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 $0.20 per basic share for the same period in 2010.
About Americas United Bank:Americas United Bank (AUB) is the first Hispanic-owned bank to open its doors in California in over thirty years and has the distinction of being the largest Hispanic-owned bank based in California. Founded by a group of respected and successful business leaders (primarily from the Hispanic community), AUB is a full service commercial bank that provides business and personal banking products and services. For more information on the Bank, please visit our website at www.aubank.com . Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.
|AMERICAS UNITED BANK||AMERICAS UNITED BANK|
|BALANCE SHEET||INCOME STATEMENT|
|In 000's (except percentages)||In 000's (except per share data)||FOR THE|
|MARCH 31,||MARCH 31,||December 31,||THREE-MONTHS ENDED|
|Investment Securities||$||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|
|LIABILITIES & SHAREHOLDERS' EQUITY||Money Market and Savings Accounts||103||143|
|Demand Deposits||$||18,498||$||13,612||$||15,937||Other Borrowings||40||53|
|NOW Deposits||1,480||3,376||1,575||Total Interest Expense||236||432|
|Money Market and Savings Deposits||34,074||35,772||38,543||Net Interest Income||1,323||1,105|
|Time Deposits||26,120||43,156||29,955||Provision for Loan Losses||1,467||460|
|Total Deposits||80,172||95,916||86,010||Net Interest Income after|
|Other Borrowings||8,000||10,000||10,000||Provision for Loan Losses||(144||)||645|
|Other Liabilities||421||639||498||Non-Interest Income||69||71|
|Total Liabilities||88,593||106,555||96,508||Non-Interest Expense||1,119||1,290|
|Shareholders' Equity||16,310||19,296||17,504||Operating Loss||(1,194||)||(574||)|
|TOTAL LIABILITIES & SHAREHOLDERS' EQUITY||$||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||)|