American Federal Savings Bank Earns $539,774 During First Six Months of 1999.ROCKVILLE Rockville, city (1990 pop. 44,835), seat of Montgomery co., W central Md., a NW suburb of Washington, D.C.; settled c.1760s, inc. as a city 1860. It has several scientific research and technology laboratories that focus on the aerospace, electronics, nuclear energy, , Md.--(BUSINESS WIRE)--July 21, 1999-- 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 Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , Rockville, Maryland Rockville is the county seat of Montgomery County, Maryland, United States. According to the 2006 census update, the city had a total population of 59,114, making it the second largest city in Maryland. , announced net income for the six months ended June June: see month. 30, 1999 was $539,774 (or $.29 per share of common stock), an increase of 20.4% over net income of $448,390 (or $.58 per share of common stock) for the same period in 1998. Net income was $260,803 (or $.14 per share of common stock) for the quarter ended June 30, 1999, as compared to $258,518 for the same period in 1998. The increase in net income was attributable primarily to an increase in net interest income. For the six months ended June 30, 1999, American Federal had net interest income after provisions for loan losses of $1,631,729 compared to $1,295,958 for the same period in 1998. American Federal increased total assets by $6.4 million and loans receivable, net by $2.9 million during the first six months of 1999. Non-interest income increased by $195,000 and 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. increased by $439,000 primarily due to additional loan personnel and the creation of a wholesale mortgage division. In December December: see month. 1998, the Bank created a wholesale mortgage division which have had net start-up Start-up The earliest stage of a new business venture. costs of $122,000 during the first six months of 1999. Phillip C. Bowman, 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. of American Federal, said "I am pleased to report these earnings and we continue to focus on increasing shareholder value." At June 30, 1999, American Federal had total assets of $95.0 million, deposits of $67.9 million and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $12.2 million, as compared to $88.6 million, $65.8 million and $11.8 million, respectively, at December 31, 1998.
Balance Sheet Data:
Balance Balance
06/30/99 12/31/98
------------------ ------------------
Total assets $95,019,402 $88,575,609
Loans receivable, net 59,107,583 56,237,904
Foreclosed real estate, net 402,158 401,525
Deposit accounts 67,888,893 65,848,854
Total borrowed funds 12,450,000 10,000,000
Total stockholders' equity 12,248,916 11,812,812
Operating Data:
Year-to-date Year-to-date Quarter ending Quarter ending
June 30, 1999 June 30, 1998 June 30, 1999 June 30, 1998
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Total
interest
income $3,703,442 $3,326,155 $1,871,594 $1,631,814
Total
interest
expense 2,017,726 1,961,523 1,025,198 967,026
Net interest
income 1,685,716 1,364,632 846,396 664,788
Provision for
loan losses 53,987 68,674 13,603 39,168
Net interest
income after
loan losses 1,631,729 1,295,958 832,793 625,620
Other income 255,347 60,604 174,519 27,730
Non-interest
expenses 1,347,302 908,172 746,509 394,832
Income before
income taxes 539,774 448,390 260,803 258,518
Provision for
income taxes 0 0 0 0
Net income 539,774 448,390 260,803 258,518
Basic and
diluted EPS $ 0.29 $ 0.58 $ 0.14 $ 0.30
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