Americas United Bank AUNB today announced financial results for the fourth quarter of 2016, with quarterly earnings of $343,895, or $0.12 per basic and diluted share, and year-to-date net income of $1,137,718, or $0.40 per basic and $0.38 per diluted share. Total assets at the period-end were $232.7 million, and the Bank's equity capital was $27.0 million.
"I am proud to report that we have achieved another successful profitable quarter and year. We have remained committed to our goal of operating an effective and efficient commercial community bank. We continue to be committed to business development and the customer experience and strive to reward our shareholders through bank profitability," said Adriana M. Boeka, President and Chief Executive Officer.
Fourth Quarter 2016 Financial Highlights:
- Net income increased 121% to $343,895 in the fourth quarter of 2016, compared to $155,923 in the fourth quarter of 2015. On a year-to-date basis, net income was $1,137,718 at December 31, 2016 as compared to $1,510,213 at December 31, 2015.
- The net interest margin increased to 3.55% in the fourth quarter of 2016, compared to 3.42% in the third quarter of 2016, and increased compared to 3.09% in the fourth quarter 2015.
- Non-performing assets remain at nil. Credit quality remains strong with 8 successive quarters of not reported non-performing assets.
- The loan portfolio increased 9.9% or $16.9 million to $188.0 million in the fourth quarter of 2016, when compared to the fourth quarter 2015 of $171.1 million.
- Book value per share increased to $9.39 per share compared to $9.00 a year ago. Tangible book value per share increased to $9.21 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 December 31, 2016, or 1.31% of total loans.
Total assets were $232.7 million at December 31, 2016, an increase of $12.7 million, or 5.8% from $219.9 million at December 31, 2015
Total deposits were $200.8 million, an increase of $11.6 million, or 6.1% from $189.3 million at December 31, 2015. Core deposits defined as noninterest bearing demand, money market, NOW, and savings accounts increased 1.5% to $135.1 million from $133.0 million a year earlier at December 31, 2015.
Shareholder equity increased to $27.0 million at December 31, 2016, from $25.9 million at December 31, 2015.
President and CEO Boeka said, "Our balance sheet remains 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 are monitoring the marketplace for 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, 2016. The Bank reported the following capital ratios at December 31, 2016:
| Common Equity Tier 1 Capital Ratio |
|
13.21 |
% |
||
| Tier 1 Leverage Ratio | 11.50 | % | |||
| Tier 1 Capital Ratio | 13.21 | % | |||
| Total Capital Ratio | 14.46 | % | |||
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 | 2016 | 2016 | 2016 | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||||||||||
| Interest Income | $ | 2,228,805 | $ | 2,157,750 | $ | 2,003,953 | $ | 1,970,118 | $ | 1,823,227 | 22.2 | % | $ | 8,360,626 | $ | 6,152,256 | 35.9 | % | ||||||||||||||||
| Interest Expense | 272,562 | 267,384 | 258,898 | 211,345 | 190,417 | 43.1 | % | 1,010,189 | 647,607 | 56.0 | % | |||||||||||||||||||||||
| Net Interest Income | 1,956,243 | 1,890,366 | 1,745,055 | 1,758,773 | 1,632,810 | 19.8 | % | 7,350,437 | 5,504,649 | 33.5 | % | |||||||||||||||||||||||
| Provision for Loan Losses | 0 | 0 | 0 | 0 | 0 | NA | 0 | -1,631,394 | NA | |||||||||||||||||||||||||
| Total Noninterest Income | 135,372 | 138,862 | 161,562 | 168,346 | 199,016 | -32.0 | % | 604,142 | 570,688 | 5.9 | % | |||||||||||||||||||||||
| Total Noninterest Expense | 1,507,058 | 1,437,375 | 1,501,124 | 1,564,297 | 1,579,695 | -4.6 | % | 6,009,854 | 5,129,821 | 17.2 | % | |||||||||||||||||||||||
| Income Before Taxes | 584,557 | 591,853 | 405,493 | 362,822 | 252,131 | 131.8 | % | 1,944,725 | 2,576,910 | -24.5 | % | |||||||||||||||||||||||
| Income Tax Expense | 240,662 | 243,759 | 170,296 | 152,290 | 96,208 | 150.1 | % | 807,007 | 1,066,697 | -24.3 | % | |||||||||||||||||||||||
| Net Income | $ | 343,895 | $ | 348,094 | $ | 235,197 | $ | 210,532 | $ | 155,923 | 120.6 | % | $ | 1,137,718 | $ | 1,510,213 | -24.7 | % | ||||||||||||||||
| Performance Ratios | ||||||||||||||||||||||||||||||||||
| Basic Earnings Per Share | $ | 0.12 | $ | 0.12 | $ | 0.08 | $ | 0.07 | $ | 0.05 | $ | 0.40 | $ | 0.52 | ||||||||||||||||||||
| Diluted Earnings Per Share | $ | 0.12 | $ | 0.12 | $ | 0.08 | $ | 0.07 | $ | 0.05 | $ | 0.38 | $ | 0.51 | ||||||||||||||||||||
| Net Interest Margin | 3.55 | % | 3.42 | % | 3.21 | % | 3.40 | % | 3.09 | % | 3.40 | % | 3.17 | % | ||||||||||||||||||||
| Return on Average Assets | 0.61 | % | 0.61 | % | 0.42 | % | 0.39 | % | 0.29 | % | 0.51 | % | 0.84 | % | ||||||||||||||||||||
| Return on Average Equity | 5.07 | % | 5.18 | % | 3.59 | % | 3.24 | % | 2.41 | % | 4.28 | % | 5.93 | % | ||||||||||||||||||||
| Efficiency Ratio | 72.05 | % | 70.83 | % | 78.73 | % | 81.17 | % | 86.24 | % | 75.55 | % | 84.44 | % | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | Annual | |||||||||||||||||||||||||||||
| BALANCE SHEET | 2016 | 2016 | 2016 | 2016 | 2015 | Change | ||||||||||||||||||||||||||||
| Cash and Due from Banks | $ | 4,392,834 | $ | 3,870,602 | $ | 3,663,863 | $ | 3,507,321 | $ | 3,397,000 | 29.3 | % | ||||||||||||||||||||||
|
Investments & Int. Bearing Deposits at Banks |
20,939,858 | 24,077,006 | 23,990,665 | 26,538,027 | 34,808,151 | -39.8 | % | |||||||||||||||||||||||||||
| Federal Funds/FRB Balances | 17,320,018 | 6,865,117 | 8,175,215 | 7,937,612 | 7,417,722 | 133.5 | % | |||||||||||||||||||||||||||
| Total Cash & Investments | 42,652,710 | 34,812,725 | 35,829,743 | 37,982,960 | 45,622,873 | -6.5 | % | |||||||||||||||||||||||||||
| Gross Loans | 188,022,774 | 190,305,311 | 184,249,456 | 172,096,391 | 171,091,504 | 9.9 | % | |||||||||||||||||||||||||||
| Allowance for Loan Losses | -2,465,851 | -2,465,791 | -2,453,782 | -2,451,184 | -2,451,074 | 0.6 | % | |||||||||||||||||||||||||||
| Loans, Net | 185,556,923 | 187,839,520 | 181,795,674 | 169,645,207 | 168,640,430 | 10.0 | % | |||||||||||||||||||||||||||
| Property and Equipment, Net | 596,621 | 437,661 | 472,225 | 505,653 | 525,973 | 13.4 | % | |||||||||||||||||||||||||||
| Other Assets | 3,860,483 | 4,307,905 | 4,685,142 | 4,803,899 | 5,142,226 | -24.9 | % | |||||||||||||||||||||||||||
| Total Assets | $ | 232,666,737 | $ | 227,397,811 | $ | 222,782,784 | $ | 212,937,719 | $ | 219,931,502 | 5.8 | % | ||||||||||||||||||||||
| Non-Maturing Deposits | $ | 135,059,802 | $ | 127,845,580 | $ | 123,663,527 | $ | 114,689,255 | $ | 133,012,773 | 1.5 | % | ||||||||||||||||||||||
| Certificates of Deposit | 65,793,214 | 67,564,901 | 67,787,511 | 67,242,124 | 56,245,314 | 17.0 | % | |||||||||||||||||||||||||||
| Total Deposits | 200,853,016 | 195,410,481 | 191,451,038 | 181,931,379 | 189,258,087 | 6.1 | % | |||||||||||||||||||||||||||
| FHLB Advances and Other Borrowings | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 4,000,000 | 0.0 | % | |||||||||||||||||||||||||||
| Other Liabilities | 765,761 | 1,150,454 | 854,657 | 806,910 | 756,753 | 1.2 | % | |||||||||||||||||||||||||||
|
Total Liabilities |
205,618,777 | 200,560,935 | 196,305,695 | 186,738,289 | 194,014,840 | 6.0 | % | |||||||||||||||||||||||||||
| Total Shareholders' Equity | 27,047,960 | 26,836,876 | 26,477,089 | 26,199,430 | 25,916,662 | 4.4 | % | |||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 232,666,737 | $ | 227,397,811 | $ | 222,782,784 | $ | 212,937,719 | $ | 219,931,502 | 5.8 | % | ||||||||||||||||||||||
| 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 | 1.31 | % | 1.30 | % | 1.33 | % | 1.42 | % | 1.43 | % | ||||||||||||||||||||||||
| 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 | 11.50 | % | 11.26 | % | 11.03 | % | 11.36 | % | 11.12 | % | ||||||||||||||||||||||||
| Tier 1 Risk-Based Capital Ratio | 13.21 | % | 12.74 | % | 12.79 | % | 13.43 | % | 13.50 | % | ||||||||||||||||||||||||
| Total Risk-Based Capital Ratio | 14.46 | % | 14.00 | % | 14.04 | % | 14.69 | % | 14.76 | % | ||||||||||||||||||||||||
| Common Equity Tier 1 Risk-Based Capital | 13.21 | % | 12.74 | % | 12.79 | % | 13.43 | % | 13.50 | % | ||||||||||||||||||||||||
| Book Value Per Share | $ | 9.39 | $ | 9.32 | $ | 9.19 | $ | 9.10 | $ | 9.00 | ||||||||||||||||||||||||
| 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/20170131005858/en/
Americas United Bank
Adriana M. Boeka, President & CEO
Jeffrey
Pollard, EVP & CFO
818-637-7000
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