Local Voices
USAmeriBancorp Posts Third-Quarter Results
CLEARWATER, Fla. (November 1, 2013) –USAmeriBancorp, Inc., the parent company of Florida-based USAmeriBank and Alabama-based Aliant Bank, posted another period of favorable operating results in the third quarter of 2013.
USAmeriBancorp reported net income available to common shareholders of $12.8 million, or $1.33 fully diluted earnings per share.
In the third quarter, the Company recognized a net gain from the sale of its insurance subsidiary, Connelly, Carlisle, Fields & Nichols, of $4.5 million, or $0.47 per share. Excluding the gain, net income available to common shareholders totaled $8.3 million, or $.86 per share, compared to $4.9 million or $0.52 per share in the third quarter of 2012.
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Pre-tax pre-provision operating earnings of $23.0 million, or $13.8 million excluding the gain on sale of CCF&N, marked significant improvement from $9.3 million in the previous year’s quarter.
Meanwhile, book value per share rose to $19.44, compared to $15.62 in the year-ago period.
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Also, the Company’s credit quality continues to improve, with the ratio of non-performing assets to total loans at 1.69% at the end of the third quarter, compared to 2.18% a year earlier.
In the third quarter, the Company continued to see healthy loan and deposit growth. Loans were up to $2.2 billion in the third quarter vs. $1.8 billion in the year-ago period. Deposits grew in Florida to $1.46 billion, vs. $1.18 billion in the year-ago period, while for the Company’s Aliant Bank operations in Alabama, deposits grew to $931 million, vs. $811 million in the year-ago period.
USAmeriBank continues to have a significant focus on lending to businesses, while also constantly leveraging its retail presence to also help customers with personal banking needs. The bank also continues to see strong performances in mortgage, SBA lending, commercial real estate lending, professional & executive banking, and commercial lending.
In the Tampa Bay market, USAmeriBank ranks a strong No. 8 in deposits, moving up from No. 9 last year. Meanwhile, Aliant Bank made significant progress in growing its deposits, highlighted by a move from No. 22 to No. 16 in the Birmingham area’s deposit rankings over the past year.
“We continue to see the economy improve in both Florida and Alabama, which creates more opportunities for us to help businesses as they look to grow,” said Joseph V. Chillura, CEO of USAmeriBancorp. “That, combined with our personal service, is a key to our success.”
About USAmeriBank:
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.
