American Bank Reports Record Second Quarter Earnings.Business Editors 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 six months ended June June: see month. 30, 2002. Net income for the quarter was $609,000 or $.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 $308,000, or 102%, from the same period in the prior year. Net income for the six months ended June 30, 2002 was $1,198,000 or $.19 per diluted share, an increase of $638,000, or 114%, from the same period in the prior year. The increase in earnings for the quarter is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase of $97.4 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 9 basis points in the net interest margin compared to June 30, 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 1.58% for the quarter ended June 30, 2001 to 1.28% 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 success of American Bank's business model which, by maintaining low operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , gives us the ability to offer excellent rates to our customers on both loan and deposit products." Jaindl continued, "Our control of operating costs operating costs npl → gastos mpl operacionales and attention to asset quality has resulted in eleven straight quarters of increased profitability and a loan portfolio with no non-performing assets at June 30, 2002." 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 added, "During the second quarter we took additional steps to control costs with the introduction of electronic statements and ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to Direct, a service which allows customers to transfer funds from other financial institutions electronically into American Bank accounts. Our Board of Directors and staff remain focused on increasing shareholder value and look forward to continued improvements throughout the remainder of 2002." American Bank, Inc. common stock last traded at $6.95 per share and the American Bank, Inc. warrants last traded at $1.83 per warrant. The warrants are exercisable at $6.67 per warrant through June 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 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 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 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 the Company's 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 and ratios)
Unaudited
June 30, Dec. 31,
2002 2001 2001
---- ---- ----
Selected Financial Condition Data:
Total assets $ 405,960 $ 321,212 $ 368,709
Loans receivable, net 131,002 135,873 135,589
Allowance for loan losses 1,684 1,448 1,998
Securities available for sale
(at market) 240,770 126,700 175,177
Securities held to maturity
(at cost) 12,865 30,011 14,822
Deposits 284,555 220,806 258,000
FHLB advances 83,017 74,572 83,238
Subordinated debentures 10,200 --- ---
Stockholders' equity 26,824 24,121 25,508
Book value per share $ 4.43 $ 4.02 $ 3.87
Shares outstanding 6,052 6,002 6,002
Unaudited Unaudited
For the Three Months For the Six Months
Ended June 30, Ended June 30,
-------------------- --------------------
2002 2001 2002 2001
---- ---- ---- ----
(In thousands) (In thousands)
Selected Operating Data:
Total interest income $5,077 $4,985 $10,206 $9,556
Total interest expense 3,009 3,464 5,983 6,549
--------------------- --------------------
Net interest income 2,068 1,521 4,223 3,007
Provision for loan losses 43 28 182 100
--------------------- --------------------
Net interest income
after provision for
loan losses 2,025 1,493 4,041 2,907
--------------------- --------------------
Fees and service charges 36 29 78 52
Net realized gain on
sales of mortgage loans 53 58 93 77
Other income 56 43 105 81
--------------------- --------------------
Total non-interest income 145 130 276 210
--------------------- --------------------
Total operating expense 1,278 1,256 2,547 2,429
--------------------- --------------------
Income (loss) before taxes
on income 892 367 1,770 688
Taxes on income 283 66 572 128
--------------------- --------------------
Net income (loss) $609 $301 $1,198 $560
===================== ====================
Earnings per share-basic $0.10 $0.05 $0.20 $0.09
===================== ====================
-diluted $0.10 $0.05 $0.19 $0.09
===================== ====================
Weighted average shares
outstanding for earnings
per share calculation
-basic 6,038 6,002 6,025 6,002
===================== ====================
-diluted 7,152 6,238 6,729 6,239
===================== ====================
American Bank, Inc.
Selected Financial Information
Unaudited
For the Three
Months Ended June 30,
2002 2001
---- ----
Performance Ratios(1):
---------------------
Return on assets (ratio of net income
to average total assets) 0.61% 0.38%
Return on equity (ratio of net income
to average equity) 9.22% 5.00%
Net interest margin (ratio of net
interest income divided by average
earning assets) 2.27% 2.18%
Ratio of operating expense to average
total assets 1.28% 1.58%
Efficiency ratio (ratio of operating
expenses divided by net interest
income plus non-interest income) 57.74% 76.08%
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 1.27% 1.05%
Capital Ratios-Company:
----------------------
Stockholders equity to total assets
at end of period 6.61% 7.51%
Regulatory Capital Ratios-Bank:
------------------------------
Tier I capital to average assets 7.81% 7.61%
Tier I capital to risk weighted assets 13.96% 10.94%
Total capital to risk weighted assets 14.72% 11.61%
--------------------------------------
(1) Ratios for the three month period are annualized.
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion