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Americas United Bank Reports $124.2 Million in Assets at June 30, 2010

^{Published on 2010-08-05 13:01:02 - Market Wire}
 

GLENDALE, Calif.--([ BUSINESS WIRE ])--Americas United Bank (OTCBB: AUNB) today announced its unaudited 2010 second quarter results. As of June 30, 2010, the company had total assets of $124.2 million, or a 4.0% increase over the June 30, 2009 total assets of $119.4 million.

"The second quarter results were unfavorably impacted by a $913,000 write-down on an OREO property and some additional loan loss reserves related to the SBA loan portfolio. Without these expenses, the Bank would have reported more favorable results that would have approached breakeven for the second quarter."

Second-Quarter financial highlights include:

• Total assets of $124.2 million at June 30, 2010, a 4.0% increase over $119.4 million at June 30, 2009.
• Net loans of $99.0 million at June 30, 2010, a decrease of 3.2 percent from June 30, 2009 total of $102.2 million.
• Allowance for loan loss maintained at approximately 2.0 percent of gross loans at June 30, 2010.
• Total deposits for June 30, 2010 were $95.3 million, an increase of 8.8 percent over $87.6 million at June 30, 2009.
• Second quarter 2010 operating revenue increased to $1,721,000 from $1,533,000 for the same period in 2009.
• Operating net loss of -$1,027,000 for the second quarter of 2010 or -$0.36 per basic share compared to -$864,000 or -$0.30 per basic share for the same period in 2009.

aAlthough we continue to add new customers, our growth has slowed as we have allowed some larger balance and higher cost deposits to runoff, resulting in an improved net interest margin. Loan growth was slowed due to the sale of some SBA loans to the secondary market,a said Gilbert J. Dalmau, President and Chief Executive Officer of Americas United Bank.

Dalmau continued, aThe second quarter results were unfavorably impacted by a $913,000 write-down on an OREO property and some additional loan loss reserves related to the SBA loan portfolio. Without these expenses, the Bank would have reported more favorable results that would have approached breakeven for the second quarter.

aWe are clearly disappointed with the second quarter results, but wea™re encouraged that our core operating performance continues to improve and move toward profitability. We are seeing alight at the end of the tunnela™ with regards to our SBA loan portfolio performance and we remain optimistic for better second-half results,a Dalmau summarized.

The Banka™s capital ratios continue to be in excess of the required levels to be considered well capitalized. The Tier 1 Leverage Ratio was 14.50%, Tier 1 Risk Based Capital Ratio was 16.44%, and the Total Risk Based Capital Ratio was 17.70%.

About Americas United Bank:

Americas United Bank (AUB) is the first Hispanic-owned bank to open its doors in California in over thirty years and has the distinction of being the largest Hispanic-owned bank based in California. 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, corporatedebit 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 Banka™s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are aforward-lookinga 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 Banka™s performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.