Bank announces results for first quarter of 2014
CLEARWATER, Fla. – USAmeriBancorp, Inc., the parent company of Florida-based USAmeriBank and Alabama-based Aliant Bank, continued progress towards its goals in the first quarter of 2014, marked by solid financial results.
As the Company works to build long-term value, one of its goals is to reduce costs wherever practical. With that in mind, during the first quarter USAmeriBancorp restructured its subordinated debt, which, going forward, will save the company $1.6 million per year through a reduction in interest expense.
This move resulted in a one-time after-tax charge of $1.0 million, or $0.10 per share. As a result of the charge, net income to common shareholders totaled $4.9 million, or $0.52 per share, in the first quarter of 2014, compared to $6.3 million, or $0.66 per share, in the year-ago period.
Meanwhile, book value stood at $22.01 in the first quarter of 2014, compared to $19.28 in the year-ago period.
The bank’s asset quality remains high, helping to earn USAmeriBancorp a spot in SNL Financial’s list of the nation’s top 100 performing community banks for 2013. At No. 73, USAmeriBancorp was one of only two Florida community banks listed. In measuring asset quality at the end of the first quarter, USAmeriBancorp’s ratio of non-performing assets to total loans stood at 1.23%, compared to 1.74% in the year-ago period.
Meanwhile, deposits at the end of the first quarter in Florida stood at $1.5 billion, compared to $1.3 billion in the year-ago period, while in Alabama, deposits stood at $922 million, vs. $870 million in the year-ago period. USAmeriBancorp continues to put a concentrated focus on growing deposits in both states, and has confidence that long-term deposit growth will continue.
Helping to drive deposit growth, the bank’s retail operations continue to thrive. In Florida, USAmeriBank opened its newest branch in January, in the heart of Tarpon Springs. After less than three months, the branch already had deposits of more than $19.0 million.
“We continue to post quality results that build on our goal of building long-term value,” said Joseph V. Chillura, CEO of USAmeriBancorp. “We are confident that 2014 will continue to be a strong year for USAmeriBancorp, with continued growth in deposits while we also find more and more opportunities to help businesses with their lending needs.’’
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.