Americas United Bank Announces Results for the Second Quarter 2013

GLENDALE, Calif.--()--Americas United Bank (OTCQB: AUNB) today announced its unaudited results of operations for the second quarter and six-month period ended June 30, 2013. For the quarter, the Bank earned $400,000, or $0.14 per share, compared to net income of $392,000, or $0.14 per share for 2012. The year-to-date earnings were $456,000, or $0.16 per share, compared to net income of $521,000, or $0.18 per share for 2012.

Total assets were $119.7 million at quarter end, up from $114.6 million at year-end 2012, and up from $106.9 million at June 30, 2012. Total net loans were $77.1 million at quarter-end, up from $70.6 million at year-end 2012, and up from $64.8 million at June 30, 2012. Total deposits reached $95.2 million at June 30, 2013, compared to $86.6 million at December 31, 2012, and $80.2 million at June 30, 2012.

“We had modest growth in the quarter as a result of our focus on expanding our balance sheet and adding quality earning assets. Our loans in particular have been a focal point and we remain committed to growth in this area. With this modest growth, we were able to post a quarterly profit of $400,000 and $456,000 for the year-to-date. We continue to key in on our core earnings and remain optimistic that with continued strategic growth our earnings will favorably reflect the results of that strategy. As we indicated in the prior quarter, when comparing our earnings to the prior year quarter, there was some early loan prepayment activity that impacted the results in loans outstanding, interest income, and net interest margin. We are however, building the core customer base and adding to the business development team to continue to grow the Bank. The positive earnings are the results of the collective efforts of our team and we look forward to our continued success going forward,” said Adriana M. Boeka, President and Chief Executive Officer.

Selected highlights for second quarter 2013 versus second quarter 2012:

  • Asset growth of $12.8 million, or 12.0%, to $119.7 million;
  • Gross Loan growth of $11.3 million, or 16.8%, to $78.6 million;
  • Deposit growth of $15.0 million, or 18.7%, to $95.2 million;
  • Non-Maturing Demand deposit growth of $4.2 million, or 8.1%, to $55.6 million;
  • Shareholders’ Equity growth of $1.8 million, or 9.9%, to $20.0 million;
  • Net Interest Income decline of $34,000, or 3.6%, to $913,000;
  • Interest Expense reduction of $32,000, or 21.5%, to $116,000;
  • Provision for Loan and Lease Loss was a reversal of $300,000 in 2013, as compared to a $283,000 reversal in 2012;
  • Ending Allowance for Loan and Lease Loss decreased to 2.1% of gross loans as compared to 3.6% in 2012.
  • Non-performing loans of $286,000, equated to 0.36% of total loans;
  • Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Loss (known as the “Texas Ratio”) down to 1.32%.

The Bank capital ratios at June 30, 2013 are as follows:

  • Tier 1 Capital Ratio of 17.11%
  • Tier 1 Risk-Based Capital Ratio of 25.24%
  • Total Risk-Based Capital Ratio of 26.50%

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.

       
2nd QUARTER REPORT (Unaudited)            
BALANCE SHEET
 
June 30, June 30, December 31,
2013 2012 2012
Assets
Cash and Cash Equivalents $ 2,207,943 $ 2,628,971 $ 2,933,798
Investments and Interest Bearing Deposit at Banks 12,321,844 7,753,579 11,221,485
Federal Funds 26,958,381 30,770,000 28,580,000
Gross Loans 78,563,443 67,269,354 72,368,003
Allowance for Loan Losses (1,672,493 ) (2,425,344 ) (1,885,369 )
Property and Equipment, net 174,868 238,473 208,576
Other Assets   1,133,307       628,802       1,195,819  
Total Assets $ 119,687,293     $ 106,863,835     $ 114,622,312  
 
Liabilities and Shareholders’ Equity
Non-Maturing Deposits $ 55,636,302 $ 51,470,926 $ 58,078,024
Certificates of Deposit 39,569,859 28,740,430 28,533,269
Total Deposits 95,206,161 80,211,356 86,611,293
Other Borrowings 4,000,000 8,000,000 8,000,000
Other Liabilities   481,002       460,169       514,836  
Total Liabilities 99,687,163 88,671,525 95,126,129
Shareholders’ Equity   20,000,130       18,192,310       19,496,183  
Total Liabilities and Shareholders’ Equity $ 119,687,293     $ 106,863,835     $ 114,622,312  
 
                 
STATEMENT OF OPERATIONS
3 Months Ended Year-to-Date
June 30, 2013 June 30, 2012 June 30, 2013 June 30, 2012
Interest Income $ 1,028,878 $ 1,094,738 $ 2,053,256 $ 2,241,458
Interest Expense   116,025       147,760       228,432       300,528  
Net Interest Income 912,853 946,978 1,824,824 1,940,930
Provision for Loan Losses (300,000 ) (283,221 ) (300,000 ) (313,221 )
Other Income 95,847 56,936 158,119 139,062
Other Expenses   908,752       894,577       1,826,896       1,871,241  
Earnings before Income Taxes 399,948 392,558 456,047 521,972
Income Taxes   225       300       525       600  
Net Income $ 399,723     $ 392,258     $ 455,522     $ 521,372  
 
Common Shares Issued and Outstanding 2,878,150 2,878,150 2,878,150 2,878,150
Basic Earnings Per Share $ 0.14 $ 0.14 $ 0.16 $ 0.18
Return on Average Assets (annualized) 0.81 % 0.51 % 0.81 % 1.01 %
Return on Average Equity (annualized) 4.69 % 2.96 % 4.69 % 5.91 %
Net Interest Margin 3.19 % 3.65 % 3.31 % 3.81 %
Efficiency Ratio 90.09 % 89.11 % 92.13 % 89.96 %
 
                 
SELECTED RATIOS
June 30, 2013 June 30, 2012 Dec. 31, 2012
Tier 1 Leverage Capital Ratio 17.11 % 17.27 % 17.46 %
Tier 1 Risk-Based Capital Ratio 25.24 % 26.80 % 26.05 %
Total Risk-Based Capital Ratio 26.50 % 28.08 % 27.32 %
Allowance for Loan & Lease Losses (ALLL) as a % of Total Loans 2.13 % 3.61 % 2.61 %
Non Performing Assets as a % of Total Assets 0.24 % 0.50 % 0.35 %
Non Performing Assets as a % of Total Loans 0.36 % 0.79 % 0.56 %
Net Charge Offs as a % of Total Loans -0.11 % -0.38 % -0.57 %
Total ALLL as a % of Non Performing Loans 583.9 % 454.6 % 468.1 %
Texas Ratio (Non Performing Assets as a % of T1 Capital & ALLL) 1.32 % 2.59 % 1.88 %
Basic Book Value Per Share $ 6.95 $ 6.32 $ 6.77
 
                 

www.aubank.com

Contacts

Americas United Bank
Adriana M. Boeka, President and Chief Executive Officer
(818) 637-7000
or
Jeffrey Pollard, Executive Vice President and CFO
(818) 637-7000

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Contacts

Americas United Bank
Adriana M. Boeka, President and Chief Executive Officer
(818) 637-7000
or
Jeffrey Pollard, Executive Vice President and CFO
(818) 637-7000