Americas United Bank Announces Results for the Third Quarter 2014

GLENDALE, Calif.--()--Americas United Bank (OTCQB: AUNB) reported unaudited results of operations for the third quarter and nine-month period ended September 30, 2014. For the quarter, Americas United Bank earned $233,000, or $0.08 per basic share, compared to net income of $256,000, or $0.09 per basic share for the same period of 2013. Earnings before provision for loan and lease losses and taxes for the third quarter were $399,000, as compared to $256,000 for the third quarter of 2013, or an increase of 56.0%.

Adriana M. Boeka, President and Chief Executive Officer of Americas United Bank, stated, “We are pleased to report another quarter of improving results in our operation. Our focus has been growth of both size and core earnings with the goal of enhancing shareholder value.”

Boeka continued, “Our first quarter addition of the Lancaster branch brought a significant amount of available funds to be deployed into higher yielding assets such as loans. We made good progress in the quarter by adding new loans and improving our yield on other earning assets without adding undue risk to our portfolio. We continue to be focused on growth, yield improvement, and controlling our overhead as we move forward.”

Total assets were $159.7 million at quarter end, up from $119.5 million at year-end 2013 and up from $120.8 million at September 30, 2013. The third quarter 2014 balances reflected the addition of the deposits for the acquired Lancaster branch. Total loans were $107.3 million at quarter-end, up from $87.4 million at year-end 2013, and up from $86.2 million at September 30, 2013. Total deposits reached $130.7 million at September 30, 2014, compared to $91.4 million at December 31, 2013, and $95.8 million at September 30, 2013.

Selected highlights for third quarter 2014 versus third quarter 2013:

  • Asset growth of $38.9 million, or 32.2%, to $159.7 million;
  • Loan growth of $21.1 million, or 24.5%, to $107.3 million;
  • Deposit growth of $34.9 million, or 36.5%, to $130.7 million;
  • Shareholders’ Equity growth of $3.8 million, or 18.6%, to $24.1 million;
  • Interest Income increase of $254,000, or 23.2%, to $1,346,000;
  • Interest Expense increase of $32,000, or 28.6%, to $145,000;
  • Ending Allowance for Loan and Lease Losses balance of $1,806,000 or 1.68% of gross loans versus $1,716,000, or 1.99% of gross loans;
  • Non-performing loans to total loans of 0.01% versus 0.51%;
  • Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Losses (known as the “Texas Ratio”) down to 0.03% versus 2.01%;
  • Return on Assets of 0.57% versus 0.86%;
  • Return on Equity of 3.85% versus 5.04%

The Bank capital ratios at September 30, 2014 are as follows:

  • Tier 1 Capital Ratio of 13.11%
  • Tier 1 Risk-Based Capital Ratio of 18.48%
  • Total Risk-Based Capital Ratio of 19.73%

Americas United Bank operates as a full-service commercial bank that provides business and personal banking products and services. For more information please contact the bank at one of its locations listed below or visit www.aubank.com.

Main Office - 801 N. Brand Boulevard, Suite 180, Glendale, CA 91203 (818) 637-7000
Downey Office - 8255 Firestone Boulevard, Suite 110, Downey, CA 90241 (562) 299-9920
Lancaster Office - 539 W. Lancaster Blvd., Lancaster, CA 93534 (661) 945-6955

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,

2014

2013

2013

 

Assets
Cash and Cash Equivalents $ 2,444,965 $ 4,890,594 $ 2,962,124
Investments and Interest Bearing Deposit at Banks 37,462,837 14,255,261 15,774,131
Federal Funds 9,118,246 15,343,383 10,663,350
Gross Loans 107,277,577 86,158,309 87,437,770
Allowance for Loan Losses (1,806,471 ) (1,715,693 ) (1,772,951 )
Property and Equipment, net 293,744 170,431 185,012
Other Real Estate Owned 423,953
Other Assets   4,911,873         1,243,714         4,268,370  
Total Assets $ 159,702,771       $ 120,769,952       $ 119,517,806  
 
Liabilities and Shareholders’ Equity
Non-Maturing Deposits $ 77,711,972 $ 54,842,276 $ 51,934,853
Certificates of Deposit 52,995,198 40,916,644 39,470,992
Total Deposits 130,707,170 95,758,920 91,405,845
Other Borrowings 4,000,000 4,000,000 4,000,000
Other Liabilities   932,545         721,468         572,255  
Total Liabilities 135,639,715 100,480,388 95,978,100
Shareholders’ Equity   24,063,056         20,289,564         23,539,706  
Total Liabilities and Shareholders’ Equity $ 159,702,771       $ 120,769,952       $ 119,517,806  
 
                       
STATEMENT OF OPERATIONS
 
3 Months Ended Year-to-Date
September 30, 2014 September 30, 2013

September 30, 2014

September 30, 2013

Interest Income $ 1,345,979 $ 1,092,328 $ 3,766,222 $ 3,145,584
Interest Expense   144,789         112,544         398,518         340,976  
Net Interest Income 1,201,190 979,784 3,367,704 2,804,608
Provision for Loan Losses - - - (300,000 )
Other Income 158,328 184,886 363,709 343,005
Other Expenses   960,438         908,823         2,987,893         2,735,719  
Earnings before Income Taxes 399,080 255,847 743,520 711,894
Income Taxes   166,481         300         308,719         825  
Net Income $ 232,599       $ 255,547       $ 434,801       $ 711,069  
 
Common Shares Issued and Outstanding 2,878,150 2,878,150 2,878,150 2,878,150
Basic Earnings Per Share $ 0.08 $ 0.09 $ 0.15 $ 0.25
Return on Average Assets (annualized) 0.57 % 0.86 % 0.39 % 0.83 %
Return on Average Equity (annualized) 3.85 % 5.04 % 2.44 % 4.81 %
Net Interest Margin 3.05 % 3.36 % 3.15 % 3.33 %
Efficiency Ratio 70.65 % 78.03 % 80.07 % 86.91 %
 
                       
SELECTED RATIOS
 
September 30, 2014 September 30, 2013

Dec. 31, 2013

Tier 1 Leverage Capital Ratio 13.11 % 17.23 % 17.63 %
Tier 1 Risk-Based Capital Ratio 18.48 % 22.83 % 23.12 %
Total Risk-Based Capital Ratio 19.73 % 24.10 % 24.38 %
Allowance for Loan & Lease Losses (ALLL) as a % of Total Loans 1.68 % 1.99 % 2.03 %
Non Performing Assets as a % of Total Assets 0.00 % 0.37 % 0.01 %
Non Performing Assets as a % of Total Loans 0.01 % 0.51 % 0.02 %
Net Charge Offs as a % of Total Loans -0.03 % -0.15 % -0.21 %
Total ALLL as a % of Non Performing Loans 25795.7 % 9549.1 % 11923.0 %
Texas Ratio (Non Performing Assets as a % of T1 Capital & ALLL) 0.03 % 2.01 % 0.07 %
Basic Book Value Per Share $ 8.36 $ 7.05 $ 8.18
 
                       

www.aubank.com

Contacts

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

Contacts

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