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Americas United Bank Announces Results For The Fourth Quarter And Fiscal 2012

Stocks in this article: AUNB

Americas United Bank (OTCQB: AUNB) today announced its unaudited results of operations for the fourth quarter and full-year ended December 31, 2012. For the full-year, Americas United Bank earned $1,847,000, or $0.64 per share, compared to net income of $36,000, or $0.01 per share for 2011. Total assets reached $114.6 million, up $14.2 million or 14.2%. Total loans reached $72.4 million at year-end 2012, as compared to $73.1 for 2011. Total deposits reached $86.6 million at December 31, 2012, as compared to $74.3 million at December 31, 2011.

Fourth quarter 2012 earnings were $785,000 or $0.27 per share compared to $673,000 or $0.23 per share for the same period of 2011, representing a 17.4% increase in earnings per share.

“We showed great improvement this year and spent a significant amount of time on the credit quality aspect of the Bank and building of our business banking model to facilitate our success moving forward. Our favorable earnings are the results of the collective efforts of our team and we look forward to our continued success going forward,” said Adriana M. Boeka, President and Chief Executive Officer.

Selected highlights for year-end 2012 versus year-end 2011:

  • Asset growth of $14.2 million, or 14.2%, to $114.6 million;
  • Loan growth of -$746,000, or -1.0%, to $72.4 million;
  • Deposit growth of $12.3 million, or 16.6%, to $86.6 million;
  • Non-Interest Bearing deposit growth of $2.5 million, or 15.1%, to $19.1 million;
  • Shareholders’ Equity growth of $1.9 million, or 10.6%, to $19.5 million;
  • Interest Income decline of $1.5 million, or 26.3%, to $4.3 million;
  • Interest Expense decline of $189,000, or 24.6%, to $579,000;
  • Provision for Loan and Lease Loss was -$1.0 million in 2012, as compared to $1.3 million in 2011;
  • Ending Allowance for Loan and Lease Loss balance of $1,885,000 or 2.6% of gross loans and 467.7% of non-performing loans;
  • Non-performing loans to total loans of 0.56%;
  • Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Loss (known as the “Texas Ratio”) down to 1.88%.

The Bank capital ratios at December 31, 2012 are as follows:

  • Tier 1 Capital Ratio of 17.46%
  • Tier 1 Risk-Based Capital Ratio of 26.05%
  • Total Risk-Based Capital Ratio of 27.32%

Americas United Bank provides a full range of financial services, including credit and deposit products, cash management, and internet banking for businesses and high net worth individuals from its head office at 801 N. Brand Boulevard, Suite 1150, Glendale, CA 91203 and the Downey Office at 8255 Firestone Boulevard, Suite 110, Downey, CA 90241.

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