Americas United Bank Announces Results for the First Quarter 2017

GLENDALE, Calif.--()--Americas United Bank (OTC Pink: AUNB) today announced financial results for the first quarter of 2017, with quarterly earnings of $333,625, or $0.12 per basic share and $0.11 per diluted share. Total assets at the period-end were $233.5 million, and the Bank’s equity capital was $27.4 million.

“Our steady growth while maintaining our solid balance sheet which is comprised of good quality earning assets allows four our steady and progressive earnings growth. We continue to seek additional opportunities to enhance shareholder value.”

“We are pleased to report another profitable quarter in our run of successively profitable quarters which date to the first quarter of 2011. We are disciplined in our operation and remain focused on improved profitability. We are optimistic and continue to strive to operate efficiently and effectively as we progress in 2017 and beyond,” said Adriana M. Boeka, President and Chief Executive Officer.

First Quarter 2017 Financial Highlights:

  • Net income increased 58.5% to $333,625 in the first quarter of 2017, compared to $210,532 in the first quarter of 2016.
  • Net interest margin was 3.40% in the first quarter of 2017, as was the first quarter of 2016.
  • Non-performing assets remain at nil. Credit quality remains strong with 9 successive quarters of zero non-performing assets.
  • The loan portfolio increased 17.5% or $30.1 million to $202.2 million in the first quarter of 2017, when compared to the first quarter 2016 of $172.1 million.
  • Book value per share increased to $9.53 per share compared to $9.10 a year ago. Tangible book value per share increased to $9.35 per share.

No provision for loan losses was taken in the quarter as a result of the reserve being at the appropriate level and there being zero non-performing assets. The allowance for loan losses totaled $2.5 million at March 31, 2017, or 1.22% of total loans.

Total assets were $233.5 million at March 31, 2017, an increase of $20.6 million, or 9.7% from $212.9 million at March 31, 2016

Total deposits were $201.3 million, at March 31, 2017, an increase of $19.4 million, or 10.7% from $181.9 million at March 31, 2016. Core deposits defined as noninterest bearing demand, money market, NOW, and savings accounts increased 17.2% to $134.5 million from $114.7 million a year earlier at March 31, 2016.

Shareholder equity increased to $27.4 million at March 31, 2017, from $26.2 million at March 31, 2016.

President and CEO Boeka said, “Our steady growth while maintaining our solid balance sheet which is comprised of good quality earning assets allows four 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 March 31, 2017. The Bank reported the following capital ratios at March 31, 2017:

 
Common Equity Tier 1 Capital Ratio 12.53 %
 
Tier 1 Leverage Ratio 11.49 %
 
Tier 1 Capital Ratio 12.53 %
 
Total Capital Ratio 13.74 %
 

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
March 31, December 31, September 30, June 30, March 31, Annual March 31, Annual
Income Statement   2017     2016     2016     2016     2016   Change   2017     2016   Change
 
Interest Income $ 2,171,351 $ 2,228,805 $ 2,157,750 $ 2,003,953 $ 1,970,118 10.2 % $ 2,171,351 $ 1,970,118 10.2 %
Interest Expense   286,496     272,562     267,384     258,898     211,345   35.6 %   286,496     211,345   35.6 %
Net Interest Income 1,884,855 1,956,243 1,890,366 1,745,055 1,758,773 7.2 % 1,884,855 1,758,773 7.2 %
Provision for Loan Losses 0 0 0 0 0 NA 0 0 NA
Total Noninterest Income 131,304 135,372 138,862 161,562 168,346 -22.0 % 131,304 168,346 -22.0 %
Total Noninterest Expense   1,448,910     1,507,058     1,437,375     1,501,124     1,564,297   -7.4 %   1,448,910     1,564,297   -7.4 %
Income Before Taxes 567,249 584,557 591,853 405,493 362,822 56.3 % 567,249 362,822 56.3 %
Income Tax Expense   233,624     240,662     243,759     170,296     152,290   53.4 %   233,624     152,260   53.4 %
Net Income $ 333,625   $ 343,895   $ 348,094   $ 235,197   $ 210,532   58.5 % $ 333,625   $ 210,562   58.4 %
 
Performance Ratios
Basic Earnings Per Share $ 0.12 $ 0.12 $ 0.12 $ 0.08 $ 0.07 $ 0.12 $ 0.07
Diluted Earnings Per Share $ 0.11 $ 0.12 $ 0.12 $ 0.08 $ 0.07 $ 0.11 $ 0.07
Net Interest Margin 3.40 % 3.55 % 3.42 % 3.21 % 3.40 % 3.40 % 3.40 %
Return on Average Assets 0.59 % 0.61 % 0.61 % 0.42 % 0.39 % 0.58 % 0.39 %
Return on Average Equity 4.95 % 5.07 % 5.18 % 3.59 % 3.24 % 4.90 % 3.24 %
Efficiency Ratio 71.86 % 72.05 % 70.83 % 78.73 % 81.17 % 71.86 % 81.17 %
 
 
March 31, December 31, September 30, June 30, March 31, Annual
BALANCE SHEET   2017     2016     2016     2016     2016   Change
 
Cash and Due from Banks $ 3,509,194 $ 4,392,834 $ 3,870,602 $ 3,663,863 $ 3,507,321 0.1 %
Investments & Int.
Bearing Deposits at
Banks 17,589,996 20,939,858 24,077,006 23,990,665 26,538,027 -33.7 %
Federal Funds/FRB Balances   8,399,906     17,320,018     6,865,117     8,175,215     7,937,612   5.8 %
Total Cash & Investments 29,499,096 42,652,710 34,812,725 35,829,743 37,982,960 -22.3 %
Gross Loans 202,169,810 188,022,774 190,305,311 184,249,456 172,096,391 17.5 %
Allowance for Loan Losses   -2,465,944     -2,465,851     -2,465,791     -2,453,782     -2,451,184   0.6 %
Loans, Net 199,703,866 185,556,923 187,839,520 181,795,674 169,645,207 17.7 %
Property and Equipment, Net 558,490 596,621 437,661 472,225 505,653 10.4 %
Other Assets   3,731,372     3,860,483     4,307,905     4,685,142     4,803,899   -22.3 %
Total Assets $ 233,492,824   $ 232,666,737   $ 227,397,811   $ 222,782,784   $ 212,937,719   9.7 %
 
Non-Maturing Deposits $ 134,472,061 $ 135,059,802 $ 127,845,580 $ 123,663,527 $ 114,689,255 17.2 %
Certificates of Deposit   66,862,996     65,793,214     67,564,901     67,787,511     67,242,124   -0.6 %
Total Deposits 201,335,057 200,853,016 195,410,481 191,451,038 181,931,379 10.7 %
FHLB Advances and
Other Borrowings 4,000,000 4,000,000 4,000,000 4,000,000 4,000,000 0.0 %
Other Liabilities   712,723     765,761     1,150,454     854,657     806,910   -11.7 %
Total Liabilities 206,047,780 205,618,777 200,560,935 196,305,695 186,738,289 10.3 %
Total Shareholders' Equity   27,445,044     27,047,960     26,836,876     26,477,089     26,199,430   4.8 %
Total Liabilities and
Shareholders' Equity $ 233,492,824   $ 232,666,737   $ 227,397,811   $ 222,782,784   $ 212,937,719   9.7 %
 
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 1.22 % 1.31 % 1.30 % 1.33 % 1.42 %
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 11.49 % 11.50 % 11.26 % 11.03 % 11.36 %
Tier 1 Risk-Based
Capital Ratio 12.53 % 13.21 % 12.74 % 12.79 % 13.43 %
Total Risk-Based
Capital Ratio 13.74 % 14.46 % 14.00 % 14.04 % 14.69 %
Common Equity Tier 1
Risk-Based Capital 12.53 % 13.21 % 12.74 % 12.79 % 13.43 %
Book Value Per Share $ 9.53 $ 9.39 $ 9.32 $ 9.19 $ 9.10
Common Shares Issued
and Outstanding 2,880,150 2,880,150 2,880,150 2,880,150 2,880,150

Contacts

Americas United Bank
Adriana M. Boeka, President & CEO
Jeffrey Pollard, EVP & CFO
818-637-7000

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Release Summary

First quarter 2017 earnings

Americas United Bank