BOCA RATON, Fla., Feb. 8, 2013 /PRNewswire/ -- (NASDAQ
Global Select: FUBC) —1st United Bancorp, Inc.
("1st United") reported net income of $4.7 million ($0.14
per share) for the year ended December 31,
2012 as compared to net income of $3.7 million ($0.13
per share) for the year ended December 31,
2011.
1st United had net income of $1.7
million ($0.05 per share) for
the three months ended December 31,
2012, compared to net income of $857,000 ($0.03 per
share) for the three months ended December
31, 2011.
Highlights for the three months and year ended December 31, 2012:
Financial Condition
- Total assets at December 31, 2012
grew by $145.3 million to
$1.57 billion, as compared to
approximately $1.42 billion at
December 31, 2011. The increase
was substantially a result of the merger of Anderen Financial, Inc.
("Anderen") on April 1, 2012 which
added $132.0 million in loans,
$37.7 million in securities,
$161.0 million in deposits, and
$19.1 million in capital during the
year. 1st United recorded goodwill of
approximately $5.8 million as a
result of the merger.
- Total deposits at December 31,
2012 were $1.30 billion as
compared to $1.18 billion at
December 31, 2011. The increase
was primarily due to the $161.0
million of deposits added from the Anderen merger. The
remaining change was due to ongoing development efforts offset by
expected run-off of acquired high cost deposits. Non-interest
bearing deposits were approximately 33% of total deposits at
December 31, 2012, as compared to 28%
at December 31, 2011.
- Total risk-based capital ratio, Tier 1 capital ratio, and
leverage ratio for 1st United at December 31, 2012 were 22.46%, 21.24% and 11.45%,
respectively, and exceeded all regulatory requirements for "well
capitalized."
- In December 2012, the Company
declared and paid a special dividend of $0.10 per share to holders of common shares as of
December 21, 2012.
Asset Quality
- Total non-performing assets were $42.9
million (2.74% of total assets) at December 31, 2012 representing a $14.0 million reduction as compared to the
December 31, 2011 balance of
$57.0 million.
- Excluding assets covered by FDIC loss share agreements,
non-performing assets decreased by approximately $162,000 to $18.3
million (1.17% of total assets) as of December 31, 2012 as compared to $18.5 million (1.20% of total assets) at
September 30, 2012.
- Included in the $42.9 million in
non-performing assets at December 31,
2012 was $24.6 million of
assets covered under FDIC loss sharing agreement for which
approximately $1.3 million are assets
under agreements to sell at no additional loss which are
anticipated closing during the first quarter of 2013.
- Classified loans (substandard and special mention) decreased by
$3.1 million from $94.4 million at September
30, 2012 to $91.3 million at
December 31, 2012. Since
December 31, 2011, total classified
assets have decreased by $35.7
million.
Operating Results – Quarter Ending December 31, 2012
Net income was $1.7 million for
the quarter ended December 31,
2012:
- The net interest margin was 5.21% for the quarter ended
December 31, 2012. The margin
was positively impacted by the resolution, including sales, payoffs
and transfers to other real estate owned, as well as changes in
cash flows, of assets covered under FDIC loss sharing agreements by
$3.4 million or 101 basis points.
Exclusive of this, 1st United's margin would have been
approximately 4.20%.
- The provision for loan losses was $900,000 for the quarter ended December 31, 2012.
- Net gains on the sale of other real estate of $305,000 were realized for the quarter ended
December 31, 2012.
- A charge of approximately $3.6
million was recorded during the quarter related to the
increased cash flows and the resolution, including sales, payoffs
and transfers to other real estate owned, of assets covered under
FDIC loss sharing agreements, including approximately $297,000 related to other real estate, which
reduced the FDIC loss share receivable.
- A reduction in non-interest expense of $236,000 to $12.2
million from $12.4 million for
the quarter ending September 30, 2012
as the Company continues to fulfill its commitment to increase
efficiencies.
Operating Results – Year Ending December 31, 2012
Net income was $4.7 million for
the year ended December 31, 2012:
- The net interest margin was 5.13% for the year ended
December 31, 2012. Inclusive
within the margin for the year ended December 31, 2012 was $10.7 million or 81 basis points related to the
resolutions, including sales, payoffs and transfers to other real
estate owned, as well as changes in cash flows of assets covered
under FDIC loss sharing agreement. Exclusive of this, 1st
United's margin would have been approximately 4.32%.
- The provision for loan losses was $6.35
million for the year ended December
31, 2012.
- Net gains on the sale of other real estate of $3.3 million were realized for year ended
December 31, 2012. .
- Gains on the sale of securities of $1.7
million were realized for the year ended December 31, 2012.
- A charge of $13.7 million, which
was recorded during the year ended December 31, 2012 related
to the increased cash flows and the resolution, including sales,
payoffs and transfers to other real estate owned, of assets covered
under FDIC loss sharing agreements, including approximately
$3.2 million related to other real
estate, which reduced the FDIC loss share receivable.
- Merger reorganization expenses of $1.8
million were incurred with respect to the merger and
integration of Anderen during the second quarter 2012 and the
integration of Old Harbor during the first quarter 2012.
Merger reorganization expenses primarily included personnel,
information technology and facilities costs.
Management Comments:
"We are pleased with the strength and quality of our
$1.6 billion asset enterprise at
December 31, 2012," said Warren S. Orlando, Chairman. "We currently
have 22 banking centers in Florida
with the majority of them in major growth areas. We continue
to believe that our strong capital base, liquidity and overall
financial strength will allow us the opportunity to continue to
expand both organically as well as through potential
acquisitions."
"Our earnings have improved to $1.7
million for the quarter ended December 31, 2012. Our margin continues to
remain strong and is driven by our core deposits and low cost of
funds. We had approximately 33% of our total deposits
comprised of non-interest bearing deposits at December 31, 2012. Our loan portfolio,
though slightly down from last quarter, is beginning to stabilize
despite continued strong payoffs and resolutions of loans under
FDIC loss sharing agreements. Our new loan pipeline remains
strong as we continue to make progress towards net organic loan
growth" said Rudy E. Schupp, Chief
Executive Officer. "We have had and continue to see increased
new loan production in each of the markets we are serving."
"We are encouraged with the continued improvement in non-loss
share, non-performing assets during the quarter, with a reduction
of $162,000 since September 30, 2012. Our non-loss share
non-performing asset ratio was reduced to 1.17% of total assets as
compared to 1.20% at September 30,
2012. We are also seeing continued improvement in
classified assets. We remain vigilant and will continue to
monitor asset quality and act quickly to resolve problem assets as
they are identified," said John
Marino, President and Chief Financial Officer.
For interested persons, 1st United will be hosting an
investor call to review the quarterly results at 3:00 p.m. Eastern Standard Time on February 11, 2013. The number for the
conference call is (800) 857-9849 (Passcode: 3183056). A
replay of the conference call will be available beginning the
afternoon of until February 25, 2013
by dialing 800-934-9450 (domestic), using the passcode 56215.
About 1st United Bancorp, Inc.
1st United is a financial holding company
headquartered in Boca Raton,
Florida with executive offices and operations located in
West Palm Beach, Florida.
1st United's principal subsidiary, 1st United
Bank, is a Florida chartered
commercial bank, which now operates 22 branches, with 15 in
Southeast Florida, including
Brevard, Broward, Indian
River, Miami-Dade, and
Palm Beach Counties and 7 branches
in Central Florida including
Hillsborough, Orange, Pasco
and Pinellas Counties.
1st United's principal executive office and
mailing address is One North Federal Highway, Boca Raton, FL 33432 and its telephone number
is (561) 362-3431. 1st United's stock is listed on
the NASDAQ Global Select Market under the symbol "FUBC".
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: our ability to comply with the terms
of loss sharing agreements with the FDIC; legislative and
regulatory changes, including the Dodd-Frank Wall Street Reform,
Consumer Protection Act and Basel III, the strength of
the United States economy in
general and the strength of the local economies in which we conduct
operations; the accuracy of our financial statement estimates and
assumptions, including the estimate of our loan loss provision and
the FDIC receivable; our ability to integrate the business and
operations of companies and banks that we have acquired, and those
that we may acquire in the future; the failure to achieve expected
gains, revenue growth, and/or expense savings from future
acquisitions; the frequency and magnitude of foreclosure of our
loans; the reduction in FDIC insurance on certain
non-interest bearing accounts due to the expiration of the
Transaction Account Guarantee program; increased competition and
its effect on pricing including the impact on our net interest
margin from repeal of regulation Q; our customers'
willingness to make timely payments on their loans; the effects of
the health and soundness of other financial institutions, including
the FDIC's need to increase Deposit Insurance Fund assessments;
changes in securities and real estate markets; changes in monetary
and fiscal policies of the U.S. Government; inflation, interest
rate, market, and monetary fluctuations; the effects of our lack of
a diversified loan portfolio, including the risks of geographic and
industry concentrations; our need and our ability to incur
additional debt or equity financing; the effects of harsh weather
conditions, including hurricanes, and man-made disasters; our
ability to comply with the extensive laws and regulations to which
we are subject; the willingness of clients to accept third-party
products and services rather than our products and services and
vice versa; technological changes; negative publicity and the
impact on our reputation; the effects of security breaches and
computer viruses that may affect our computer systems; changes in
consumer spending and saving habits; changes in accounting
principles, policies, practices or guidelines; limited trading
activity of our common stock; the concentration of ownership of our
common stock; our ability to retain key members of management;
anti-takeover provisions under federal and state law as well as our
Articles of Incorporation and our Bylaws; other risks described
from time to time in our filings with the Securities and Exchange
Commission; and our ability to manage the risks involved in the
foregoing. These factors, as well as additional factors, can
be found in our periodic and other filings with the SEC, which are
available at the SEC's internet site (http://www.sec.gov). Actual
results may differ materially from projections and could be
affected by a variety of factors, including factors beyond our
control. 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.
|
|
For the
three month period ended
December
31,
|
|
|
|
2012
|
|
2011
|
|
INCOME
STATEMENT DATA
(unaudited)
|
|
|
(Amounts
in thousands, except
per share
data)
|
|
Interest
income
|
|
$
|
18,612
|
|
$
|
15,836
|
|
Interest
expense
|
|
|
1,123
|
|
|
1,585
|
|
Net interest income
|
|
|
17,489
|
|
|
14,251
|
|
Provision
for loan losses
|
|
|
900
|
|
|
2,200
|
|
Net interest income after provision for loan
losses
|
|
|
16,589
|
|
|
12,051
|
|
|
|
|
|
|
|
|
|
Net gains
(losses) on sales of OREO
|
|
|
305
|
|
|
(11)
|
|
Adjustment
to FDIC loss share receivable
|
|
|
(3,221)
|
|
|
(1,281)
|
|
Other
non-interest income
|
|
|
1,248
|
|
|
1,759
|
|
Total non-interest income
|
|
|
(1,668)
|
|
|
467
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
|
6,199
|
|
|
5,149
|
|
Occupancy
and equipment
|
|
|
1,936
|
|
|
1,869
|
|
Other
non-interest expense
|
|
|
4,058
|
|
|
4,111
|
|
Total non-interest expense
|
|
|
12,193
|
|
|
11,129
|
|
|
|
|
|
|
|
|
|
Income
before taxes
|
|
|
2,728
|
|
|
1,389
|
|
Income tax
expense
|
|
|
1,001
|
|
|
532
|
|
Net income
|
|
$
|
1,727
|
|
$
|
857
|
|
|
|
|
|
|
|
|
|
PER
SHARE DATA
|
|
|
|
|
|
|
|
Basic and diluted earnings per share
|
|
$
|
0.05
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
SELECTED OPERATING RATIOS
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
0.44
|
%
|
|
0.24
|
%
|
Return on average shareholders' equity
|
|
|
2.85
|
%
|
|
1.59
|
%
|
Net interest margin
|
|
|
5.21
|
%
|
|
4.55
|
%
|
|
|
|
|
|
|
|
|
Average assets
|
|
$
|
1,553,736
|
|
$
|
1,390,686
|
|
Average shareholders' equity
|
|
$
|
240,278
|
|
$
|
214,245
|
|
|
|
|
|
|
|
|
|
|
|
For the
year ended December 31,
|
|
|
|
2012
|
|
2011
|
|
INCOME
STATEMENT DATA
(unaudited)
|
|
|
(Amounts
in thousands, except
per share
data)
|
|
Interest
income
|
|
$
|
72,849
|
|
$
|
60,409
|
|
Interest
expense
|
|
|
5,313
|
|
|
6,349
|
|
Net interest income
|
|
|
67,536
|
|
|
54,060
|
|
Provision
for loan losses
|
|
|
6,350
|
|
|
7,000
|
|
Net interest income after provision for loan
losses
|
|
|
61,186
|
|
|
47,060
|
|
|
|
|
|
|
|
|
|
Net gains
on the sale of securities
|
|
|
1,673
|
|
|
364
|
|
Net gains
(losses) on sales of OREO
|
|
|
3,278
|
|
|
(264)
|
|
Adjustment
to FDIC loss share receivable
|
|
|
(12,488)
|
|
|
(3,236)
|
|
Other
non-interest income
|
|
|
4,871
|
|
|
4,875
|
|
Total non-interest income
|
|
|
(2,666)
|
|
|
1,739
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
|
|
24,303
|
|
|
20,186
|
|
Occupancy
and equipment
|
|
|
7,958
|
|
|
7,732
|
|
Merger
reorganization expense
|
|
|
1,784
|
|
|
1,076
|
|
Other
non-interest expense
|
|
|
16,939
|
|
|
13,851
|
|
Total non-interest expense
|
|
|
50,984
|
|
|
42,845
|
|
|
|
|
|
|
|
|
|
Income
before taxes
|
|
|
7,536
|
|
|
5,954
|
|
Income tax
expense
|
|
|
2,808
|
|
|
2,282
|
|
Net income
|
|
$
|
4,728
|
|
$
|
3,672
|
|
|
|
|
|
|
|
|
|
PER
SHARE DATA
|
|
|
|
|
|
|
|
Basic and diluted earnings per share
|
|
$
|
0.14
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
SELECTED OPERATING RATIOS
|
|
|
|
|
|
|
|
Return on average assets
|
|
|
0.31
|
%
|
|
0.28
|
%
|
Return on average shareholders' equity
|
|
|
2.03
|
%
|
|
1.80
|
%
|
Net interest margin
|
|
|
5.13
|
%
|
|
4.76
|
%
|
|
|
|
|
|
|
|
|
Average assets
|
|
$
|
1,532,291
|
|
$
|
1,303,249
|
|
Average shareholders' equity
|
|
$
|
233,112
|
|
$
|
203,861
|
|
|
|
|
|
|
|
|
|
SELECT
FINANCIAL DATA
(unaudited)
|
|
December
31, 2012
|
|
December
31, 2011
|
|
|
|
(Amounts
in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
1,566,779
|
|
$
|
1,421,487
|
|
Gross loans
|
|
|
913,541
|
|
|
879,536
|
|
Allowance for loan losses
|
|
|
9,788
|
|
|
12,836
|
|
Net loans
|
|
|
903,973
|
|
|
866,753
|
|
Cash and cash equivalents
|
|
|
207,117
|
|
|
165,424
|
|
Securities available for sale
|
|
|
260,122
|
|
|
201,722
|
|
Other real estate owned
|
|
|
19,529
|
|
|
13,462
|
|
Goodwill and other intangible assets
|
|
|
61,526
|
|
|
55,765
|
|
FDIC loss share receivable
|
|
|
46,735
|
|
|
72,895
|
|
Deposits
|
|
|
1,303,022
|
|
|
1,181,708
|
|
Non-interest bearing deposits
|
|
|
426,968
|
|
|
329,283
|
|
Shareholders' equity
|
|
|
236,690
|
|
|
215,351
|
|
|
|
|
|
|
|
|
|
SELECTED ASSET QUALITY DATA,
CAPITAL
AND ASSET QUALITY RATIOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity/assets
|
|
|
15.11
|
%
|
|
15.15
|
%
|
Non-accrual and loans past due greater than 90 days
loans/total loans
|
|
|
2.56
|
%
|
|
4.94
|
%
|
Allowance for loan losses/total loans
|
|
|
1.07
|
%
|
|
1.46
|
%
|
Allowance for loan losses/non-accrual
loans
|
|
|
45.94
|
%
|
|
29.97
|
%
|
Leverage ratio
|
|
|
11.45
|
%
|
|
11.75
|
%
|
Tier 1 risk based capital
|
|
|
21.24
|
%
|
|
23.90
|
%
|
Total risk based capital
|
|
|
22.46
|
%
|
|
25.16
|
%
|
Book value per share
|
|
$
|
6.95
|
|
$
|
7.04
|
|
Number of shares of outstanding common
stock
|
|
|
34,070,270
|
|
|
30,569,032
|
|
SOURCE 1st United Bancorp, Inc.