American Bank Reports Record Earnings, Increases Annual Dividend 10%.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 record earnings for the quarter and year ended December December: see month. 31, 2004. Net income for the quarter was $1,009,000, or $.13 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 $292,000 or 40.7% from the same period in the prior year. For the year ended December 31, 2004, American Bank, Inc. posted net income of $3,167,000, or $0.43 per diluted share, an increase of $530,000 or 20.1% from the prior year. The increase in net income for the year ended December 31, 2004 is the result of an increase of $23.6 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 31 basis points in the 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, "We are pleased to be able to deliver another record earnings year to our shareholders, which marks the seventh straight year of increased profitability for American Bank. Our earnings growth was driven by increases in loans outstanding and net interest margin, resulting in an increase of $1,863,000, or 25.6%, in net interest income. Our commitment to providing our customers quality products and services was evidenced by increases in both our loan portfolio and total deposits. American Bank's loans outstanding increased by $37.5 million, or 18.3%, to $242.3 million at December 31, 2004 and deposits increased $13.4 million, or 4.0%, to $345.7 million during the same period." Jaindl continued, "As we maintain our focus on enhancing shareholder value, we are also pleased to announce that on January January: see month. 18, 2005, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a dividend of $0.11 per share to shareholders of record on January 28, 2005 and payable on February February: see month. 15, 2005. This is an increase of 10% over the dividend paid in 2004. In addition, shareholders participating in the Dividend Reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. and Stock Purchase Plan will be given the opportunity to purchase additional shares of American Bank Inc. common stock at a 10% discount to the market price. A full plan description will be mailed to shareholders during the next week." American Bank, Inc. common stock last traded at $8.53 per share. 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 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 trade marks TRADE MARKS. Signs, writings or tickets put upon manufactured goods, to distinguish them from others. 2. It seems at one time to have been thought that no man acquired a right in a particular mark or stamp. 2 Atk. 484. for the Internet 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. 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, 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 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)
December 31,
---------------------
2004 2003
Unaudited
Selected Financial Condition Data:
----------------------------------
Total assets $503,145 $481,992
Loans receivable, net 242,348 204,832
Allowance for loan losses 2,768 2,412
Securities available for sale (at fair value) 220,911 236,746
Securities held to maturity (at cost) 13,480 15,361
Deposits 345,732 332,286
Short-term debt 6,991 6,909
Long-term debt 96,095 96,357
Mandatory redeemable convertible debentures 10,187 10,200
Stockholders' equity 41,841 34,963
Book value per share $ 5.80 $ 5.14
Shares outstanding 7,223 6,807
For the Three For the Year
Months Ended Dec 31, Ended Dec 31,
--------------------- ------------------
2004 2003 2004 2003
Unaudited Unaudited Unaudited
Selected Operating Data:
------------------------
Total interest income $ 5,489 $ 4,893 $20,734 $19,225
Total interest expense 2,982 2,881 11,583 11,937
----------- --------- --------- --------
Net interest income 2,507 2,012 9,151 7,288
Provision for loan losses 118 187 393 405
----------- --------- --------- --------
Net interest income after
provision for loan losses 2,389 1,825 8,758 6,883
----------- --------- --------- --------
Fees and service charges 55 42 207 165
Net realized gain on sale of
securities 182 386 334 862
Net realized gain on sale of
mortgage loans 30 8 122 401
Other income 185 128 579 573
----------- --------- --------- --------
Total non-interest income 452 564 1,242 2,001
----------- --------- --------- --------
Total operating expense 1,393 1,327 5,440 5,111
----------- --------- --------- --------
Income before taxes on
income 1,448 1,062 4,560 3,773
Taxes on income 439 345 1,393 1,136
----------- --------- --------- --------
Net income $ 1,009 $ 717 $ 3,167 $ 2,637
=========== ========= ========= ========
Earnings per share-basic $ 0.14 $ 0.11 $ 0.44 $ 0.41
=========== ========= ========= ========
-diluted $ 0.13 $ 0.10 $ 0.43 $ 0.39
=========== ========= ========= ========
Weighted average shares
outstanding for earnings
per share calculation
-basic 7,206 6,789 7,129 6,458
=========== ========= ========= ========
-diluted 8,448 8,065 8,376 7,828
=========== ========= ========= ========
American Bank, Inc.
Selected Financial Information
For the Three For the Year
Months Ended Dec 31, Ended Dec 31,
--------------------- ------------------
2004 2003 2004 2003
Unaudited Unaudited Unaudited
Performance Ratios(1):
----------------------
Return on assets (ratio of net
income to average total
assets) .81% .60% .64% .56%
Return on equity (ratio of net
income to average equity) 10.14% 8.30% 8.24% 8.27%
Net interest margin (ratio of
net interest income divided
by average earning assets) 2.01% 1.74% 1.90% 1.59%
Ratio of operating expense to
average total assets 1.12% 1.11% 1.09% 1.07%
Efficiency ratio (ratio of
operating expenses divided by
net interest income plus
non-interest income) 48.94% 51.51% 52.34% 55.02%
Asset Quality Ratios:
---------------------
Non-performing assets to total
assets at end of period 0.15% n/a
Allowance for loan losses to
non-performing loans 373.66% n/a
Allowance for loan losses to
loans receivable 1.13% 1.16%
Regulatory Capital Ratios-Bank:
-------------------------------
Tier I to average assets 8.14% 7.81%
Tier I risk weighted assets 13.41% 13.96%
Total capital to risk
weighted assets 14.33% 14.86%
(1) Ratios for the three month periods are annualized.
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