United American Bank Opens Sunnyvale Branch; Net Profits for Bank Continue to Rise in Q2'06.SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif. -- United American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :UABK) announced today that net profits rose a substantial 40.7% in the second quarter over the first quarter of 2006. At the same time, the Bank was expanding operations by opening a new, full service branch in Sunnyvale Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , CA. "We are delivering on the promise I made to our shareholders to grow the Bank while continuing to enjoy uninterrupted profitability," said John Schrup, President and Chief Executive Officer of United American Bank. "It can be challenging to expand operations and profits at the same time, and the fact that we are able to do it means that the outstanding customer service and creative business banking solutions available at United American Bank are in high demand in the Bay Area." The new branch, located at 333 West El Camino Real El Camino Real (Spanish for The Royal Road or The King's Highway) was the name of a series of pre-automobile highways linking the various New World colonies of Spain:
"Interest in the Bank has been very high," said Damon Da·mon n. A legendary figure who, out of devotion, pledged his life as a guarantee that his condemned friend Pythias would return to face execution. Both were subsequently pardoned. Noun 1. Doe DOE - Distributed Object Environment: a distributed object-oriented application framework from SunSoft. , SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul Commercial Lending and South Bay Regional Manager for United American Bank. "In the first 30 days of operation, we were able to report $3.6 million in deposits and approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $10.0 million in loan business." Doe noted that more than 120 clients and local business leaders attended the grand opening event for the bank that took place on July July: see month. 13, 2006. "We continue to track ahead of our original plan and are pleased to have a second location in full operation in Sunnyvale," said Margaret Margaret, 1930–2002, British princess, second daughter of King George VI and sister of Queen Elizabeth II, b. Glamis, Scotland. In 1960 she married a commoner, the photographer Antony Armstrong-Jones, who was created earl of Snowdon in 1961. Taylor Taylor, city (1990 pop. 70,811), Wayne co., SE Mich., a suburb of Detroit adjacent to Dearborn; founded 1847 as a township, inc. as a city 1968. A small rural village until World War II, it developed significantly in the second half of the 20th cent. , Chairman of the Board of Directors of United American Bank. Expressing the Board's satisfaction with the Bank's achievements in its first three years of operations, Taylor said that Management had succeeded in attracting some of the area's most experienced bankers to build a foundation for continued success. As of June 30, 2006, United American Bank reported total assets of $169.0 million compared with $148.6 million for prior quarter ended March 31, 2006 and $110.2 million on June 30, 2005, showing a 13.8% growth for the quarter and 53.4% growth over the same quarter of the prior year. Total deposits were reported to be $147.3 million on June 30, 2006, compared with $127.4 million for the previous quarter and $90.8 million reported on June 30, 2005, reflecting 15.7% growth for the quarter and 62.2% growth over the same quarter of the prior year. The Bank reported total loans outstanding on June 30, 2006 of $139.2 million, an increase of $53.4 million, or 62.2%, over the $85.8 million reported on June 30, 2005, and growth of $31.8 million or 29.6% for the first six months of 2006. United American Bank reported a net profit of $508,750 for the quarter ended June 30, 2006 compared with a net profit of $361,475 for the prior first quarter ended March 31, 2006 reflecting a 40.7% increase for the quarter. About United American Bank United American Bank is a full service commercial bank. The Bank is dedicated to providing quality banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to businesses, professionals and individuals who prefer a high level of personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. client service and management. For more information, visit United American Bank on the web at www.unitedamericanbank.com or call 650-579-1500. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Certain matters discussed in this press release constitute 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. within the meaning of 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. These forward-looking statements relate to the bank's current expectations regarding future operating results and the growth in loans, deposits, and assets. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, or performance to differ materially from those expressed, suggested or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by the forward looking statements. These risks and uncertainties include, but are not limited to: (1) the impact on the bank's performance from changes in interest rates, local and national economic conditions, and the number of financial services providers, (2) the banks ability to continue the current rate of growth, (3) the banks ability to increase net interest income, (4) the quality of the loan portfolio and (5) changes in government regulations.
United American Bank
Selected Financial Data
June 30, 2006
BALANCE SHEET Quarter Quarter
(Dollars in Thousands) Ending Ending Change
End of Period 6/30/06 6/30/05 $ %
-------------------------- ----------- ----------- ----------- -------
Total Assets $ 169,044 $ 110,180 $ 58,864 53.4%
Total Loans 139,183 85,792 53,391 62.2%
Total Deposits 147,312 90,835 56,477 62.2%
Allowance for Loan Losses 1,575 1,020 435 42.6%
Shareholders' Equity 20,341 18,910 1,431 7.6%
Average
--------------------------
Total Assets 153,214 105,127 48,087 45.7%
Total Loans 124,626 76,105 48,521 63.8%
Total Deposits 131,613 92,578 39,035 42.2%
Shareholders' Equity 20,081 12,196 7,885 64.7%
OPERATIONS (Quarter to Date)
Interest Income $3,271,799 1,652,963 1,618,836 97.9%
Interest Expense 1,101,836 498,076 603,760 121.2%
----------- ----------- -----------
Net Interest Income 2,169,963 1,154,887 1,015,076 87.9%
Provision for loan losses 200,000 120,000 80,000 66.7%
Noninterest Income 78,982 6,643 72,339 1089.0%
Noninterest Expense 1,555,195 1,006,856 548,339 54.5%
Income tax benefit 15,000 - 15,000 -
----------- ----------- -----------
Net Profit (Loss) $ 508,750 $ 34,674 474,076 1367.0%
----------- -----------
RATIOS
Net Interest Margin 5.82% 4.55%
Efficiency Ratio 78% 97%
ALLL/Gross Loans 1.13% 1.19%
NPA/Gross Loans 0 0
Average Capital/Average
Assets 13% 12%
OPERATIONS (Year to Date)
Interest Income $5,977,215 2,998,770 2,978,445 99.3%
Interest Expense 1,984,441 789,063 1,195,378 151.5%
---------- ---------- ----------
Net Interest Income 3,992,774 2,209,707 1,783,067 80.7%
Provision for loan losses 300,000 220,000 80,000 36.4%
Noninterest Income 112,141 62,275 49,866 80.1%
Noninterest Expense 2,963,198 2,015,725 947,473 47.0%
Income tax benefit 28,508 - 28,508 -
----------- ----------- -----------
Net Profit (Loss) $ 870,225 $ 36,257 833,968 2300.0%
BALANCE SHEET Quarter
(Dollars in Thousands) Ending Change
End of Period 3/31/06 $ %
----------------------------------------- ----------- --------- ------
Total Assets $ 148,567 $ 20,477 13.8%
Total Loans 109,703 29,480 26.9%
Total Deposits 127,366 19,946 15.7%
Allowance for Loan Losses 1,375 200 14.6%
Shareholders' Equity 19,796 545 2.8%
Average
-----------------------------------------
Total Assets 143,184 10,030 7.0%
Total Loans 105,056 19,570 18.6%
Total Deposits 122,331 9,282 7.6%
Shareholders' Equity 19,394 687 3.5%
OPERATIONS (Quarter to Date)
Interest Income 2,705,416 566,383 20.9%
Interest Expense 882,605 219,231 24.8%
----------- ---------
Net Interest Income 1,822,811 347,152 19.0%
Provision for loan losses 100,000 100,000 100.0%
Noninterest Income 33,159 45,823 138.2%
Noninterest Expense 1,408,003 147,192 10.5%
Income tax benefit 13,508 1,492 11.0%
----------- ---------
Net Profit (Loss) $ 361,475 147,275 40.7%
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