American Bank Reports Record First Quarter Earnings, Total Assets Exceed $525 Million.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. (Nasdaq:AMBK), the parent company of American Bank, today announced record earnings for the quarter ended March 31, 2005. Net income for the quarter was $962,000, or $0.12 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 $111,000, or 13.0%, from the same period in the prior year. At the end of the quarter, assets totaled $527 million, up 4.4% from $505 million at March 31, 2004. Total deposits reached $358 million as of March 31, 2005, up from $350 million from the same time the previous year. American Bank's loans outstanding increased by $45 million, or 21.7%, since March 2004. The increase in first quarter earnings is attributable to an increase of $21.4 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 22 basis points in the net interest margin in the current quarter compared to the prior year quarter. 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 results for the first quarter of 2005. The two factors impacting American Bank's positive performance continue to be our ability to control costs and our focus on maintaining superior asset quality. For the three months ended March 31, 2005, 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 decreased to 1.10% from 1.15% for the same period in the previous year, making American Bank one of the most efficient banks in the country. In addition, the quality of our loan portfolio remains high with only two relationships, representing balances of $200,919, classified as non-performing." As previously announced, the Board of Directors approved a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program authorizing the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 375,000 shares, or approximately 5%, of the Company's outstanding shares of common stock. American Bank believes this program will benefit both the Company and its stockholders. American Bank will hold its Annual Meeting of Stockholders on April 20, 2005 at 9:00 a.m. ET at the Holiday Inn West, Fogelsville, PA. American Bank common stock closed at $8.65 per share on Monday Monday: see week. , April 11th. American Bank Trust Preferred Securities last traded at $10.50 per share. 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, 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
(Amounts in thousands, except per share data)
Unaudited
March 31, December 31,
-------- -----------
2005 2004 2004
Selected Financial Condition Data:
----------------------------------
Total assets $527,365 $505,207 $503,436
Loans receivable, net 252,358 207,420 242,348
Allowance for loan losses 2,904 2,459 2,768
Securities available for sale
(at fair value) 227,799 256,592 220,911
Securities held to maturity
(at cost) 23,282 15,067 13,480
Deposits 358,230 350,266 345,732
Short-term debt 17,205 7,730 6,991
Long-term debt 96,027 96,292 96,095
Junior subordinated debentures 10,187 10,187 10,187
Stockholders' equity 43,777 38,707 41,910
Book value per share $ 5.84 $ 5.38 $ 5.80
Shares outstanding 7,539 7,186 7,223
Unaudited
For the Three
Months Ended Mar 31,
-----------------------
2005 2004
Selected Operating Data:
------------------------
Total interest income $ 5,758 $ 5,110
Total interest expense 3,126 2,850
-------- --------
Net interest income 2,632 2,260
Provision for loan losses 136 45
-------- --------
Net interest income after provision
for loan losses 2,496 2,215
-------- --------
Fees and service charges 53 43
Net realized gain on sale of securities 9 241
Net realized gain on sale of mortgage loans 24 30
Earnings on bank owned life insurance 87 75
Other income 141 55
-------- --------
Total non-interest income 314 444
-------- --------
Total operating expense 1,412 1,420
-------- --------
Income before taxes on income 1,398 1,239
Taxes on income 436 388
-------- --------
Net income $ 962 $ 851
======== ========
Earnings per share-basic $ 0.13 $ 0.12
======== ========
-diluted $ 0.12 $ 0.12
======== ========
Weighted average shares outstanding for
earnings per share calculation-basic 7,346 6,917
======== ========
-diluted 8,589 8,186
======== ========
American Bank, Inc.
Selected Financial Information
Unaudited
For the Three
Months Ended Mar 31,
--------------------
2005 2004
Performance Ratios(1):
----------------------
Return on assets (ratio of net income to
average total assets) 0.75% 0.69%
Return on equity (ratio of net income
to average equity) 9.00% 9.57%
Net interest margin (ratio of net
interest income divided by average
earning assets) 2.12% 1.90%
Ratio of operating expense to average
total assets 1.10% 1.15%
Efficiency ratio (ratio of operating
expenses divided by net interest income
plus non-interest income) 48.01% 52.42%
Asset Quality Ratios:
---------------------
Non-performing assets to total assets at
end of period 0.04% none
Allowance for loan losses to
non-performing loans 1,445.57% n/a
Allowance for loan losses to loans
receivable 1.14% 1.17%
Regulatory Capital Ratios-Bank:
-------------------------------
Tier I to average assets 8.36% 7.66%
Tier I to risk weighted assets 12.81% 14.35%
Total capital to risk weighted assets 13.70% 15.22%
-------------------------------
(1) Ratios for the three month periods are annualized.
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