Americas United Bank (OTCBB: AUNB) today announced its unaudited 2010 third quarter results.
Third-Quarter financial highlights include:
• Total assets of $119.3 million at September 30, 2010, a 3.8% decrease over $124.0 million at December 31, 2009.
• Net loans of $97.2 million at September 30, 2010, an increase of 0.7 percent from December 31, 2009 total of $96.6 million.
• Allowance for loan loss maintained at approximately 2.1 percent of gross loans at September 30, 2010.
• Total deposits at September 30, 2010 were $90.6 million, a decrease of 4.2 percent over $94.6 million at December 31, 2009.
• Third quarter 2010 operating revenue decreased to $1,668,000 from $1,949,000 for the same period in 2009.
• Operating net loss of -$417,000 for the third quarter of 2010 or -$0.14 per basic share compared to -$570,000 or -$0.20 per basic share for the same period in 2009.
“As with most banks, asset quality has been a struggle, so we have taken the appropriate steps to mitigate these challenges. Additionally, on an operating basis we have restructured to achieve maximum efficiencies. This includes reducing excess staff and the amount of space needed in our corporate office. Our shareholders and customers can take comfort in the knowledge that the bank far exceeds what is considered “well capitalized” according to the FDIC,” said Jeffrey Pollard, Executive Vice President and Chief Financial Officer.
At September 30, 2010, the Bank’s Total Risk Based Capital Ratio was 17.84%, Tier 1 Risk Based Capital Ratio was 16.58%, and Tier 1 Leverage Ratio was 14.47%.
Additionally, the Bank is pleased to announce the hiring of Larry McCurley as its Chief Credit Officer. Larry brings many years of solid lending ability and is a great addition to lead the Bank’s growth in the lending area.
Excitement is also building over the highly anticipated opening of our new Downey branch. Construction should start immediately and our expectation is to be open by the end of the year.