Americas United Bank (OTCQB: AUNB) today announced its unaudited results of operations for the third quarter and nine-month period ended September 30, 2013. For the quarter, the Bank earned $256,000, or $0.09 per basic share, compared to net income of $540,000, or $0.19 per basic share for 2012. The year-to-date earnings were $711,000, or $0.25 per basic share, compared to net income of $1,062,000, or $0.37 per basic share for 2012.
Total assets were $120.8 million at quarter-end, up from $114.6 million at year-end 2012, and up from $108.4 million at September 30, 2012. Total gross loans were $86.2 million at quarter-end, up from $72.4 million at year-end 2012, and up from $63.3 million at September 30, 2012. Total deposits reached $95.8 million at September 30, 2013, compared to $86.6 million at December 31, 2012, and $81.2 million at September 30, 2012.
“We again are pleased to report modest quarterly growth as we maintained our focus on increasing the customer base and expanding the balance sheet. Credit quality is satisfactory and non-performing loans or delinquencies are non material. We continue to focus on earning asset growth and in particular the loan portfolio. Our collective efforts resulted in a quarterly profit of $256,000, and a year-to-date profit of $711,000. We continue to strive for core earnings and remain optimistic that our earnings will continue to favorably progress as a result of our strategy. I would like to thank our team for their solid effort that resulted in positive quarterly earnings. The Bank has reported positive quarterly earnings every quarter since the first quarter of 2011. We look forward to our continued future success,” said Adriana M. Boeka, President and Chief Executive Officer.
Selected highlights for third quarter 2013 versus third quarter 2012:
- Asset growth of $12.4 million, or 11.4%, to $120.8 million;
- Gross Loan growth of $22.9 million, or 36.1%, to $86.2 million;
- Deposit growth of $14.6 million, or 18.0%, to $95.8 million;
- Non-Maturing Demand deposit growth of $3.7 million, or 7.3%, to $54.8 million;
- Shareholders’ Equity increased $1.5 million, or 8.2%, to $20.3 million;
- Net Interest Income increased $93,000, or 10.4%, to $980,000;
- Interest Expense reduction of $30,000, or 21.2%, to $113,000;
- Provision for Loan and Lease Loss was not required in the third quarter of 2013, as compared to a $450,000 reversal in 2012;
- Ending Allowance for Loan and Lease Loss decreased to 1.99% of gross loans as compared to 3.3% in 2012.
- Non-performing loans of $18,000, equated to 0.02% of total loans as compared to $433,000 or 0.68% of total loans at the end of the third quarter of 2012;
- Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Loss (known as the “Texas Ratio”) at 2.01%, as compared to 2.08% in 2012.
The Bank capital ratios at September 30, 2013 are as follows:
- Tier 1 Leverage Ratio of 17.23%
- Tier 1 Risk-Based Capital Ratio of 22.83%
- Total Risk-Based Capital Ratio of 24.10%
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.