Americas United Bank Announces Results for the Fourth Quarter and Fiscal 2012

GLENDALE, Calif.--()--Americas United Bank (OTCQB: AUNB) today announced its unaudited results of operations for the fourth quarter and full-year ended December 31, 2012. For the full-year, Americas United Bank earned $1,847,000, or $0.64 per share, compared to net income of $36,000, or $0.01 per share for 2011. Total assets reached $114.6 million, up $14.2 million or 14.2%. Total loans reached $72.4 million at year-end 2012, as compared to $73.1 for 2011. Total deposits reached $86.6 million at December 31, 2012, as compared to $74.3 million at December 31, 2011.

Fourth quarter 2012 earnings were $785,000 or $0.27 per share compared to $673,000 or $0.23 per share for the same period of 2011, representing a 17.4% increase in earnings per share.

“We showed great improvement this year and spent a significant amount of time on the credit quality aspect of the Bank and building of our business banking model to facilitate our success moving forward. Our favorable earnings are the results of the collective efforts of our team and we look forward to our continued success going forward,” said Adriana M. Boeka, President and Chief Executive Officer.

Selected highlights for year-end 2012 versus year-end 2011:

  • Asset growth of $14.2 million, or 14.2%, to $114.6 million;
  • Loan growth of -$746,000, or -1.0%, to $72.4 million;
  • Deposit growth of $12.3 million, or 16.6%, to $86.6 million;
  • Non-Interest Bearing deposit growth of $2.5 million, or 15.1%, to $19.1 million;
  • Shareholders’ Equity growth of $1.9 million, or 10.6%, to $19.5 million;
  • Interest Income decline of $1.5 million, or 26.3%, to $4.3 million;
  • Interest Expense decline of $189,000, or 24.6%, to $579,000;
  • Provision for Loan and Lease Loss was -$1.0 million in 2012, as compared to $1.3 million in 2011;
  • Ending Allowance for Loan and Lease Loss balance of $1,885,000 or 2.6% of gross loans and 467.7% of non-performing loans;
  • Non-performing loans to total loans of 0.56%;
  • Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Loss (known as the “Texas Ratio”) down to 1.88%.

The Bank capital ratios at December 31, 2012 are as follows:

  • Tier 1 Capital Ratio of 17.46%
  • Tier 1 Risk-Based Capital Ratio of 26.05%
  • Total Risk-Based Capital Ratio of 27.32%

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.

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
CONDENSED BALANCE SHEETS
(unaudited)
(in 000's, except per share data)
     
 
December 31, December 31,
2012 2011
 
Cash and cash equivalents $ 2,934 $ 2,393
Interest-earning deposits in other financial institutions 9,093 490
Federal funds sold 28,580 22,510
Investment securities 2,128 3,284
Loans:
Commercial 14,075 12,121
Commercial real estate 52,000 52,928
Consumer 474 450
SBA 5,416 6,232
Non-accrual 403 1,383
Total loans 72,368 73,114
Loans, net 70,600 70,607
Other assets 1,287 1,109
TOTAL ASSETS $ 114,622 $ 100,393
 
Deposits
Non-interest bearing $ 19,064 $ 16,550
Interest bearing 38,684 32,027
Savings 331 230
CDs over $100,000 26,301 21,706
CDs under $100,000 2,231 3,767
Total deposits 86,611 74,280
Other borrowing 8,000 8,000
Other liabilities 515 480
TOTAL LIABILITIES 95,126 82,760
 
Stockholders' equity 19,496 17,633
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 114,622 $ 100,393
 
Shares outstanding 2,878 2,878
 
Book value per common share $ 6.77 $ 6.13
 

AMERICAS UNITED BANK
CONDENSED INCOME STATEMENTS
(unaudited)
(in 000's, except per share data)
             
Three Months Ended Year-To-Date
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
 
Interest Income $ 1,038 $ 1,513 $ 4,310 $ 5,847
Interest Expense 135 163 579 768
Net interest income 903 1,350 3,731 5,079
Provision for loan losses (250 ) (249 ) (1,013 ) 1,284
Net interest income after
provision for loan losses 1,153 1,599 4,744 3,795
Non-interest income 57 85 282 349
Non-interest expense 834 1,011 3,587 4,107
 
Income before income taxes 376 673 1,439 37
Provision for income taxes (409 ) (408 ) 1
 
NET INCOME $ 785 $ 673 $ 1,847 $ 36
 
Earnings (Loss) per common Share:
Basic & Diluted $ 0.27 $ 0.23 $ 0.64 $ 0.01
 

AMERICAS UNITED BANK
ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands except per share amounts) (unaudited)
   
  Quarter Ended Quarter Ended
PERFORMANCE MEASURES AND RATIOS December 31, 2012   December 31, 2011
Return on average common equity 16.67 % 15.75 %
Return on average assets 2.81 % 2.66 %
Efficiency ratio 86.88 % 70.45 %
Net interest margin 3.29 % 5.44 %
Quarter Ended Quarter Ended
AVERAGE BALANCES December 31, 2012   December 31, 2011
Average assets $ 111,578 $ 101,326
Average earning assets 109,628 99,265
Average total loans 67,790 76,629
Average deposits 84,226 75,785
Average equity 18,834 17,094
Average common equity 18,834 17,094
 
EQUITY ANALYSIS December 31, 2012 December 31, 2011
Total equity $ 19,496 $ 17,633
Total common equity 19,496 17,633
 
Common stock outstanding 2,878 2,878
Book value per common share $ 6.77 $ 6.13
 
ASSET QUALITY December 31, 2012 December 31, 2011
Nonperforming loans (NPLs) $ 403 $ 1,384
Nonperforming loans/total loans 0.56 % 1.89 %
REO and repossessed assets $ 0 $ 0
Nonperforming assets, net $ 403 $ 1,384
Nonperforming assets/total assets 0.35 % 1.38 %
Net loan charge-offs in the quarter $ -45 $ 26
Net charge-offs in the quarter/total loans -0.06 % 0.04 %
 
Allowance for loan losses $ 1,885 $ 2,484
Plus: Allowance for undisbursed loan commitments $ 132 $ 132
Total allowance for credit losses $ 2,017 $ 2,616
Total allowance for loan losses/total loans 2.79 % 3.58 %
Total allowance for loan losses/nonperforming loans 467.74 % 179.48 %
 
CAPITAL RATIOS
Tier 1 leverage ratio 17.46 % 17.38 %
Tier 1 risk-based capital ratio 26.05 % 23.72 %
Total risk-based capital ratio 27.32 % 25.00 %
 
INTEREST SPREAD ANALYSIS December 31, 2012 December 31, 2011
Yield on interest-bearing deposits with other banks 0.59 % 0.89 %
Yield on total loans 6.12 % 6.68 %
Yield on investments 1.54 % 3.66 %
Yield on earning assets 5.71 % 6.64 %
 
Cost of deposits 0.59 % 0.80 %
Cost of FHLB advances 1.38 % 1.55 %
Cost of interest-bearing liabilities 0.76 % 1.05 %

Contacts

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