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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