Bank announces results for 4th quarter and 2013
CLEARWATER, Fla. (February 14, 2014) –USAmeriBancorp, Inc., the parent company of Florida-based USAmeriBank and Alabama-based Aliant Bank, recorded strong performance in the fourth quarter of 2013, capping another year of solid growth and results for the bank.
For 2013, the company reported net income to common shareholders of $33.8 million, up from $17.8 million in 2012 – a per-share earnings increase to $3.53 from $1.90. Meanwhile, net income to common shareholders for the fourth quarter of 2013 was $5.3 million, up from $4.3 million in the year-ago period.
Per-share book value rose to $21.45 at the end of the quarter, ended Dec. 31, 2013, compared to $18.74 a year earlier. Tangible book value was positively impacted by the September sale of the bank’s insurance division, Connelly, Carlisle, Fields & Nichols, to Hub International Limited.
Meanwhile, the bank’s credit quality continues to be strong, with the ratio of non-performing assets to total loans at 1.35% at year-end 2013, compared to 1.78% at year-end 2012. This continued improvement is tied to USAmeriBancorp’s skill in disposing of non-performing loans, while the economy’s improvement has also been a positive factor.
USAmeriBancorp is continuing to successfully grow its base of loans and deposits, as it helps fuel the economic rebound in both Florida and Alabama. In the bank’s total market area covering Florida and Alabama, USAmeriBancorp grew its commercial loan portfolio by approximately $200 million in 2013, to $1.8 billion at year-end 2013, compared to $1.6 billion at year-end 2012.
In Florida, USAmeriBank grew its deposits to $1.5 billion at the end of 2013, compared to $1.2 billion a year earlier, while Aliant Bank also posted solid growth in deposits during the year, finishing 2013 with $927 million in deposits in Alabama, compared to $818 million at the end of 2012.
USAmeriBancorp’s total assets were $2.9 billion at the end of 2013, compared to $2.6 billion a year earlier.
In its retail business, USAmeriBank opened a new branch on Feb. 3 in the thriving Pinellas County community of Tarpon Springs, while Aliant Bank saw solid growth at its new branch in Auburn, Ala., which opened in September.
And in business banking, the bank continued to grow its capabilities for making Small Business Administration (SBA) loans, ranking first among Tampa Bay-area SBA lenders in a ranking for fiscal year 2013. In 2014, USAmeriBancorp plans to grow its SBA capabilities in Alabama. The bank also continued to grow its Professional & Executive banking division, helping such professionals as doctors, lawyers, CPAs and business owners.
“Our growth in loans and deposits is evidence of how the economy is improving,” said Joseph V. Chillura, CEO of USAmeriBancorp. “As a result, we are seeing more lending opportunities while also growing our deposit base.’’
USAmeriBank is an independent, non-public bank based in Clearwater, Fla. that has established itself as an outstanding middle-market financial institution. The bank serves the needs of individuals and businesses in the Tampa Bay area by providing a high-level of personalized service and attention to a targeted customer base. USAmeriBank’s parent company is USAmeriBancorp, Inc. More information is available at www.USAmeriBank.com.