BOCA RATON, Fla., Oct. 25 /PRNewswire-FirstCall/ -- (Nasdaq: FUBC)
—1st United Bancorp, Inc. ("1st United") reported net income
available to common shareholders of $321,000 ($.01
earnings per share) for the nine months ended September 30, 2010, compared to a net loss
available to common shareholders of $2.92
million ($.31 loss per share)
for the nine months ended September 30,
2009.
For the quarter ended September 30,
2010, 1st United had a net loss available to common
shareholders of $232,000
($.01 loss per share) which compares
to a net loss available to common shareholders of $691,000 ($.06 loss
per share) for the three months ended September 30, 2009.
Non-performing assets were reduced by $3.6 million (12%) during the quarter ended
September 30, 2010, as compared to
June 30, 2010.
Highlights for the quarter and nine months ended September 30, 2010:
Financial Condition
- Total assets at September 30,
2010 were $1.063 billion, an
increase of approximately $49 million
over the total assets at December 31,
2009 of $1.014 billion.
- Deposits grew by approximately $60
million (7%) to $863.4 million
at September 30, 2010 as compared to December 31, 2009. Included in this growth
is approximately $37 million in
growth in non-interest bearing deposits during the period.
Non-interest bearing deposits now represent approximately 27%
of total deposits at September 30,
2010 compared to 24% at December 31,
2009.
- The allowance for loan losses at September 30, 2010 was $11.5 million (1.70% of total loans) and 48% of
non-accrual loans. This compares to an allowance for loan
losses at December 31, 2009 of
$13.3 million (1.99% 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 2.38% at September 30, 2010. This
compares to non-performing assets of 2.76% at June 30, 2010 and 1.60% at December 31, 2009.
- Total risk-based capital ratio, Tier 1 capital ratio, and
leverage ratio at September 30, 2010 were 24.66%, 22.49% and
12.14%, respectively, and exceed all regulatory requirements for
"well capitalized."
Operating Results
- Net loss of $232,000 for the
quarter ended September 30, 2010 and
net income of $321,000 for the nine
months ended September 30, 2010 were
impacted by:
- Net Interest Margin of 3.95% for the quarter ended September 30, 2010 and 4.11% for the nine months
ended September 30, 2010.
- Provision for loan losses of $2.9
million for the quarter and $5.6
million for the nine month period ended September 30, 2010. The provision during
the quarter was primarily a result of a number of resolutions
during the quarter ended September 30,
2010, including the sale of a $4.2
million non-performing loan at approximately $3.3 million or $900,000 below the June
30, 2010 carrying value of the loan which impacted the
provision for the quarter; during the quarter the Company charged
off approximately $500,000 related to
a $1.1 million non-performing loan
that is expected to pay off at a reduced amount subsequent to
September 30, 2010.
- Acquisition and integration related expenses of approximately
$1,390,000 for the nine months ended
September 30, 2010 which will not
affect future quarters. Acquisition and integration related
expenses for the quarter ended September 30,
2010 were less than $100,000.
- Net gains on sale of investments of $449,000 for the quarter and $435,000 for the nine month period ended
September 30, 2010.
Management Comments:
"We are very pleased with our over $60
million growth in deposits since December 31, 2009, with over $21 million in growth occurring in this last
quarter. Our non-interest bearing deposits as a percent of
deposits now stands at 27%. In addition, we had new loan
production of almost $85 million for
the nine months ended September 30,
2010. Our team continues to do a terrific job in
growing our core business and serving our communities," said
Warren S. Orlando, Chairman.
"We believe our strong capital base, liquidity and overall
financial strength will allow us to expand and take advantage of
future opportunities."
"There continue to be economic challenges in the market we
serve. Despite these challenges we were able to reduce
non-performing assets by over 12% at September 30, 2010 as compared to June 30, 2010," said Rudy
E. Schupp, Chief Executive Officer. "Though this
reduction came at the cost of significant additional loan
provisioning during the quarter, which drove our $232,000 net loss for the quarter, we determined
that it was in the best interest of the Company. After the
loan provisioning for the nine months ended September 30, 2010, we showed net income of
$321,000, which also included
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."
"Our non-performing assets at September
30, 2010 were 2.38% of total assets as compared to 2.76% at
June 30, 2010 and 1.6% at
December 31, 2009. Though
pleased with the reduction in non-performing assets, we continue to
be committed to act quickly to resolve problem assets as they are
identified," said John Marino,
President and Chief Financial Officer. "Although too early to
call a trend, we have also seen a stabilization of classified
assets and past dues for the Company in the last two quarters."
For interested persons, the Company will be hosting an investor
call to review the quarterly results at 2:00
p.m. Eastern Standard Time on Tuesday, October 26, 2010. The number for
the conference call is (888) 455-9732 (Passcode: First
United). A replay of the conference call will be available
beginning the afternoon of October 26
by dialing (866) 421-6910 (domestic), using the passcode 14231423
until November 9, 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
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
(Amounts in thousands
except per share data)
|
|
BALANCE SHEET
DATA
|
|
|
|
|
|
Total assets
|
$
1,063,166
|
|
$
1,013,867
|
|
|
Total loans
|
678,209
|
|
668,053
|
|
|
Allowance for loan
losses
|
11,501
|
|
13,282
|
|
|
Cash and cash
equivalents
|
170,589
|
|
135,241
|
|
|
Securities available for
sale
|
87,187
|
|
88,843
|
|
|
Other real estate
owned
|
263
|
|
635
|
|
|
Goodwill and other intangible
assets
|
47,726
|
|
48,053
|
|
|
FDIC loss share
receivable
|
43,432
|
|
43,285
|
|
|
Deposits
|
863,387
|
|
802,808
|
|
|
Non-interest bearing
deposits
|
231,178
|
|
194,185
|
|
|
Shareholders' equity
|
172,573
|
|
170,594
|
|
|
|
|
|
|
|
|
SELECTED ASSET QUALITY
DATA,
|
|
|
|
|
CAPITAL AND ASSET QUALITY
RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity/assets
|
16.23%
|
|
16.83%
|
|
|
Non-accrual loans/total
loans
|
3.56%
|
|
2.33%
|
|
|
Non-performing assets/total
assets
|
2.38%
|
|
1.60%
|
|
|
Allowance for loan losses/total
loans
|
1.70%
|
|
1.99%
|
|
|
Allowance for loan
losses/non-accrual loans
|
48%
|
|
85%
|
|
|
Net charge-offs
(recoveries)/average loans
|
1.10%
|
|
1.14%
|
|
|
Leverage Ratio
|
12.14%
|
|
12.54%
|
|
|
Tier 1 Risk Based
Capital
|
22.49%
|
|
23.23%
|
|
|
Total Risk Based
Capital
|
24.66%
|
|
25.45%
|
|
|
Book Value Per share
|
$
6.96
|
|
$
6.88
|
|
|
Outstanding Common
Stock
|
24,781,660
|
|
24,781,660
|
|
|
|
|
|
|
|
INCOME STATEMENT
DATA
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
For the
three
|
|
|
For the
nine
|
|
|
|
|
|
month period
ended
|
|
|
month period
ended
|
|
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
|
|
2010
|
2009
|
|
|
2010
|
2009
|
|
|
|
|
|
(Amounts in
thousands,
|
|
|
(Amounts in
thousands,
|
|
|
|
|
|
except per
share data)
|
|
|
except per
share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
$
11,101
|
$
7,026
|
|
|
$
34,093
|
$
20,921
|
|
|
|
Interest expense
|
1,874
|
1,816
|
|
|
5,888
|
5,503
|
|
|
|
|
Net interest income
|
9,227
|
5,210
|
|
|
28,205
|
15,418
|
|
|
|
Provision for loan
losses
|
2,870
|
185
|
|
|
5,620
|
3,090
|
|
|
|
|
Net interest income after
provision
|
|
|
|
|
|
|
|
|
|
|
for loan
losses
|
6,357
|
5,025
|
|
|
22,585
|
12,328
|
|
|
|
Other Non interest
income
|
1,535
|
580
|
|
|
3,460
|
1,987
|
|
|
|
Non interest expense
|
8,247
|
5,328
|
|
|
25,484
|
16,919
|
|
|
|
Income (loss) before
taxes
|
(355)
|
277
|
|
|
561
|
(2,604)
|
|
|
|
Income tax expense
(benefit)
|
(123)
|
93
|
|
|
240
|
(921)
|
|
|
|
|
Net income
|
$
(232)
|
$
184
|
|
|
$
321
|
$
(1,683)
|
|
|
|
Preferred Stock Dividends
Earned
|
-
|
875
|
|
|
-
|
1,238
|
|
|
|
|
Net income(loss) available to
common
|
|
|
|
|
|
|
|
|
|
|
Shareholders
|
$
(232)
|
$
(691)
|
|
|
$
321
|
$
(2,921)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PER SHARE DATA
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings
(loss) per share
|
$
(0.01)
|
$
(0.06)
|
|
|
$
0.01
|
$
(0.31)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED OPERATING
RATIOS
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
(0.09)%
|
0.12
|
%
|
|
0.04%
|
(0.36)
|
%
|
|
|
Return on average shareholders'
equity
|
(0.54)%
|
0.66
|
%
|
|
0.25%
|
(2.10)
|
%
|
|
|
Net interest margin
|
3.95%
|
3.72
|
%
|
|
4.11%
|
3.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets
|
$
1,059,332
|
$
637,387
|
|
|
$
1,043,170
|
$
627,615
|
|
|
|
Average shareholders'
equity
|
$
173,518
|
$
111,780
|
|
|
$
172,409
|
$
107,075
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE 1st United Bancorp, Inc.
Copyright . 25 PR Newswire