Americas United Bank Reports $104.9 Million In Assets At March 31, 2011

Americas United Bank (OTCBB:AUNB) today announced its unaudited 2011 first-quarter results.

“The first-quarter results reflect an operating loss of $1,194,000, or $0.41 per basic share due to the decision to substantially increase the loan loss reserve. We reviewed the Bank’s loan portfolio and determined that, due to the current economic conditions, it would be prudent to increase the loan loss reserve for possible future loan losses. With this action taken, we have improved our foundation and we can now concentrate on future growth and enhanced profitability. Without this provision operating revenue showed a light increase over the same period in 2010 so I am optimistic about the future,” said Adriana M. Boeka, President and Chief Executive Officer.

“Having recently announced the appointment of our new President and Chief Executive Officer, Adriana M. Boeka, we feel her tremendous experience will guide our direction and will be very positive for the organization. Currently, we are focused on our business development and customer service activities. Our second branch in Downey, California has shown consistent growth each month and we are optimistic about the branch’s future success,” said Manuel Remon, Chairman.

First-quarter financial highlights include:
  • Total assets of $104.9 million at March 31, 2011, an 8.0 percent decrease over $114.0 million at December 31, 2010.
  • Net loans of $89.9 million at March 31, 2011, a decrease of 6.8 percent from December 31, 2010 total of $96.5 million.
  • Non-performing assets remained unchanged at $1.9 million at March 31, 2011 and at December 31, 2010.
  • Allowance for loan loss increased to 3.8 percent of gross loans at March 31, 2011, and up from 2.2 percent of gross loans at December 31, 2010.
  • Total deposits at March 31, 2011 were $80.2 million, a decrease of 6.7 percent over $86.0 million at December 31, 2010.
  • First-quarter 2011 operating revenue increased 1.2 percent to $1,628,000 from $1,608,000 for the same period in 2010.
  • Operating net loss of $1,194,000 for the first-quarter of 2011 or $0.41 per basic share compared to a net loss of $575,000 or $0.20 per basic share for the same period in 2010.

Americas United Bank remains well capitalized according to the Federal Deposit Insurance Corporation, at March 31, 2011, with a Total Risk Based Capital Ratio of 17.92%, Tier 1 Risk Based Capital Ratio of 16.63%, and Tier 1 Leverage Ratio of 14.68%.

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 AMERICAS UNITED BANK
 
 
BALANCE SHEET INCOME STATEMENT
In 000's (except percentages) In 000's (except per share data) FOR THE
MARCH 31, MARCH 31, December 31, THREE-MONTHS ENDED
        2011       2010       2010 MARCH 31,       2011     2010
Unaudited Unaudited Audited Unaudited Unaudited

ASSETS

INTEREST INCOME
 
Investment Securities $ 1,140 $ 1,514 $ 1,226 Loans and Leases $ 1,542 $ 1,513
Deposits in Other Banks - - - Investment Securities 11 15
Federal Funds Sold 8,170 20,485 13,170 Federal Funds Sold 6 9
Loans and Leases (Net) 89,891 96,438 96,473 Other Interest Income   -         -  
Cash and Due from Banks 3,226 3,499 1,626 Total Interest Income   1,559         1,537  
Other Assets 2,476 3,915 1,517
           

INTEREST EXPENSE
TOTAL ASSETS $ 104,903   $ 125,851         $ 114,012  
NOW Deposits 4 14

LIABILITIES & SHAREHOLDERS' EQUITY
Money Market and Savings Accounts 103 143
Time Deposits 89 222
Demand Deposits $ 18,498 $ 13,612 $ 15,937 Other Borrowings   40         53  
NOW Deposits 1,480 3,376 1,575 Total Interest Expense 236 432
Money Market and Savings Deposits 34,074 35,772 38,543 Net Interest Income   1,323         1,105  
Time Deposits   26,120     43,156           29,955   Provision for Loan Losses   1,467         460  
Total Deposits 80,172 95,916 86,010 Net Interest Income after
Other Borrowings 8,000 10,000 10,000 Provision for Loan Losses (144 ) 645
Other Liabilities   421     639           498   Non-Interest Income 69 71
Total Liabilities 88,593 106,555 96,508 Non-Interest Expense   1,119         1,290  
Shareholders' Equity 16,310 19,296 17,504 Operating Loss (1,194 ) (574 )
            Other Gains 0 0

TOTAL LIABILITIES &

SHAREHOLDERS' EQUITY
$ 104,903   $ 125,851         $ 114,012   Net Loss Before Income Taxes (1,194 ) (574 )
Income Tax Expense   0         (1 )
Tier 1 Leverage Ratio 14.68 % 15.35 % 15.01 % Net Loss $ (1,194 )     $ (575 )
Tier 1 Risk Based Capital Ratio 16.63 % 17.78 % 16.65 %
Total Risk Based Capital Ratio 17.92 % 19.04 % 17.91 % Basic Loss per Share ($0.41 ) ($0.20 )
Diluted Loss per Share ($0.41 ) ($0.20 )

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX