American Bank Reports Record Earnings, Assets Exceed $320 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)--July 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) ), serving 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 and 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, today announced earnings for the quarter and six months ended June June: see month. 30, 2001. Net income for the quarter was $300,900, or $.07 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 $215,300 from the same period in the prior year. Net income for the six months ended June 30, 2001 was $560,200, or $.13 per diluted share, an increase of $432,300 from the same period in the prior year. The increases are primarily attributable to an increase of $146.7 million in 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 . 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 the first half of 2001, the assets at American Bank increased by 31.5%, to $321.2 million, while the quality of our loan portfolio remained strong with no non-performing assets at June 30, 2001. In addition, we continue to add to our customer base, with total customers increasing by more than 20% during the first six months of the year." With customers in all 50 states, American Bank continues to develop banking relationships across the nation through its Internet banking solution, pcbanker.com. For the quarter ended June 30, 2001, American Bank's 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 1.58% from 2.29% for the same period in 2000. American Bank's efficiency ratio improved to 76.08% for the three months ended June 30, 2001 compared to 80.99% 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, "The progress of American Bank during the first half of 2001 has been positive and we look forward to our continued development and growth. We remain committed to serving our customers through the improvement of our products and services while maintaining a focus on enhancing shareholder value." American Bank common stock last traded at $11.95 per share and the American Bank warrants last traded at $3.50 per warrant. American Bank warrants are exercisable at $10.00 per share through June 30, 2003. About American Bank American Bank, through its single location and 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 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, 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
(In thousands, except per share data and ratios)
Unaudited
June 30, December 31,
--------
2001 2000 2000
---- ---- ----
Selected Financial
Condition Data:
------------------
Total assets $321,233 $165,972 $244,256
Loans receivable, net 135,873 76,253 120,614
Allowance for loan losses 1,448 881 1,242
Securities available for
sale (at market) 126,700 63,695 63,221
Securities held to maturity
(at cost) 30,011 11,228 38,408
Deposits 220,806 123,999 182,495
FHLB Advances 74,572 7,768 37,456
Stockholders' equity 24,109 21,479 23,255
Book value per share $6.03 $5.36 $5.80
Shares outstanding 4,001 4,006 4,004
Unaudited Unaudited
For the Three For the Six
Months Ended June 30, Months Ended June 30,
--------------------- ---------------------
2001 2000 2001 2000
---- ---- ---- ----
(In thousands) (In thousands)
Selected Operating Data:
-----------------------
Total interest
income $4,985 $2,578 $9,556 $4,674
Total interest
expense 3,464 1,586 6,549 2,814
----------------- -----------------
Net interest
income 1,521 992 3,007 1,860
Provision for
loan losses 28 72 100 114
----------------- -----------------
Net interest
income after
provision for
loan losses 1,493 920 2,907 1,746
----------------- -----------------
Fees and service
charges 29 17 52 34
Net realized gain
on sales of
mortgage loans 58 13 77 29
Other income 43 25 81 47
----------------- -----------------
Total non-interest
income 130 55 210 110
----------------- -----------------
Total operating
expense 1,256 848 2,429 1,655
----------------- -----------------
Income (loss)
before taxes
on income 367 127 688 201
Taxes on income 66 41 128 73
----------------- -----------------
Net income (loss) $301 $86 $560 $128
================= =================
Earnings (loss)
per share-basic $0.08 $0.03 $0.14 $0.04
================= =================
-diluted $0.07 $0.03 $0.13 $0.04
================= =================
Weighted average shares
outstanding for earnings
per share
calculation-basic 4,001 3,161 4,001 3,077
================= =================
-diluted 4,158 3,376 4,159 3,249
================= =================
American Bank
Selected Financial Information
Unaudited
For the Three
Months Ended June 30,
---------------------
2001 2000
---- ----
Performance Ratios (1):
-----------------------
Return on assets (ratio of net income
to average total assets) 0.38% 0.23%
Return on equity (ratio of net income
to average equity) 5.00% 2.38%
Net interest margin (ratio of net
interest income divided by average
earnings assets) 2.03% 2.93%
Ratio of operating expense to average
total assets 1.58% 2.29%
Efficiency ratio (ratio of operating
expenses divided by net interest
income plus non-interest income) 76.08% 80.99%
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 1.05% 1.14%
Capital Ratios:
---------------
Stockholders' equity to total assets
at end of period 7.51% 12.94%
------------------------------------------------------
(1) Ratios for the three month period are annualized.
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