Categories : Quarterly Report


Today, UBT issued its 2010 Q1 results.  When I get a chance, I’ll take a closer look at them, but click the link to go to results published on the SEC website.

Just a few things I noticed after I took a quick look at the results:

  • Loan Loss Expense was $4.8M and Write offs were $3.5M.  I guess that means that things are less bad (see my previous post where I said if these two numbers are between $2M and $5M, things are less bad).  Mr. Chapman commented that the loan loss expense was the lowest it had been in 6 quarters.  While true, the bank has still written off over $36 M in loan assets in 2008, 2009 and Q1 2010. 
  • On an annualized basis, this implies loan loss expense in 2010 will be around $20M.  I guess that’s not as bad as the $25M expense it recorded in 2009.
  • Interestingly, while assets have indeed gone up by $22.4M (Q1 2010 compared to Q1 2009), the loan portfolio has gone down by $57M.  What seems to be happening is that Deposits and other Short term (liquid) assets have gone up by about $71M, while Longer term less liquid assets (Loans and other Assets) have gone down by about $49M.  Maybe this is selective pruning of bad assets.
  • The Press release did not mention anything about the Memorandum of understanding,  Maybe they will talk about that at the Shareholder meeting on Tuesday.
  • Non Performing loans increased to $33.5M from $32.7M in Q4 2009.  The beat goes on.

I hope this helps.  If I think of anything else, I’ll mention it later.

 Posted on : April 23, 2010
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