Americas United Bank (OTCQB: AUNB) reported unaudited results of operations for the first quarter and three-month period ended March 31, 2014. For the quarter, Americas United Bank earned $111,000, or $0.04 per basic share, compared to net income of $56,000, or $0.02 per basic share for the same period of 2013.
As announced on March 31, 2014, Americas United Bank has completed the acquisition of the Lancaster branch from Silvergate Bank, a wholly-owned subsidiary of Silvergate Capital Corporation.
Adriana M. Boeka, President and Chief Executive Officer of Americas United Bank, stated, “We are very pleased to announce our entry into the Antelope Valley market, and we look forward to bringing our high quality customer service and competitive banking products to the greater Lancaster area, and we believe it is a natural compliment to our other full-service regional branches in Glendale and Downey, California.”
Boeka continued, “The completion of our Lancaster acquisition has added core deposits and liquidity to our balance sheet. We are focused on deploying our additional growth into key earning assets and look forward to the expected favorable impact that this should have on our operating results. As we have recently reported, we remain focused on building the loan portfolio and adding to the business development team to grow the Bank. The positive earnings are the results of the collective efforts of our team and we look forward to our continued success going forward.”
Total assets were $161.8 million at quarter end, up from $119.5 million at year-end and up from $111.8 million at March 31, 2013. The first quarter 2014 balances reflected the addition of the deposits for the acquired Lancaster branch. The associated interest expense for those deposits will be reflected moving forward from the acquisition date as well as earnings from those funds. Total loans were $90.3 million at quarter-end, up from $87.4 million at year-end 2013, and up from $73.6 million at March 31, 2013. Total deposits reached $133.6 million at March 31, 2014, compared to $91.4 million at December 31, 2013, and $87.7 million at March 31, 2013.