American International Bank Reports First-Quarter Net Income of $493,785.CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--May 19, 1999-- American International Bank announced that net income for the three months ended March 31, 1999, was $493,785, up 26 percent from $391,674 in the first quarter of 1998. "American International is building on the progress made during 1998 by continuing to emphasize 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. "We have strengthened our management team and are executing our strategy of delivering outstanding 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. to our business customers while also providing superior products and service to our individual customers." AIB's first-quarter results were helped by improvements in the bank's loan portfolio, an increase in net interest income and continued reductions in real estate-related expenses, Kellogg said. "American International Bank is celebrating its 21st year of operations 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, with a strong performance," 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. . "Our emphasis on high-tech, trade finance and commercial lending to small and mid-sized companies has positioned AIB very well for the future." 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. as of March 31, 1999, was $21,153,599, up more than 10 percent from a year ago. Nonaccruing loans totaled $2,458,432, down 65 percent from $7,126,338 a year earlier, while the bank's investment in real estate was reduced to $3,967,661 from $5,366,196 a year ago, an improvement of 26 percent. AIB's Tier I capital leverage ratio as of March 31, 1999, was 9.07 percent, well above the targeted minimum of 6.75 percent. 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 and high-tech industries 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) . |
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