Americas United Bank Announces Results for the First Quarter 2013

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Americas United Bank Announces Results for the First Quarter 2013

GLENDALE, Calif.--(BUSINESS WIRE)-- Americas United Bank (OTCQB: AUNB) today announced its unaudited results of operations for the first quarter and three-month period ended March 31, 2013. For the quarter, Americas United Bank earned $56,000, or $0.02 per share, compared to net income of $129,000, or $0.04 per share for 2012.

Total assets were $111.8 million at quarter end, down slightly from $114.6 million at year-end and up from $104.5 million at March 31, 2012. Total loans were $71.9 million at quarter-end, up from $70.6 million at year-end 2012, and up from $69.1 million at March 31, 2012. Total deposits reached $87.7 million at March 31, 2013, compared to $86.6 million at December 31, 2012, and $78.2 million at March 31, 2012.


"We had modest core earnings this quarter and are focused on building our balance sheet with quality earning assets. We also paid back a large advance from the Federal Home Loan Bank that caused a slight reduction in our total assets at quarter-end. When comparing our earnings to the prior year quarter, there was some early loan prepayment activity that impacted the results both in loans outstanding and interest income. We are however, building the loan portfolio and adding to the business development team to grow the Bank. The positive earnings are the results of the collective efforts of our team and we look forward to our continued success going forward," said Adriana M. Boeka, President and Chief Executive Officer.

Selected highlights for first quarter 2013 versus first quarter 2012:

  • Asset growth of $7.3 million, or 7.0%, to $111.8 million;
  • Loan growth of $2.8 million, or 4.1%, to $71.9 million;
  • Deposit growth of $9.5 million, or 12.1%, to $87.7 million;
  • Non-Interest Bearing deposit growth of $187,000, or 0.4%, to $51.3 million;
  • Shareholders' Equity growth of $1.8 million, or 10.1%, to $19.6 million;
  • Interest Income decline of $122,000, or 10.7%, to $1,024,000;
  • Interest Expense reduction of $40,000, or 26.4%, to $112,000;
  • Provision for Loan and Lease Loss was zero in 2013, as compared to a $30,000 reversal in 2012;
  • Ending Allowance for Loan and Lease Loss balance of $1,962,000 or 2.7% of gross loans and 487.3% of non-performing loans;
  • Non-performing loans to total loans of 0.55%;
  • Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Loss (known as the "Texas Ratio") down to 1.87%.

The Bank capital ratios at March 31, 2013 are as follows:

  • Tier 1 Capital Ratio of 17.88%
  • Tier 1 Risk-Based Capital Ratio of 26.16%
  • Total Risk-Based Capital Ratio of 27.43%

Americas United Bank provides a full range of financial services, including credit and deposit products, cash management, and internet banking for businesses and high net worth individuals from its head office at 801 N. Brand Boulevard, Suite 1150, Glendale, CA 91203 and the Downey Office at 8255 Firestone Boulevard, Suite 110, Downey, CA 90241.

Information on products and services may be obtained by calling 818-637-7000 or visiting the Bank's website at www.aubank.com.

About Americas United Bank:

Americas United Bank (AUB) was formed as a commercial bank with a focused niche in the Hispanic marketplace. It was founded by a group of respected and successful business leaders primarily from the Hispanic community and was the first such formed bank in over thirty years. AUB operates as a full-service commercial bank that provides business and personal banking products and services.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.

 

AMERICAS UNITED BANK

1st QUARTER REPORT (Unaudited)
BALANCE SHEET
  
March 31,March 31,December 31,
201320122012
Assets
Cash and Cash Equivalents$1,902,776$1,866,256$2,933,798
Investments and Interest Bearing Deposit at Banks11,176,3834,722,28911,221,485
Federal Funds25,543,37927,835,00028,580,000
Loans, net of Allowance for Loan Losses71,887,40669,062,91970,599,393
Property and Equipment, net194,074259,612208,576
Other Assets 1,079,839   717,460  1,079,060 
Total Assets$111,783,857  $104,463,536 $114,622,312 
 
Liabilities and Shareholders' Equity
Non-Maturing Deposits$51,332,151$51,145,663$58,078,024
Certificates of Deposit36,364,25327,054,20228,533,269
Total Deposits87,696,40478,199,86586,611,293
Other Borrowings4,000,0008,000,0008,000,000
Other Liabilities 511,311   475,438  514,836 
Total Liabilities92,207,71586,675,30395,126,129
Shareholders' Equity 19,576,142   17,788,233  19,496,183 
Total Liabilities and Shareholders' Equity$111,783,857  $104,463,536 $114,622,312 
 
      
STATEMENT OF OPERATIONS
3 Months Ended
March 31,March 31,
20132012
 
Interest Income$1,024,378$1,146,720
Interest Expense 112,407     152,768 
Net Interest Income911,971993,952
Provision for Loan Losses-(30,000)
Other Income62,27282,126
Other Expenses 918,144     976,666 
Earnings before Income Taxes56,099129,412
Income Taxes 300     300 
Net Income$55,799    $129,112 
 
Common Shares Issued and Outstanding2,878,1502,878,150
Basic Earnings Per Share$0.02$0.04
Return on Average Assets (annualized)0.21%0.51%
Return on Average Equity (annualized)1.16%2.96%
Net Interest Margin3.45%3.92%
Efficiency Ratio94.24%90.76%
 
      
SELECTED RATIOS
March 31,March 31,
20132012
 
Tier 1 Leverage Capital Ratio17.88%17.31%
Tier 1 Risk-Based Capital Ratio26.16%24.52%
Total Risk-Based Capital Ratio27.43%25.80%
Allowance for Loan & Lease Losses (ALLL) as a % of Total Loans2.66%3.66%
Non Performing Assets as a % of Total Assets0.36%0.91%
Non Performing Assets as a % of Total Loans0.55%1.32%
Net Charge Offs as a % of Total Loans-0.10%-0.23%
Total ALLL as a % of Non Performing Loans487.32%277.06%
Texas Ratio (Non Performing Assets as a % of T1 Capital & ALLL1.87%4.64%
Basic Book Value Per Share$6.806.18
 
      

www.aubank.com

 



Americas United Bank
818-637-7000
Adriana M. Boeka, President and Chief Executive Officer
Jeffrey Pollard, Executive Vice President and CFO

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

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