Americas United Bank (OTCBB: AUNB) today reported net income of $392,000 in the second quarter of 2012 (2Q12), compared to net income of $325,000 in the second quarter a year ago (2Q11).
“We continue to improve and streamline our operation and our operating results reflect the results of that effort. Our focus is on providing value to our shareholders. We have improved our credit quality, lowered our operating costs, and added core deposit relationships and this has favorably contributed to the improvement in our results for the quarter and the year,” stated Adriana M. Boeka, President and Chief Executive Officer.
2Q12 Financial Highlights
- Net income for the second quarter of 2012 was $392,000 or $0.14 per basic and diluted common share as compared to $325,000, or $0.11 per basic and diluted share for the second quarter of 2011.
- Nonperforming loans declined to $534,000, or 0.79% of total loans at June 30, 2012, from $1,384,000, or 1.89% of total loans at year-end 2011, and $1,050,000, or 1.28% of total loans at June 30, 2011.
- Total allowance for loan losses, including the allowance for undisbursed loan commitments, as a percentage of total loans was 3.80% at June 30, 2012, compared to 3.58% at December 31, 2011, and 4.05% at June 30, 2011.
- Total loans outstanding at June 30, 2012 decreased to $67.3 million from $73.1 million at December 31, 2011, and from $82.1 million at June 30, 2011.
- Total deposits at June 30, 2012 increased to $80.2 million from $74.3 million at December 31, 2011, and down from $80.5 million at June 30, 2011.
- Total risk-based capital ratio was 28.1%, Tier 1 risk-based capital ratio was 26.8%, and Tier 1 leverage ratio was 17.3% at June 30, 2012.
The year-to-date net income for 2012 was $521,000, or $0.18 per diluted share, compared to a net loss of $870,000, or $0.30 per diluted share, for the same period of 2011.