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 $941,000 for the same period of 2010, an increase of 63%. The Bank’s allowance for loan losses as a percent of total loans was 3.54%, as compared to 2.10% at September 30, 2010, an increase of 69%.
About Americas United Bank:Americas United Bank (AUB) is the first Hispanic-owned bank to open its doors in California in over thirty years and has the distinction of being the largest Hispanic-owned bank based in California. Founded by a group of respected and successful business leaders (primarily from the Hispanic community), AUB is a full service commercial bank that provides business and personal banking products and services. For more information on the Bank, please visit our website at www.aubank.com . Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.
|AMERICAS UNITED BANK|
|In 000's (except percentages)|
|September 30,||September 30,||December 31,|
|Deposits in Other Banks||-||-||-|
|Federal Funds Sold||19,680||16,330||13,170|
|Loans and Leases (Net)||75,075||97,223||96,473|
|Cash and Due from Banks||2,666||3,004||1,626|
|LIABILITIES & SHAREHOLDERS' EQUITY|
|Money Market and Savings Deposits||32,764||40,243||38,543|
|TOTAL LIABILITIES & SHAREHOLDERS' EQUITY||$||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|
|In 000's (except per share data)||FOR THE||FOR THE|
|THREE-MONTHS ENDED||NINE-MONTHS ENDED|
|Loans and Leases||$ 1,263||$ 1,565||$ 4,281||$ 4,674|
|Federal Funds Sold||13||12||26||32|
|Other Interest Income||-||-|
|Total Interest Income||1,284||1,590||$ 4,334||$ 4,748|
|Money Market and Savings Accounts||70||119||251||389|
|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|
|Operating Gain (Loss)||233||(102)||(636)||(1,703)|
|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)|