U.S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-K/A
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended DECEMBER 31, 1996
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from_______________to______________
Commission file number 0-20254
1ST UNITED BANCORP
(Exact name of registrant as specified in its charter)
FLORIDA 65-0178023
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
980 N. FEDERAL HWY., BOCA RATON, FL 33432
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number (561) 392-4000
Securities registered under Section 12(b) of the Exchange Act:
Title of each class Name of each exchange on which
registered
____________________ _______________________________
____________________ _______________________________
Securities registered under Section 12(g) of the Exchange Act:
COMMON STOCK, $.01 PAR VALUE
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(Title of Class)
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(Title of Class)
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Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the past
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes. X No. __
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K/A or any
amendment to this Form 10-K/A (X).
State the aggregate market value of the voting stock held by
non-affiliates computed by reference to the price at which the stock was sold,
or the average bid and asked prices of such stock, as of a specified date within
the past 60 days. $85,731,000 as of January 31, 1997.
State the number of shares outstanding of each of the registrant's classes
of common stock, as of the latest practicable date. 8,435,804 as of January 31,
1997.
DOCUMENTS INCORPORATED BY REFERENCE
Amendment No. 2 to the Issuer's Registration Statement on Form S-4, No
33-45665, declared effective May 11, 1992 and the Registrant's 1996 Annual
Report to Shareholders are incorporated by reference into Parts I and II of this
Form 10-K. The Proxy Statement for the Registrant's 1997 Annual Meeting of
Shareholders will be incorporated by reference, when filed, into Part III of
this Form 10-K.
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The following item 6 of the Registrants Form 10K for the year ended December 31,
1996 is hereby amended to read in its entirety as follows:
<PAGE>
Five Year Summary of Selected Financial Highlights
(HISTORICAL)(1)
<TABLE>
<CAPTION>
Year Ended December 31,
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1996 1995 1994 1993 1992
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<S> <C> <C> <C> <C> <C>
CONSOLIDATED STATEMENT OF INCOME DATA:
Interest income $40,371 $29,290 $19,460 $11,524 $11,605
Interest expense 10,877 8,018 5,210 2,832 3,814
Net interest income 29,494 21,272 14,250 8,692 7,791
Provision for loan losses 170 207 356 415 391
Net interest income after provision for loan losses 29,324 21,065 13,894 8,277 7,400
Other income 7,910 3,975 2,883 2,278 2,294
Other expenses 25,473 17,222 12,355 8,081 7,693
Income before income taxes and cumulative effect
of accounting change 11,761 7,818 4,422 2,474 2,001
Income taxes 4,326 2,793 1,451 777 629
Income before cumulative effect of
accounting change 7,435 5,025 2,971 1,697 1,372
Cumulative effect of accounting change 0 0 0 640 0
Net income 7,435 5,025 2,971 2,337 1,372
CONSOLIDATED PER SHARE DATA:
Income before cumulative effect of
accounting change $.87 $.66 $.50 $.41 $.40
Net income .87 .66 .50 .57 .40
Cash dividends .21 .16 .07 .07 0
Average common shares and
common share equivalents 8,587 7,576 5,940 4,129 3,402
Book value 6.05 5.15 4.50 4.10 3.60
CONSOLIDATED BALANCE SHEET DATA (END OF YEAR):
Total assets $561,288 $372,433 $336,636 $170,869 $172,112
Total investments 59,974 52,183 66,963 41,689 42,158
Net loans 379,411 260,819 212,416 107,219 105,585
Total deposits 505,020 330,170 299,292 153,556 155,811
Shareholders' equity 51,032 38,337 32,138 16,524 14,589
PERFORMANCE RATIOS:
Return on average assets (R.O.A.)(2) 1.41% 1.44% 1.09% .98% .87%
Return on average equity (R.O.E.)(2) 15.63% 14.19% 11.78% 10.88% 9.87%
Net interest income to average assets 5.59% 6.10% 5.25% 5.03% 4.95%
Leverage ratio 7.86% 9.11% 8.97% 9.67% 8.47%
ASSET QUALITY RATIOS:
Allowance for loan losses to total loans 2.20% 2.55% 3.07% 1.42% 1.79%
Allowance for loan losses to non-performing loans(3) 71% 201% 236% 136% 102%
Non-performing loans to total loans(3) 3.11% 1.27% 1.30% 1.04% 1.76%
Non-performing assets to total loans
plus other real estate(3) 3.90% 1.84% 2.67% 2.17% 3.94%
Net charge-offs to average loans,
net of unearned income .29% .18% .45% .75% .41%
</TABLE>
(1) HISTORICAL INFORMATION RESTATED TO REFLECT THE ACQUISITION OF PARK
BANKSHARES, INC. ON NOVEMBER 1, 1996, WHICH WAS ACCOUNTED FOR AS A POOLING
OF INTERESTS IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
(2) EXCLUDES CUMULATIVE EFFECT OF CHANGE IN METHOD OF ACCOUNTING FOR INCOME
TAXES IN 1993. INCLUDING THE CUMULATIVE EFFECT OF ACCOUNTING CHANGE RESULTS
IN A R.O.A. AND R.O.E. OF 1.35% AND 15.08%, RESPECTIVELY, FOR THE YEAR
ENDING DECEMBER 31, 1993.
(3) NON-PERFORMING LOANS INCLUDE NONACCRUAL LOANS AND LOANS PAST DUE 90 DAYS OR
MORE AND STILL ACCRUING INTEREST. NON-PERFORMING ASSETS INCLUDE NON-
PERFORMING LOANS PLUS OTHER REAL ESTATE.
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SIGNATURES
Pursuant to the requirements of Section 13 and 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
1ST UNITED BANCORP
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/S/ WARREN S. ORLANDO
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Warren S. Orlando, CEO
/S/ JOHN MARINO
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John Marino, Treasurer and CFO
DATE FEBRUARY 25, 1997
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated as of February 15, 1997.
SIGNATURES TITLE
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/S/ ANTHONY COMPARATO
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Anthony Comparato Chairman of the Board of Directors
/S/ WARREN S. ORLANDO
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Warren S. Orlando CEO, President and Director
(Principal Executive Officer)
/S/ JOHN MARINO
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John Marino Treasurer and CFO (Principal Financial
and Accounting officer)
/S/ HAROLD TOPPEL
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Harold Toppel Director
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/S/ EDWARD A. SASSO
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Edward A. Sasso Director
/S/LINDSEY R. PERRY, SR.
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Lindsey R. Perry, Sr. Director
/S/ HERMAN JEFFER
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Herman Jeffer Director
/S/ MARIO A. DIFEDERICO
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Mario A. DiFederico Director
/S/ HARVEY S. KLEIN
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Harvey S. Klein Director
/S/ THOMAS L. DELANEY
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Thomas L. Delaney Director
/S/ MAXWELL C. KING
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Maxwell C. King Director
/S/ JAMES D. BEATY
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James D. Beaty Director
/S/ RONALD A. DAVID
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Ronald A. David Director
/S/ BILLIE H. MCCUTCHEN
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Billie H. McCutchen Director
/S/ DAVID B. DICKENSON
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David B. Dickenson Director
/S/ DEAN VEGOSEN
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Dean Vegosen Director
/S/ JAMES B. BAER
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James B. Baer Director
/S/ THOMAS J. HANFORD
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Thomas J. Hanford Director
<PAGE>
/S/ FRANK J. ZAPPALA
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Frank J. Zappala Director
