diff --git a/BRWallet.c b/BRWallet.c
index ebdc892d7..75bbeb2e2 100644
--- a/BRWallet.c
+++ b/BRWallet.c
@@ -167,7 +167,7 @@ static int _BRWalletContainsTx(BRWallet *wallet, const BRTransaction *tx)
 
 static void _BRWalletUpdateBalance(BRWallet *wallet)
 {
-    int isInvalid, isPending;
+    int isInvalid, isPending = 0;
     uint64_t balance = 0, prevBalance = 0;
     time_t now = time(NULL);
     size_t i, j;
@@ -225,7 +225,6 @@ static void _BRWalletUpdateBalance(BRWallet *wallet)
             if (isPending) {
                 BRSetAdd(wallet->pendingTx, tx);
                 array_add(wallet->balanceHist, balance);
-                continue;
             }
         }
 
@@ -239,12 +238,17 @@ static void _BRWalletUpdateBalance(BRWallet *wallet)
 
                 if (pkh && BRSetContains(wallet->allPKH, pkh)) {
                     BRSetAdd(wallet->usedPKH, (void *)pkh);
-                    array_add(wallet->utxos, ((const BRUTXO) { tx->txHash, (uint32_t)j }));
-                    balance += tx->outputs[j].amount;
+
+                    if (!isPending) {
+                        array_add(wallet->utxos, ((const BRUTXO) { tx->txHash, (uint32_t)j }));
+                        balance += tx->outputs[j].amount;
+                    }
                 }
             }
         }
 
+        if (isPending) continue;
+
         // transaction ordering is not guaranteed, so check the entire UTXO set against the entire spent output set
         for (j = array_count(wallet->utxos); j > 0; j--) {
             if (! BRSetContains(wallet->spentOutputs, &wallet->utxos[j - 1])) continue;