
Forward Looking Statements
Any non-historical statements in this press release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on current plans and
expectations that are subject to uncertainties and risks, which
could cause 1st United's future results to differ materially.
The following factors, among others, could cause our actual
results to differ: 1st United's ability to execute its growth
strategy, risks relating to the integration of acquired companies
that have previously been operated separately, challenges posed by
the current economic environment, disruptions in global financial
markets, credit risk of 1st United's customers, effects of the
on-going correction in residential real estate prices and reduced
levels of home sales, sufficiency of 1st United's allowance for
loan losses, 1st United's ability to comply with the loss sharing
agreements with the FDIC, changes in interest rates, access to
funding sources, reliance on the services of executive management,
competition for loans, deposits and investment dollars,
reputational risk and social factors, changes in government
regulations and legislation, increases in FDIC insurance
assessments, geographic concentration of 1st United's markets,
rapid changes in the financial services industry, exposure to
intangible asset risk, hurricanes and other adverse weather events,
and 1st United's ability to manage the risks involved in the
foregoing. Additional factors can be found in our filings
with the SEC, which are available at the SEC's internet site
(http://www.sec.gov). Forward-looking statements in this
press release speak only as of the date of the press release, and
1st United assumes no obligation to update forward-looking
statements or the reasons why actual results could differ.
SELECT FINANCIAL DATA
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March
31,
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December
31,
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2010
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2009
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(Amounts in
thousands)
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BALANCE SHEET DATA
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Total assets
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$
1,045,616
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$
1,015,567
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Total loans
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691,766
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680,976
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Allowance for loan losses
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13,512
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13,282
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Cash and cash equivalents
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146,150
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135,241
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Securities available for
sale
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93,652
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88,843
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Other real estate owned
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286
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635
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Goodwill and other intangible
assets
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47,939
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48,053
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FDIC loss share receivable
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32,906
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32,900
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Deposits
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842,599
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802,808
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Non-interest bearing
deposits
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223,858
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194,185
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Stockholders' equity
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173,056
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172,294
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SELECTED ASSET QUALITY
DATA,
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CAPITAL AND ASSET QUALITY
RATIOS
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Equity/assets
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16.55%
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16.97%
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Non-accrual loans/total
loans
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3.35%
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2.83%
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Non-performing assets/total
assets
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2.03%
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1.97%
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Allowance for loan losses/total
loans
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1.95%
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1.95%
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Allowance for loan losses/non-accrual
loans
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64%
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69%
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Net charge-offs (recoveries)/average
loans
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0.15%
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1.14%
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Leverage Ratio
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12.71%
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17.33%
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Tier 1 Risk Based Capital
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23.22%
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23.54%
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Total Risk Based Capital
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25.42%
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25.76%
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INCOME STATEMENT DATA
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For the
three
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month period
ended
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March
31,
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2010
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2009
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(Amounts in
thousands,
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except per share
data)
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Interest income
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$
11,509
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$
6,956
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Interest expense
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2,054
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1,888
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Net interest income
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9,455
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5,068
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Provision for loan losses
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1,250
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105
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Net interest income after
provision
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for loan
losses
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8,205
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4,963
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Other Non interest income
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901
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504
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Non interest expense
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8,543
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5,377
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Income (loss) before taxes
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563
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90
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Income tax expense
(benefit)
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217
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38
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Net income
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$
346
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$
52
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Preferred Stock Dividends
Earned
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—
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$
(114)
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Net income(loss) available to
common
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Shareholders
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$
346
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$
(62)
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PER SHARE DATA
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Basic and diluted earnings (loss) per
share
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$
0.01
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$
(0.01)
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Book value per common share
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$
6.98
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$
6.95
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SELECTED OPERATING
RATIOS
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Return on average assets
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0.14%
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(0.04)
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Return on average stockholders'
equity
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0.80%
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(0.25)
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Net interest margin
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4.23%
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3.79
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Average assets
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$
1,024,091
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$
614,025
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Average stockholders'
equity
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$
172,502
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$
100,819
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Outstanding common stock
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24,781,660
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8,670,231
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SOURCE 1st United Bancorp, Inc.