Atlantic Bank of New York Announces 13 Percent Gain in 1st Quarter 2005 Earnings.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
emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to growth in the commercial real estate loan portfolio. For the three months ended March 31, 2005, the Bank had a $1.0 million benefit for loan losses versus a $.3 million provision for the same period last year, reflecting continued improvement in the quality of the Bank's overall credit portfolio. Non-interest income for the first quarter declined by $1.7 million or 24.0% to $5.2 million compared with the $6.9 million reported for the same period last year. The reduction in non-interest income for the quarter is primarily due to decreases in recognized securities gains compared with the same quarter the prior year. Non-interest expense for the first quarter was $17.0 million, a decrease of $.8 million or 4.3% compared with the same quarter last year. The reduction in non-interest expense reflects the continued emphasis the Bank has placed on prudently pru·dent adj. 1. Wise in handling practical matters; exercising good judgment or common sense. 2. Careful in regard to one's own interests; provident. 3. Careful about one's conduct; circumspect. managing its cost structure as it pursues its strategic goals. Commenting on the Bank's performance, Atlantic Bank's 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. , 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. , said, "Our emphasis on building our business by concentrating on forging strong relationships in partnership with our clients is reaping dividends across our entire company. We are pleased that we continue to deliver strong, quality earnings as we grow and strategically position the Bank to successfully 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>. changing market conditions and opportunities." 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. , rose by $38.3 million or 3.0% to $1,304.0 million at March 31, 2005, compared with $1,265.7 million at March 31, 2004. The Bank's loan growth primarily resulted from continued expansion of its commercial real estate and multi-family lending businesses. As of March 31, 2005 total assets were $3.1 billion. Total deposits grew to $1,914.1 million at March 31, 2005, up $31.0 million or 1.6% from the same quarter last year. The Bank's deposit growth is attributable to its ongoing emphasis on capturing the core deposit relationships of its clients. As of March 31, 2005, core deposits represented 80.4% of the Bank's total deposits, compared with 76.6% for the same period last year. Atlantic Bank's return on average total assets increased to 1.05% for the first quarter of 2005 compared with .93% for the comparable 2004 period. Return on average tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. equity was 17.28% for the quarter compared with 18.54% for the same period the prior year. The Bank's efficiency ratio for the first quarter of 2005 was 57.04%, reflecting an improvement of 1.73% from the same period last year. The Bank's Tier I leverage ratio was 7.14% at March 31, 2005, which significantly exceeds the current regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. 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 as a percentage of total loans was .89% as of March 31, 2005 compared with 1.40% for the prior year. The allowance for loan losses represents 387.0% of non-performing assets at March 31, 2005 compared to 190.7% at March 31, 2004. Non-performing assets declined to $3.0 million as of March 31, 2005 from $9.3 million for the first quarter of last year. Established in 1926, Atlantic Bank of New York is one of the top 20 commercial banks serving the New York area. With over $3.0 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 branch offices in 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). , Queens, Brooklyn Brooklyn (br  k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. , Long Island and
Westchester Westchester is the name of some places in the United States of America:
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 $67 billion in assets and operates in 18 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
UNAUDITED UNAUDITED
March 31, 2005 March 31, 2004
-----------------------------
Interest Income $ 36,813 $ 34,025
Interest Expense 12,178 10,619
------------ -----------
Net Interest Income 24,635 23,406
(Benefit) Provision for Loan Losses (972) 287
------------ -----------
Net Interest Income after (Benefit)
Provision for Loan Losses 25,607 23,119
Non-Interest Income:
--------------------
Customer Related Fees & Service Charges 1,451 1,544
Investment Management and Commissions 3,224 2,884
Trading Income 1,036 1,027
Other Operating Income 564 617
(Loss) / Gain on Sale of Loans (55) 85
Net Securities (Losses) / Gains (982) 732
------------ -----------
Total Non-Interest Income 5,238 6,889
------------ -----------
Non-Interest Expense 17,040 17,804
Income Before Taxes 13,805 12,204
Provision for Income Taxes 5,523 4,881
------------ -----------
Net Income $ 8,282 $ 7,323
============ ===========
Return on Average Total Assets 1.05% 0.93%
Return on Average Stockholder's Equity 12.88% 12.93%
Return on Average Tangible Equity 17.28% 18.54%
Yield on Interest Earning Assets 5.06% 4.68%
Cost of Funds 2.15% 1.76%
Net Interest Margin 3.39% 3.22%
Efficiency Ratio 57.04% 58.77%
Tangible Efficiency Ratio 54.29% 56.32%
Atlantic Bank of New York
(In thousands, except ratios)
BALANCE SHEET HIGHLIGHTS
UNAUDITED UNAUDITED
March 31, December 31, March 31,
2005 2004 2004
-----------------------------------------
Total Assets $ 3,067,571 $ 3,181,830 $ 3,213,729
Loans, net 1,304,000 1,342,113 1,265,719
Allowance for Loan Losses 11,628 13,494 17,719
Securities Available-For-Sale 1,520,944 1,597,888 1,709,484
Total Treasury Investments 1,549,565 1,632,566 1,742,036
Total Deposits 1,914,078 1,938,599 1,883,127
Borrowings 863,530 954,562 1,066,548
Stockholder's Equity - see
Note to Financial Summary 249,700 254,410 235,180
SELECTED FINANCIAL HIGHLIGHTS
CAPITAL RATIOS:
---------------
Risk Based Capital:
Tier I 12.54% 11.61% 10.94%
Total 13.23% 12.38% 12.03%
Leverage Ratio 7.14% 6.67% 5.87%
ASSET QUALITY
-------------
Non-Performing Loans $ 3,004 $ 5,049 $ 9,293
Other - - -
----------- ----------- -----------
Total Non-Performing Assets $ 3,004 $ 5,049 $ 9,293
=========== =========== ===========
Allowance for Loan Losses to
Non-Performing Assets 387.02% 267.26% 190.67%
Allowance for Loan Losses to
Total Loans, Net 0.89% 1.01% 1.40%
Non-Performing Loans to Total
Loans, Net 0.23% 0.38% 0.73%
Note to Financial Summary
-------------------------
Stockholder's equity includes unrealized losses, net of tax effect on
the Available-for-Sale investment portfolio of $22,589 at March 31,
2005, $9,602 at December 31, 2004, and $1,005 at March 31, 2004.
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