American Bank Reports Sixth Straight Quarter of Increased Earnings, Assets Approach $300 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)--April 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) ), 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. (www.pcbanker.com), today announced earnings for the quarter ended March 31, 2001. Net income for the quarter was $259,300, or $.06 per share, an increase of $217,000 from the same period in the prior year. This increase is primarily attributable to an increase of $159.2 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 , which was partially offset by a decrease of 68 basis points in the net interest margin versus the same period in 2000. 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 quarter of 2001, the assets at American Bank increased by 22.8%, to $299.9 million, while the quality of our loan portfolio remained high with no non-performing assets at March 31, 2001. Although we currently have no non-performing assets, we did increase our loan loss reserves by $72,500 during the current quarter as we recognize that a softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. economy may result in future delinquencies." Jaindl continued, "For the quarter ended March 31, 2001, our 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 1.81% from 2.72% for the same period in 2000. 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. , we can consistently offer our customers attractive rates on loan and deposit products, including the 5.70% annual percentage yield on our e-Checking account. Our goal is to attain an operating expense to asset ratio below 1.50% by the end of the fourth quarter of 2001. American Bank's efficiency ratio improved to 74.87% for the three months ended March 31, 2001 compared to 87.38% 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, "We are pleased with the progress of American Bank during the first quarter. We continue to improve our online offerings and delivering products in an effort to make American Bank a leading financial provider on the Internet." The number of accounts at American Bank has increased approximately 13.5% since the beginning of 2001. With a firm commitment to offering some of the best rates available on the Internet, American Bank's 5.70% annual percentage yield e-Checking account remains a popular deposit product among its customers. In March alone, over 700 new e-checking accounts were opened to customers across the country. American Bank common stock last traded at $12.75 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 June: see month. 30, 2003. About American Bank American Bank, through its 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
March 31,
2000 1999
---- ----
Selected Financial Condition Data:
---------------------------------
Total assets $299,941 $134,394
Loans receivable, net 123,472 59,365
Allowance for loan losses 1,314 809
Securities available for sale (at market) 64,628 59,896
Securities held to maturity (at cost) 88,687 2,819
Deposits 196,345 102,300
Short-term debt 193 11,000
Long-term debt 74,572 7,952
Stockholders' equity 23,959 11,405
Book value per share $ 5.99 $ 3.81
Shares outstanding 4,001 2,993
Unaudited
For the Three
Months Ended March 31,
----------------------
2001 2000
------ ------
Selected Operating Data:
-----------------------
Total interest income $4,568 $2,097
Total interest expense 3,084 1,228
------ ------
Net interest income 1,483 869
Provision for loan losses 73 42
------ ------
Net interest income after
provision for loan losses 1,411 827
------ ------
Fees and service charges 23 16
Net realized gain on sales of mortgage loans 19 16
Other income 42 22
------ ------
Total non-interest income 84 54
------ ------
Total operating expense 1,174 807
------ ------
Income (loss) before taxes on income 321 74
Taxes on income 62 32
------ ------
Net income (loss) $ 259 $ 42
====== ======
Earnings (loss) per share-basic $ .06 $ .01
====== ======
-diluted $ .06 $ .01
====== ======
Weighted average shares outstanding for
earnings per share calculation-basic 4,001 2,993
====== ======
-diluted 4,141 3,009
====== ======
American Bank
Selected Financial Information
Unaudited
For the Three
Months Ended March 31,
----------------------
2001 2000
------ ------
Performance Ratios(1):
------------------
Return on assets (ratio of net income to
average total assets) .40% .14%
Return on equity (ratio of net income to
average equity) 4.49% 1.50%
Net interest margin (ratio of net interest
income divided by average earning assets) 2.35% 3.03%
Ratio of operating expense to average total
assets 1.81% 2.72%
Efficiency ratio (ratio of operating expenses
divided by net interest income plus
non-interest income) 74.87% 87.38%
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% 1.34%
Capital Ratios:
--------------
Stockholders' equity to total assets at
end of period 7.99% 8.49%
--------------------------
(1) Ratios for the three month periods are annualized.
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