Americas United Bank Announces Results for the First Quarter 2013
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, | ||||||||
2013 | 2012 | 2012 | ||||||||
Assets | ||||||||||
Cash and Cash Equivalents | $ | 1,902,776 | $ | 1,866,256 | $ | 2,933,798 | ||||
Investments and Interest Bearing Deposit at Banks | 11,176,383 | 4,722,289 | 11,221,485 | |||||||
Federal Funds | 25,543,379 | 27,835,000 | 28,580,000 | |||||||
Loans, net of Allowance for Loan Losses | 71,887,406 | 69,062,919 | 70,599,393 | |||||||
Property and Equipment, net | 194,074 | 259,612 | 208,576 | |||||||
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 Deposit | 36,364,253 | 27,054,202 | 28,533,269 | |||||||
Total Deposits | 87,696,404 | 78,199,865 | 86,611,293 | |||||||
Other Borrowings | 4,000,000 | 8,000,000 | 8,000,000 | |||||||
Other Liabilities | 511,311 | 475,438 | 514,836 | |||||||
Total Liabilities | 92,207,715 | 86,675,303 | 95,126,129 | |||||||
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, | |||||||||
2013 | 2012 | |||||||||
Interest Income | $ | 1,024,378 | $ | 1,146,720 | ||||||
Interest Expense | 112,407 | 152,768 | ||||||||
Net Interest Income | 911,971 | 993,952 | ||||||||
Provision for Loan Losses | - | (30,000 | ) | |||||||
Other Income | 62,272 | 82,126 | ||||||||
Other Expenses | 918,144 | 976,666 | ||||||||
Earnings before Income Taxes | 56,099 | 129,412 | ||||||||
Income Taxes | 300 | 300 | ||||||||
Net Income | $ | 55,799 | $ | 129,112 | ||||||
Common Shares Issued and Outstanding | 2,878,150 | 2,878,150 | ||||||||
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 Margin | 3.45 | % | 3.92 | % | ||||||
Efficiency Ratio | 94.24 | % | 90.76 | % | ||||||
SELECTED RATIOS | ||||||||||
March 31, | March 31, | |||||||||
2013 | 2012 | |||||||||
Tier 1 Leverage Capital Ratio | 17.88 | % | 17.31 | % | ||||||
Tier 1 Risk-Based Capital Ratio | 26.16 | % | 24.52 | % | ||||||
Total Risk-Based Capital Ratio | 27.43 | % | 25.80 | % | ||||||
Allowance for Loan & Lease Losses (ALLL) as a % of Total Loans | 2.66 | % | 3.66 | % | ||||||
Non Performing Assets as a % of Total Assets | 0.36 | % | 0.91 | % | ||||||
Non Performing Assets as a % of Total Loans | 0.55 | % | 1.32 | % | ||||||
Net Charge Offs as a % of Total Loans | -0.10 | % | -0.23 | % | ||||||
Total ALLL as a % of Non Performing Loans | 487.32 | % | 277.06 | % | ||||||
Texas Ratio (Non Performing Assets as a % of T1 Capital & ALLL | 1.87 | % | 4.64 | % | ||||||
Basic Book Value Per Share | $ | 6.80 | 6.18 | |||||||
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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