Americas United Bank (OTCQB: AUNB) reported unaudited results of
operations for the second quarter and six-month period ended June
30, 2014. For the quarter, Americas United Bank earned $91,000, or
$0.03 per basic share, compared to net income of $400,000, or $0.14
per basic share for the same period of 2013. Earnings before
provision for loan and lease losses and taxes for the second
quarter were $155,000, as compared to $100,000 for the second
quarter of 2013.
Adriana M. Boeka, President and Chief Executive Officer of
Americas United Bank, stated, “We are pleased with our quarterly
results as we have fully absorbed the newly acquired branch in
Lancaster that was completed on March 31, 2014. Our operating
results reflect the expenses from this new branch along with the
balances that increased total assets.”
Boeka continued, “As we have previously reported, our newly
acquired Lancaster branch has added core deposits and liquidity to
our balance sheet. We remain focused on deploying our additional
growth into key earning assets and look forward to a successful
second half of 2014.”
Total assets were $162.8 million at quarter end, up from $119.5
million at year-end and up from $119.7 million at June 30, 2013.
The second quarter 2014 balances reflected the addition of the
deposits for the acquired Lancaster branch. Total loans were $96.1
million at quarter-end, up from $87.4 million at year-end 2013, and
up from $78.6 million at June 30, 2013. Total deposits reached
$134.2 million at June 30, 2014, compared to $91.4 million at
December 31, 2013, and $95.2 million at June 30, 2013.
Selected highlights for second quarter 2014 versus second
quarter 2013:
- Asset growth of $43.1 million, or
36.0%, to $162.8 million;
- Loan growth of $17.5 million, or 22.3%,
to $96.1 million;
- Deposit growth of $39.0 million, or
41.0%, to $134.2 million;
- Shareholders’ Equity growth of $3.8
million, or 19.2%, to $23.8 million;
- Interest Income increase of $240,000,
or 23.3%, to $1,269,000;
- Interest Expense increase of $32,000,
or 27.2%, to $148,000;
- Ending Allowance for Loan and Lease
Losses balance of $1,748,000 or 1.82% of gross loans;
- Non-performing loans to total loans of
0.01%;
- Non-performing assets to Tier 1 Capital
plus Allowance for Loan and Lease Losses (known as the “Texas
Ratio”) down to 0.04%.
- Return on Assets of 0.22% versus
0.81%
- Return on Equity of 1.54% versus
4.69%
The Bank capital ratios at June 30, 2014 are as follows:
- Tier 1 Capital Ratio of 12.86%
- Tier 1 Risk-Based Capital Ratio of
20.43%
- Total Risk-Based Capital Ratio of
21.69%
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.
2nd QUARTER REPORT (Unaudited)
BALANCE SHEET
June 30, June 30, December 31,
2014 2013 2013 Assets Cash and Cash
Equivalents $ 2,606,946 $ 2,207,943 $ 2,962,124 Investments and
Interest Bearing Deposit at Banks 38,313,373 12,321,844 15,774,131
Federal Funds 22,753,244 26,958,381 10,663,350 Gross Loans
96,065,839 78,563,443 87,437,770 Allowance for Loan Losses
(1,748,453 ) (1,672,493 ) (1,772,951 ) Property and Equipment, net
292,920 174,868 185,012 Other Assets 4,529,726
1,133,307 4,268,370 Total Assets
$ 162,813,595 $ 119,687,293 $
119,517,806
Liabilities and Shareholders’
Equity Non-Maturing Deposits $ 78,865,123 $ 55,636,302 $
51,934,853 Certificates of Deposit 55,367,563 39,569,859 39,470,992
Total Deposits 134,232,686 95,206,161 91,405,845 Other Borrowings
4,000,000 4,000,000 4,000,000 Other Liabilities 746,386
481,002 572,255
Total Liabilities 138,979,072 99,687,163 95,978,100 Shareholders’
Equity 23,834,523 20,000,130
23,539,706 Total Liabilities and Shareholders’
Equity $ 162,813,595 $ 119,687,293 $
119,517,806
STATEMENT OF OPERATIONS 3 Months Ended
Year-to-Date June 30, 2014 June 30, 2013
June 30, 2014 June 30, 2013 Interest Income $
1,269,030 $ 1,028,878 $ 2,420,243 $ 2,053,256 Interest Expense
147,602 116,025
253,729 228,432 Net Interest Income
1,121,428 912,853 2,166,514 1,824,824 Provision for Loan Losses -
(300,000 ) - (300,000 ) Other Income 80,661 95,847 205,381 158,119
Other Expenses 1,046,676 908,752
2,027,455 1,826,896
Earnings before Income Taxes 155,413 399,948 344,440 456,047 Income
Taxes 64,152 225
142,238 525 Net Income $ 91,261
$ 399,723 $ 202,202 $ 455,522
Common Shares Issued and Outstanding 2,878,150
2,878,150 2,878,150 2,878,150 Basic Earnings Per Share $ 0.03 $
0.14 $ 0.07 $ 0.16 Return on Average Assets (annualized) 0.22 %
0.81 % 0.29 % 0.81 % Return on Average Equity (annualized) 1.54 %
4.69 % 1.72 % 4.69 % Net Interest Margin 2.86 % 3.19 % 3.19 % 3.31
% Efficiency Ratio 87.07 % 90.09 % 85.48 % 92.13 %
SELECTED
RATIOS June 30, 2014 June 30, 2013 Dec. 31,
2013 Tier 1 Leverage Capital Ratio 12.86 % 17.11 % 17.63 % Tier
1 Risk-Based Capital Ratio 20.43 % 25.24 % 23.12 % Total Risk-Based
Capital Ratio 21.69 % 26.50 % 24.38 % Allowance for Loan &
Lease Losses (ALLL) as a % of Total Loans 1.82 % 2.13 % 2.03 % Non
Performing Assets as a % of Total Assets 0.01 % 0.24 % 0.01 % Non
Performing Assets as a % of Total Loans 0.01 % 0.36 % 0.02 % Net
Charge Offs as a % of Total Loans 0.03 % -0.11 % -0.21 % Total ALLL
as a % of Non Performing Loans 19247.6 % 583.9 % 11923.0 % Texas
Ratio (Non Performing Assets as a % of T1 Capital & ALLL) 0.04
% 1.32 % 0.07 % Basic Book Value Per Share $ 8.28 $ 6.95 $ 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