American International Bank Reports $2,280,532 in Net Income for 1998.CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--March 30, 1999-- American International Bank announced that its 1998 unaudited net income was $2,280,532, up from $296,486 in 1997. "Our 1998 results provide dramatic confirmation of our renewed emphasis on profitability, efficiency and superior customer service," said AIB AIB n abbr (BRIT) (= Accident Investigation Bureau) → oficina de investigación de accidentes AIB n abbr (Brit) (= Accident Investigation Bureau) → President and Chief Executive Officer Kathleen L. Kellogg. "American International is entering its 21st year with a clear vision of the future, an outstanding chairman, board of directors and employees committed to making AIB the best. We expect continued progress in 1999 and the years beyond." Kellogg said AIB's 1998 results were helped by a $2.2 million increase in net interest income after loan loss provisions and a $3.2 million reduction in real estate property expenses. She noted that pre-tax income reached $1,515,432, a sharp turnaround from a pre-tax loss of $632,901 recorded in 1997. "American International Bank has improved its financial position significantly and recorded a very positive performance for 1998," said AIB Chairman Dr. Jim Chen Jim Chen is the current Dean of the University of Louisville Brandeis School of Law, after recently leaving his position as professor of law at the University of Minnesota Law School. . "Everyone associated with American International is working hard to build value for our shareholders. We especially want to thank our many loyal customers and our dedicated employees for our success in 1998." Kellogg and Chen noted that American International has benefited from its emphasis on serving small and mid-sized companies with 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. while also offering deposit banking products to the bank's individual customer base. They said AIB has continued to experience increased demand for the bank's products and services in the wake of several big-bank mergers in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, during 1998. AIB's performance also was demonstrated by improvements in several key financial ratios, Kellogg said. The bank's return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). was 1.12 percent for the year 1998, she noted, up from 0.13 percent for 1997. Return on equity was 11.67 percent for the year 1998, she said, up from 2.31 percent for 1997. Non-performing assets totaled $5,689,000 as of Dec. 31, 1998, down from $15,051,000 as of Dec. 31, 1997, she added, while other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most was $1,843,000 as of Dec. 31, 1998, down from $1,988,000 as of Dec. 31, 1997. Kellogg also announced that the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). has removed the Order imposed on the bank in 1992, which is further confirmation of the bank's improved performance. AIB's total assets as of Dec. 31, 1998, were $213,280,372, the bank reported, up from $205,508,303 a year earlier. AIB's Tier I capital leverage ratio as of Dec. 31, 1998, was 8.96 percent, well above the targeted minimum of 6.75 percent, while its Tier I and II risk-based capital ratio Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. was 15.25 percent, well above the bank's target of 10 percent. Total 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. at year-end 1998 was $21,183,785, up from $18,746,166 at year-end 1997. American International Bank has branches in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or , Alhambra, Carson, Cerritos, City of Industry, Glendale, Tarzana and Torrance. AIB specializes in serving small-to-medium sized companies involved in international trade, high-tech and real estate and also offers a wide range of personal banking products and services. The company's stock is traded by Sandler O'Neil at 800/635-6860 under the symbol AIBK AIBK Askersunds Innebandyklubb (Sweden) .
American International Bank and Subsidiary
Summary of Financial Data
(In dollars, unaudited)
For the Year Ended Dec. 31
1998 1997
Total Interest Income $ 16,522,723 $ 17,715,417
Total Interest Expense (6,182,769) (7,860,872)
Net Interest Income 10,339,954 9,854,545
Other Income 1,986,045 3,162,420
Other Expense (10,685,567) (12,151,866)
Income (Loss) before Income Taxes 1,515,432 (632,901)
NET INCOME (LOSS) 2,280,532 296,486
Dec. 31, 1998 Dec. 31, 1997
Total Assets $ 213,280,372 $ 205,508,303
Total Stockholders' Equity $ 21,183,785 $ 18,746,166
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