United American Bank Reports Financial Results For The First Quarter 2010; Total Deposits Increase 13% Over Prior Year –
United American Bank (OTCBB:UABK) reported net income for the first quarter of $320,000 as compared to a net loss of $70,000 for the first quarter of the prior year, and a loss of $3.6 million for the fourth quarter of 2009. The fourth quarter of 2009 was impacted by a provision for loan loss of $1.3 million, a write-down of bank-owned real estate of $1.2 million, and an income tax valuation allowance of $1.0 million. “We have met the challenges posed by the extraordinary recession in 2009, and are now poised to report better performance in 2010 as reflected in our results for the first quarter of 2010,” said John Schrup, President and CEO of United American Bank.
The Bank reported total assets of $397.2 million at March 31, 2010, as compared to $378.1 million at March 31, 2009. The increase in total assets represents growth of $19.1 million, or 5.0 percent over the same date a year ago.
The Bank reported total loans outstanding of $280.3 million at March 31, 2010, as compared to $274.5 million reported at the end of the first quarter of the prior year. Loans outstanding represent an increase of $5.7 million or 2.1 percent compared to loans outstanding as of March 31, 2009.
The Bank reported total deposits of $362.3 million as of March 31, 2010, compared to total deposits of $320.4 million at March 31, 2009. The increase in deposits represents growth of $41.9 million, or 13.1 percent.About United American Bank United American Bank is a full-service commercial bank headquartered in San Mateo, California. The bank has offices in San Mateo, Sunnyvale, Half Moon Bay, and Redwood City. The bank is dedicated to providing superior banking and financial services to businesses, professionals and individuals who prefer a high level of personalized client service and management. For more information, visit United American Bank on the web at www.UnitedAmericanBank.com or call 650-579-1500. Safe Harbor Certain matters discussed in this press release constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to the bank’s current expectations regarding future operating results and the growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, or performance to differ materially from those expressed, suggested or implied by the forward looking statements.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV