American Bank Reports Increase in Third Quarter Earnings.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. -- 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, Inc. (NasdaqSC:AMBK), the parent company of American Bank, today announced earnings for the quarter ended September September: see month. 30, 2005. Net income for the quarter was $728,000, or $0.10 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, an increase of $23,000, or 4.0%, from the same period in the prior year. At the end of the quarter, assets totaled $528 million, up 2.5% from $515 million at September 30, 2004. Total deposits reached $371 million as of September 30, 2005, up from $356 million from the same time the previous year. American Bank's net loans outstanding totaled $288 million as of September 30, 2005, up from $234 million at the same time last year, an increase of $54 million, or 23.1%. The improvement in third quarter earnings is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase of $17.5 million of average 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 in the current quarter compared to the prior year. In addition to the increase in net interest income, non-interest income increased $100,000 in the third quarter of 2005 compared to the same quarter in the prior year. Partially offsetting the improvement in net interest income was an increase of $90,000 in the provision for loan losses and an increase of $213,000 in 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. . Net income for the nine months ended September 30, 2005 was $2,532,000, or $0.33 per diluted share, an increase of $374,000, or 17.3%, from the same period in the prior year. The improvement in year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings is attributable to an increase of $17.2 million of average earning assets and an increase of 29 basis points in the net interest margin in the current nine-month period compared to the nine-month period in 2004. In addition to the increase in net interest income of $1,007,000, non-interest income increased by $107,000. Partially offsetting the improvement in net interest income was an increase of $210,000 in the provision for loan losses, an increase in operating expense of $380,000 and an increase in taxes on income of $140,000. American Bank common stock last traded at $8.90 per share. American Capital Trust I Preferred Securities last traded at $10.25. About American Bank American Bank serves the Lehigh Valley The Lehigh Valley or the Allentown-Bethlehem-Easton, PA-NJ metropolitan area is a metropolitan region in eastern Pennsylvania and western New Jersey, in the United States. It is the third-most populated metropolitan region in Pennsylvania, after Philadelphia and Pittsburgh. community in eastern Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York and is recognized as 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. nationwide. 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 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. American Bank Online and pcbanker.com are registered trademarks for the Internet financial services provided by American Bank, a state-chartered, FDIC insured full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. financial institution serving customers throughout the United States. American Bank is a member of the Federal Reserve System. 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 Company 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 Company'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 Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect its financial performance and could cause the Company'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 Company 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, Inc.
Selected Financial Information
(In thousands, except per share data and ratios)
Unaudited December
September 30, 31,
------------------- ---------
2005 2004 2004
--------- --------- ---------
Selected Financial Condition
Data:
-----------------------------
Total assets $528,499 $514,641 $503,436
Loans receivable, net 287,722 234,468 242,348
Allowance for loan losses 3,254 2,689 2,768
Securities available for sale
(at fair value) 197,260 239,803 220,911
Securities held to maturity (at
cost) 12,831 13,925 13,480
Deposits 371,423 355,965 345,732
FHLB advances 90,875 96,162 96,095
Junior subordinated debentures 10,187 10,187 10,187
Stockholders' equity 44,557 40,947 41,910
Book value per share $6.00 $5.67 $5.80
Shares outstanding 7,470 7,223 7,223
Unaudited Unaudited
For the Three For the Nine
Months Ended Sept. Months Ended Sept.
30, 30,
------------------- ------------------
2005 2004 2005 2004
--------- --------- --------- --------
Selected Operating Data:
-------------------------
Total interest income $6,072 $5,088 $17,849 $15,245
Total interest expense 3,658 2,884 10,198 8,601
--------- --------- --------- --------
Net interest income 2,414 2,204 7,651 6,644
Provision for loan losses 181 91 485 275
--------- --------- --------- --------
Net interest income after
provision for loan losses 2,233 2,113 7,166 6,369
--------- --------- --------- --------
Fees and service charges 54 57 156 152
Net realized gain on sales of
mortgage loans 58 26 103 92
Net realized gain (loss)on sales
of securities (137) -- (129) 152
Earnings on bank owned life
insurance 87 75 261 225
Other income 253 57 506 169
--------- --------- --------- --------
Total non-interest income 315 215 897 790
--------- --------- --------- --------
Total operating expense 1,516 1,303 4,437 4,047
--------- --------- --------- --------
Income before taxes on
income 1,032 1,025 3,626 3,112
Taxes on income 304 320 1,094 954
--------- --------- --------- --------
Net income $728 $705 $2,532 $2,158
========= ========= ========= ========
Earnings per share-basic $0.10 $0.10 $0.34 $0.30
========= ========= ========= ========
-diluted $0.10 $0.10 $0.33 $0.30
========= ========= ========= ========
Weighted average shares
outstanding-basic 7,431 7,207 7,419 7,103
========= ========= ========= ========
-diluted 8,672 8,449 8,659 8,353
========= ========= ========= ========
American Bank, Inc.
Selected Financial Information
Unaudited
For the Three
Months Ended Sept. 30,
------------------------
2005 2004
------------- -----------
Performance Ratios(1):
----------------------
Return on assets (ratio of net income to
average total assets) 0.55% 0.57%
Return on equity (ratio of net income
to average equity) 6.58% 7.30%
Net interest margin (ratio of net interest
income divided by average earning assets) 1.95% 1.85%
Ratio of operating expense to average total
assets 1.16% 1.05%
Efficiency ratio (ratio of operating expenses
divided by net interest income plus
non-interest income) 55.55% 53.85%
Asset Quality Ratios:
----------------------
Non-performing assets to total assets at end
of period 0.01% 0.03%
Allowance for loan losses to non-performing
loans 7,970.88% 1,680.63%
Allowance for loan losses to loans receivable 1.12% 1.18%
Regulatory Capital Ratios-Bank:
--------------------------------
Tier I to average assets 8.60% 7.98%
Tier I to risk weighted assets 12.50% 14.35%
Total capital to risk weighted assets 13.50% 15.22%
(1) Ratios for the three month periods are annualized.
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