Americas United Bank (OTC Pink: AUNB) today announced financial results for the third quarter of 2016, with quarterly earnings of $348,094, or $0.12 per basic and diluted share, and year-to-date net income of $793,823, or $0.28 per basic and $0.27 per diluted share. Total assets at the period-end were $227.4 million, and the Bank's equity capital was $26.8 million.
"We are pleased to report another successive quarter of profit. Our efforts to build our earning asset base and further improve our operations remain our focus and we strive to reward our shareholders amidst the challenging interest rate environment and competitive banking landscape," said Adriana M. Boeka, President and Chief Executive Officer.
Third Quarter 2016 Financial Highlights:
- Net income increased 48% to $348,094 in the third quarter, compared to $235,197 in the second quarter of 2016. The increase was 123.2% when compared to $155,923 in the fourth quarter 2015. On a year-to-date basis, net income was $793,823 at September 30, 2016 as compared to $1,354,290 at September 30, 2015.
- The net interest margin increased to 3.42% in the third quarter, compared to 3.21% in the second quarter of 2016, and increased compared to 3.09% in the fourth quarter 2015, and as compared to 3.01% in the third quarter of 2015.
- Non-performing assets remain at nil. Credit quality remains strong with 7 successive quarters of there being zero non-performing assets.
- The loan portfolio increased 11.2% or $19.2 million to $190.3 million when compared to the fourth quarter 2015 of $171.1 million and 33.2%, or $47.4 million when compared to the third quarter of 2015 of $142.9 million.
- Book value per share increased to $9.32 per share compared to $8.97 a year ago. Tangible book value per share increased to $9.13 per share.
No provision for loan losses was taken in the quarter or the year 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 September 30, 2016, or 1.30% of total loans.
Total assets were $227.4 million at September 30, 2016, an increase of $7.5 million, or 3.4% from $219.9 million at December 31, 2015, and $8.3 million, or 3.8% from $219.1 million at September 30, 2015.
Total deposits were $195.4 million, an increase of $6.1 million, or 3.2% from $189.3 million at December 31, 2015, and $7.1 million, or 3.7% from $188.3 million at September 30, 2015. Core deposits defined as noninterest bearing demand, money market, NOW, and savings accounts decreased 1.7% to $127.8 million from $130.0 million a year earlier at September 30, 2015. Core deposits comprise 65.4% of total deposits.
Shareholder equity increased to $26.8 million at September 30, 2016, from $25.8 million at September 30, 2015. At September 30, 2016 book value per share improved 3.9% to $9.32 per share compared to $8.97 per share at September 30, 2015.
President and CEO Boeka said, "Our balance sheet is solid and comprised of good quality earning assets and it is this quality that continues to contribute to our steady and progressive earnings growth. We welcome additional market 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 September 30, 2016. The Bank reported the following capital ratios at September 30, 2016:
| Common Equity Tier 1 Capital Ratio | 12.74 | % | |||
| Tier 1 Leverage Ratio | 11.26 | % | |||
| Tier 1 Capital Ratio | 12.74 | % | |||
| Total Capital Ratio | 14.00 | % | |||
President and CEO Boeka said, "Our streamline operation and steady improvements to our product mix are contributing to our continued success. We are evaluating our existing product lines for further enhancement both to improve the customer experience and to maximize profitability. We also continue to look for talented commercial bankers to add to our team as we continue to grow."
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
Annual |
September 30, |
Annual |
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| Income Statement | 2016 | 2016 | 2016 | 2015 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||||||||||||||||||||||||||||
| Interest Income | $ | 2,157,750 | $ | 2,003,953 | $ | 1,970,118 | $ | 1,823,227 | $ | 1,441,490 | 49.7 | % | $ | 6,131,821 | $ | 4,329,029 | 41.6 | % | ||||||||||||||||||||||||||||||||||
| Interest Expense | 267,384 | 258,898 | 211,345 | 190,417 | 156,556 | 70.8 | % | 737,627 | 457,190 | 61.3 | % | |||||||||||||||||||||||||||||||||||||||||
| Net Interest Income | 1,890,366 | 1,745,055 | 1,758,773 | 1,632,810 | 1,284,934 | 47.1 | % | 5,394,194 | 3,871,839 | 39.3 | % | |||||||||||||||||||||||||||||||||||||||||
| Provision for Loan Losses | 0 | 0 | 0 | 0 | 0 | NA | 0 | -1,631,394 | NA | |||||||||||||||||||||||||||||||||||||||||||
| Total Noninterest Income | 138,862 | 161,562 | 168,346 | 199,016 | 175,829 | -21.0 | % | 468,770 | 371,672 | 26.1 | % | |||||||||||||||||||||||||||||||||||||||||
| Total Noninterest Expense | 1,437,375 | 1,501,124 | 1,564,297 | 1,579,695 | 1,265,995 | 13.5 | % | 4,502,796 | 3,550,126 | 26.8 | % | |||||||||||||||||||||||||||||||||||||||||
| Income Before Taxes | 591,853 | 405,493 | 362,822 | 252,131 | 194,768 | 203.9 | % | 1,360,168 | 2,324,779 | -41.5 | % | |||||||||||||||||||||||||||||||||||||||||
| Income Tax Expense | 243,759 | 170,296 | 152,290 | 96,208 | 86,538 | 181.7 | % | 566,345 | 970,489 | -41.6 | % | |||||||||||||||||||||||||||||||||||||||||
| Net Income | $ | 348,094 | $ | 235,197 | $ | 210,532 | $ | 155,923 | $ | 108,230 | 221.6 | % | $ | 793,823 | $ | 1,354,290 | -41.4 | % | ||||||||||||||||||||||||||||||||||
| Performance Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic Earnings Per Share | $ | 0.12 | $ | 0.08 | $ | 0.07 | $ | 0.05 | $ | 0.04 | $ | 0.28 | $ | 0.47 | ||||||||||||||||||||||||||||||||||||||
| Diluted Earnings Per Share | $ | 0.12 | $ | 0.08 | $ | 0.07 | $ | 0.05 | $ | 0.04 | $ | 0.27 | $ | 0.46 | ||||||||||||||||||||||||||||||||||||||
| Net Interest Margin | 3.42 | % | 3.21 | % | 3.40 | % | 3.09 | % | 3.01 | % | 3.35 | % | 3.20 | % | ||||||||||||||||||||||||||||||||||||||
| Return on Average Assets | 0.61 | % | 0.42 | % | 0.39 | % | 0.29 | % | 0.25 | % | 0.48 | % | 1.09 | % | ||||||||||||||||||||||||||||||||||||||
| Return on Average Equity | 5.18 | % | 3.59 | % | 3.24 | % | 2.41 | % | 1.67 | % | 4.01 | % | 7.15 | % | ||||||||||||||||||||||||||||||||||||||
| Efficiency Ratio | 70.83 | % | 78.73 | % | 81.17 | % | 86.24 | % | 86.67 | % | 76.80 | % | 83.66 | % | ||||||||||||||||||||||||||||||||||||||
|
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
Annual |
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| BALANCE SHEET | 2016 | 2016 | 2016 | 2015 | 2015 | Change | ||||||||||||||||||||||||||||||||||||||||||||||
| Cash and Due from Banks | $ | 3,870,602 | $ | 3,663,863 | $ | 3,507,321 | $ | 3,397,000 | $ | 3,385,565 | 14.3 | % | ||||||||||||||||||||||||||||||||||||||||
| Investments & Int. Bearing Deposits at Banks | 24,077,006 | 23,990,665 | 26,538,027 | 34,808,151 | 44,879,634 | -46.4 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Federal Funds/FRB Balances | 6,865,117 | 8,175,215 | 7,937,612 | 7,417,722 | 24,987,848 | -72.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Cash & Investments | 34,812,725 | 35,829,743 | 37,982,960 | 45,622,873 | 73,253,047 | -52.5 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Gross Loans | 190,305,311 | 184,249,456 | 172,096,391 | 171,091,504 | 142,872,717 | 33.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Loan Losses | -2,465,791 | -2,453,782 | -2,451,184 | -2,451,074 | -1,850,734 | 33.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Loans, Net | 187,839,520 | 181,795,674 | 169,645,207 | 168,640,430 | 141,021,983 | 33.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, Net | 437,661 | 472,225 | 505,653 | 525,973 | 349,617 | 25.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Other Assets | 4,307,905 | 4,685,142 | 4,803,899 | 5,142,226 | 4,443,546 | -3.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Assets | $ | 227,397,811 | $ | 222,782,784 | $ | 212,937,719 | $ | 219,931,502 | $ | 219,068,193 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||
| Non-Maturing Deposits | $ | 127,845,580 | $ | 123,663,527 | $ | 114,689,255 | $ | 133,012,773 | $ | 130,026,613 | -1.7 | % | ||||||||||||||||||||||||||||||||||||||||
| Certificates of Deposit | 67,564,901 | 67,787,511 | 67,242,124 | 56,245,314 | 58,321,547 | 15.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Deposits | 195,410,481 | 191,451,038 | 181,931,379 | 189,258,087 | 188,348,160 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
| FHLB Advances and Other Borrowings | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities | 1,150,454 | 854,657 | 806,910 | 756,753 | 890,557 | 29.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
|
Total Liabilities |
200,560,935 | 196,305,695 | 186,738,289 | 194,014,840 | 193,238,717 | 3.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Shareholders' Equity | 26,836,876 | 26,477,089 | 26,199,430 | 25,916,662 | 25,829,476 | 3.9 | % | |||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 227,397,811 | $ | 222,782,784 | $ | 212,937,719 | $ | 219,931,502 | $ | 219,068,193 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||
| 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 | 1.30 | % | 1.33 | % | 1.42 | % | 1.43 | % | 1.30 | % | ||||||||||||||||||||||||||||||||||||||||||
| 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 | 11.26 | % | 11.03 | % | 11.36 | % | 11.12 | % | 13.73 | % | ||||||||||||||||||||||||||||||||||||||||||
| Tier 1 Risk-Based Capital Ratio | 12.74 | % | 12.79 | % | 13.43 | % | 13.50 | % | 15.80 | % | ||||||||||||||||||||||||||||||||||||||||||
| Total Risk-Based Capital Ratio | 14.00 | % | 14.04 | % | 14.69 | % | 14.76 | % | 17.06 | % | ||||||||||||||||||||||||||||||||||||||||||
| Common Equity Tier 1 Risk-Based Capital | 12.74 | % | 12.79 | % | 13.43 | % | 13.50 | % | 15.80 | % | ||||||||||||||||||||||||||||||||||||||||||
| Book Value Per Share | $ | 9.32 | $ | 9.19 | $ | 9.10 | $ | 9.00 | $ | 8.97 | ||||||||||||||||||||||||||||||||||||||||||
| Common Shares Issued and Outstanding | 2,880,150 | 2,880,150 | 2,880,150 | 2,880,150 | 2,880,150 | |||||||||||||||||||||||||||||||||||||||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102006520/en/
Americas United Bank
Adriana M. Boeka, President & CEO
Jeffrey
Pollard, EVP & CFO
818-637-7000
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