Americas United Bank (OTCBB: AUNB) today reported results for its 2011 fourth quarter. Highlights of the fourth quarter ended December 31, 2011 include:
- Fourth quarter net income of $673,000 for 2011 as compared to a fourth quarter loss of $453,000 for 2010. This is the Bank’s third consecutive quarterly profit in 2011.
- Total Assets at December 31, 2011 decreased to $100.4 million, a decrease of $13.6 million or 11.9% from $114.0 million at December 31, 2010.
- Total Loans at December 31, 2011 decreased to $73.1 million, a decrease of $25.6 million or 25.9% from $98.7 million at December 31, 2010.
- Total Deposits at December 31, 2011 decreased to $74.3 million, a decrease of $11.7 million or 13.6% from $86.0 million at December 31, 2010.
- Capital ratios of 17.4% Tier 1 Leverage Ratio, 23.7% Tier 1 Risk Based Capital Ratio, and 25.0% Total Risk Based Capital Ratio. Book value has increased to $6.13 per share at December 31, 2011.
- Allowance for loan and lease losses at 3.40% of total loans at December 31, 2011 as compared to 2.21% at December 31, 2010.
“We are pleased that we have achieved a profit for the year and with our results continuing to improve, and asset quality also showing improvement, Americas United Bank’s Board of Directors is optimistic about our future,” said Ms. Adriana M. Boeka, President and Chief Executive Officer. “We are a local bank serving the greater Los Angeles community via branches in Glendale and Downey and our results reflect the confidence those communities have in us. We remain committed to our business banking mission, and our unique skill in the growing Latino business community.”
Ms. Boeka continued, “We had shrinkage in our balance sheet as we repositioned some of our assets. We have also focused on retaining and developing core business customers and have recently added staff to assist with the addition of commercial business customers.”