Atlantic Bank of New York Announces 13% Increase in Earnings for the Second Quarter of 2004.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Atlantic Bank of New York
Net interest income for the quarter ended June June: see month. 30, 2004 was $24.6 million, a $3.1 million or 14.5% increase compared with the comparable quarter of 2003. For the six months ended June 30, 2004, net interest income was $48.3 million, a $5.6 million or 13.2% increase over the comparable prior year period. The net interest margin for the second quarter and first half of 2004 increased to 3.25% for both reporting periods, reflecting a .20% and a .06% increase respectively compared with the same periods last year. The provision for loan losses for the second quarter, 2004 was $.8 million, a $.2 million decrease from the comparable quarter last year. Non-interest income for the second quarter decreased by $.4 million or 6.7% to $6.3 million compared with the $6.7 million reported for the same period last year. Non-interest income for the year to date increased to $13.1 million, representing a $.3 million or 2.7% increase compared with $12.8 million posted the first half of 2003. Non-interest expense for the second quarter was $16.9 million, an increase of $1.3 million over the comparable quarter last year. For the six months of 2003, non-interest expense was $35.0 million, an increase of $3.8 million compared with the same period last year. The increases in non-interest expense are primarily attributable to increased 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. associated with the acquisition of the Allied Irish Bank, plc (AIB AIB n abbr (BRIT) (= Accident Investigation Bureau) → oficina de investigación de accidentes AIB n abbr (Brit) (= Accident Investigation Bureau) → ) Park Avenue branch, inclusive of inclusive of prep. Taking into consideration or account; including. amortization of related intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. of $.6 million and $1.2 million for the quarter and year to date, respectively, and the two additional Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). branch openings completed in the fourth quarter of last year. Total loans, net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. , were $1,283.7 million at June 30, 2004, compared with $1,265.7 million at March 31, 2004 and $1,216.6 million at June 30, 2003. The increase in loans during the second quarter and over the same period last year, is attributable to growth in the Bank's revitalized re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. Corporate Lending area, Commercial Real Estate portfolio and its wholly-owned subsidiary, Standard Funding Corp., partially offset by strategic management of runoff Runoff The procedure of printing the end-of-day prices for every stock on an exchange onto ticker tape. Notes: If the "tape is late" then it can take a long time to print off all the closing prices. in fixed rate Residential Mortgage loans. As of June 30, 2004, total assets stood at $3.4 billion, reflecting an increase of $179.5 million or 5.6% over the prior quarter and $322.4 million or 10.5% increase compared with the prior year. Total deposits grew to $1,957.3 million at June 30, 2004, an increase of $74.2 million or 3.9% over the prior quarter and an increase of $304.1 million or 18.4% over the prior year. These increases are due to the Bank's Manhattan branch openings, including the AIB Park Avenue branch acquisition, together with successful attraction of lower cost core deposits through a continued emphasis on relationship banking across all business lines. Atlantic Bank's return on average total assets for the second quarter and first half of 2004 remained fairly stable compared with the same periods last year. Return on average stockholder's equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. increased to 14.70% for the quarter and declined to 13.51% for the six months ended June 30, 2004. The Bank's efficiency ratio improved for both the second quarter and the year to date to 52.45% and 54.57% respectively compared with the prior year periods. The Bank's Tier I leverage ratio was 5.92% and 5.80% at June 30, 2004 and 2003, respectively. This ratio is well in excess of the current regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. for a well-capitalized institution. The allowance for loan losses decreased in the quarter to $17.3 million, representing 206.73% of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. and 1.35% of total loans, net, at June 30, 2004 compared with 1.40% reported the previous quarter. Non-performing loans declined from $10.1 million or .83% of total loans, net, as of June 30, 2003 to $8.4 million or .65% of total loans, net, as of the current quarter. The Bank's return on average tangible equity increased to 19.66% for the quarter and 17.84% for the six months ended June 30, 2004. Commenting on Atlantic Bank's financial performance, Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs M. O'Brien O'Bri·en , Edna Born 1932. Irish writer whose works, including The Lonely Girl (1962) and Johnny I Hardly Knew You (1977), explore the lives of women in modern-day Ireland. Noun 1. , 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. stated, "We are very pleased with the continued expansion of our business and the quality of all our lending portfolios. We believe our positive growth trends over the past few years validate To prove something to be sound or logical. Also to certify conformance to a standard. Contrast with "verify," which means to prove something to be correct. For example, data entry validity checking determines whether the data make sense (numbers fall within a range, numeric data the viability of both our business model and strategic plan, and that we are well poised to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the improving economic climate for sustainable growth and increased profitability." Established in 1926, Atlantic Bank of New York is one of the top 20 commercial banks serving the New York area. With $3.4 billion in assets, Atlantic Bank is a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. commercial bank providing a comprehensive range of 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 small and mid-sized businesses, commercial real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and consumers. The Bank operates 22 branch offices in Manhattan, Queens, Brooklyn, Long Island, Westchester, Dutchess and Boston, and offers Commercial Insurance Premium Financing Premium Financing involves the lending of funds to a person or company to cover the cost of an insurance premium. Premium finance loans are often provided by third party finance entity known as a "Premium Financing Company"; however insurance companies and brokerages occasionally on a nationwide basis through its wholly-owned subsidiary, Standard Funding Corporation. Atlantic Bank is a member of the NBG NBG National Bank of Greece NBG Nederlands Bijbelgenootschap NBG National Bank of Georgia NBG Need Before Greed (Everquest game slang) NBG National Bicycle Greenway NBG Naval Beach Group NBG Natural Born Gamers Group (NYSE NYSE See: New York Stock Exchange : NBG), which has more than $69 billion in assets and operates in 17 countries. Additional information is available on the Bank's website at www.abny.com. The financial summary follows.
Atlantic Bank of New York
(In thousands, except ratios)
INCOME STATEMENT HIGHLIGHTS
Three Months Ended Six Months Ended
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
------------ ------------ ------------ ------------
Interest Income $ 36,125 $ 33,624 $ 70,450 $ 66,335
Interest Expense 11,540 12,147 22,159 23,689
------------ ------------ ------------ ------------
Net Interest
Income 24,585 21,477 48,291 42,646
Provision for
Loan Losses 800 1,000 1,087 107
------------ ------------ ------------ ------------
Net Interest
Income after
Provision for
Loan Losses 23,785 20,477 47,204 42,539
Non-Interest Income:
-------------------
Customer Related
Fees & Service Charges 1,413 1,654 2,957 3,208
Investment
Management and
Commissions 2,938 3,098 5,822 5,825
Trading Income
(Loss) 1,470 422 2,497 930
Other Operating
Income 1,079 651 1,697 1,271
Gain / (Loss) on
Sale of Loans 102 527 186 (84)
Net Securities
Gains / (Losses) (766) 331 (34) 1,624
------------ ------------ ------------ ------------
Total Non-Interest
Income 6,236 6,683 13,125 12,774
------------ ------------ ------------ ------------
Non-Interest
Expense 16,904 15,566 35,008 31,195
Income Before
Taxes 13,117 11,594 25,321 24,118
Provision for
Income Taxes 5,247 4,640 10,128 9,653
------------ ------------ ------------ ------------
Net Income $ 7,870 $ 6,954 $ 15,193 $ 14,465
============ ============ ============ ============
Return on Average
Total Assets 0.96% 0.92% 0.95% 1.00%
Return on Average
Stockholder's
Equity 14.70% 12.99% 13.51% 13.85%
Return on Average
Tangible Equity 19.66% 16.21% 17.84% 17.42%
Yield on Interest
Earning Assets 4.77% 4.77% 4.75% 4.97%
Cost of Funds 1.84% 2.02% 1.80% 2.08%
Net Interest
Margin 3.25% 3.05% 3.25% 3.19%
Efficiency Ratio 52.45% 55.20% 54.57% 56.18%
Atlantic Bank of New York
(In thousands, except ratios)
BALANCE SHEET HIGHLIGHTS
UNAUDITED UNAUDITED UNAUDITED
June 30, March 31, December 31, June 30,
2004 2004 2003 2003
------------ ------------ ------------ ------------
Total Assets $ 3,393,216 $ 3,213,729 $ 3,097,899 $ 3,070,817
Loans, net 1,283,746 1,265,719 1,226,087 1,216,592
Allowance for Loan
Losses 17,301 17,719 17,147 14,478
Securities
Available-For-Sale 1,794,357 1,709,484 1,569,549 1,595,929
Total Treasury
Investments 1,877,373 1,742,036 1,608,875 1,634,854
Total Deposits 1,957,306 1,883,127 1,830,427 1,653,189
Borrowings 1,171,848 1,066,548 1,014,164 1,173,762
Stockholder's
Equity - see Note
to Financial
Summary 209,646 235,180 220,446 215,339
SELECTED FINANCIAL HIGHLIGHTS
CAPITAL RATIOS:
--------------
Risk Based Capital:
Tier I 10.04% 10.94% 10.75% 11.38%
Total 10.98% 12.03% 11.86% 12.37%
Leverage Ratio 5.92% 5.87% 5.93% 5.80%
ASSET QUALITY
-------------
Non-Performing Loans 8,369 $ 9,293 $ 8,736 $ 10,132
Other - - - -
----------- ----------- ----------- -----------
Total Non-
Performing
Assets 8,369 $ 9,293 $ 8,736 $ 10,132
=========== =========== =========== ===========
Allowance for Loan
Losses to Non-
Performing Assets 206.73% 190.67% 196.28% 142.89%
Allowance for Loan
Losses to Total
Loans, Net 1.35% 1.40% 1.39% 1.19%
Non-Performing
Loans to Total
Loans, Net 0.65% 0.73% 0.71% 0.83%
Note to Financial Summary
-------------------------
Stockholder's equity includes unrealized gains (losses) on the
Available-for-Sale portfolio in accordance with FAS-115 as follows:
June 30, 2004, ($34,410); March 31, 2004, ($1,005); December 31, 2003,
($8,444); and June 30, 2003, ($457).
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