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People's Utah Bancorp (PUB) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

People's Utah Bancorp

CIK: 1636286 Ticker: PUB

 

 

Exhibit 99.1

 

PEOPLE’S UTAH BANCORP REPORTS SECOND QUARTER RESULTS AND ANNOUNCES INCREASED QUARTERLY DIVIDEND PAYMENT

Second Quarter Highlights

Total deposits grew $321 million, or 21.96%, to $1.78 billion year-over-year

Loans held for investment grew $491 million, or 40.83%, to $1.69 billion year-over-year

Net interest margin widened 55 bps to 5.26% year-over-year

Earnings per diluted share increased 57.14% to $0.55 year-over-year

Return on average assets improved to 1.93% for the second quarter of 2018

Return on average equity improved to 15.60% for the second quarter of 2018

AMERICAN FORK, UTAH, July 26, 2018 – People’s Utah Bancorp (the “Company” or “PUB”) (Nasdaq: PUB)

reported net income of $10.5 million for the second quarter of 2018 compared with $9.0 million for the first quarter of 2018, and $6.5 million for the second quarter of 2017.  Diluted earnings per common share were $0.55 for the second quarter of 2018 compared with $0.48 for the first quarter of 2018, and $0.35 for the second quarter of 2017.  For the six months ended June 30, 2018 net income was $19.5 million, or $1.03 per diluted common share, compared with $13.0 million, or $0.71 per diluted common share, for the same period a year earlier.    

The Company has excluded non-recurring items including gains or losses on sale of investment securities; costs related to the acquisition of the Utah branches of Banner Bank and the merger of Town & Country Bank incurred in both 2017 and 2018; and higher income tax expense related to the one-time write-down of its deferred income tax assets recorded in 2017 to derive non-GAAP financial information related to the Company’s core operations.  The Company believes this non-GAAP(NG) financial information is useful in understanding the Company’s core financial performance.

Net income from core operations was $10.2 million, or $0.54 per diluted common share, for the second quarter of 2018 compared with $9.3 million, or $0.49 per diluted common share, for the first quarter of 2018 and $6.6 million, or $0.36 per diluted common share, for the second quarter of 2017(NG).  For the six months ended June 30, 2018 net income from core operations was $19.5 million, or $1.03 per diluted common share, compared with $13.1 million, or $0.72 per diluted common share, for the same period a year earlier(NG).


________________________________

(NG) Details on Non-GAAP financial information are on last three tables of this press release.

 


The following information was filed by People's Utah Bancorp (PUB) on Thursday, July 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Unaudited Consolidated Balance Sheets
Unaudited Consolidated Balance Sheets (Parenthetical)
Unaudited Consolidated Statements Of Cash Flows
Unaudited Consolidated Statements Of Changes In Shareholders' Equity
Unaudited Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Unaudited Consolidated Statements Of Comprehensive Income
Unaudited Consolidated Statements Of Income
Acquisition Related Measurement Period Adjustments
Acquisition Related Measurement Period Adjustments - Additional Information (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Additional Information (Details)
Basis Of Presentation - Impact Of Adopting New Revenue Standard On Statement Of Income (Details)
Basis Of Presentation - Schedule Of Earnings Per Common Share (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Summary Of Contractual Amounts Of Off-Balance Sheet Financial Instruments (Details)
Commitments And Contingencies - Summary Of Contractual Amounts Of Off-Balance Sheet Financial Instruments (Parenthetical) (Details)
Fair Value
Fair Value (Tables)
Fair Value - Summary Of Asset Measured At Fair Value (Details)
Fair Value - Summary Of Estimated Fair Values Of Financial Instruments (Details)
Incentive Share-Based Plan And Other Employee Benefits
Incentive Share-Based Plan And Other Employee Benefits - Additional Information (Details)
Income Taxes
Income Taxes - Additional Information (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Details)
Investment Securities - Amortized Cost And Estimated Fair Value Of Investment Securities That Are Available-For-Sale And Held-To-Maturity By Contractual Maturity (Details)
Investment Securities - Summary Of Amortized Cost And Estimated Fair Value Of Investment Securities Available For Sale (Details)
Investment Securities - Summary Of Amortized Cost And Estimated Fair Value Of Investment Securities Held-To-Maturity (Details)
Investment Securities - Summary Of Gross Unrealized Losses And Fair Value For Securities Available-For-Sale And Held-To-Maturity (Details)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses (Tables)
Loans And Allowance For Loan Losses - Additional Information (Details)
Loans And Allowance For Loan Losses - Changes In Accretable Yield For Pci Loans (Details)
Loans And Allowance For Loan Losses - Summary Of Alll And Outstanding Loan Balances According To The Company's Impairment Method (Details)
Loans And Allowance For Loan Losses - Summary Of Changes In Allowance For Loan Losses (Details)
Loans And Allowance For Loan Losses - Summary Of Current And Past Due Loans Held For Investment (Accruing And Non-Accruing) (Details)
Loans And Allowance For Loan Losses - Summary Of Information On Impaired Loans, Excluding Purchased Credit Impaired ("Pci") Loans (Details)
Loans And Allowance For Loan Losses - Summary Of Interest Income Recognized On Impaired Loans (Details)
Loans And Allowance For Loan Losses - Summary Of Loans (Details)
Loans And Allowance For Loan Losses - Summary Of Non Accrual Loans (Details)
Loans And Allowance For Loan Losses - Summary Of Outstanding Loan Balances (Accruing And Non - Accruing) Categorized By Credit Quality Indicators (Details)
Loans And Allowance For Loan Losses - Summary Of Troubled Debt Restructured Loans (Details)
Regulatory Capital Matters
Regulatory Capital Matters - Additional Information (Details)

Material Contracts, Statements, Certifications & more

People's Utah Bancorp provided additional information to their SEC Filing as exhibits

Ticker: PUB
CIK: 1636286
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-020850
Submitted to the SEC: Thu Aug 09 2018 12:18:54 PM EST
Accepted by the SEC: Thu Aug 09 2018
Period: Saturday, June 30, 2018
Industry: State Commercial Banks

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