Americas United Bank (OTCBB: AUNB) today announced its unaudited 2010 fourth-quarter results.
Fourth-quarter financial highlights include:
- Total assets of $114.0 million at December 31, 2010, an 8.1 percent decrease over $124.0 million at December 31, 2009.
- Net loans of $96.4 million at December 31, 2010, a decrease of 0.1 percent from December 31, 2009 total of $96.6 million.
- Non-performing assets declined 72.8 percent from $6.9 million at December 31, 2009, to $1.9 million at December 31, 2010.
- Allowance for loan loss maintained at approximately 2.2 percent of gross loans at December 31, 2010.
- Total deposits at December 31, 2010 were $86.0 million, a decrease of 9.1 percent over $94.6 million at December 31, 2009.
- Fourth quarter 2010 operating revenue increased to $1,636,000 from $1,592,000 for the same period in 2009.
- Operating net loss of -$453,000 for the fourth-quarter of 2010 or -$0.16 per basic share compared to -$2,039,000 or -$0.71 per basic share for the same period in 2009.
“Asset quality continued to be our focus in the 4 th quarter. Amidst challenging and sometimes painful circumstances, we succeeded in reducing non-performing assets from $6.9 million a year ago to $1.9 million at year-end 2010,” said Manuel J. Remon, Chairman, Interim President and Chief Executive Officer.
“We have continued our restructuring process and are very excited about opening our second branch located at 8255 Firestone Boulevard, in Downey, California. We also would like to remind our shareholders, customers and friends that we remain ‘well capitalized,’ according to the FDIC, and look forward to core customer growth and building shareholder value,” said Jeffrey Pollard, Executive Vice President and Chief Financial Officer.At December 31, 2010, the Bank’s Total Risk Based Capital Ratio was 17.91%, Tier 1 Risk Based Capital Ratio was 16.65%, and Tier 1 Leverage Ratio was 15.01%.