Americas United Bank (OTCBB: AUNB) today announced its unaudited 2010 third quarter results.

Third-Quarter financial highlights include:

• Total assets of $119.3 million at September 30, 2010, a 3.8% decrease over $124.0 million at December 31, 2009.

• Net loans of $97.2 million at September 30, 2010, an increase of 0.7 percent from December 31, 2009 total of $96.6 million.

• Allowance for loan loss maintained at approximately 2.1 percent of gross loans at September 30, 2010.

• Total deposits at September 30, 2010 were $90.6 million, a decrease of 4.2 percent over $94.6 million at December 31, 2009.

• Third quarter 2010 operating revenue decreased to $1,668,000 from $1,949,000 for the same period in 2009.

• Operating net loss of -$417,000 for the third quarter of 2010 or -$0.14 per basic share compared to -$570,000 or -$0.20 per basic share for the same period in 2009.

“As with most banks, asset quality has been a struggle, so we have taken the appropriate steps to mitigate these challenges. Additionally, on an operating basis we have restructured to achieve maximum efficiencies. This includes reducing excess staff and the amount of space needed in our corporate office. Our shareholders and customers can take comfort in the knowledge that the bank far exceeds what is considered “well capitalized” according to the FDIC,” said Jeffrey Pollard, Executive Vice President and Chief Financial Officer.

At September 30, 2010, the Bank’s Total Risk Based Capital Ratio was 17.84%, Tier 1 Risk Based Capital Ratio was 16.58%, and Tier 1 Leverage Ratio was 14.47%.

Additionally, the Bank is pleased to announce the hiring of Larry McCurley as its Chief Credit Officer. Larry brings many years of solid lending ability and is a great addition to lead the Bank’s growth in the lending area.

Excitement is also building over the highly anticipated opening of our new Downey branch. Construction should start immediately and our expectation is to be open by the end of the year.

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.

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)
Sept. 30, Sept. 30, December 31,
        2010         2009         2009  
Unaudited Unaudited Audited

ASSETS
 
Investment Securities $ 1,402 $ 1,712 $ 1,610
Deposits in Other Banks - 2,500 -
Federal Funds Sold 16,330 6,990 1,105
Loans and Leases (Net) 97,223 97,508 96,589
Cash and Due from Banks 3,004 12,953 20,676
Other Assets 1,297 1,068 4,041
         
TOTAL ASSETS $ 119,256   $ 122,731       $ 124,021  
 

LIABILITIES & SHAREHOLDERS' EQUITY
 
Demand Deposits $ 15,065 $ 11,197 $ 11,006
NOW Deposits 1,762 3,088 3,887
Money Market and Savings Deposits 40,243 36,920 34,981
Time Deposits   33,556     40,088         44,777  
Total Deposits 90,626 91,293 94,651
Other Borrowings 10,000 8,900 8,900
Other Liabilities   689     763         638  
Total Liabilities 101,315 100,956 104,189
Shareholders' Equity 17,941 21,775 19,832
         
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 119,256   $ 122,731       $ 124,021  
 
Tier 1 Leverage Ratio 14.47 % 17.74 % 16.00 %
Tier 1 Risk Based Capital Ratio 16.58 % 19.60 % 17.70 %
Total Risk Based Capital Ratio 17.84 % 20.87 % 18.90 %
 
             

AMERICAS UNITED BANK
 
INCOME STATEMENT
In 000's (except per share data) FOR THE FOR THE
THREE-MONTHS ENDED

NINE-MONTHS ENDED
September 30,       2010         2009         2010         2009  
Unaudited Unaudited Unaudited Unaudited

INTEREST INCOME
 
Loans and Leases $ 1,565 $ 1,550 $ 4,674 $ 4,374
Investment Securities 13 27 42 149
Federal Funds Sold 12 7 32 31
Other Interest Income   -         -          
Total Interest Income   1,590         1,584   $ 4,748       $ 4,554  
 

INTEREST EXPENSE
 
NOW Deposits 7 15 32 59
Money Market and Savings Accounts 119 163 389 567
Time Deposits 179 260 599 726
Other Borrowings   48         67     148         198  
Total Interest Expense 353 505 1,168 1,550
Net Interest Income   1,237         1,079     3,580         3,004  
Provision for Loan Losses   246         691     941         1587  
Net Interest Income after
Provision for Loan Losses 991 388 2,639 1,417
Non-Interest Income 78 365 249 454
Non-Interest Expense   1,171         1,323     4,591         4183  
Operating Loss (102 ) (570 ) (1,703 ) (2,312 )
Other Losses (315 ) 0 (315 ) 110
Net Loss Before Income Taxes (417 ) (570 ) (2,018 ) (2,202 )
Income Tax Expense   0         0     (1 )       (1 )
Net Loss $ (417 )     $ (570 ) $ (2,019 )     $ (2,203 )
 
Basic & Diluted EPS ($0.14 ) ($0.20 ) ($0.70 ) ($0.77 )
 

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