United Financial (NASDAQ:UBMT)
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United Financial Corp. Announces March 31, 2004 Earnings and
Declares Quarterly and Special One-Time Dividend
HIGHLIGHTS: Special one-time dividend of $1.00 per share; Total assets of $315
million; Q1 Net interest income up 7%; 2004 Q1 EPS of $.39 vs. 2003 Q1 EPS
$.39; Billings, Montana branch opened
GREAT FALLS, Mont., April 29 /PRNewswire-FirstCall/ -- United Financial Corp.
("United") today reported net income for the quarter ended March 31, 2004 of
$974,189, or basic earnings per share of $.40 and $.39 per share on a fully
diluted basis. This compares to March 31, 2003 earnings of $982,140, or basic
earnings per share of $.40 and $.39 on a fully diluted basis.
United's assets at March 31, 2004 were $315 million. Net loans were $236
million at March 31, 2004 compared to $211 million a year ago and deposits
increased to $237 million at March 31, 2004 compared to $235 million a year
ago. Net interest income rose to $3.0 million in the quarter ended March 31,
2004 compared to $2.8 million for the same quarter a year ago. United's
shareholders' equity was $32.4 million at March 31, 2004, and book value per
share was $13.32. All numbers reported are from continuing operations.
Outstanding shares at March 31, 2004 were 2,429,773, compared to 2,439,225 at
March 31, 2003.
Chairman and CEO Kurt Weise said, "We are very pleased with this quarter
considering the significant drop in mortgage origination fees. Our net
interest margin was up 18 basis points over last year and our return on equity
was over 12%. Asset quality remained very good. Our new office in Billings is
being received very favorably and we are gaining market share."
United's net interest margin was 4.07% in the first quarter of 2004 compared to
3.89% in the first quarter of 2003. Non-performing loans totaled $.7 million
at both March 31, 2004 and March 31, 2003. United's past due and non-accrual
loans totaled .35% of loans at March 31, 2004, compared to .75% for that of its
peer bank holding companies at December 31, 2003 the most recent peer
information available.
United declared a regular quarterly dividend of $.27 per share, and a special
one-time dividend of $1.00 per share to shareholders of record on May 17, 2004,
payable June 1, 2004. The special one-time dividend was declared as a result
of the increased earnings in 2003 and the current overall financial condition
of the company.
Forward-Looking Statements
When used in this press release, the words or phrases 'will likely result in,'
'are expected to,' 'will continue,' 'is anticipated,' 'estimate,' 'could,' or
'project' or similar expressions are intended to identify "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from historical earnings
and those presently anticipated or projected including general economic
conditions, business conditions in the banking industry, the regulatory
environment, new legislation, vendor quality and efficiency, employee retention
factors, rapidly changing technology and evolving banking industry standards,
competitive standards, competitive factors including increased competition
among financial institutions and fluctuating interest rate environments.
Readers are cautioned not to place undue reliance on any such forward-looking
statements, which speak only as of the date made. Readers should also carefully
review the risk factors described in the company's most recent Annual Report on
Form 10-K for the period ending December 31, 2003 and other documents the
company files from time to time with the Securities Exchange Commission.
United Financial Corp. is a bank holding company based in Great Falls, Montana,
and is the parent of Heritage Bank, a full service community bank with fifteen
locations in Montana.
United Financial Corp.
Financial Highlights (Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
March 31,
2004 2003
Income statement amounts
Net interest income $3,040 2,793
Provision for losses on loans 52 262
Noninterest income
Investment securities gains 194 17
Gain on the sale of loans 518 1,204
Other 357 268
Noninterest expense 2,494 2,585
Earnings from continuing
operations before income taxes 1,563 1,435
Income taxes 589 540
Discontinued operations - 87
Net earnings 974 982
Per common share data
Net earnings - continuing operations
- basic 0.40 0.37
- diluted 0.39 0.36
Net earnings - discontinued operations
- basic - 0.03
- diluted - 0.03
Cash dividends 0.270 0.180
Book value 13.32 12.65
Balances at end of period (from
continuing operations)
Loans, gross 239,804 214,447
Allowance for losses on loans 3,804 3,297
Nonperforming assets
Nonperforming loans 726 682
Foreclosed properties 525 561
Available for sale investment
securities 40,382 42,935
Total assets 314,782 313,856
Goodwill 1,422 1,422
Total deposits 236,689 234,897
Total stockholders' equity 32,370 30,856
Other supplemental information
Net earnings
Return on average assets 1.24% 1.27%
Return on average common equity 12.02% 12.81%
Allowance for loan losses to loans 1.59% 1.54%
Common shares outstanding
(end of period, in thousands) 2,430 2,439
Net interest margin 4.07% 3.89%
Shareholders' equity to total assets
(excluding subordinated debt) 10.28% 9.83%
Dividend payout ratio 67.50% 45.00%
DATASOURCE: United Financial Corp.
CONTACT: Kurt R. Weise, Chairman & CEO of United Financial Corp.,
+1-763-512-5299