GLENDALE, Calif.--(BUSINESS WIRE)--Americas United Bank (OTCQB: AUNB) today announced its unaudited results of operations for the third quarter and nine-month period ended September 30, 2013. For the quarter, the Bank earned $256,000, or $0.09 per basic share, compared to net income of $540,000, or $0.19 per basic share for 2012. The year-to-date earnings were $711,000, or $0.25 per basic share, compared to net income of $1,062,000, or $0.37 per basic share for 2012.
Total assets were $120.8 million at quarter-end, up from $114.6 million at year-end 2012, and up from $108.4 million at September 30, 2012. Total gross loans were $86.2 million at quarter-end, up from $72.4 million at year-end 2012, and up from $63.3 million at September 30, 2012. Total deposits reached $95.8 million at September 30, 2013, compared to $86.6 million at December 31, 2012, and $81.2 million at September 30, 2012.
“We again are pleased to report modest quarterly growth as we maintained our focus on increasing the customer base and expanding the balance sheet. Credit quality is satisfactory and non-performing loans or delinquencies are non material. We continue to focus on earning asset growth and in particular the loan portfolio. Our collective efforts resulted in a quarterly profit of $256,000, and a year-to-date profit of $711,000. We continue to strive for core earnings and remain optimistic that our earnings will continue to favorably progress as a result of our strategy. I would like to thank our team for their solid effort that resulted in positive quarterly earnings. The Bank has reported positive quarterly earnings every quarter since the first quarter of 2011. We look forward to our continued future success,” said Adriana M. Boeka, President and Chief Executive Officer.
Selected highlights for third quarter 2013 versus third quarter 2012:
- Asset growth of $12.4 million, or 11.4%, to $120.8 million;
- Gross Loan growth of $22.9 million, or 36.1%, to $86.2 million;
- Deposit growth of $14.6 million, or 18.0%, to $95.8 million;
- Non-Maturing Demand deposit growth of $3.7 million, or 7.3%, to $54.8 million;
- Shareholders’ Equity increased $1.5 million, or 8.2%, to $20.3 million;
- Net Interest Income increased $93,000, or 10.4%, to $980,000;
- Interest Expense reduction of $30,000, or 21.2%, to $113,000;
- Provision for Loan and Lease Loss was not required in the third quarter of 2013, as compared to a $450,000 reversal in 2012;
- Ending Allowance for Loan and Lease Loss decreased to 1.99% of gross loans as compared to 3.3% in 2012.
- Non-performing loans of $18,000, equated to 0.02% of total loans as compared to $433,000 or 0.68% of total loans at the end of the third quarter of 2012;
- Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Loss (known as the “Texas Ratio”) at 2.01%, as compared to 2.08% in 2012.
The Bank capital ratios at September 30, 2013 are as follows:
- Tier 1 Leverage Ratio of 17.23%
- Tier 1 Risk-Based Capital Ratio of 22.83%
- Total Risk-Based Capital Ratio of 24.10%
Americas United Bank provides a full range of financial services, including credit and deposit products, cash management, and internet banking for businesses and high net worth individuals from its head office at 801 N. Brand Boulevard, Suite 1150, Glendale, CA 91203 and the Downey Office at 8255 Firestone Boulevard, Suite 110, Downey, CA 90241.
Information on products and services may be obtained by calling (818) 637-7000 or visiting the Bank’s website at www.aubank.com.
About Americas United Bank:
Americas United Bank (AUB) was formed as a commercial bank with a focused niche in the Hispanic marketplace. It was founded by a group of respected and successful business leaders primarily from the Hispanic community and was the Second such formed bank in over thirty years. AUB operates as a full-service commercial bank that provides business and personal banking products and services.
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.
| 3rd QUARTER REPORT (Unaudited) | |||||||||||||||
| BALANCE SHEET | |||||||||||||||
| September 30, | September 30, | December 31, | |||||||||||||
| 2013 | 2012 | 2012 | |||||||||||||
| Assets | |||||||||||||||
| Cash and Cash Equivalents | $ | 4,890,594 | $ | 2,223,115 | $ | 2,933,798 | |||||||||
| Investments and Interest Bearing Deposit at Banks | 14,255,261 | 10,134,635 | 11,221,485 | ||||||||||||
| Federal Funds/FRB Balances | 15,343,383 | 33,920,000 | 28,580,000 | ||||||||||||
| Gross Loans | 86,158,309 | 63,308,268 | 72,368,003 | ||||||||||||
| Allowance for Loan Losses | (1,715,693 | ) | (2,090,676 | ) | (1,885,369 | ) | |||||||||
| Property and Equipment, net | 170,431 | 221,836 | 208,576 | ||||||||||||
| Other Real Estate Owned | 423,953 | - | - | ||||||||||||
| Other Assets | 1,243,714 | 664,252 | 1,195,819 | ||||||||||||
| Total Assets | $ | 120,769,952 | $ | 108,381,430 | $ | 114,622,312 | |||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||
| Non-Maturing Deposits | $ | 54,842,276 | $ | 51,116,895 | $ | 58,078,024 | |||||||||
| Certificates of Deposit | 40,916,644 | 30,037,507 | 28,533,269 | ||||||||||||
| Total Deposits | 95,758,920 | 81,154,402 | 86,611,293 | ||||||||||||
| Other Borrowings | 4,000,000 | 8,000,000 | 8,000,000 | ||||||||||||
| Other Liabilities | 721,468 | 480,482 | 514,836 | ||||||||||||
| Total Liabilities | 100,480,388 | 89,634,884 | 95,126,129 | ||||||||||||
| Shareholders’ Equity | 20,289,564 | 18,746,546 | 19,496,183 | ||||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 120,769,952 | $ | 108,381,430 | $ | 114,622,312 | |||||||||
| STATEMENT OF OPERATIONS | ||||||||||||||||||||
| 3 Months Ended | Year-to-Date | |||||||||||||||||||
| Sept. 30, 2013 | Sept. 30, 2012 | Sept. 30, 2013 | Sept. 30, 2012 | |||||||||||||||||
| Interest Income | $ | 1,092,328 | $ | 1,029,930 | $ | 3,145,584 | $ | 3,271,388 | ||||||||||||
| Interest Expense | 112,544 | 142,783 | 340,976 | 443,311 | ||||||||||||||||
| Net Interest Income | 979,784 | 887,147 | 2,804,608 | 2,828,077 | ||||||||||||||||
| Provision for Loan Losses | - | (450,000 | ) | (300,000 | ) | (763,221 | ) | |||||||||||||
| Other Income | 184,886 | 85,496 | 343,005 | 224,558 | ||||||||||||||||
| Other Expenses | 908,823 | 881,872 | 2,735,719 | 2,753,113 | ||||||||||||||||
| Earnings before Income Taxes | 255,847 | 540,771 | 711,894 | 1,062,743 | ||||||||||||||||
| Income Taxes | 300 | 300 | 825 | 900 | ||||||||||||||||
| Net Income | $ | 255,547 | $ | 540,471 | $ | 711,069 | $ | 1,061,843 | ||||||||||||
| Common Shares Issued and Outstanding | 2,878,150 | 2,878,150 | 2,878,150 | 2,878,150 | ||||||||||||||||
| Basic Earnings Per Share | $ | 0.09 | $ | 0.19 | $ | 0.25 | $ | 0.37 | ||||||||||||
| Return on Average Assets (annualized) | 0.86 | % | 2.01 | % | 0.83 | % | 1.36 | % | ||||||||||||
| Return on Average Equity (annualized) | 5.04 | % | 11.68 | % | 4.81 | % | 7.90 | % | ||||||||||||
| Net Interest Margin | 3.36 | % | 3.34 | % | 3.33 | % | 3.65 | % | ||||||||||||
| Efficiency Ratio | 78.03 | % | 90.67 | % | 86.91 | % | 90.19 | % | ||||||||||||
| SELECTED RATIOS | |||||||||||||||
| Sept. 30, 2013 | Sept. 30, 2012 | Dec. 31, 2012 | |||||||||||||
| Tier 1 Leverage Capital Ratio | 17.23 | % | 17.60 | % | 17.46 | % | |||||||||
| Tier 1 Risk-Based Capital Ratio | 22.83 | % | 28.73 | % | 26.05 | % | |||||||||
| Total Risk-Based Capital Ratio | 24.10 | % | 30.00 | % | 27.32 | % | |||||||||
| Allowance for Loan & Lease Losses (ALLL) as a % of Total Loans | 1.99 | % | 3.30 | % | 2.61 | % | |||||||||
| Non Performing Assets as a % of Total Assets | 0.37 | % | 0.40 | % | 0.35 | % | |||||||||
| Non Performing Assets as a % of Total Loans | 0.51 | % | 0.68 | % | 0.56 | % | |||||||||
| Net Charge Offs as a % of Total Loans | -0.15 | % | -0.58 | % | -0.57 | % | |||||||||
| Total ALLL as a % of Non Performing Loans | 9549.1 | % | 483.3 | % | 468.1 | % | |||||||||
| Texas Ratio (Non Performing Assets as a % of T1 Capital & ALLL) | 2.01 | % | 2.08 | % | 1.88 | % | |||||||||
| Basic Book Value Per Share | $ | 7.05 | $ | 6.51 | $ | 6.77 | |||||||||
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