United Western Bancorp has reported a net income of $3.28m, or $0.45 per diluted share, for the first quarter of 2009, compared with $3.36m, or $0.46 per diluted share, for the same quarter of 2008.
For the first quarter of 2009, net interest income after provision for credit losses was $14.49m, compared to $18.32m for the same quarter of 2008. Total noninterest income was $8.2m, compared to $4.82m for the same quarter of 2008.
According to the company, for the first quarter of 2009, income before taxes was $4.72m, compared to $4.81m for the same quarter of 2008.
Total assets of the company as of March 31, 2009 were $2.28 billion, compared to $2.26 billion as of December 31, 2008.
Scot Wetzel, president and CEO at United Western Bancorp, said: Given the challenging banking environment we are pleased with the results that we achieved in the first quarter and we are further pleased to report earnings of $3.3m, or $0.45 per share, for the first quarter of 2009. Our core community banking business plan continues to meet our expectations, and we remain focused on working diligently and strategically for our customers and shareholders in this unprecedented environment.
Denver-based United Western Bancorp, Inc. is focused on developing its community-based banking network through its subsidiary, United Western Bank, by positioning branches across Colorado’s Front Range market and certain mountain communities. In addition to community-based banking, the bank and its subsidiaries offer deposit services to institutional customers and custodial, administrative, and escrow services through its wholly owned subsidiary, Sterling Trust Company.
