Americas United Bank (OTCBB: AUNB) today announced its unaudited 2010 second quarter results. As of June 30, 2010, the company had total assets of $124.2 million, or a 4.0% increase over the June 30, 2009 total assets of $119.4 million.

Second-Quarter financial highlights include:
  • Total assets of $124.2 million at June 30, 2010, a 4.0% increase over $119.4 million at June 30, 2009.
  • Net loans of $99.0 million at June 30, 2010, a decrease of 3.2 percent from June 30, 2009 total of $102.2 million.
  • Allowance for loan loss maintained at approximately 2.0 percent of gross loans at June 30, 2010.
  • Total deposits for June 30, 2010 were $95.3 million, an increase of 8.8 percent over $87.6 million at June 30, 2009.
  • Second quarter 2010 operating revenue increased to $1,721,000 from $1,533,000 for the same period in 2009.
  • Operating net loss of -$1,027,000 for the second quarter of 2010 or -$0.36 per basic share compared to -$864,000 or -$0.30 per basic share for the same period in 2009.

“Although we continue to add new customers, our growth has slowed as we have allowed some larger balance and higher cost deposits to runoff, resulting in an improved net interest margin. Loan growth was slowed due to the sale of some SBA loans to the secondary market,” said Gilbert J. Dalmau, President and Chief Executive Officer of Americas United Bank.

Dalmau continued, “The second quarter results were unfavorably impacted by a $913,000 write-down on an OREO property and some additional loan loss reserves related to the SBA loan portfolio. Without these expenses, the Bank would have reported more favorable results that would have approached breakeven for the second quarter.

“We are clearly disappointed with the second quarter results, but we’re encouraged that our core operating performance continues to improve and move toward profitability. We are seeing ‘light at the end of the tunnel’ with regards to our SBA loan portfolio performance and we remain optimistic for better second-half results,” Dalmau summarized.

The Bank’s capital ratios continue to be in excess of the required levels to be considered well capitalized. The Tier 1 Leverage Ratio was 14.50%, Tier 1 Risk Based Capital Ratio was 16.44%, and the Total Risk Based Capital Ratio was 17.70%.

About Americas United Bank:

Americas United Bank (AUB) is the first Hispanic-owned bank to open its doors in California in over thirty years and has the distinction of being the largest Hispanic-owned bank based in California. Founded by a group of respected and successful business leaders (primarily from the Hispanic community), AUB is a full-service commercial bank that provides business and personal banking products and services, including business and commercial real estate loans, SBA loans, lines of credit, corporate debit and credit cards, merchant card processing, international trade solutions, and more. For more information on the Bank, please visit our website at www.aubank.com .

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank’s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank’s performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.
 
AMERICAS UNITED BANK
 
BALANCE SHEET
In 000's (except percentages)
 
  June 30,   June 30,   December 31,
    2010   2009   2009
Unaudited Unaudited Audited

ASSETS
 
Investment Securities $ 1,500 $ 2,949 $ 1,610
Deposits in Other Banks - 2,500 -
Federal Funds Sold 18,265 1,090 1,105
Loans and Leases (Net) 99,005 102,233 96,589
Cash and Due from Banks 2,576 9,589 20,676
Other Assets   2,886     1,021       4,041  
TOTAL ASSETS $ 124,232   $ 119,382     $ 124,021  
 

LIABILITIES & SHAREHOLDERS' EQUITY
 
Demand Deposits $ 13,766 $ 10,287 $ 11,006
NOW Deposits 2,864 4,948 3,887
Money Market and Savings Deposits 36,362 37,714 34,981
Time Deposits   42,271     34,623       44,777  
Total Deposits 95,263 87,572 94,651
Other Borrowings 10,000 8,900 8,900
Other Liabilities   707     801       638  
Total Liabilities 105,970 97,273 104,189
Shareholders' Equity   18,262     22,109       19,832  
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 124,232   $ 119,382     $ 124,021  
 
Tier 1 Leverage Ratio 14.50 % 18.52 % 16.00 %
Tier 1 Risk Based Capital Ratio 16.44 % 19.27 % 17.70 %
Total Risk Based Capital Ratio 17.70 % 20.53 % 18.90 %
 
 
AMERICAS UNITED BANK
 
INCOME STATEMENT
In 000's (except per share data)

 
 

FOR THE THREE-MONTHS ENDED
 

FOR THE SIX-MONTHS ENDED
June 30,   2010   2009 2010   2009
Unaudited   Unaudited  

INTEREST INCOME
 
Loans and Leases $ 1,596 $ 1,445 $ 3,109 $ 2,824
Investment Securities 14 35 29 123
Federal Funds Sold 11 9 20 23
Other Interest Income   -       -        
Total Interest Income   1,621       1,489   $ 3,158     $ 2,970  
 

INTEREST EXPENSE
 
NOW Deposits 11 23 25 44
Money Market and Savings Accounts 127 185 270 404
Time Deposits 198 249 420 466
Other Borrowings   47       66     100       131  
Total Interest Expense 383 523 815 1,045
Net Interest Income   1,238       966     2,343       1,925  
Provision for Loan Losses   236       435     695       895  

Net Interest Income after Provision for Loan Losses
1,002 531 1,648 1,030
Non-Interest Income 100 44 171 89
Non-Interest Expense   2,129       1,439     3,420       2861  
Operating Loss (1,027 ) (864 ) (1,601 ) (1,742 )
Other Gains 0 0 0 110
Net Loss Before Income Taxes (1,027 ) (864 ) (1,601 ) (1,632 )
Income Tax Expense   0       0     (1 )     (1 )
Net Loss $ (1,027 )   $ (864 ) $ (1,602 )   $ (1,633 )
 
Basic & Diluted EPS ($0.36 ) ($0.30 ) ($0.56 ) ($0.57 )
 

Copyright Business Wire 2010

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