Texas United Bancshares, Inc. Announces Second Quarter Earnings LA
GRANGE, Texas, July 19 /PRNewswire-FirstCall/ -- Texas United
Bancshares, Inc. (NASDAQ:TXUI) today reported second quarter 2004
net income of $1.5 million or $0.36 per diluted share, compared
with net income of $1.4 million or $0.34 per diluted share for the
second quarter of 2003. For the three months ended June 30, 2004,
the annualized return on average assets was 0.83% and annualized
return on average equity was 15.75%. For the first six months of
2004, net income was $3.1 million or $0.73 per diluted share, up
from $2.5 million or $0.61 per diluted share in the first six
months of 2003. The annualized return on average assets was 0.90%
and annualized return on average equity was 15.73% for the six
months ended June 30, 2004. Other financial results for the second
quarter 2004 included net interest income before the provision for
loan losses of $7.1 million, up 8.9% compared with the second
quarter of 2003. For the first six months of 2004, net interest
income before the provision for loan losses was $13.8 million, up
7.6% compared with the first six months of 2003. The net interest
margin for the second quarter of 2004 was 4.46% compared with 5.16%
for the same period in 2003. Average total loans, including loans
held for sale, for the second quarter of 2004 were up $56.9
million, a 15.5% increase from the second quarter last year.
Average deposits for the second quarter of 2004 were up $85.3
million, a 17.9% increase from the same period of 2003.
Non-interest income was $4.7 million in the second quarter of 2004
compared with $3.4 million for the same period in 2003. For the
first six months of 2004, non-interest income was $8.6 million,
compared with $7.0 million for the same period in 2003. The
increase for the three and six months ended June 30, 2004 is mainly
attributed to gains on the sale of mortgage loans generated from
Community Home Loan, Inc. Non-interest expense for the second
quarter of 2004 was $9.2 million compared with $7.4 million for the
same period in 2003. For the first six months of 2004, non-interest
expense was $17.3 million compared with $14.9 million for the same
period in 2003. The increase for the three and six months ended
June 30, 2004 is mainly attributed to employee compensation and
benefits and other expenses related to Community Home Loan, Inc.
The provision for loan losses was $300,000 in the second quarter
2004 compared with $500,000 for the same quarter in 2003.
Non-performing assets totaled $2.6 million or 0.61% of loans and
other real estate at June 30, 2004 compared with $2.3 million or
0.59% at December 31, 2003. For the first six months of 2004, net
charge-offs were $221,000 or 0.05% of average total loans compared
with $2.3 million or 0.61% for the year ended December 31, 2003.
The allowance for loan losses totaled $4.1 million at June 30, 2004
compared with $3.9 million at December 31, 2003. As of June 30,
2004, Texas United Bancshares, Inc. had total assets of $751.6
million and total deposits of $567.4 million. Shareholders' equity
of $37.6 million represented 5.0% of total assets. Texas United
Bancshares, Inc. is a registered financial holding company listed
on the Nasdaq National Market under the symbol "TXUI". Its wholly
owned subsidiary, State Bank, offers a complete range of banking
services through 18 full service banking centers and four loan
production offices located in the greater central and south central
Texas area. In addition, State Bank has nine mortgage loan
production offices located in Houston, San Antonio and Kerrville
through its wholly owned subsidiary, Community Home Loan, Inc. In
connection with the proposed merger of GNB Bancshares, Inc. ("GNB")
into Texas United, Texas United will file with the Securities and
Exchange Commission a registration statement on Form S-4 to
register the shares of Texas United's common stock to be issued to
the shareholders of GNB. The registration statement will include a
joint proxy statement/prospectus which will be sent to the
shareholders of GNB and the shareholders of Texas United seeking
their approval of the proposed transaction. TEXAS UNITED URGES
INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT
ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED
WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER
RELEVANT DOCUMENTS TO BE FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE
THEY CONTAIN IMPORTANT INFORMATION ABOUT TEXAS UNITED, GNB AND THE
PROPOSED TRANSACTION. Investors and security holders may obtain
free copies of these documents through the website maintained by
the Securities and Exchange Commission at http://www.sec.gov/ .
Free copies of the joint proxy statement/prospectus may also be
obtained by directing a request by telephone or mail to Texas
United Bancshares, Inc., 202 West Colorado St., La Grange, Texas
78945, Attn: Investor Relations. Texas United's telephone number is
(979) 968-8451. The directors, executive officers, and certain
other members of management of Texas United and GNB may be
soliciting proxies in favor of the merger from the companies'
respective shareholders. For information about Texas United's
directors, executive officers, and members of management,
shareholders are asked to refer to the most recent proxy statement
issued by Texas United, which is available on its web site and at
the address provided in the preceding paragraph. FORWARD-LOOKING
STATEMENTS AND ASSOCIATED RISK FACTORS This release, other written
materials, and statements management may make, may contain certain
forward-looking statements regarding Texas United's prospective
performance and strategies within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Texas United intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, and is including this
statement for purposes of said safe harbor provisions.
Forward-looking statements, which are based on certain assumptions
and describe future plans, strategies, and expectations of Texas
United, are generally identified by use of the words "plan,"
"believe," "expect," "intend," "anticipate," "estimate," "project,"
or other similar expressions. Texas United's ability to predict
results or the actual effects of its plans and strategies is
inherently uncertain. Accordingly, actual results may differ
materially from anticipated results. The following factors, among
others, could cause actual results to differ materially from the
expectations stated in any forward-looking statement: the ability
of Texas United and GNB to obtain the required shareholder or
regulatory approvals for the merger of GNB into Texas United or to
consummate the merger; the ability of Texas United to obtain the
required regulatory approvals for the purchase of the branches from
Central Bank; the ability to successfully integrate GNB and the
Caldwell and Lexington branches with Texas United following the
merger and the branch purchase; a materially adverse change in the
financial condition of either Texas United or GNB; a change in
general business and economic conditions; changes in the interest
rate environment, deposit flows, loan demand, real estate values,
and competition; changes in accounting principles, policies or
guidelines; changes in legislation and regulation; and other
economic, competitive, governmental, regulatory, geopolitical, and
technological factors affecting Texas United's operations, pricing,
products and services. The forward-looking statements are made as
of the date of this release and, except as may be required by
applicable law or regulation, Texas United undertakes no obligation
to update these forward-looking statements to reflect events or
circumstances that occur after the date on which such statements
were made. All written or oral forward-looking statements are
expressly qualified in their entirety by these cautionary
statements. You should also read the additional risks and factors
described from time to time in Texas United's reports and
registration statements filed with the Securities and Exchange
Commission. Copies of our Texas United's filings are also available
on our website http://www.statebanktx.com/ under the caption of
investor relations. Texas United Bancshares, Inc. CONSOLIDATED
FINANCIAL SUMMARY (UNAUDITED) (In thousands, except per share
amounts) 2004 2003 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr
CONDENSED INCOME STATEMENTS Net interest income $7,148 $6,664
$6,621 $6,770 $6,561 Provision for loan losses 300 150 800 800 500
Non-interest income Service charges on deposits accounts 2,228
1,597 1,737 1,718 1,689 Mortgage servicing revenue 290 208 76 400
132 Net gain on securities transactions 71 77 3 376 684 Other 2,078
2,022 1,871 654 884 Total non-interest income $4,667 $3,904 $3,687
$3,148 $3,389 Non-interest expense Employee compensation and
benefits 5,722 4,274 4,375 4,509 4,349 Occupancy 1,117 1,088 1,142
1,214 1,144 Other 2,357 2,788 2,636 1,199 1,934 Total non-interest
expense $9,196 $8,150 $8,153 $6,922 $7,427 Income before provision
for taxes 2,319 2,268 1,355 2,196 2,023 Income taxes 824 703 166
667 631 Net income $1,495 $1,565 $1,189 $1,529 $1,392 PER SHARE
DATA Earnings per share - basic $0.37 $0.39 $0.30 $0.38 $0.35
Earnings per share - diluted 0.36 0.37 0.29 0.37 0.34 Cash
dividends 0.07 0.07 0.07 0.07 0.07 Book value per share 9.34 10.17
9.49 9.11 9.68 Period-end common shares outstanding 4,025 4,017
4,002 3,995 3,995 Weighted average shares - basic 4,020 4,010 4,000
3,995 3,978 Weighted average shares - diluted 4,200 4,193 4,154
4,163 4,139 SELECTED ANNUALIZED RATIOS Return on average assets
0.83% 0.96% 0.75% 0.97% 0.93% Return on average equity 15.75 15.33
12.86 16.70 14.38 Net interest margin 4.46 4.63 4.75 4.91 5.16
Texas United Bancshares, Inc. CONSOLIDATED FINANCIAL SUMMARY
(UNAUDITED) (Dollars in thousands) 2004 2003 2nd Qtr 1st Qtr 4th
Qtr 3rd Qtr 2nd Qtr BALANCE SHEET SUMMARY Average Balance: Loans
(including loans held for sale) $424,805 $391,820 $376,623 $384,748
$367,909 Earning assets 645,214 578,730 568,074 568,068 527,609
Total assets 716,168 650,610 632,285 631,398 601,609 Total deposits
561,454 517,797 505,431 501,208 476,178 Shareholders' equity 37,960
40,845 36,970 36,621 38,728 Period-End Balance: Loans (including
loans held for sale) $435,128 $406,840 $384,331 $373,438 $369,514
Earning assets 676,414 589,071 568,878 560,158 543,863 Goodwill and
intangible assets 14,704 14,365 13,941 14,259 12,896 Total assets
751,631 658,720 637,684 630,142 614,374 Total deposits 567,440
536,749 501,136 503,706 495,614 Shareholders' equity 37,570 40,845
37,987 36,396 38,647 ASSET QUALITY Allowance for loan losses:
$4,122 $4,093 $3,893 $3,896 $3,584 As a percentage of period-end
loans 0.95% 1.01% 1.01% 1.04% 0.97% Net charge-offs (recoveries):
$271 $(50) $803 $488 $509 As a percentage average loans
(annualized) 0.26% (0.01)% 0.85% 0.51% 0.55% Non-performing assets:
Past due and non-accrual $976 $2,073 $1,988 $1,373 $1,445 Other
real estate 1,672 333 273 449 369 Total $2,648 $2,406 $2,261 $1,822
$1,814 As a percentage of: Total assets 0.35% 0.37% 0.35% 0.29%
0.30% Total loans plus other real estate 0.61 0.59 0.59 0.49 0.49
CONSOLIDATED CAPITAL RATIOS Tier 1 risk-based capital ratio 8.88%
9.61% 9.54% 8.09% 8.35% Total risk-based capital ratio 9.74 10.56
10.47 9.01 9.26 Leverage ratio 6.04 6.46 6.46 5.47 5.56 Texas
United Bancshares, Inc. CONSOLIDATED FINANCIAL SUMMARY (UNAUDITED)
(In thousands, except per share amounts) Six Months Ended June 30
2004 2003 CONDENSED INCOME STATEMENTS Net interest income $13,812
$12,832 Provision for loan losses 450 1,300 Non-interest income
Service charges on deposit accounts 3,825 3,298 Mortgage servicing
revenue 498 1,151 Net gain on securities transactions 148 915 Other
4,100 1,605 Total non-interest income 8,571 6,969 Non-interest
expense Employee compensation and benefits 9,996 7,805 Occupancy
2,205 2,265 Other 5,145 4,847 Total non-interest expense 17,346
14,917 Income before provision for income taxes 4,587 3,584 Income
taxes 1,527 1,061 Net income $3,060 $2,523 PER SHARE DATA Earnings
per share - basic $0.76 $0.64 Earnings per share - diluted 0.73
0.61 Cash dividends 0.14 0.14 Book value per share 9.34 9.68
OUTSTANDING SHARES (shares in thousands) Period-end common shares
outstanding 4,025 3,995 Weighted average shares outstanding - basic
4,015 3,971 Weighted average shares outstanding - diluted 4,197
4,130 SELECTED ANNUALIZED RATIOS Return on average assets 0.90%
0.85% Return on average equity 15.73 13.48 Net interest margin 4.57
5.17 Texas United Bancshares, Inc. CONSOLIDATED FINANCIAL SUMMARY
(UNAUDITED) (Dollars in thousands) Six Months Ended June 30 2004
2003 BALANCE SHEET SUMMARY Average Balance: Total loans (including
loans held for sale) $408,329 $373,139 Earning assets 607,582
518,290 Total assets 682,258 591,448 Total deposits 540,407 463,798
Shareholders' equity 38,897 37,428 Period-End Balance: Total loans
(including loans held for sale) $435,128 $369,514 Earning assets
676,414 543,863 Goodwill and intangible assets 14,704 12,896 Total
assets 751,631 614,374 Total deposits 567,440 495,614 Shareholders'
equity 37,570 38,647 ASSET QUALITY Allowance for loan losses $4,122
$3,584 As a percentage of period-end loans 0.95% 0.97% Net
charge-offs: $221 $1,012 As a percentage of average loans 0.05%
0.27% Non-performing assets: Past due and non-accrual loans $976
$1,445 Other real estate 1,672 369 Total $2,648 $1,814 As a
percentage of: Total assets 0.35% 0.30% Total loans plus other real
estate 0.61 0.49 DATASOURCE: Texas United Bancshares, Inc. CONTACT:
Tom Adams of Texas United Bancshares, Inc., +1-979-968-7261 Web
site: http://www.sec.gov/ Web site: http://www.statebanktx.com/
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