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

“The third-quarter results reflect a quarterly operating profit of $233,000 or $0.08 per basic share. Total assets decreased to $102.0 million. The actions taken during the last few months of reducing expenses, exiting selected business lines, decreasing non-core relationships and improving credit quality have resulted in a trend of two successive quarters of profitability. We continue to look forward to our future and successes of the Bank and its customers,” said Adriana M. Boeka, President and Chief Executive Officer.

Boeka continued, “The management team will spend the remainder of 2011 focused on organic growth, cost control, and balance sheet management. Revenue growth is the primary driver and the team will target the improvement of net interest margin and profitability. One aspect of the strategy will be to deploy excess liquidity in order to maximize the earning asset return. We believe there are deposit growth opportunities in the marketplace and we seek new profitable client relationships.”

“Our team has begun the next phase of our growth and development and we are focused on providing outstanding service to our existing customers and building market share. We remain optimistic about our future,” said Manuel Remon, Chairman.

Third-quarter financial highlights include:
  • Total assets of $102.0 million at September 30, 2011, a 10.6 percent decrease over $114.0 million at December 31, 2010.
  • Net loans of $75.1 million at September 30, 2011, a decrease of 22.2 percent from December 31, 2010 total of $96.5 million.
  • Non-performing assets of $2.4 million, or 2.4% of total assets at September 30, 2011, versus $1.9 million, or 1.64% of total assets at December 31, 2010.
  • Allowance for loan losses of $2.8 million or 3.5 percent of gross loans at September 30, 2011, and up from $2.2 million or 2.2 percent of gross loans at December 31, 2010.
  • Total deposits at September 30, 2011 were $76.6 million, a decrease of 11.0 percent from the $86.0 million at December 31, 2010.
  • Third-quarter 2011 operating revenue decreased 15.8 percent to $1,405,000 from $1,668,000 for the same period in 2010.
  • Provision for loan losses for the three-months ended September 30, 2011, was $30,000 compared to $246,000 for the same period of 2010, a decrease of 88%.
  • Operating net profit of $233,000 for the third-quarter of 2011 or $0.08 per basic share compared to a net loss of $417,000 or $0.14 per basic share for the same period in 2010.
  • Year-to-date operating net loss of $637,000, or $0.22 per basic share for the nine-month period ending September 30, 2011, compared to a net loss of $2,019,000, or $0.70 per basic share for the same period in 2010.
  • Provision for loan losses for the nine-months of 2011 was $1,533,000 versus $941,000 for the same period of 2010, an increase of 63%. The Bank’s allowance for loan losses as a percent of total loans was 3.54%, as compared to 2.10% at September 30, 2010, an increase of 69%.

Americas United Bank’s has the following capital ratios as of September 30, 2011: Total Risk Based Capital Ratio of 22.53%, Tier 1 Risk Based Capital Ratio of 21.25%, and Tier 1 Leverage Ratio of 16.21%.

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)
September 30, September 30, December 31,
      2011   2010     2010
Unaudited Unaudited Audited

ASSETS
 
Investment Securities $ 2,362 $ 1,402 $ 1,226
Deposits in Other Banks - - -
Federal Funds Sold 19,680 16,330 13,170
Loans and Leases (Net) 75,075 97,223 96,473
Cash and Due from Banks 2,666 3,004 1,626
Other Assets 2,171 1,297 1,517
         
TOTAL ASSETS $ 101,954   $ 119,256       $ 114,012  
 

LIABILITIES & SHAREHOLDERS' EQUITY
 
Demand Deposits $ 18,349 $ 15,065 $ 15,937
NOW Deposits 1,136 1,762 1,575
Money Market and Savings Deposits 32,764 40,243 38,543
Time Deposits   24,315     33,556         29,955  
Total Deposits 76,564 90,626 86,010
Other Borrowings 8,000 10,000 10,000
Other Liabilities   448     689         498  
Total Liabilities 85,012 101,315 96,508
Shareholders' Equity 16,942 17,941 17,504
         
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 101,954   $ 119,256       $ 114,012  
 
Tier 1 Leverage Ratio 16.21 % 14.47 % 15.01 %
Tier 1 Risk Based Capital Ratio 21.25 % 16.58 % 16.65 %
Total Risk Based Capital Ratio 22.53 % 17.84 % 17.91 %
 

AMERICAS UNITED BANK
               
 
INCOME STATEMENT
In 000's (except per share data) FOR THE FOR THE
THREE-MONTHS ENDED NINE-MONTHS ENDED
SEPTEMBER 30,     2011     2010 2011     2010
Unaudited Unaudited Unaudited Unaudited

INTEREST INCOME
 
Loans and Leases $ 1,263 $ 1,565 $ 4,281 $ 4,674
Investment Securities 8 13 27 42
Federal Funds Sold 13 12 26 32
Other Interest Income -     -        
Total Interest Income 1,284     1,590 $ 4,334     $ 4,748
 

INTEREST EXPENSE
 
NOW Deposits 2 7 8 32
Money Market and Savings Accounts 70 119 251 389
Time Deposits 76 179 250 599
Other Borrowings 28     48 96     148
Total Interest Expense 176 353 605 1,168
Net Interest Income 1,108     1,237 3,729     3,580
Provision for Loan Losses 30     246 1533     941
Net Interest Income after
Provision for Loan Losses 1,078 991 2,196 2,639
Non-Interest Income 121 78 264 249
Non-Interest Expense 966     1,171 3,096     4591
Operating Gain (Loss) 233 (102) (636) (1,703)
Other Gains 0 (315) 0 (315)
 
Net Income (Loss) Before Income Taxes 233 (417) (636) (2,018)
Income Tax Expense 0     0 (1)     (1)
Net Income (Loss) $ 233     $ (417) $ (637)     $ (2,019)
 
Basic & Diluted Earnings (Loss) per Share $0.08 ($0.14) ($0.22) ($0.70)

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