American Security Bank Reports Record Growth and Earnings.SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif. -- 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 Security Bank is pleased to announce continued strong growth of loans and deposits coupled with record earnings for the second quarter of 2006. At June June: see month. 30, 2006, the Bank reported total assets of $426.7 million. This represents an increase of $69.9 million, or 19.6 percent over total assets one year prior. Loans, net of a provision for losses, totaled $312.2 million at the end of June 2006, an increase of $26.9 million, or 9.4 percent over the previous year. Over the past 12 months, total deposits have grown $63.1 million or 20.8 percent, to $366.5 million at June 30, 2006. The strong growth in assets, loans and deposits reflects in part the continued development of new products and services specifically designed to meet the expanding needs of the individuals and businesses in the communities we serve. For the six months ended June 30, 2006, American Security Bank reported record earnings of $4.0 million. This represents an increase of $991,000, or 32.5 percent, over earnings of $3.1 million for the first six months of 2005. The increase in earnings was primarily driven by the growth of loans. Net interest income, the income the Bank generates on loans and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. less the expense it pays for deposits and borrowed funds, totaled $10.5 million for the six months ended June 30, 2006. This represents an increase of $1.8 million, or 21.0 percent, over net interest income of $8.6 million for the first six months of last year. American Security Bank also reported record earnings for the quarter ended June 30, 2006. For the most recent three-month period, the Bank reported net earnings of $2.2 million. This represents an increase of $499,000, or 30.1 percent, over earnings for the second quarter of last year. Again, the increase in earnings for the quarter was driven by an increase in net interest income resulting primarily from growth of loans. American Security Bank's strategic objectives include expansion into new market territories over the coming months. To achieve this objective, the Bank opened a new loan production office in the city of Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. last year and a second loan production office in the city of Palmdale this year. In anticipation of increased growth from these dynamic communities, the Bank's parent company American Bancshares Inc. contributed $9.8 million in additional capital to the Bank during the second quarter of this year. At June 30, 2006, American Security Bank reported total capital of $54.6 million. This represents an increase of $12.2 million, or 28.8 percent, over total capital at June 30, 2005. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David T. Blankenhorn, 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. , "The increase in capital makes American Security Bank one of the strongest capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. independent banks in the 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, market place." At June 30, 2006, the Bank reported a ratio of capital to assets of 10.7 percent, compared to a ratio of 8.4 percent one year ago. Member FDIC |
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