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 www.aubank.com.
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.
AMERICAS UNITED BANK | |||||||
CONDENSED BALANCE SHEETS | |||||||
(unaudited) | |||||||
(in 000's, except per share data) | |||||||
December 31, | December 31, | ||||||
2012 | 2011 | ||||||
Cash and cash equivalents | $ | 2,934 | $ | 2,393 | |||
Interest-earning deposits in other financial institutions | 9,093 | 490 | |||||
Federal funds sold | 28,580 | 22,510 | |||||
Investment securities | 2,128 | 3,284 | |||||
Loans: | |||||||
Commercial | 14,075 | 12,121 | |||||
Commercial real estate | 52,000 | 52,928 | |||||
Consumer | 474 | 450 | |||||
SBA | 5,416 | 6,232 | |||||
Non-accrual | 403 | 1,383 | |||||
Total loans | 72,368 | 73,114 | |||||
Loans, net | 70,600 | 70,607 | |||||
Other assets | 1,287 | 1,109 | |||||
TOTAL ASSETS | $ | 114,622 | $ | 100,393 | |||
Deposits | |||||||
Non-interest bearing | $ | 19,064 | $ | 16,550 | |||
Interest bearing | 38,684 | 32,027 | |||||
Savings | 331 | 230 | |||||
CDs over $100,000 | 26,301 | 21,706 | |||||
CDs under $100,000 | 2,231 | 3,767 | |||||
Total deposits | 86,611 | 74,280 | |||||
Other borrowing | 8,000 | 8,000 | |||||
Other liabilities | 515 | 480 | |||||
TOTAL LIABILITIES | 95,126 | 82,760 | |||||
Stockholders' equity | 19,496 | 17,633 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 114,622 | $ | 100,393 | |||
Shares outstanding | 2,878 | 2,878 | |||||
Book value per common share | $ | 6.77 | $ | 6.13 | |||
AMERICAS UNITED BANK | ||||||||||||||||||||||
CONDENSED INCOME STATEMENTS | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
(in 000's, except per share data) | ||||||||||||||||||||||
Three Months Ended | Year-To-Date | |||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
Interest Income | $ | 1,038 | $ | 1,513 | $ | 4,310 | $ | 5,847 | ||||||||||||||
Interest Expense | 135 | 163 | 579 | 768 | ||||||||||||||||||
Net interest income | 903 | 1,350 | 3,731 | 5,079 | ||||||||||||||||||
Provision for loan losses | (250 | ) | (249 | ) | (1,013 | ) | 1,284 | |||||||||||||||
Net interest income after | ||||||||||||||||||||||
provision for loan losses | 1,153 | 1,599 | 4,744 | 3,795 | ||||||||||||||||||
Non-interest income | 57 | 85 | 282 | 349 | ||||||||||||||||||
Non-interest expense | 834 | 1,011 | 3,587 | 4,107 | ||||||||||||||||||
Income before income taxes | 376 | 673 | 1,439 | 37 | ||||||||||||||||||
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 | ||||||||||||||
AMERICAS UNITED BANK | |||||||||
ADDITIONAL FINANCIAL INFORMATION | |||||||||
(Dollars in thousands except per share amounts) (unaudited) | |||||||||
Quarter Ended | Quarter Ended | ||||||||
PERFORMANCE MEASURES AND RATIOS | December 31, 2012 | December 31, 2011 | |||||||
Return on average common equity | 16.67 | % | 15.75 | % | |||||
Return on average assets | 2.81 | % | 2.66 | % | |||||
Efficiency ratio | 86.88 | % | 70.45 | % | |||||
Net interest margin | 3.29 | % | 5.44 | % | |||||
Quarter Ended | Quarter Ended | ||||||||
AVERAGE BALANCES | December 31, 2012 | December 31, 2011 | |||||||
Average assets | $ | 111,578 | $ | 101,326 | |||||
Average earning assets | 109,628 | 99,265 | |||||||
Average total loans | 67,790 | 76,629 | |||||||
Average deposits | 84,226 | 75,785 | |||||||
Average equity | 18,834 | 17,094 | |||||||
Average common equity | 18,834 | 17,094 | |||||||
EQUITY ANALYSIS | December 31, 2012 | December 31, 2011 | |||||||
Total equity | $ | 19,496 | $ | 17,633 | |||||
Total common equity | 19,496 | 17,633 | |||||||
Common stock outstanding | 2,878 | 2,878 | |||||||
Book value per common share | $ | 6.77 | $ | 6.13 | |||||
ASSET QUALITY | December 31, 2012 | December 31, 2011 | |||||||
Nonperforming loans (NPLs) | $ | 403 | $ | 1,384 | |||||
Nonperforming loans/total loans | 0.56 | % | 1.89 | % | |||||
REO and repossessed assets | $ | 0 | $ | 0 | |||||
Nonperforming assets, net | $ | 403 | $ | 1,384 | |||||
Nonperforming assets/total assets | 0.35 | % | 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 loans | 2.79 | % | 3.58 | % | |||||
Total allowance for loan losses/nonperforming loans | 467.74 | % | 179.48 | % | |||||
CAPITAL RATIOS | |||||||||
Tier 1 leverage ratio | 17.46 | % | 17.38 | % | |||||
Tier 1 risk-based capital ratio | 26.05 | % | 23.72 | % | |||||
Total risk-based capital ratio | 27.32 | % | 25.00 | % | |||||
INTEREST SPREAD ANALYSIS | December 31, 2012 | December 31, 2011 | |||||||
Yield on interest-bearing deposits with other banks | 0.59 | % | 0.89 | % | |||||
Yield on total loans | 6.12 | % | 6.68 | % | |||||
Yield on investments | 1.54 | % | 3.66 | % | |||||
Yield on earning assets | 5.71 | % | 6.64 | % | |||||
Cost of deposits | 0.59 | % | 0.80 | % | |||||
Cost of FHLB advances | 1.38 | % | 1.55 | % | |||||
Cost of interest-bearing liabilities | 0.76 | % | 1.05 | % | |||||
Americas United Bank
Adriana M. Boeka, President and Chief Executive Officer
(818) 637-7000
or
Jeffrey Pollard, Executive Vice President and CFO
(818) 637-7000
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
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