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Americas United Bank Reports $325,000 Profit In The Second Quarter Of 2011

Stocks in this article: AUNB

Americas United Bank (OTCBB: AUNB) today announced its unaudited 2011 second-quarter results.

“The second-quarter results reflect a quarterly operating profit of $325,000 or $0.11 per basic share. Total assets decreased to $105.6 million. I am pleased with the quarterly results that reflect actions taken during the quarter to decrease expenses and further improve the quality of the balance sheet. We look forward to our future and successes of the Bank and its customers,” said Adriana M. Boeka, President and Chief Executive Officer.

“Having recently added a seasoned leader like Adriana M. Boeka to our team, we are beginning to show evidence of our improvement in the next phase of the growth and development of the Bank. We are focused on building our market share in both Glendale and Downey, California, and we continue to be optimistic about our future,” said Manuel Remon, Chairman.

Second-quarter financial highlights include:

  • Total assets of $105.6 million at June 30, 2011, a 7.4 percent decrease over $114.0 million at December 31, 2010.
  • Net loans of $78.8 million at June 30, 2011, a decrease of 18.3 percent from December 31, 2010 total of $96.5 million.
  • Non-performing assets of $2.1 million, or 1.99% of total assets at June 30, 2011, an increase of 10.2% from $1.9 million, or 1.66% of total assets at December 31, 2010.
  • Allowance for loan loss increased to 3.9 percent of gross loans at June 30, 2011, and up from 2.2 percent of gross loans at December 31, 2010.
  • Total deposits at June 30, 2011 were $80.5 million, a decrease of 6.4 percent from the $86.0 million at December 31, 2010.
  • Second-quarter 2011 operating revenue decreased 9.1 percent to $1,565,000 from $1,721,000 for the same period in 2010.
  • Operating net profit of $325,000 for the second-quarter of 2011 or $0.11 per basic share compared to a net loss of $1,027,000 or $0.36 per basic share for the same period in 2010.
  • Year-to-date operating net loss of $870,000, or $0.30 per basic share for the second-quarter of 2011, compared to a net loss of $1,602,000, or $0.56 per basic share for the same period in 2010.

Americas United Bank remains well capitalized according to the Federal Deposit Insurance Corporation, at June 30, 2011, with a Total Risk Based Capital Ratio of 21.5%, Tier 1 Risk Based Capital Ratio of 20.2%, and Tier 1 Leverage Ratio of 15.6%.

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