Americas United Bank Reports $114.0 Million In Assets At December 31, 2010

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

Fourth-quarter financial highlights include:
  • Total assets of $114.0 million at December 31, 2010, an 8.1 percent decrease over $124.0 million at December 31, 2009.
  • Net loans of $96.4 million at December 31, 2010, a decrease of 0.1 percent from December 31, 2009 total of $96.6 million.
  • Non-performing assets declined 72.8 percent from $6.9 million at December 31, 2009, to $1.9 million at December 31, 2010.
  • Allowance for loan loss maintained at approximately 2.2 percent of gross loans at December 31, 2010.
  • Total deposits at December 31, 2010 were $86.0 million, a decrease of 9.1 percent over $94.6 million at December 31, 2009.
  • Fourth quarter 2010 operating revenue increased to $1,636,000 from $1,592,000 for the same period in 2009.
  • Operating net loss of -$453,000 for the fourth-quarter of 2010 or -$0.16 per basic share compared to -$2,039,000 or -$0.71 per basic share for the same period in 2009.

“Asset quality continued to be our focus in the 4 th quarter. Amidst challenging and sometimes painful circumstances, we succeeded in reducing non-performing assets from $6.9 million a year ago to $1.9 million at year-end 2010,” said Manuel J. Remon, Chairman, Interim President and Chief Executive Officer.

“We have continued our restructuring process and are very excited about opening our second branch located at 8255 Firestone Boulevard, in Downey, California. We also would like to remind our shareholders, customers and friends that we remain ‘well capitalized,’ according to the FDIC, and look forward to core customer growth and building shareholder value,” said Jeffrey Pollard, Executive Vice President and Chief Financial Officer.

At December 31, 2010, the Bank’s Total Risk Based Capital Ratio was 17.91%, Tier 1 Risk Based Capital Ratio was 16.65%, and Tier 1 Leverage Ratio was 15.01%.

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)
 
  December 31,   December 31,
    2010   2009
Unaudited Audited

ASSETS
 
Investment Securities $ 1,226 $ 1,610
Deposits in Other Banks - -
Federal Funds Sold 13,170 1,105
Loans and Leases (Net) 96,473 96,589
Cash and Due from Banks 1,626 20,676
Other Assets   1,517     4,041  
TOTAL ASSETS $ 114,012   $ 124,021  
 

LIABILITIES & SHAREHOLDERS' EQUITY
 
Demand Deposits $ 15,937 $ 11,006
NOW Deposits 1,575 3,887
Money Market and Savings Deposits 38,543 34,981
Time Deposits   29,955     44,777  
Total Deposits 86,010 94,651
Other Borrowings 10,000 8,900
Other Liabilities   498     638  
Total Liabilities 96,508 104,189
Shareholders' Equity   17,504     19,832  
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 114,012   $ 124,021  
 
Tier 1 Leverage Ratio 15.01 % 16.00 %
Tier 1 Risk Based Capital Ratio 16.65 % 17.70 %
Total Risk Based Capital Ratio 17.91 % 18.90 %
 
 
AMERICAS UNITED BANK
INCOME STATEMENT
In 000's (except per share data)
 
 

FOR THE
 

FOR THE
THREE-MONTHS ENDED TWELVE-MONTHS ENDED
December 31,   2010   2009   2010   2009
Unaudited   Unaudited Unaudited   Audited

INTEREST INCOME
 
Loans and Leases $ 1,549 $ 1,523 $ 6,223 $ 5,897
Investment Securities 13 17 56 167
Federal Funds Sold 8 4 40 16
Other Interest Income   -     2       20  
Total Interest Income   1,570     1,546   $ 6,319   $ 6,100  
 

INTEREST EXPENSE
 
NOW Deposits 5 17 38 76
Money Market and Savings Accounts 133 146 522 713
Time Deposits 123 262 722 988
Other Borrowings   48     66     196     264  
Total Interest Expense 309 491 1,478 2,041
Net Interest Income   1,261     1,055     4,841     4,059  
Provision for Loan Losses   342     1,768     1284     3355  
Net Interest Income after
Provision for Loan Losses 919 (713 ) 3,557 704
Non-Interest Income 65 46 314 500
Non-Interest Expense   1,437     1,372     6,027     5555  
Operating Loss (453 ) (2,039 ) (2,156 ) (4,351 )
Other Gains (Losses) 0 0 (315 ) 110
Net Loss Before Income Taxes (453 ) (2,039 ) (2,471 ) (4,241 )
Income Tax Expense   0     0     (1 )   (1 )
Net Loss $ (453 ) $ (2,039 ) $ (2,472 ) $ (4,242 )
 
Basic & Diluted EPS ($0.16 ) ($0.71 ) ($0.86 ) ($1.47 )
 

Copyright Business Wire 2010

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