Americas United Bank (OTCQB: AUNB) today announced financial
results for the fourth quarter and fiscal year period ended
December 31, 2014, with quarterly income of $186,575, or $0.06 per
basic share and annual net income of $621,376, or $0.22 per basic
share. Total assets at the period-end were $161.2 million, and the
Bank’s equity capital was $24.4 million.
“In an economy that is showing widespread improvements, we are
pleased to report that Americas United Bank delivered another solid
earnings performance in the fourth quarter of 2014,” said Adriana
M. Boeka, the Bank’s President and Chief Executive Officer. We
continue to be poised to move forward in 2015 and beyond with
measured growth and core profits.”
Boeka continued, “Our acquisition of the Lancaster, California
branch from another financial institution in the first quarter of
2014, added to our geographic footprint and enhanced our market
territory. We continue to target our market areas for new customers
and loans and deposits. We are focused on growth, yield improvement
and overhead control from economies of scale as we move forward in
2015.”
Financial Performance
The Bank’s net income for the fourth quarter of 2014 was
$186,575, or $0.06 per basic share compared to the $232,599, or
$0.08 per basic share for the prior quarter and $3,222,899, or
$1.12 per basic share for the fourth quarter of 2013, which was
favorably impacted by the full recognition of the Bank’s deferred
tax asset. Without the effects of the deferred tax asset in the
fourth quarter of 2013, the basic earnings per share were $0.08.
Net income for the 2014 fiscal year was $621,376, or $0.22 per
basic share compared to $3,933,968 or $1.37 per basic share for
2013. Without the effect of the deferred tax assets and the
reversal of loan losses provision, the basic earnings per share
were $0.22.
Total assets were $161.2 million at December 31, 2014, up $1.5
million from the prior quarter and $41.6 million from the fourth
quarter a year ago. The Bank’s equity capital was $24.4 million at
December 31, 2014, as compared to $24.1 million at September 30,
2014 and $23.5 million at December 31, 2013.
The Bank’s net interest income for the fourth quarter of 2014
was $1,293,379, compared to $1,201,190 for the prior quarter and
$1,052,764 last year. The fourth quarter 2014 net interest margin
was 3.34%, compared to 3.05% for the prior quarter and 3.59% for
the fourth quarter of last year. These quarterly and year-over-year
increases were mainly due to the deployment of liquidity into
earning assets such as loans, securities, and time deposits at
other banks.
Noninterest income was $195,940 for the fourth quarter of 2014,
compared to $158,328 for the prior quarter and $96,780 for the
fourth quarter of 2013. The 2014 annual noninterest income was
$559,649, compared to $439,785 for 2013. The annual noninterest
expense increased to $4,121,774 this year from $3,714,185 last
year, with the largest impact being from the addition of the
Lancaster branch and the employee-related and occupancy costs.
Commercial Banking
The Bank’s loans totaled $109.8 million at December 31, 2014,
compared to $87.4 million at December 31, 2013 primarily due to the
addition of new commercial real estate loans. Total deposits grew
by 44.6% in the past twelve months, which was mainly due to the
addition of the Lancaster branch that was purchased from another
financial institution in the first quarter of 2014. Our core
commercial lending operations has benefited from the acquisition of
the Lancaster branch.
About Americas United
Bank
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 180,
Glendale, CA 91203 and the Downey Office at 8255 Firestone
Boulevard, Suite 110, Downey, CA 90241, and the Lancaster Office at
539 West Lancaster Boulevard, Lancaster, California 93534.
Information on products and services may be obtained by calling
the Glendale Head Office at (818) 637-7000 or visiting the Bank’s
website at www.aubank.com. The Lancaster branch may be reached
directly at (661)945-6955 and the Downey branch at
(592)299-9920.
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 Selected Financial and Operating Date
Three-Months Ended Twelve Months Ended
December 31, September 30, December 31, Annual December 31, Annual
Income Statement 2014 2014
2013 Change 2014 2013
Change Interest Income $ 1,434,888 $ 1,345,979 $ 1,164,611
23.2 % $ 5,201,110 $ 4,310,195 20.7 % Interest Expense
141,509 144,789 111,847 26.5 %
540,027 452,823 19.3 % Net Interest
Income 1,293,379 1,201,190 1,052,764 22.9 % 4,661,083 3,857,372
20.8 % Provision for Loan Losses 0 0 0 0.0 % 0 -300,000 -100.0 %
Total Noninterest Income 195,940 158,328 96,780 102.5 % 559,649
439,785 27.3 % Total Noninterest Expense 1,133,881
960,438 978,466 15.9 % 4,121,774
3,714,185 11.0 % Income Before Taxes 355,438
399,080 171,078 107.8 % 1,098,958 882,972 24.5 % Income Tax Expense
168,863 166,481 -2,996,405 -105.6 % 477,582 -2,995,580 -115.9 %
Gain on the Sale of OREO 0 0
55,416 -100.0 % 0 55,416 -100.0
% Net Income $ 186,575 $ 232,599 $ 3,222,899
-94.2 % $ 621,376 $ 3,933,968 -84.2 %
Performance Ratios Basic Earnings Per Share $ 0.06 $ 0.08 $
1.12 $ 0.22 $ 1.37 Diluted Earnings Per Share $ 0.06 $ 0.08 $ 1.10
$ 0.21 $ 1.35 Net Interest Margin 3.34 % 3.05 % 3.59 % 3.19 % 3.39
% Return on Average Assets 0.47 % 0.57 % 10.72 % 0.41 % 3.40 %
Return on Average Equity 3.04 % 3.85 % 15.74 % 2.60 % 19.72 %
Efficiency Ratio 76.13 % 70.65 % 85.12 % 78.95 % 86.43 % Annual Net
Loan Charge-Offs to Total Loans -0.07 % -0.21 % December 31,
September 30, June 30, March 31, December 31, Annual
BALANCE
SHEET 2014 2014 2014
2014 2013 Change Cash and Due
from Banks $ 2,097,285 $ 2,444,965 $ 2,606,946 $ 2,196,799 $
2,962,124 -29.2 % Investments & Int. Bearing Deposits at Banks
35,626,532 37,462,837 38,313,373 16,195,861 15,774,131 125.9 %
Federal Funds/FRB Balances 10,633,215
9,118,246 22,753,244 50,033,242
10,663,350 -0.3 % Total Cash & Investments
48,357,032 49,026,048 63,673,563 68,425,902 29,399,605 64.5 % Gross
Loans 109,814,834 107,277,577 96,065,839 90,292,456 87,437,770 25.6
% Allowance for Loan Losses -1,849,587
-1,806,471 -1,748,453 -1,705,274
-1,772,951 4.3 % Loans, Net 107,965,247 105,471,106
94,317,386 88,587,182 85,664,819 26.0 % Property and Equipment, Net
300,191 293,744 292,920 233,633 185,012 62.3 % Other Assets
4,536,542 4,911,873 4,529,726
4,562,819 4,268,370 6.3 % Total Assets
$ 161,159,012 $ 159,702,771 $ 162,813,595 $
161,809,536 $ 119,517,806 34.8 % Non-Maturing
Deposits $ 75,890,512 $ 77,711,972 $ 78,865,123 $ 76,260,441 $
51,934,853 46.1 % Certificates of Deposit 56,324,861
52,995,198 55,367,563 57,332,604
39,470,992 42.7 % Total Deposits 132,215,373
130,707,170 134,232,686 133,593,045 91,405,845 44.6 % FHLB Advances
and Other Borrowings 4,000,000 4,000,000 4,000,000 4,000,000
4,000,000 0.0 % Other Liabilities 574,198
932,545 746,386 539,883
572,255 0.3 %
Total Liabilities
136,789,571 135,639,715 138,979,072 138,132,928 95,978,100 42.5 %
Total Shareholders' Equity 24,369,441
24,063,056 23,834,523 23,676,608
23,539,706 3.5 % Total Liabilities and Shareholders'
Equity $ 161,159,012 $ 159,702,771 $ 162,813,595
$ 161,809,536 $ 119,517,806 34.8 %
Asset Quality Ratios Nonperforming Loans to Total Loans 0.00
% 0.01 % 0.01 % 0.05 % 0.02 % Loss Allowance to Nonperforming Loans
43448.13 % 25795.70 % 19247.60 % 3751.60 % 11923.00 % Allowance for
Loan Losses to Loans 1.68 % 1.68 % 1.82 % 1.89 % 2.03 %
Nonperforming Assets to Total Assets 0.00 % 0.00 % 0.01 % 0.03 %
0.01 % Texas Ratio (NPAs/T1 Capital & ALLL) 0.02 % 0.03 % 0.04
% 0.20 % 0.07 %
Capital Ratios Tier 1 Leverage Ratio
13.75 % 13.11 % 12.86 % 17.43 % 17.63 % Tier 1 Risk-Based Capital
Ratio 18.91 % 18.48 % 20.43 % 22.39 % 23.12 % Total Risk-Based
Capital Ratio 20.16 % 19.73 % 21.69 % 23.65 % 24.38 % Book Value
Per Share $ 8.47 $ 8.36 $ 8.28 $ 8.23 $ 8.18 Common Shares Issued
and Outstanding 2,878,150 2,878,150 2,878,150 2,878,150 2,878,150
Americas United BankAdriana M. Boeka, 818-637-7000Jeff Pollard,
818-637-7000