Americas United Bank Reports Assets of Near $100 Million.Asset growth exceeds 36.9% for the quarter ended June 30, 2008 GLENDALE, Calif. -- Americas United Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AUNB) today announced results for the six-months ended June 30, 2008. The Bank continued to experience strong growth in its loans and core deposits during the quarter ended June 30, 2008. Net loans at June 30, 2008 were $68.7 million, an increase of $26.5 million, or 62.9%, as compared to year-end 2007. Total deposits of $64.5 million represented an increase over the year-end of $18.6 million, or 40.5%. Total assets of $98.5 million at quarter-end were up $26.6 million, or 37.0%, from December 31, 2007. The net loss for the quarter ended June 30, 2008 was $902 thousand compared to $869 thousand for the second quarter of 2007. The Bank sought to take a conservative approach to reserves for credit risk and added an additional amount to its provision for loan losses of approximately $268,000 in the quarter ended June 30, 2008. The Bank has also continued to invest in production-related staffing. "The Bank continues to build its customer base amid a very challenging banking environment. We are extremely fortunate to not be in the mortgage lending business, and we conservatively elected to not participate in the lucrative residential construction lending market. Our capital position remains very strong with over $24 million in capital and our capital ratios are significantly above required levels," said Gilbert J. Dalmau, President and Chief Executive Officer of Americas United Bank. Dalmau continued, "Our asset quality remains extremely high, and our liquidity remains strong. As of June 30, 2008, we had minimal non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. in our loan portfolio, and our investment portfolio consisted of highly liquid U.S. Government sponsored Agency based securities. "Our SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government Lending Division is generating many new loans and as a Preferred SBA Lender we are becoming well known in the marketplace. We have added to our business development team and we expect additional market share to be generated over the coming months," said Dalmau. "We continue to be committed to fulfilling the market need for a strong commercial bank that focuses on the needs of the Hispanic business Hispanic Business, Inc. is a media company based in Santa Barbara, California, in the United States of America. Founded by Jesús Chavarría in 1979, Hispanic Business, Inc. publishes information for and about Hispanic professionals and entrepreneurs. marketplace. We remain committed to superior customer service and we are always reviewing the latest banking technology available to support our current and future clients." Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per share for the second quarter of 2008, were -$0.31 and -$0.32. Book value per share was $8.41 at June 30, 2008. Having commenced operations on November 6, 2006, as California's first Hispanic-owned Bank to open in over thirty years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time bank continues to grow at a strong pace, while maintaining a high quality balance sheet position. The Bank's operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. are reflective of its "start-up" status and consistent with other California de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. banks. About Americas United Bank: Americas United Bank (AUB AUB Auburn (University) AUB Alstublieft (Dutch: please) AUB American University of Beirut (Beirut, Lebanon) AUB Abnormal Uterine Bleeding AUB Ahli United Bank ) is the first Hispanic-owned bank to open its doors in California in over thirty years. 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, corporate debit 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 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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. [TABLE OMITTED] [TABLE OMITTED] |
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