Americas United Bank (OTCBB:AUNB) today announced its unaudited 2011 first-quarter results.
“The first-quarter results reflect an operating loss of $1,194,000, or $0.41 per basic share due to the decision to substantially increase the loan loss reserve. We reviewed the Bank’s loan portfolio and determined that, due to the current economic conditions, it would be prudent to increase the loan loss reserve for possible future loan losses. With this action taken, we have improved our foundation and we can now concentrate on future growth and enhanced profitability. Without this provision operating revenue showed a light increase over the same period in 2010 so I am optimistic about the future,” said Adriana M. Boeka, President and Chief Executive Officer.
“Having recently announced the appointment of our new President and Chief Executive Officer, Adriana M. Boeka, we feel her tremendous experience will guide our direction and will be very positive for the organization. Currently, we are focused on our business development and customer service activities. Our second branch in Downey, California has shown consistent growth each month and we are optimistic about the branch’s future success,” said Manuel Remon, Chairman.
First-quarter financial highlights include:
- Total assets of $104.9 million at March 31, 2011, an 8.0 percent decrease over $114.0 million at December 31, 2010.
- Net loans of $89.9 million at March 31, 2011, a decrease of 6.8 percent from December 31, 2010 total of $96.5 million.
- Non-performing assets remained unchanged at $1.9 million at March 31, 2011 and at December 31, 2010.
- Allowance for loan loss increased to 3.8 percent of gross loans at March 31, 2011, and up from 2.2 percent of gross loans at December 31, 2010.
- Total deposits at March 31, 2011 were $80.2 million, a decrease of 6.7 percent over $86.0 million at December 31, 2010.
- First-quarter 2011 operating revenue increased 1.2 percent to $1,628,000 from $1,608,000 for the same period in 2010.
- Operating net loss of $1,194,000 for the first-quarter of 2011 or $0.41 per basic share compared to a net loss of $575,000 or $0.20 per basic share for the same period in 2010.