Americas United Bank (OTCQB: AUNB) reported unaudited results of
operations for the first quarter and three-month period ended March
31, 2014. For the quarter, Americas United Bank earned $111,000, or
$0.04 per basic share, compared to net income of $56,000, or $0.02
per basic share for the same period of 2013.
As announced on March 31, 2014, Americas United Bank has
completed the acquisition of the Lancaster branch from Silvergate
Bank, a wholly-owned subsidiary of Silvergate Capital
Corporation.
Adriana M. Boeka, President and Chief Executive Officer of
Americas United Bank, stated, “We are very pleased to announce our
entry into the Antelope Valley market, and we look forward to
bringing our high quality customer service and competitive banking
products to the greater Lancaster area, and we believe it is a
natural compliment to our other full-service regional branches in
Glendale and Downey, California.”
Boeka continued, “The completion of our Lancaster acquisition
has added core deposits and liquidity to our balance sheet. We are
focused on deploying our additional growth into key earning assets
and look forward to the expected favorable impact that this should
have on our operating results. As we have recently reported, we
remain focused on building the loan portfolio and adding to the
business development team 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.”
Total assets were $161.8 million at quarter end, up from $119.5
million at year-end and up from $111.8 million at March 31, 2013.
The first quarter 2014 balances reflected the addition of the
deposits for the acquired Lancaster branch. The associated interest
expense for those deposits will be reflected moving forward from
the acquisition date as well as earnings from those funds. Total
loans were $90.3 million at quarter-end, up from $87.4 million at
year-end 2013, and up from $73.6 million at March 31, 2013. Total
deposits reached $133.6 million at March 31, 2014, compared to
$91.4 million at December 31, 2013, and $87.7 million at March 31,
2013.
Selected highlights for first quarter 2014 versus first quarter
2013:
- Asset growth of $50.0 million, or
44.7%, to $161.8 million;
- Loan growth of $16.7 million, or 22.6%,
to $90.3 million;
- Deposit growth of $45.9 million, or
52.3%, to $133.6 million;
- Shareholders’ Equity growth of $4.1
million, or 20.9%, to $23.7 million;
- Interest Income increase of $127,000,
or 12.4%, to $1,151,000;
- Interest Expense reduction of $6,000,
or 5.6%, to $106,000;
- Ending Allowance for Loan and Lease
Loss balance of $1,705,000 or 1.89% of gross loans and 3751.6% of
non-performing loans;
- Non-performing loans to total loans of
0.05%;
- Non-performing assets to Tier 1 Capital
plus Allowance for Loan and Lease Loss (known as the “Texas Ratio”)
down to 0.20%.
- Return on Assets of 0.37% versus
0.21%
- Return on Equity of 1.92% versus
1.16%
The Bank capital ratios at March 31, 2014 are as follows:
- Tier 1 Capital Ratio of 17.43%
- Tier 1 Risk-Based Capital Ratio of
22.39%
- Total Risk-Based Capital Ratio of
23.65%
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.
1st QUARTER REPORT (Unaudited)
BALANCE SHEET
March 31, March 31, December
31, 2014 2013 2013 Assets Cash and
Cash Equivalents $ 2,196,799 $ 1,902,776 $ 2,962,124 Investments
and Interest Bearing Deposit at Banks 16,195,861 11,176,383
15,774,131 Federal Funds/FRB Balances 50,033,242 25,543,379
10,663,350 Gross Loans 90,292,456 73,617,290 87,437,770 Allowance
for Loan Losses (1,705,274 ) (1,961,847 ) (1,772,951 ) Property and
Equipment, net 233,633 194,074 185,012 Other Assets
4,562,819 1,311,802
4,268,370 Total Assets $ 161,809,536 $
111,783,857 $ 119,517,806
Liabilities and Shareholders’ Equity Non-Maturing Deposits $
76,260,441 $ 51,332,151 $ 51,934,853 Certificates of Deposit
57,332,604 36,364,253 39,470,992 Total Deposits 133,593,045
87,696,404 91,405,845 Other Borrowings 4,000,000 4,000,000
4,000,000 Other Liabilities 539,883
511,311 572,255 Total Liabilities
138,132,928 92,207,715 95,978,100 Shareholders’ Equity
23,676,608 19,576,142
23,539,706 Total Liabilities and Shareholders’ Equity $
161,809,536 $ 111,783,857 $ 119,517,806
STATEMENT OF OPERATIONS 3 Months
Ended Mar. 31, 2014 Mar. 31, 2013 % Change
Interest Income $ 1,151,213 $ 1,024,378 12.4 % Interest Expense
106,127 112,407
-5.6 % Net Interest Income 1,045,086 911,971 14.6 % Provision for
Loan Losses - - - Other Income 124,720 62,272 100.3 % Other
Expenses 980,779 918,144
6.8 % Earnings before Income Taxes 189,027 56,099 237.0 %
Income Taxes 78,086 300 25928.7 % Gain on Sale of OREO -
- NA Net Income $ 110,941
$ 55,799 98.8 % Common Shares
Issued and Outstanding 2,878,150 2,878,150 Basic and Diluted
Earnings Per Share $ 0.04 $ 0.02 Return on Average Assets
(annualized) 0.37 % 0.21 % Return on Average Equity (annualized)
1.92 % 1.16 % Net Interest Margin 3.64 % 3.45 % Efficiency Ratio
83.84 % 94.24 %
SELECTED RATIOS Mar. 31,
2014 March 31, 2013 Dec. 31, 2013 Tier 1 Leverage
Capital Ratio 17.43 % 17.88 % 17.63 % Tier 1 Risk-Based Capital
Ratio 22.39 % 26.16 % 23.12 % Total Risk-Based Capital Ratio 23.65
% 27.43 % 24.38 % Allowance for Loan & Lease Losses (ALLL) as a
% of Total Loans 1.89 % 2.66 % 2.03 % Non Performing Assets as a %
of Total Assets 0.03 % 0.36 % 0.01 % Non Performing Assets as a %
of Total Loans 0.05 % 0.55 % 0.02 % Net Charge Offs as a % of Total
Loans 0.07 % -0.10 % -0.21 % Total ALLL as a % of Non Performing
Loans 3751.6 % 487.32 % 11923.0 % Texas Ratio (Non Performing
Assets as a % of T1 Capital & ALLL) 0.20 % 1.87 % 0.07 % Basic
Book Value Per Share $ 8.23 $ 6.80 $ 8.18
www.aubank.com
Americas United BankAdriana M. Boeka, President and Chief
Executive Officer818-637-7000orJeffrey Pollard, Executive Vice
President and CFO818-637-7000