BOCA RATON, Fla., July 27 /PRNewswire-FirstCall/ -- (Nasdaq: FUBC)
— 1st United Bancorp, Inc. ("1st United") reported net income of
$207,000 ($.01 earnings per share) for the quarter ended
June 30, 2010, and net income of
$553,000 ($.02 earnings per share) for the six months ended
June 30, 2010.
For the quarter ended June 30,
2009, 1st United had a net loss of $1.92 million ($.25
loss per share) and for the six months ended June 30, 2009, a net loss of $1.87 million ($.25
loss per share).
Highlights for the quarter and six months ended June 30, 2010:
Financial Condition
- Total assets at June 30, 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 $39
million (5%) to $842.2 million
at June 30, 2010 as compared to
December 31, 2009. Included in
this growth is approximately $26.8
million in growth in non-interest bearing deposits during
the period which represent approximately 26% of total deposits at
June 30, 2010 compared to 24% at
December 31, 2009.
- The allowance for loan losses at June
30, 2010 was $12.9 million
(1.90% of total loans) and 45% of non-accrual loans. This
compares to an allowance for loan losses at December 31, 2009 of $13.3
million (1.98% of total loans) and 85% of non-accrual
loans.
- Non-performing assets (non-accruing loans, loans accruing
greater than or equal to 90 days and other real estate owned) to
total assets were 2.76% at June 30,
2010. This compares to non-performing assets of 1.60%
at December 31, 2009.
- Total risk-based capital ratio, Tier 1 capital ratio, and
leverage ratio at June 30, 2010 were
25.41%, 23.22% and 12.51%, respectively, and exceed all regulatory
requirements for "well capitalized."
Operating Results
- Net income of $207,000 for the
quarter ended June 30, 2010 and net
income of $553,000 for the six months
ended June 30, 2010 were impacted by:
- Net Interest Margin of 4.13% for the quarter ended June 30, 2010 and 4.20% for the six months ended
June 30, 2010
- Provision for loan losses of $1.50
million for the quarter and $2.75
million for the six month period ended June 30, 2010
- Acquisition and integration related expenses of approximately
$530,000 for the quarter and
$1,390,000 for the six months ended
June 30, 2010 which will not affect
future quarters
Management Comments:
"There continues to be economic challenges in the market we
serve," said Warren S. Orlando,
Chairman. "Despite these challenges, our net income for the
six months ended June 30, 2010 was
$553,000, which was after we expensed
approximately $1.4 million in
acquisition and integration costs related to our acquisition of
Republic Federal Bank from the FDIC on December 11, 2009. We do not anticipate
these expenses in future periods."
"We are very pleased with our over $39
million growth in deposits since December 31, 2009. In addition, we had new
loan production of almost $50 million
for the six months ended June 30,
2010. Our team continues to do a terrific job in
growing our core business and serving our communities" said
Rudy E. Schupp, Chief Executive
Officer. "We believe our strong capital base, liquidity and
overall financial strength will allow us to expand and take
advantage of future opportunities."
"Our non-performing assets at June 30,
2010 were 2.76% of total assets as compared to 1.60% at
December 31, 2009. The growth
in non-performing assets during this period is reflective of how
the current economic environment is affecting our customers.
We continue to be committed to act quickly to resolve problem
assets as they are identified," said John
Marino, President and Chief Financial Officer. "In
addition, we expensed approximately $2.75
million in loan loss provision during the six months ended
June 30, 2010."
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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(unaudited)
|
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June 30,
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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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$
1,045,804
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|
$
1,015,567
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|
|
Total loans
|
678,455
|
|
670,867
|
|
|
Allowance for loan
losses
|
12,866
|
|
13,282
|
|
|
Cash and cash
equivalents
|
145,449
|
|
135,241
|
|
|
Securities available for
sale
|
98,591
|
|
88,843
|
|
|
Other real estate
owned
|
-
|
|
635
|
|
|
Goodwill and other intangible
assets
|
47,832
|
|
48,053
|
|
|
FDIC loss share
receivable
|
43,252
|
|
43,200
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|
|
Deposits
|
842,153
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|
802,808
|
|
|
Non-interest bearing
deposits
|
221,015
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|
194,185
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|
|
Shareholders' equity
|
174,684
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|
172,294
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|
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|
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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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16.70%
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|
16.97%
|
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|
Non-accrual loans/total
loans
|
4.26%
|
|
2.32%
|
|
|
Non-performing assets/total
assets
|
2.76%
|
|
1.60%
|
|
|
Allowance for loan losses/total
loans
|
1.90%
|
|
1.98%
|
|
|
Allowance for loan
losses/non-accrual loans
|
45%
|
|
85%
|
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|
Net charge-offs
(recoveries)/average loans
|
0.51%
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|
1.14%
|
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|
Leverage Ratio
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12.51%
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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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|
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Total Risk Based
Capital
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25.41%
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25.76%
|
|
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Book Value Per share
|
$
7.05
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|
$
6.95
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|
|
|
|
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INCOME STATEMENT
DATA
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(unaudited)
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For the three
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For the six
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month period ended
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month period
ended
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|
June 30,
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June 30,
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|
|
|
|
2010
|
2009
|
|
|
2010
|
2009
|
|
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|
(Amounts in
thousands,
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|
Amounts in thousands,
|
|
|
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|
except per share
data)
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|
|
except per share
data)
|
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Interest income
|
$
11,483
|
$
6,939
|
|
|
$
22,992
|
$ 13,895
|
|
|
|
Interest expense
|
1,960
|
1,799
|
|
|
4,014
|
3,687
|
|
|
|
|
Net interest income
|
9,523
|
5,140
|
|
|
18,978
|
10,208
|
|
|
|
Provision for loan
losses
|
1,500
|
2,800
|
|
|
2,750
|
2,905
|
|
|
|
|
Net interest income after
provision
|
|
|
|
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|
|
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for loan
losses
|
8,023
|
2,340
|
|
|
16,228
|
7,303
|
|
|
|
Other Non interest
income
|
1,024
|
903
|
|
|
1,925
|
1,407
|
|
|
|
Non interest expense
|
8,694
|
6,214
|
|
|
17,237
|
11,591
|
|
|
|
Income (loss) before
taxes
|
353
|
(2,971)
|
|
|
916
|
(2,881)
|
|
|
|
Income tax expense
(benefit)
|
146
|
(1,052)
|
|
|
363
|
(1,014)
|
|
|
|
|
Net income
|
$
207
|
$
(1,919)
|
|
|
$
553
|
$
(1,867)
|
|
|
|
Preferred Stock Dividends
Earned
|
-
|
(225)
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|
|
-
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(338)
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|
|
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Net income(loss) available to
common
|
|
|
|
|
|
|
|
|
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Shareholders
|
$
207
|
$
(2,144)
|
|
|
$
553
|
$
(2,205)
|
|
|
|
|
|
|
|
|
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PER SHARE DATA
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|
|
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Basic and diluted earnings
(loss) per share
|
$
0.01
|
$
(0.25)
|
|
|
$
0.02
|
$
(0.25)
|
|
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SELECTED OPERATING
RATIOS
|
|
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Return on average
assets
|
0.08%
|
(1.21)
|
%
|
|
0.11%
|
(0.60)
|
%
|
|
|
Return on average shareholders'
equity
|
0.48%
|
(3.52)
|
%
|
|
0.64%
|
(3.56)
|
%
|
|
|
Net interest margin
|
4.13%
|
3.71
|
%
|
|
4.20%
|
3.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets
|
$ 1,049,288
|
$ 630,984
|
|
|
$
1,037,028
|
$ 622,688
|
|
|
|
Average shareholders'
equity
|
$
173,603
|
$ 108,772
|
|
|
$
173,056
|
$ 104,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding common
stock
|
24,781,660
|
8,670,231
|
|
|
24,781,660
|
8,670,231
|
|
|
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|
|
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SOURCE 1st United Bancorp, Inc.