American Bank Reports 118% Asset Growth, Fifth Straight Quarter of Increased Earnings.Business Editors/Banking Writers ALLENTOWN Allentown, city (1990 pop. 105,090), seat of Lehigh co., E Pa., on the Lehigh River; inc. as a borough 1811, as a city 1867. The largest city in the agricultural and industrial Lehigh Valley, it is a commercial, financial, and government center. , Pa.--(BUSINESS WIRE)--Jan. 16, 2001 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). :ABKA ABKA American Boarding Kennels Association ABKA Avon Beekeepers Association (England, UK) ABKA Airedale Beekeepers Association (UK) ), a leading provider of Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the 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. (www.pcbanker.com), today announced earnings for the quarter and twelve months ended December December: see month. 31, 2000. Net income for the quarter was $204,300, or $.05 per share, an increase of $191,900 from the same period in the prior year. For the twelve months ended December 31, 2000, American Bank posted net income of $429,200, or $.12 per share, an increase of $547,000 from the same period in the prior year. This increase is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase of $127.2 million of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin , which was partially offset by a decrease of 17 basis points in the net interest margin since December 31, 1999. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mark Jaindl stated, "During 2000, the assets at American Bank increased by 118%, while the quality of our loan portfolio remained high with no non-performing assets at December 31, 2000. Although we currently have no non-performing assets, we did increase our loan loss reserves by $127,000 during the fourth quarter and by $475,000 for the twelve months ended December 31, 2000 as we recognize that a softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. economy may result in future delinquencies." Jaindl continued, "For the quarter ended December 31, 2000, our operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. to asset ratio declined to 1.73% from 2.99% for the same period in 1999. By maintaining low operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , we can consistently offer our customers attractive rates on loan and deposit products, including the 6.25% annual percentage yield we offer on our e-Checking account. Our goal is to attain an operating expense to asset ratio below 1.50% by the end of the fourth quarter of 2001, again allowing American Bank to offer some of the highest rates in the country on deposit products while improving earnings for our shareholders." American Bank's efficiency ratio improved to 67.6% for the three months ended December 31, 2000 compared to 94.5% for the same period in the prior year. Chairman of the Board of Directors Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, Jaindl stated, "We are pleased with the progress of American Bank during 2000. We made numerous enhancements to our web site, completed a $10 million public stock offering, and have been recognized by numerous third party advisors, including Gomez Gomez or Gómez is a common Spanish surname. The Portuguese spelling is Gomes, while in Catalan it is rendered as Gomis. People
The number of accounts at American Bank has increased 145% since the beginning of 2000. With a firm commitment to offering some of the best rates available on the Internet, American Bank's 6.25% annual percentage yield e-Checking account remains a popular deposit product among its customers. American Bank, the first bank in the country to offer an annual percentage yield of 6.25% or higher on a checking account, has been able to maintain this rate as other online banks have lowered rates in an effort to become profitable. American Bank common stock last traded at $12.00 per share and the American Bank warrants last traded at $4.75 per warrant. American Bank warrants are exercisable at $10.00 per share through June June: see month. 30, 2003. About American Bank American Bank, through its Internet banking solution, pcbanker.com, offers a complete selection of banking services that includes checking, money market, savings, certificates of deposit, consumer and commercial loans, free personal online bill payment, credit cards and VISA debit   The old Visa and Delta logos. cards. Pcbanker.com delivers a full range of real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. Internet banking, insurance and discount brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. services, while consistently offering some of the best loan and deposit rates in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . American Bank has been recognized as one of the top Internet banks in the country by Gomez Advisors, Inc. while our industry leading e-Checking account has been ranked as the No. 1 online banking product in the country by Financenter.com. American Bank is FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured. 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. Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Bank operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. fees and capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , changes in prevailing interest rates, risks associated with the conduct of the Bank's business over the internet, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Bank wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Bank wishes to advise readers that the factors listed above could affect the Bank's financial performance and could cause the Bank's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Bank does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
American Bank
Selected Financial Information
(Dollars in thousands, except per share data and ratios)
December 31,
2000 1999
---- ----
Selected Financial Condition Data:
---------------------------------
Total assets $ 244,932 $ 112,333
Loans receivable, net 120,684 53,313
Allowance for loan losses 1,242 767
Securities available for sale (at market) 68,221 47,044
Securities held to maturity (at cost) 33,408 1,137
Deposits 179,432 89,143
Short-term debt 3,064 3,000
Long-term debt 37,392 8,194
Stockholders' equity 23,307 11,620
Book value per share $ 5.82 $ 3.88
Shares outstanding 4,007,313 2,992,544
For the Three For the Twelve
Months Ended Dec 31, Months Ended Dec 31,
2000 1999 2000 1999
---- ---- ---- ----
Selected Operating Data:
-----------------------
Total interest income $3,983 $1,805 $11,894 $6,087
Total interest expense 2,662 994 7,536 3,478
--------- --------- ---------- ---------
Net interest
income 1,321 811 4,358 2,609
Provision for loan
losses 127 35 475 259
--------- --------- ---------- ---------
Net interest
income after
provision for
loan losses 1,194 776 3,883 2,350
--------- --------- ---------- ---------
Fees and service
charges 22 11 75 34
Net realized gain
on sales of mortgage
loans 26 14 77 86
Other income 43 17 214 73
--------- --------- ---------- ---------
Total non-interest
income 91 42 366 193
--------- --------- ---------- ---------
Total operating
expense 954 806 3,566 2,661
--------- --------- ---------- ---------
Income (loss)
before taxes
on income 330 12 683 (118)
Taxes on income 126 0 254 0
--------- --------- ---------- ---------
Net income
(loss) $ 204 $ 12 $ 429 $ (118)
========= ========= ========= =========
Earnings
(loss) per
share-basic $ .05 $ .00 $ .12 $ (.05)
========= ========= ========= =========
-diluted $ .04 $ .00 $ .11 $ (.05)
========= ========= ========= =========
Weighted average
shares outstanding
for earnings per
share
calculation-basic 4,006,757 2,470,283 3,541,889 2,574,036
========= ========= ========= =========
-diluted 4,653,382 2,470,283 3,930,353 2,574,036
========= ========= ========= =========
American Bank
Selected Financial Information
For the Three For the Twelve
Months Ended Months Ended
Dec 31, Dec 31,
2000 1999 2000 1999
---- ---- ---- ----
Performance Ratios(1):
------------------
Return on assets
(ratio of net
income to average
total assets) .37% .01% .26% (.13)%
Return on equity
(ratio of net
income to average
equity) 3.55% .11% 2.54% (1.15)%
Net interest margin
(ratio of net
interest income
divided by
average earning
assets) 2.55% 3.16% 2.77% 2.94%
Ratio of operating
expense to average
total assets 1.73% 2.99% 2.07% 2.88%
Efficiency ratio
(ratio of operating
expenses divided by
net interest income
plus non-interest
income) 67.6% 94.5% 75.5% 94.9%
Asset Quality Ratios:
---------------------
Non-performing assets
to total assets at
end of period none none
Allowance for loan
losses to
non-performing loans n/a n/a
Allowance for loan
losses to loans
receivable, net 1.02% 1.41%
Capital Ratios:
---------------
Stockholders' equity
to total assets at
end of period 10.0% 13.6%
(1) Ratios for the three month periods are annualized.
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