Americas United Bank (OTCQB: AUNB) reported unaudited results of operations for the third quarter and nine-month period ended September 30, 2014. For the quarter, Americas United Bank earned $233,000, or $0.08 per basic share, compared to net income of $256,000, or $0.09 per basic share for the same period of 2013. Earnings before provision for loan and lease losses and taxes for the third quarter were $399,000, as compared to $256,000 for the third quarter of 2013, or an increase of 56.0%.
Adriana M. Boeka, President and Chief Executive Officer of Americas United Bank, stated, “We are pleased to report another quarter of improving results in our operation. Our focus has been growth of both size and core earnings with the goal of enhancing shareholder value.”
Boeka continued, “Our first quarter addition of the Lancaster branch brought a significant amount of available funds to be deployed into higher yielding assets such as loans. We made good progress in the quarter by adding new loans and improving our yield on other earning assets without adding undue risk to our portfolio. We continue to be focused on growth, yield improvement, and controlling our overhead as we move forward.”
Total assets were $159.7 million at quarter end, up from $119.5 million at year-end 2013 and up from $120.8 million at September 30, 2013. The third quarter 2014 balances reflected the addition of the deposits for the acquired Lancaster branch. Total loans were $107.3 million at quarter-end, up from $87.4 million at year-end 2013, and up from $86.2 million at September 30, 2013. Total deposits reached $130.7 million at September 30, 2014, compared to $91.4 million at December 31, 2013, and $95.8 million at September 30, 2013.
Selected highlights for third quarter 2014 versus third quarter 2013:
- Asset growth of $38.9 million, or 32.2%, to $159.7 million;
- Loan growth of $21.1 million, or 24.5%, to $107.3 million;
- Deposit growth of $34.9 million, or 36.5%, to $130.7 million;
- Shareholders’ Equity growth of $3.8 million, or 18.6%, to $24.1 million;
- Interest Income increase of $254,000, or 23.2%, to $1,346,000;
- Interest Expense increase of $32,000, or 28.6%, to $145,000;
- Ending Allowance for Loan and Lease Losses balance of $1,806,000 or 1.68% of gross loans versus $1,716,000, or 1.99% of gross loans;
- Non-performing loans to total loans of 0.01% versus 0.51%;
- Non-performing assets to Tier 1 Capital plus Allowance for Loan and Lease Losses (known as the “Texas Ratio”) down to 0.03% versus 2.01%;
- Return on Assets of 0.57% versus 0.86%;
- Return on Equity of 3.85% versus 5.04%
The Bank capital ratios at September 30, 2014 are as follows:
- Tier 1 Capital Ratio of 13.11%
- Tier 1 Risk-Based Capital Ratio of 18.48%
- Total Risk-Based Capital Ratio of 19.73%
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.
| 3rd QUARTER REPORT (Unaudited) | |||||||||||||||||||
| BALANCE SHEET | |||||||||||||||||||
| September 30, | September 30, | December 31, | |||||||||||||||||
2014 | 2013 | 2013 | |||||||||||||||||
| Assets | |||||||||||||||||||
| Cash and Cash Equivalents | $ | 2,444,965 | $ | 4,890,594 | $ | 2,962,124 | |||||||||||||
| Investments and Interest Bearing Deposit at Banks | 37,462,837 | 14,255,261 | 15,774,131 | ||||||||||||||||
| Federal Funds | 9,118,246 | 15,343,383 | 10,663,350 | ||||||||||||||||
| Gross Loans | 107,277,577 | 86,158,309 | 87,437,770 | ||||||||||||||||
| Allowance for Loan Losses | (1,806,471 | ) | (1,715,693 | ) | (1,772,951 | ) | |||||||||||||
| Property and Equipment, net | 293,744 | 170,431 | 185,012 | ||||||||||||||||
| Other Real Estate Owned | 423,953 | ||||||||||||||||||
| Other Assets | 4,911,873 | 1,243,714 | 4,268,370 | ||||||||||||||||
| Total Assets | $ | 159,702,771 | $ | 120,769,952 | $ | 119,517,806 | |||||||||||||
| Liabilities and Shareholders’ Equity | |||||||||||||||||||
| Non-Maturing Deposits | $ | 77,711,972 | $ | 54,842,276 | $ | 51,934,853 | |||||||||||||
| Certificates of Deposit | 52,995,198 | 40,916,644 | 39,470,992 | ||||||||||||||||
| Total Deposits | 130,707,170 | 95,758,920 | 91,405,845 | ||||||||||||||||
| Other Borrowings | 4,000,000 | 4,000,000 | 4,000,000 | ||||||||||||||||
| Other Liabilities | 932,545 | 721,468 | 572,255 | ||||||||||||||||
| Total Liabilities | 135,639,715 | 100,480,388 | 95,978,100 | ||||||||||||||||
| Shareholders’ Equity | 24,063,056 | 20,289,564 | 23,539,706 | ||||||||||||||||
| Total Liabilities and Shareholders’ Equity | $ | 159,702,771 | $ | 120,769,952 | $ | 119,517,806 | |||||||||||||
| STATEMENT OF OPERATIONS | |||||||||||||||||||
| 3 Months Ended | Year-to-Date | ||||||||||||||||||
| September 30, 2014 | September 30, 2013 | September 30, 2014 | September 30, 2013 | ||||||||||||||||
| Interest Income | $ | 1,345,979 | $ | 1,092,328 | $ | 3,766,222 | $ | 3,145,584 | |||||||||||
| Interest Expense | 144,789 | 112,544 | 398,518 | 340,976 | |||||||||||||||
| Net Interest Income | 1,201,190 | 979,784 | 3,367,704 | 2,804,608 | |||||||||||||||
| Provision for Loan Losses | - | - | - | (300,000 | ) | ||||||||||||||
| Other Income | 158,328 | 184,886 | 363,709 | 343,005 | |||||||||||||||
| Other Expenses | 960,438 | 908,823 | 2,987,893 | 2,735,719 | |||||||||||||||
| Earnings before Income Taxes | 399,080 | 255,847 | 743,520 | 711,894 | |||||||||||||||
| Income Taxes | 166,481 | 300 | 308,719 | 825 | |||||||||||||||
| Net Income | $ | 232,599 | $ | 255,547 | $ | 434,801 | $ | 711,069 | |||||||||||
| Common Shares Issued and Outstanding | 2,878,150 | 2,878,150 | 2,878,150 | 2,878,150 | |||||||||||||||
| Basic Earnings Per Share | $ | 0.08 | $ | 0.09 | $ | 0.15 | $ | 0.25 | |||||||||||
| Return on Average Assets (annualized) | 0.57 | % | 0.86 | % | 0.39 | % | 0.83 | % | |||||||||||
| Return on Average Equity (annualized) | 3.85 | % | 5.04 | % | 2.44 | % | 4.81 | % | |||||||||||
| Net Interest Margin | 3.05 | % | 3.36 | % | 3.15 | % | 3.33 | % | |||||||||||
| Efficiency Ratio | 70.65 | % | 78.03 | % | 80.07 | % | 86.91 | % | |||||||||||
| SELECTED RATIOS | |||||||||||||||||||
| September 30, 2014 | September 30, 2013 | Dec. 31, 2013 | |||||||||||||||||
| Tier 1 Leverage Capital Ratio | 13.11 | % | 17.23 | % | 17.63 | % | |||||||||||||
| Tier 1 Risk-Based Capital Ratio | 18.48 | % | 22.83 | % | 23.12 | % | |||||||||||||
| Total Risk-Based Capital Ratio | 19.73 | % | 24.10 | % | 24.38 | % | |||||||||||||
| Allowance for Loan & Lease Losses (ALLL) as a % of Total Loans | 1.68 | % | 1.99 | % | 2.03 | % | |||||||||||||
| Non Performing Assets as a % of Total Assets | 0.00 | % | 0.37 | % | 0.01 | % | |||||||||||||
| Non Performing Assets as a % of Total Loans | 0.01 | % | 0.51 | % | 0.02 | % | |||||||||||||
| Net Charge Offs as a % of Total Loans | -0.03 | % | -0.15 | % | -0.21 | % | |||||||||||||
| Total ALLL as a % of Non Performing Loans | 25795.7 | % | 9549.1 | % | 11923.0 | % | |||||||||||||
| Texas Ratio (Non Performing Assets as a % of T1 Capital & ALLL) | 0.03 | % | 2.01 | % | 0.07 | % | |||||||||||||
| Basic Book Value Per Share | $ | 8.36 | $ | 7.05 | $ | 8.18 | |||||||||||||
Contacts:
Adriana M. Boeka, President and Chief
Executive Officer
(818) 637-7000
Jeffrey Pollard, Executive
Vice President and CFO
(818) 637-7000
