Americas United Bank (OTCBB:AUNB) today announced its unaudited 2010 first quarter results. As of March 31, 2010, the company had total assets of $125.9 million or a 6.2% increase over the March 31, 2009 total assets of $118.5 million.
As of March 31, 2010, the company had total net loans to $96.4 million, or a 2.0% increase over the March 31, 2009 balance of $94.6 million. Total deposits increased to $95.9 million or 11.4% over the March 31, 2009 balance of $86.1 million.
“Our growth had been very steady and conservative, but the first quarter of 2010 has been relatively flat. We have continued with our strategy of attempting to add core customers without adding costly sources of funds or other non-traditional methods of funding,” said Gilbert J. Dalmau, President and Chief Executive Officer of Americas United Bank.
Dalmau continued, “The bank remains financially strong with capital ratios well above what are considered to be “well-capitalized” by the regulators. Our liquidity is also strong and the bank is actively pursuing new high quality lending relationships in the communities that it serves.”First-Quarter financial highlights include: • Total assets of $125.9 million at March 31, 2010, a 6.2% increase over $118.5 million at March 31, 2009. • Net loans of $96.4 million at March 31, 2010, an increase of 2.0 percent from March 31, 2009 total of $94.6 million. • Allowance for loan loss maintained at 1.83 percent of gross loans at March 31, 2010, higher than many of the bank’s peer group. • Total deposits for March 31, 2010 were $95.9 million, an increase of 11.4 percent over $86.1 million at March 31, 2009. • First quarter 2010 operating revenue increased to $1,609,000 from $1,526,000 for the same period in 2009 primarily due to higher volumes, but was again offset by margin compression (reductions in market interest rates placed downward pressure on our net interest margin).