Americas United Bank, the Largest Hispanic-Owned Bank Based in California, Reports Continued Growth at September 30, 2009
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GLENDALE, Calif.--(BUSINESS WIRE)-- Americas United Bank (OTCBB: AUNB) today announced its unaudited 2009 third quarter results. As of September 30, 2009, the company had total assets of $122.7 million or a 9.2% increase over the December 31, 2008 year-end total assets of $112.4 million.
As of September 30, 2009, the company grew total loans to $100.2 million or a 16.5% increase over the December 31, 2008 balance of $86.0 million. Total deposits increased to $91.3 million or 15.6% over the December 31, 2008 balance of $79.0 million.
"We are still growing in a steady manner albeit under some very challenging economic circumstances. Our focus continues to be to grow in a safe and sound manner and to continue to be the leading Hispanic focused bank in California," said Gilbert J. Dalmau, President and Chief Executive Officer of Americas United Bank.
Dalmau continued, "We recently had some favorable economic news that Gross Domestic Product has grown for the first quarter in quite some time but the bank remains cautious and conservative in its day-to-day operations. We continue to look for opportunities to increase revenue and/or cut costs. Further, we have strengthened our sales team so that we have more staff developing new business prospects."
Second-Quarter financial highlights include:
-- Total assets of $122.7 million at September 30, 2009, a 9.2 percent
increase over $112.4 million at December 31, 2008.
-- Gross loans of $100.2 million at September 30, 2009, an increase of 16.5
percent from December 31, 2008 total of $86.0 million.
-- Allowance for loan loss maintained at 2.7 percent of gross loans at
September 30, 2009, which compares favorably to that of many of the
bank's peer group.
-- Total deposits of $91.3 million at September 30, 2009, an increase of
15.6 percent from December 31, 2008 total of $79.0 million.
-- Third quarter 2009 operating revenue increased to $1,950,000 from
$1,498,000 for the same period in 2008 primarily due to higher volumes,
but offset by lower market interest rates.
-- Operating net loss year-over-year decreased to $570,000 for the
third-quarter of 2009 or -$0.20 per share compared to $592,000 or -$0.21
per share for the same period in 2008. Financial performance was
negatively impacted by low market interest rates, a special FDIC
assessment charge, reduced gain on the sale of SBA loans, and by
increased loan loss provision expense related to loan growth and an
aggressive stance on reserves related to some weakness in the SBA loan
portfolio originated in 2007 before the economic recession.
-- Year-to-date net loss was $2.2 million for the nine-month period as
compared to $2.1 million for the same period of 2008. The loan loss
provision was $1.6 million for the nine-months of 2009 as compared to
$818 thousand for the same period of 2008. Year-to-date operating
revenue increased to $5.1 million as compared to $4.5 million of the
prior year, or a 13.4 percent increase. Net loss per share was -$0.77
for the nine-months of 2009 as compared to -$0.73 per share for the same
period of 2008.
Dalmau summarized, "Despite the challenging economic circumstances, the Bank has been improving its core pre-provision operating results. The results will be further improved going into the new year due to the elimination of a significant amount of the non-cash stock compensation expense which amounted to approximately $610,000 through the third quarter. Additionally, the Bank's conventional (non-SBA) commercial real estate and business banking loan portfolio remains sound with minimal delinquencies and no non-performing loans. We continue to be selective in our lending and continue to pursue various growth opportunities."
The Bank's capital ratios continue to be well in excess of the required levels to be considered well capitalized. The Tier 1 Leverage Ratio was 17.74%, Tier 1 Risk Based Capital Ratio was 19.60%, and the Total Risk Based Capital Ratio was 20.87%.
Basic and diluted loss per share for the 3rd quarter of 2009, were -$0.20, as compared to basic and diluted loss per share of -$0.21 for the same period of 2008. Book value per share was $7.57 at September 30, 2009.
Having commenced operations on November 6, 2006, as California's first Hispanic-owned Bank to open in over thirty-years, the Bank continues to grow and has achieved the distinction of being the largest Hispanic-owned Bank based in California. The Bank's operating losses are reflective of its start-up status and consistent with other California de novo Banks.
About Americas United Bank:
Americas United Bank (AUB) is the first Hispanic-owned bank to open its doors in California in over thirty years. 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, including business and commercial real estate loans, SBA loans, lines of credit, corporate debit and credit cards, merchant card processing, international trade solutions, and more. For more information on the Bank, please visit our website at www.aubank.com.
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
BALANCE SHEET
Unaudited - 000's omitted
Sept. 30, Dec. 31, Sept. 30,
2009 2008 2008
ASSETS
Investment Securities $ 1,712 $ 10,291 $ 10,855
Deposits in Other Banks 2,500 2,650 450
Federal Funds Sold 6,990 11,565 16,985
Loans and Leases (Net) 97,508 84,507 71,367
Cash and Due from Banks 12,953 2,236 2,120
Other Assets 1,068 1,167 1,200
TOTAL ASSETS $ 122,731 $ 112,416 $ 102,977
LIABILITIES & SHAREHOLDER'S EQUITY
Demand Deposits $ 11,197 $ 12,493 $ 10,795
NOW Deposits 3,088 3,539 3,875
Money Market and Savings Deposits 36,920 38,997 33,706
Time Deposits 40,088 24,017 21,099
Total Deposits 91,293 79,046 69,475
Other Borrowings 8,900 8,900 8,900
Other Liabilities 763 979 726
Total Liabilities 100,956 88,925 79,101
Shareholders' Equity 21,775 23,491 23,876
TOTAL LIABILITIES & SHAREHOLDER'S $ 122,731 $ 112,416 $ 102,977
EQUITY
Tier 1 Leverage Ratio 17.74 % 21.47 % 23.44 %
Tier 1 Risk Based Capital Ratio 19.60 % 23.17 % 27.10 %
Total Risk Based Capital Ratio 20.87 % 24.42 % 28.36 %
AMERICAS UNITED BANK
INCOME STATEMENT
Unaudited - 000's omitted FOR THE FOR THE
THREE-MONTHS ENDED NINE-MONTHS ENDED
SEPTEMBER 30, 2009 2008 2009 2008
INTEREST INCOME
Loans and Leases $ 1,550 $ 1,223 $ 4,374 $ 3,303
Investment Securities 27 143 149 468
Federal Funds Sold & MM 7 81 31 221
Other Interest Income - - - -
Total Interest Income $ 1,584 $ 1,447 $ 4,554 $ 3,992
INTEREST EXPENSE
NOW Deposits $ 15 $ 27 $ 59 $ 66
Money Market and Savings 163 202 567 564
Accounts
Time Deposits 260 187 726 495
Other Borrowings 67 66 198 166
Total Interest Expenses 505 482 1,550 1,291
Net Interest Income 1,079 965 3,004 2,701
Provision for Loan Losses 691 243 1,587 818
Net Interest Income after 388 722 1,417 1,883
Provision for Loan Losses
Non- interest Income 365 51 454 433
Non- interest Expense 1,323 1,364 4,183 4,497
Operating Loss (570 ) (591 ) (2,312 ) (2,181 )
Other Gains - - 110 87
Net Loss Before Taxes (570 ) (591 ) (2,202 ) (2,094 )
Income Taxes - - (1 ) (1 )
NET LOSS $ (570 ) $ (591 ) $ (2,203 ) $ (2,095 )
Basic & Diluted EPS ($0.20 ) ($0.21 ) ($0.77 ) ($0.73 )
Source: Americas United Bank
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