BOCA RATON, Fla., Oct. 28 /PRNewswire-FirstCall/ -- (NASDAQ:FUBC)
--1st United Bancorp, Inc. ("1st United") reported net income of
$184,000 for the quarter ended September 30, 2009 compared to
$297,000 for the quarter ended September 30, 2008. 1st United
reported a net loss of $1.683 million for the nine months ended
September 30, 2009 compared to a net loss of $361,000 for the nine
months ended September 30, 2008. After giving effect to preferred
stock dividends, 1st United reported basic and diluted earnings
(loss) per share available to common stock shareholders of ($.06)
and $.03 for the three months ended September 30, 2009 and 2008,
respectively, and ($.31) and ($.07) for the nine months ended
September 30, 2009 and 2008, respectively. Highlights for the
quarter and nine months ended September 30, 2009: Financial
Condition -- On September 22, 2009, 1st United completed a $70
million common stock offering and listed its common stock on the
NASDAQ Global Stock Market under the symbol FUBC. Subsequent to
September 30, 2009, the underwriters exercised their over-allotment
option and 1st United received an additional $10.5 million in gross
proceeds. Total gross proceeds from the offering were approximately
$80.5 million. -- Gross loans increased by $14 million (3%) from
December 31, 2008 to approximately $500.4 million at September 30,
2009. -- The allowance for loan losses at September 30, 2009 was
$7.2 million and 1.4% of total loans and 60% of non-accrual loans.
This compares to an allowance for loan losses at December 31, 2008
of $5.8 million and 1.2% of total loans and 68% of non-accrual
loans. -- Deposits increased by $23 million (5%) from December 31,
2008 to approximately $459.3 million at September 30, 2009 --
Non-performing assets (non-accruing loans, loans accruing >/= 90
days and other real estate owned) to total assets was 2.26% at
September 30, 2009. Excluding the $2.7 million loan accruing >/=
90 days which was resolved after September 30, 2009, this ratio is
1.85%. This compares to non performing assets of 1.72% at December
31, 2008. -- Total risk-based capital ratio, Tier 1 capital ratio,
and leverage ratio at September 30, 2009 were 27.6%, 25.2%, and
20.5%, respectively. Operating Results -- Net income of $184,000
for the quarter ended September 30, 2009 was impacted by: -- Net
interest margin of 3.70% for the quarter -- Sale of approximately
$3.8 million in securities for a net gain of $100,000 -- Provision
for loan losses of $185,000 -- Net loss of $1.683 million for the
nine months ended September 30, 2009 was impacted by: -- Net
interest margin of 3.74% for the nine months ended September 30,
2009 -- Sale of approximately $12.8 million in securities for a net
gain of $630,000 -- Provision for loan losses of $3.1 million --
Special FDIC assessment of approximately $300,000 -- Termination of
an office lease resulting in approximately $330,000 in one time
occupancy expense. Management Comments: "It has been an exciting
quarter for 1st United, stated Warren S. Orlando, Chairman. "We
were very pleased to have raised the additional $80.5 million in
gross capital, including the over-allotment received after
September 30, which we believe will fuel both organic and
acquisition growth opportunities. Despite current economic
challenges, we believe in the fundamentals in the markets we
serve." Rudy Schupp, President and CEO, stated that "Though the
recovery appears to be slow, we continue to ensure that we are
serving the banking needs of our communities. We had new loan
production for the last 9 months of over $45 million. We have also
seen core deposits grow by more than $23 million since December 31,
2008. Our net interest margin of 3.74%, liquidity, and capital
remain very strong." "Asset quality continues to be a focus for the
company, and the amount of loan loss provision recorded over the
last nine months of $3.1 million is a result of these challenges,"
indicated Schupp. "We remain vigilant in monitoring asset quality
and to act quickly to resolve problems assets as they are
identified." 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, 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, and 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. 1st
United Bancorp, Inc. Selected Financial Data September 30, December
31, ------------- ------------ 2009 2008 2008 ---- ---- ----
(Amounts in thousands, except per share data) BALANCE SHEET DATA
Total assets $669,425 $621,927 $617,821 Total loans 500,361 491,588
486,247 Allowance for loan losses 7,189 4,898 5,799 Securities
available for sale 50,486 40,238 35,075 Goodwill and other
intangible assets 46,881 42,449 47,118 Deposits 459,266 469,760
436,269 Non-interest bearing deposits 105,186 107,562 100,785
Stockholders' equity 172,006 99,505 98,870 SELECTED ASSET QUALITY
DATA, CAPITAL AND ASSET QUALITY RATIOS Equity/assets 25.69% 16.00%
16.00% Non-accrual loans/total loans 2.40% 1.15% 1.76%
Non-performing assets/ total assets 2.26% 0.91% 1.72% Allowance for
loan losses/ total loans 1.44% 1.00% 1.19% Allowance for loan
losses/ non-accrual loans 60% 86% 68% Net charge-offs/average loans
0.34% 0.09% 0.21% Leverage Ratio 20.46% 9.79% 8.15% Tier 1 Risk
Based Capital 25.24% 10.68% 9.46% Total Risk Based Capital 27.55%
12.68% 11.69% INCOME STATEMENT DATA For the three For the nine
(Amounts in thousands, except per month period month period share
data) ended ended September 30, September 30, -------------
------------- 2009 2008 2009 2008 ---- ---- ---- ---- Interest
income $7,026 $8,014 $20,921 $22,749 Interest expense 1,816 2,384
5,503 7,257 ----- ----- ----- ----- Net interest income 5,210 5,630
15,418 15,492 Provision for loan losses 185 225 3,090 475 --- ---
----- --- Net interest income after provision for loan losses 5,025
5,405 12,328 15,017 Non interest income 580 445 1,987 1,411 Non
interest expense 5,328 5,364 16,919 17,006 ----- ----- ------
------ Income (loss) before taxes 277 486 (2,604) (578) --- ---
------ ---- Income expense (benefit) 93 189 (921) (217) Net income
(loss) 184 297 (1,683) (361) --- --- ------ ---- Preferred Stock
Dividends Earned 875 - 1,238 - --- --- ----- --- Net income (loss)
available to common Shareholders $(691) $297 $(2,921) $(361) =====
==== ======= ===== PER SHARE DATA Basic and diluted earnings (loss)
per share $(0.06) $0.03 $(0.31) $(0.07) Book value per common share
$6.92 $11.01 $6.92 $11.01 Tangible book value per common share
$4.85 $6.05 $4.85 $6.05 SELECTED OPERATING RATIOS Return on average
assets 0.12% 0.20% -0.36% -0.09% Return on average shareholders'
equity 0.78% 1.40% -2.10% -0.63% Net interest margin 3.70% 4.35%
3.74% 4.38% DATASOURCE: 1st United Bancorp, Inc. CONTACT: Rudy E.
Schupp, Chief Executive Officer, +1-561-616-3029, or John Marino,
President and Chief Financial Officer, +1-561-616-3046 Web Site:
http://www.1stunitedbankfl.com/
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