Americas United Bank (OTC Pink: AUNB) today announced financial results for the fourth quarter of 2017, with quarterly earnings of $535,575, or $0.19 per basic share and $0.18 per diluted share, and year-to-date net income of $1,780,805, or $0.62 per basic and $0.59 per diluted share. Total assets at the period-end were $235.2 million, and the Bank’s equity capital was $29.0 million.
“I am pleased to report that we have achieved another profitable quarter and year. We reached a milestone in our history, and that is our book value exceeded our original stock issuance price. We continue to grow and operate in a prudent and sound manner which has contributed to our consistent profitability and our consecutive quarters of favorable operating results. Our credit quality remains strong and we are optimistic about the future,” said Adriana M. Boeka, President and Chief Executive Officer.
Fourth Quarter 2017 Financial Highlights:
- Net income increased 61% to $553,575 in the fourth quarter of 2017, compared to $343,895 in the fourth quarter of 2016. On a year-to-date basis, net income increased 56.5% to $1,780,805 at December 31, 2017 as compared to $1,137,718 at December 31, 2016.
- Net interest income increased 6.8% to $2,089,783 in the fourth quarter of 2017, compared to $1,956,243 in the fourth quarter of 2016.
- Net interest margin was 3.54% in the fourth quarter of 2017, as compared to 3.55% in the fourth quarter of 2016.
- Credit quality remains strong.
- The loan portfolio increased 11.5% or $21.5 million to $209.6 million in the fourth quarter of 2017, when compared to the fourth quarter of 2016 which was $188.0 million.
- Book value per share increased to $10.03 per share compared to $9.39 a year ago. Tangible book value per share increased to $9.88 per share.
No provision for loan losses was taken in the quarter as a result of the reserve being at the appropriate level. The allowance for loan losses totaled $2.2 million at December 31, 2017, or 1.06% of total loans.
Total assets were $235.2 million at December 31, 2017, an increase of $2.6 million, or 1.1% from $232.7 million at December 31, 2016.
Total deposits were $205.2 million, at December 31, 2017, an increase of $4.3 million, or 2.1% from $200.9 million at December 31, 2016. Non-maturing deposits decreased 4.8% to $128.6 million from $135.1 million a year earlier at December 31, 2016.
Shareholder equity increased to $29.0 million at December 31, 2017, from $27.0 million at December 31, 2016.
President and CEO Boeka said, “We have a strong balance sheet that is comprised of good quality earning assets and this has contributed to our steady and progressive earnings growth. We continue to seek additional opportunities to enhance shareholder value.”
The bank’s capital ratios exceeded the regulatory guidelines for a well-capitalized financial institution under the Basel III and Dodd Frank Wall Street Reform requirements at December 31, 2017. The Bank reported the following capital ratios at December 31, 2017:
| Common Equity Tier 1 Capital Ratio | 13.15 | % | ||
| Tier 1 Leverage Ratio | 12.03 | % | ||
| Tier 1 Capital Ratio | 13.15 | % | ||
| Total Capital Ratio | 14.20 | % | ||
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, Commerce Office at 6001 E. Washington Boulevard Commerce, CA 90040, Santa Fe Springs Office at 10400 S. Norwalk Boulevard, Santa Fe Springs, CA 90670, and Lancaster Office at 539 West Lancaster Boulevard, Lancaster, CA 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 Commerce office may be reached directly at (323) 724-8801, the Santa Fe Springs office may be reached directly at (562) 906-7220, and the Lancaster office may be reached directly at (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.
| Americas United Bank Selected Financial and Operating Data | ||||||||||||||||||||||||||||||||||
| Three-Months Ended | Year-To-Date | |||||||||||||||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | Annual | December 31, | Annual | |||||||||||||||||||||||||||
| Income Statement | 2017 | 2017 | 2017 | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||||||||||||||
| Interest Income | $ | 2,468,373 | $ | 2,389,344 | $ | 2,402,388 | $ | 2,171,351 | $ | 2,228,805 | 10.7 | % | $ | 9,431,456 | $ | 8,360,626 | 12.8 | % | ||||||||||||||||
| Interest Expense | 378,590 | 344,720 | 320,121 | 286,496 | 272,562 | 38.9 | % | 1,329,927 | 1,010,189 | 31.7 | % | |||||||||||||||||||||||
| Net Interest Income | 2,089,783 | 2,044,624 | 2,082,267 | 1,884,855 | 1,956,243 | 6.8 | % | 8,101,529 | 7,350,437 | 10.2 | % | |||||||||||||||||||||||
| Provision for Loan Losses | 0 | 0 | 0 | 0 | 0 | NA | 0 | 0 | NA | |||||||||||||||||||||||||
| Total Noninterest Income | 105,331 | 130,191 | 116,915 | 131,304 | 135,372 | -22.2 | % | 483,741 | 604,142 | -19.9 | % | |||||||||||||||||||||||
| Total Noninterest Expense | 1,431,101 | 1,372,488 | 1,460,964 | 1,448,910 | 1,507,058 | -5.0 | % | 5,713,463 | 6,009,854 | -4.9 | % | |||||||||||||||||||||||
| Income Before Taxes | 764,013 | 802,327 | 738,218 | 567,249 | 584,557 | 30.7 | % | 2,871,807 | 1,944,725 | 47.7 | % | |||||||||||||||||||||||
| Income Tax Expense | 210,438 | 330,291 | 316,649 | 233,624 | 240,662 | -12.6 | % | 1,091,002 | 807,007 | 35.2 | % | |||||||||||||||||||||||
| Net Income | $ | 553,575 | $ | 472,036 | $ | 421,569 | $ | 333,625 | $ | 343,895 | 61.0 | % | $ | 1,780,805 | $ | 1,137,718 | 56.5 | % | ||||||||||||||||
| Performance Ratios | ||||||||||||||||||||||||||||||||||
| Basic Earnings Per Share | $ | 0.19 | $ | 0.16 | $ | 0.15 | $ | 0.12 | $ | 0.12 | $ | 0.62 | $ | 0.40 | ||||||||||||||||||||
| Diluted Earnings Per Share | $ | 0.18 | $ | 0.16 | $ | 0.14 | $ | 0.11 | $ | 0.12 | $ | 0.59 | $ | 0.38 | ||||||||||||||||||||
| Net Interest Margin | 3.54 | % | 3.52 | % | 3.61 | % | 3.40 | % | 3.55 | % | 3.52 | % | 3.40 | % | ||||||||||||||||||||
| Return on Average Assets | 0.92 | % | 0.80 | % | 0.71 | % | 0.59 | % | 0.61 | % | 0.76 | % | 0.51 | % | ||||||||||||||||||||
| Return on Average Equity | 7.65 | % | 6.62 | % | 6.09 | % | 4.95 | % | 5.07 | % | 6.36 | % | 4.28 | % | ||||||||||||||||||||
| Efficiency Ratio | 65.19 | % | 63.11 | % | 66.43 | % | 71.86 | % | 72.05 | % | 66.55 | % | 75.55 | % | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | Annual | |||||||||||||||||||||||||||||
| BALANCE SHEET | 2017 | 2017 | 2017 | 2017 | 2016 | Change | ||||||||||||||||||||||||||||
| Cash and Due from Banks | $ | 3,870,519 | $ | 3,280,890 | $ | 2,707,852 | $ | 3,509,194 | $ | 4,392,834 | -11.9 | % | ||||||||||||||||||||||
| Investments & Int. Bearing Deposits at Banks | 11,844,836 | 16,531,673 | 17,926,868 | 17,589,996 | 20,939,858 | -43.4 | % | |||||||||||||||||||||||||||
| Federal Funds/FRB Balances | 8,805,564 | 20,605,533 | 23,030,504 | 8,399,906 | 17,320,018 | -49.2 | % | |||||||||||||||||||||||||||
| Total Cash & Investments | 24,520,919 | 40,418,096 | 43,665,224 | 29,499,096 | 42,652,710 | -42.5 | % | |||||||||||||||||||||||||||
| Gross Loans | 209,562,341 | 196,359,977 | 196,095,673 | 202,169,810 | 188,022,774 | 11.5 | % | |||||||||||||||||||||||||||
| Allowance for Loan Losses | -2,211,168 | -2,466,157 | -2,466,015 | -2,465,944 | -2,465,851 | -10.3 | % | |||||||||||||||||||||||||||
| Loans, Net | 207,351,173 | 193,893,820 | 193,629,658 | 199,703,866 | 185,556,923 | 11.7 | % | |||||||||||||||||||||||||||
| Property and Equipment, Net | 467,787 | 488,913 | 525,526 | 558,490 | 596,621 | -21.6 | % | |||||||||||||||||||||||||||
| Other Assets | 2,891,138 | 2,878,195 | 3,123,569 | 3,731,372 | 3,860,483 | -25.1 | % | |||||||||||||||||||||||||||
| Total Assets | $ | 235,231,017 | $ | 237,679,024 | $ | 240,943,977 | $ | 233,492,824 | $ | 232,666,737 | 1.1 | % | ||||||||||||||||||||||
| Non-Maturing Deposits | $ | 128,572,657 | $ | 130,680,081 | $ | 135,548,391 | $ | 134,472,061 | $ | 135,059,802 | -4.8 | % | ||||||||||||||||||||||
| Certificates of Deposit | 76,599,757 | 73,493,516 | 72,584,759 | 66,862,996 | 65,793,214 | 16.4 | % | |||||||||||||||||||||||||||
| Total Deposits | 205,172,414 | 204,173,597 | 208,133,150 | 201,335,057 | 200,853,016 | 2.2 | % | |||||||||||||||||||||||||||
| FHLB Advances and Other Borrowings | 0 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | -100.0 | % | |||||||||||||||||||||||||||
| Other Liabilities | 1,061,523 | 1,097,707 | 889,135 | 712,723 | 765,761 | 38.6 | % | |||||||||||||||||||||||||||
| Total Liabilities | 206,233,937 | 209,271,304 | 213,022,285 | 206,047,780 | 205,618,777 | 0.3 | % | |||||||||||||||||||||||||||
| Total Shareholders' Equity | 28,997,080 | 28,407,720 | 27,921,692 | 27,445,044 | 27,047,960 | 7.2 | % | |||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 235,231,017 | $ | 237,679,024 | $ | 240,943,977 | $ | 233,492,824 | $ | 232,666,737 | 1.1 | % | ||||||||||||||||||||||
| Asset Quality Ratios | ||||||||||||||||||||||||||||||||||
| Nonperforming Loans to Total Loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
| Loss Allowance to Nonperforming Loans | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
| Allowance for Loan Losses to Loans | 1.06 | % | 1.26 | % | 1.26 | % | 1.22 | % | 1.31 | % | ||||||||||||||||||||||||
| Nonperforming Assets to Total Assets | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
| Texas Ratio (NPAs/T1 Capital & ALLL) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||
| Capital Ratios | ||||||||||||||||||||||||||||||||||
| Tier 1 Leverage Ratio | 12.03 | % | 11.91 | % | 11.48 | % | 11.49 | % | 11.50 | % | ||||||||||||||||||||||||
| Tier 1 Risk-Based Capital Ratio | 13.15 | % | 13.64 | % | 13.36 | % | 12.53 | % | 13.21 | % | ||||||||||||||||||||||||
| Total Risk-Based Capital Ratio | 14.20 | % | 14.88 | % | 14.61 | % | 13.74 | % | 14.46 | % | ||||||||||||||||||||||||
| Common Equity Tier 1 Risk-Based Capital | 13.15 | % | 13.64 | % | 13.36 | % | 12.53 | % | 13.21 | % | ||||||||||||||||||||||||
| Book Value Per Share | $ | 10.03 | $ | 9.86 | $ | 9.69 | $ | 9.53 | $ | 9.39 | ||||||||||||||||||||||||
| Common Shares Issued and Outstanding | 2,890,150 | 2,880,150 | 2,880,150 | 2,880,150 | 2,880,150 | |||||||||||||||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20180131006159/en/
Contacts:
Adriana M. Boeka, President & CEO
818
637-7000
or
Jeffrey Pollard, EVP & CFO
818 637-7000
