By Americas United Bank (OTCBB: AUNB) today reported results for its 2011 fourth quarter. Highlights of the fourth quarter ended December 31, 2011 include:
- Fourth quarter net income of $673,000 for 2011 as compared to a fourth quarter loss of $453,000 for 2010. This is the Bank's third consecutive quarterly profit in 2011.
- Total Assets at December 31, 2011 decreased to $100.4 million, a decrease of $13.6 million or 11.9% from $114.0 million at December 31, 2010.
- Total Loans at December 31, 2011 decreased to $73.1 million, a decrease of $25.6 million or 25.9% from $98.7 million at December 31, 2010.
- Total Deposits at December 31, 2011 decreased to $74.3 million, a decrease of $11.7 million or 13.6% from $86.0 million at December 31, 2010.
- Capital ratios of 17.4% Tier 1 Leverage Ratio, 23.7% Tier 1 Risk Based Capital Ratio, and 25.0% Total Risk Based Capital Ratio. Book value has increased to $6.13 per share at December 31, 2011.
- Allowance for loan and lease losses at 3.40% of total loans at December 31, 2011 as compared to 2.21% at December 31, 2010.
"We are pleased that we have achieved a profit for the year and with our results continuing to improve, and asset quality also showing improvement, Americas United Bank's Board of Directors is optimistic about our future," said Ms. Adriana M. Boeka, President and Chief Executive Officer. "We are a local bank serving the greater Los Angeles community via branches in Glendale and Downey and our results reflect the confidence those communities have in us. We remain committed to our business banking mission, and our unique skill in the growing Latino business community."
Ms. Boeka continued, "We had shrinkage in our balance sheet as we repositioned some of our assets. We have also focused on retaining and developing core business customers and have recently added staff to assist with the addition of commercial business customers."
Net income for the 2011 fiscal year was approximately $36,469 as compared to a loss for fiscal 2010 of $2,471,688. The provision for loan losses for 2011 was $1,284,087 as compared to $1,283,122 for 2010. The Allowance for Loan and Lease Losses represents 3.40% of total loans at December 31, 2011 as compared to 2.21% at December 31, 2010. Nonperforming assets totaled $1.3 million or 1.4% of assets at December 31, 2011 as compared to $1.9 million, or 1.6% of assets at December 31, 2010. The Allowance for Loan and Lease Losses was 180% of nonperforming loans at December 31, 2011 as compared to 116% at December 31, 2010.
"We are pleased with the fact that our earnings are positive and that we have been profitable for three successive quarters," stated Ms. Boeka. "We are focused on our growth plan for 2012 along with the continual improvement of our operating results. While the national economy appears to be improving, we will remain cautious and our actions will be based on building value for our customers, shareholders, and community at large."
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) 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) | ||||||||
| December 31, | December 31, | |||||||
| 2011 | 2010 | |||||||
| Unaudited | Audited | |||||||
ASSETS | ||||||||
| Investment Securities | $ | 3,284 | $ | 1,226 | ||||
| Deposits in Other Banks | 490 | - | ||||||
| Federal Funds Sold | 22,510 | 13,170 | ||||||
| Loans and Leases (Net) | 70,607 | 96,473 | ||||||
| Cash and Due from Banks | 2,393 | 1,626 | ||||||
| Other Assets | 1,109 | 1,517 | ||||||
| TOTAL ASSETS | $ | 100,393 | $ | 114,012 | ||||
LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Demand Deposits | $ | 16,550 | $ | 15,937 | ||||
| NOW Deposits | 1,383 | 1,575 | ||||||
| Money Market and Savings Deposits | 30,874 | 38,543 | ||||||
| Time Deposits | 25,473 | 29,955 | ||||||
| Total Deposits | 74,280 | 86,010 | ||||||
| Other Borrowings | 8,000 | 10,000 | ||||||
| Other Liabilities | 480 | 498 | ||||||
| Total Liabilities | 82,760 | 96,508 | ||||||
| Shareholders' Equity | 17,633 | 17,504 | ||||||
| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $ | 100,393 | $ | 114,012 | ||||
| Tier 1 Leverage Ratio | 17.38 | % | 15.01 | % | ||||
| Tier 1 Risk Based Capital Ratio | 23.72 | % | 16.65 | % | ||||
| Total Risk Based Capital Ratio | 25.00 | % | 17.91 | % | ||||
| AMERICAS UNITED BANK | |||||||||||||||||
| INCOME STATEMENT | |||||||||||||||||
| In 000's (except per share data) | FOR THE | FOR THE | |||||||||||||||
| THREE-MONTHS ENDED | TWELVE-MONTHS ENDED | ||||||||||||||||
| December 31, | 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Unaudited | Unaudited | Unaudited | Audited | ||||||||||||||
INTEREST INCOME | |||||||||||||||||
| Loans and Leases | $ | 1,484 | $ | 1,549 | $ | 5,765 | $ | 6,223 | |||||||||
| Investment Securities | 17 | 13 | 44 | 56 | |||||||||||||
| Federal Funds Sold | 11 | 8 | 37 | 40 | |||||||||||||
| Other Interest Income | 1 | - | 1 | 0 | |||||||||||||
| Total Interest Income | 1,513 | 1,570 | $ | 5,847 | $ | 6,319 | |||||||||||
INTEREST EXPENSE | |||||||||||||||||
| NOW Deposits | 1 | 5 | 9 | 38 | |||||||||||||
| Money Market and Savings Accounts | 64 | 133 | 315 | 522 | |||||||||||||
| Time Deposits | 70 | 123 | 320 | 722 | |||||||||||||
| Other Borrowings | 28 | 48 | 124 | 196 | |||||||||||||
| Total Interest Expense | 163 | 309 | 768 | 1,478 | |||||||||||||
| Net Interest Income | 1,350 | 1,261 | 5,079 | 4,841 | |||||||||||||
| Provision for Loan Losses | (249 | ) | 342 | 1,284 | 1,283 | ||||||||||||
| Net Interest Income after | |||||||||||||||||
| Provision for Loan Losses | 1,599 | 919 | 3,795 | 3,558 | |||||||||||||
| Non-Interest Income | 85 | 65 | 349 | 314 | |||||||||||||
| Non-Interest Expense | 1,011 | 1,437 | 4,107 | 6,028 | |||||||||||||
| Operating Profit (Loss) | 673 | (453 | ) | 37 | (2,156 | ) | |||||||||||
| Other Gains (Losses) | 0 | 0 | 0 | (315 | ) | ||||||||||||
| Net Loss Before Income Taxes | 673 | (453 | ) | 37 | (2,471 | ) | |||||||||||
| Income Tax Expense | 0 | 0 | (1 | ) | (1 | ) | |||||||||||
| Net Loss | $ | 673 | $ | (453 | ) | $ | 36 | $ | (2,472 | ) | |||||||
| Basic & Diluted EPS | $ | 0.23 | ($0.16 | ) | $ | 0.01 | ($0.86 | ) | |||||||||
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
