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Americas United Bank Reports $114.0 Million in Assets at December 31, 2010

^{Published on 2011-02-01 20:00:29 - Market Wire}
 

GLENDALE, Calif.--([ BUSINESS WIRE ])--Americas United Bank (OTCBB: AUNB) today announced its unaudited 2010 fourth-quarter results.

"Asset quality continued to be our focus in the 4th quarter. Amidst challenging and sometimes painful circumstances, we succeeded in reducing non-performing assets from $6.9 million a year ago to $1.9 million at year-end 2010"

Fourth-quarter financial highlights include:

• Total assets of $114.0 million at December 31, 2010, an 8.1 percent decrease over $124.0 million at December 31, 2009.
• Net loans of $96.4 million at December 31, 2010, a decrease of 0.1 percent from December 31, 2009 total of $96.6 million.
• Non-performing assets declined 72.8 percent from $6.9 million at December 31, 2009, to $1.9 million at December 31, 2010.
• Allowance for loan loss maintained at approximately 2.2 percent of gross loans at December 31, 2010.
• Total deposits at December 31, 2010 were $86.0 million, a decrease of 9.1 percent over $94.6 million at December 31, 2009.
• Fourth quarter 2010 operating revenue increased to $1,636,000 from $1,592,000 for the same period in 2009.
• Operating net loss of -$453,000 for the fourth-quarter of 2010 or -$0.16 per basic share compared to -$2,039,000 or -$0.71 per basic share for the same period in 2009.

aAsset quality continued to be our focus in the 4^th quarter. Amidst challenging and sometimes painful circumstances, we succeeded in reducing non-performing assets from $6.9 million a year ago to $1.9 million at year-end 2010,a said Manuel J. Remon, Chairman, Interim President and Chief Executive Officer.

aWe have continued our restructuring process and are very excited about opening our second branch located at 8255 Firestone Boulevard, in Downey, California. We also would like to remind our shareholders, customers and friends that we remain awell capitalized,a™ according to the FDIC, and look forward to core customer growth and building shareholder value,a said Jeffrey Pollard, Executive Vice President and Chief Financial Officer.

At December 31, 2010, the Banka™s Total Risk Based Capital Ratio was 17.91%, Tier 1 Risk Based Capital Ratio was 16.65%, and Tier 1 Leverage Ratio was 15.01%.

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.

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.