Americas United Bank Announces Results for the Fourth Quarter and Fiscal 2012

Americas United Bank Announces Results for the Fourth Quarter and Fiscal 2012

GLENDALE, Calif.--(BUSINESS WIRE)-- Americas United Bank (OTCQB: AUNB) today announced its unaudited results of operations for the fourth quarter and full-year ended December 31, 2012. For the full-year, Americas United Bank earned $1,847,000, or $0.64 per share, compared to net income of $36,000, or $0.01 per share for 2011. Total assets reached $114.6 million, up $14.2 million or 14.2%. Total loans reached $72.4 million at year-end 2012, as compared to $73.1 for 2011. Total deposits reached $86.6 million at December 31, 2012, as compared to $74.3 million at December 31, 2011.

Fourth quarter 2012 earnings were $785,000 or $0.27 per share compared to $673,000 or $0.23 per share for the same period of 2011, representing a 17.4% increase in earnings per share.

"We showed great improvement this year and spent a significant amount of time on the credit quality aspect of the Bank and building of our business banking model to facilitate our success moving forward. Our favorable 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 year-end 2012 versus year-end 2011:

  • Asset growth of $14.2 million, or 14.2%, to $114.6 million;
  • Loan growth of -$746,000, or -1.0%, to $72.4 million;
  • Deposit growth of $12.3 million, or 16.6%, to $86.6 million;
  • Non-Interest Bearing deposit growth of $2.5 million, or 15.1%, to $19.1 million;
  • Shareholders' Equity growth of $1.9 million, or 10.6%, to $19.5 million;
  • Interest Income decline of $1.5 million, or 26.3%, to $4.3 million;
  • Interest Expense decline of $189,000, or 24.6%, to $579,000;
  • Provision for Loan and Lease Loss was -$1.0 million in 2012, as compared to $1.3 million in 2011;
  • Ending Allowance for Loan and Lease Loss balance of $1,885,000 or 2.6% of gross loans and 467.7% of non-performing loans;
  • Non-performing loans to total loans of 0.56%;
  • Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Loss (known as the "Texas Ratio") down to 1.88%.

The Bank capital ratios at December 31, 2012 are as follows:

  • Tier 1 Capital Ratio of 17.46%
  • Tier 1 Risk-Based Capital Ratio of 26.05%
  • Total Risk-Based Capital Ratio of 27.32%

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

About Americas United Bank:

Americas United Bank (AUB) is the first Hispanic-owned bank to open its doors in California in over thirty years and has the distinction of being the largest Hispanic-owned bank based in California. Founded by a group of respected and successful business leaders (primarily from the Hispanic community), AUB is 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.

(in 000's, except per share data)
December 31,December 31,
Cash and cash equivalents$2,934$2,393
Interest-earning deposits in other financial institutions9,093490
Federal funds sold28,58022,510
Investment securities2,1283,284
Commercial real estate52,00052,928
Total loans72,36873,114
Loans, net70,60070,607
Other assets1,2871,109
TOTAL ASSETS$114,622$100,393
Non-interest bearing$19,064$16,550
Interest bearing38,68432,027
CDs over $100,00026,30121,706
CDs under $100,0002,2313,767
Total deposits86,61174,280
Other borrowing8,0008,000
Other liabilities515480
Stockholders' equity19,49617,633
Shares outstanding2,8782,878
Book value per common share$6.77$6.13

(in 000's, except per share data)
Three Months EndedYear-To-Date
December 31,December 31,December 31,December 31,
Interest Income$1,038$1,513$4,310$5,847
Interest Expense135163579768
Net interest income9031,3503,7315,079
Provision for loan losses(250)(249)(1,013)1,284
Net interest income after
provision for loan losses1,1531,5994,7443,795
Non-interest income5785282349
Non-interest expense8341,0113,5874,107
Income before income taxes3766731,43937
Provision for income taxes(409)(408)1
NET INCOME$785$673$1,847$36
Earnings (Loss) per common Share:
Basic & Diluted$0.27$0.23$0.64$0.01

(Dollars in thousands except per share amounts) (unaudited)
 Quarter EndedQuarter Ended
PERFORMANCE MEASURES AND RATIOSDecember 31, 2012 December 31, 2011
Return on average common equity16.67%15.75%
Return on average assets2.81%2.66%
Efficiency ratio86.88%70.45%
Net interest margin3.29%5.44%
Quarter EndedQuarter Ended
AVERAGE BALANCESDecember 31, 2012 December 31, 2011
Average assets$111,578$101,326
Average earning assets109,62899,265
Average total loans67,79076,629
Average deposits84,22675,785
Average equity18,83417,094
Average common equity18,83417,094
EQUITY ANALYSISDecember 31, 2012December 31, 2011
Total equity$19,496$17,633
Total common equity19,49617,633
Common stock outstanding2,8782,878
Book value per common share$6.77$6.13
ASSET QUALITYDecember 31, 2012December 31, 2011
Nonperforming loans (NPLs)$403$1,384
Nonperforming loans/total loans0.56%1.89%
REO and repossessed assets$0$0
Nonperforming assets, net$403$1,384
Nonperforming assets/total assets0.35%1.38%
Net loan charge-offs in the quarter$-45$26
Net charge-offs in the quarter/total loans-0.06%0.04%
Allowance for loan losses$1,885$2,484
Plus: Allowance for undisbursed loan commitments$132$132
Total allowance for credit losses$2,017$2,616
Total allowance for loan losses/total loans2.79%3.58%
Total allowance for loan losses/nonperforming loans467.74%179.48%
Tier 1 leverage ratio17.46%17.38%
Tier 1 risk-based capital ratio26.05%23.72%
Total risk-based capital ratio27.32%25.00%
INTEREST SPREAD ANALYSISDecember 31, 2012December 31, 2011
Yield on interest-bearing deposits with other banks0.59%0.89%
Yield on total loans6.12%6.68%
Yield on investments1.54%3.66%
Yield on earning assets5.71%6.64%
Cost of deposits0.59%0.80%
Cost of FHLB advances1.38%1.55%
Cost of interest-bearing liabilities0.76%1.05%

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

KEYWORDS:   United States  North America  California


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