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 -$0.71 per basic share for the same period in 2009.
About Americas United Bank:Americas United Bank (AUB) is the first Hispanic-owned bank to open its doors in California in over thirty years and has the distinction of being the largest Hispanic-owned bank based in California. Founded by a group of respected and successful business leaders (primarily from the Hispanic community), AUB is a full service commercial bank that provides business and personal banking products and services. For more information on the Bank, please visit our website at www.aubank.com . Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank’s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank’s performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.
|AMERICAS UNITED BANK|
|In 000's (except percentages)|
|December 31,||December 31,|
|Deposits in Other Banks||-||-|
|Federal Funds Sold||13,170||1,105|
|Loans and Leases (Net)||96,473||96,589|
|Cash and Due from Banks||1,626||20,676|
|LIABILITIES & SHAREHOLDERS' EQUITY|
|Money Market and Savings Deposits||38,543||34,981|
|TOTAL LIABILITIES & SHAREHOLDERS' EQUITY||$||114,012||$||124,021|
|Tier 1 Leverage Ratio||15.01||%||16.00||%|
|Tier 1 Risk Based Capital Ratio||16.65||%||17.70||%|
|Total Risk Based Capital Ratio||17.91||%||18.90||%|
|AMERICAS UNITED BANK|
|In 000's (except per share data)|
|FOR THE||FOR THE|
|THREE-MONTHS ENDED||TWELVE-MONTHS ENDED|
|Loans and Leases||$||1,549||$||1,523||$||6,223||$||5,897|
|Federal Funds Sold||8||4||40||16|
|Other Interest Income||-||2||20|
|Total Interest Income||1,570||1,546||$||6,319||$||6,100|
|Money Market and Savings Accounts||133||146||522||713|
|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|
|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||)|
|Basic & Diluted EPS||($0.16||)||($0.71||)||($0.86||)||($1.47||)|