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.