United Financial (NASDAQ:UBMT)
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United Financial Corp. Announces March 31, 2005 Earnings and
Declares Quarterly Dividend
HIGHLIGHTS: Total assets of $352 million; Q1 Net interest income up 7.9%; 2005
Q1 Net loans up over 15% over Q1 2004.
GREAT FALLS, Mont., April 27 /PRNewswire-FirstCall/ -- United Financial Corp.
("United") (NASDAQ:UBMT) today reported net income for the quarter ended March
31, 2005 of $867,845, or basic earnings per share of $.36 and $.34 on a fully
diluted basis. This compares to March 31, 2004 of $974,190, or basic earnings
per share of $.40 and $.39 per share on a fully diluted basis. Included in
March 31, 2004 earnings were $121,068 of gains on sales of investment
securities, net of tax, or $.05 per basic and fully diluted earnings per share.
Excluding these investment securities gains, March 31, 2004 basic earnings per
share would have been $.35 and $.34 on a fully diluted basis.
United's assets at March 31, 2005 were $352 million, an increase of 11.7% from
a year ago. Net loans were $273 million at March 31, 2005 compared to $236
million at March 31, 2004, an increase of 15.8%. Net interest income rose to
$3.3 million in the quarter ended March 31, 2005, compared to $3.0 million in
the quarter ended March 31, 2004. United's shareholders' equity was $30.7
million at March 31, 2005 and book value per share was $12.55. Outstanding
shares at March 31, 2005 were 2,444,634, compared to 2,429,773 March 31, 2004.
Chairman and CEO, Kurt Weise, said, "We are pleased with this quarter in terms
of loan growth and the overall progress we have made in our new markets.
Considering the first quarter is typically our slowest, the nearly 8% increase
in net interest income bodes well for future quarters. Asset quality remained
very good with non-performing loans only .17% of total loans."
United's net interest margin was 4.10% in the first quarter of 2005 compared to
4.07% in the first quarter of 2004. Non-performing loans totaled $.5 million
at March 31, 2005 compared to $.7 million at March 31, 2004. United's past due
and non-accrual loans totaled .17% of loans at March 31, 2005 compared to .30 %
of loans at March 31, 2004, compared to .59 % for that of its peer bank holding
companies at December 31, 2004 the most recent peer information available.
United declared a regular quarterly dividend of $.28 per share, to shareholders
of record on May 18, 2005, payable June 1, 2005.
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, 2004 and other documents the
company files from time to time with the Securities and 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,
2005 2004
Income statement amounts
Net interest income $3,281 3,040
Provision for losses on loans - 52
Noninterest income
Investment securities gains - 194
Gain on the sale of loans 537 569
Other 292 306
Noninterest expense 2,717 2,494
Earnings before income taxes 1,393 1,563
Income taxes 525 589
Net earnings 868 974
Per common share data
Net earnings
- basic 0.36 0.40
- diluted 0.34 0.39
Cash dividends 0.280 0.270
Book value 12.55 13.32
Balances at end of period
Loans, gross 276,799 239,804
Allowance for losses on loans 3,625 3,804
Nonperforming assets
Nonperforming loans 466 726
Foreclosed properties - 525
Available for sale investment
securities 37,609 40,382
Total assets 351,722 314,782
Goodwill 1,422 1,422
Total deposits 254,214 236,689
Total stockholders' equity 30,692 32,370
Other supplemental information
Net earnings
Return on average assets 1.00% 1.24%
Return on average common equity 11.39% 12.02%
Allowance for loan losses to loans 1.31% 1.59%
Common shares outstanding
(end of period, in thousands) 2,445 2,430
Net interest margin 4.10% 4.07%
Shareholders' equity to total assets 8.73% 10.28%
Dividend payout ratio 77.78% 67.50%
DATASOURCE: United Financial Corp.
CONTACT: Kurt R. Weise, Chairman & CEO of United Financial Corp.,
+1-763-512-5299