American Bank Reports 127% Increase In First Quarter Earnings, Assets Approach $400 Million.Business Editors 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)--April 22, 2002 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 Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMBK), the parent company of American Bank, today announced record earnings for the quarter ended March 31, 2002. Net income for the quarter was $589,000 or $.10 per share, an increase of $329,000 or 127%, from the same period in the prior year. The increase in earnings is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase of $90.1 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 and an increase of 10 basis points in the net interest margin compared to March 31, 2001. In addition, earnings were positively impacted by the Company's ability to control costs as evidenced by the decline in its 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 from 1.83% for the quarter ended March 31, 2001 to 1.36% for the same period in 2002. 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, "We are pleased with the level of earnings growth from the first quarter of the prior year, but recognize that the rate of growth may slow in an increasing rate environment, which we have experienced in the last two months and expect to continue throughout the year." Jaindl continued, "While the quality of our loan portfolio remained high with no non-performing assets at March 31, 2002, American Bank did restructure one credit that was classified as non-performing during the quarter. Prior to restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). this credit, American Bank had established specific reserves to cover any potential loss." During the quarter, American Bank recorded a provision for loan losses of $139,000. 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, "This has been an exciting quarter for American Bank. In addition to our record earnings, we completed an offering of $10.2 million of convertible trust preferred securities, issued a 3-for-2 stock split to our shareholders and were listed on the NASDAQ SmallCap market." American Bank Incorporated common stock last traded at $9.25 per share and the American Bank Incorporated warrants last traded at $2.70 per warrant. The warrants are exercisable at $6.67 per warrant through June June: see month. 30, 2003. About American Bank American Bank 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 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, 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 Gomez or Gómez is a common Spanish surname. The Portuguese spelling is Gomes, while in Catalan it is rendered as Gomis. People
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 The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or , 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 ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. 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 Incorporated
Selected Financial Information
(Dollars in thousands, except per share data)
March 31,
---------
2002 2001
Selected Financial Condition Data:
---------------------------------
Total assets $ 393,299 $ 299,941
Loans receivable, net 132,966 123,472
Allowance for loan losses 1,683 1,314
Securities available for
sale (at market) 208,670 64,628
Securities held to
maturity (at cost) 13,780 88,587
Deposits 283,831 196,345
Short-term debt -- --
Long-term debt 83,128 74,572
Stockholders' equity 25,065 23,959
Book value per share (1) $ 4.18 $ 3.99
Shares outstanding (1) 6,003,095 6,001,620
For the Three
Months Ended March 31,
----------------------
2002 2001
Selected Operating Data:
-----------------------
Total interest income $ 5,129 $ 4,572
Total interest expense 2,974 3,085
---------- ----------
Net interest income 2,155 1,487
Provision for loan losses 139 73
---------- ----------
Net interest income after
provision for loan losses 2,016 1,414
---------- ----------
Fees and service charges 42 23
Net realized gain on sales
of mortgage loans 39 19
Other income 50 63
---------- ----------
Total non-interest income 131 82
---------- ----------
Total operating expense 1,269 1,174
---------- ----------
Income before taxes on
income 878 322
Taxes on income 289 62
---------- ----------
Net income $ 589 $ 260
========== ==========
Earnings per share-basic (1) $ .10 $ .04
========== ==========
-diluted (1) $ .09 $ .04
========== ==========
Weighted average shares
outstanding for earnings
per share calculation-basic (1) 6,003,095 6,001,620
-diluted (1) 6,259,666 6,236,759
========== ==========
American Bank Incorporated
Selected Financial Information
For the Three
Months Ended March 31,
----------------------
2002 2001
Performance Ratios(2):
----------------------
Return on assets (ratio of net
income to average total assets) .63% .41%
Return on equity (ratio of net
income to average equity) 9.39% 4.50%
Net interest margin (ratio of
net interest income divided by
average earning assets) 2.37% 2.27%
Ratio of operating expense to
average total assets. 1.36% 1.83%
Efficiency ratio (ratio of
operating expenses divided by
net interest income plus
non-interest income) 55.52% 74.84%
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 1.25% 1.05%
Capital Ratios:
--------------
Stockholders' equity to total
assets at end of period 6.37% 7.99%
----------------------------------------------------------------------
(1) Adjusted to reflect 3 for 2 stock split declared in January 2002.
(2) Ratios for the three month periods are annualized.
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