Atlantic Bank of New York Announces 22 Percent Gain in 2nd 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
Net interest income for the quarter ended June June: see month. 30, 2005 was $23.8 million, a $.5 million or 2.11% decrease compared with the comparable quarter of 2004. For the six months ended June 30, 2005, net interest income was $48.4 million, a $.7 million or 1.50% increase over the comparable prior year period. The net interest margin was 3.37% for the second quarter and 3.38% for the first half of 2005, reflecting a .16% and a .17% increase respectively compared with the same periods last year. For the three months ended June 30, 2005, the Bank had a $1.4 million benefit for loan losses versus a $.8 million provision for the same period last year, reflecting continued improvement in the quality of the Bank's overall credit portfolio as more fully discussed below. Non-interest income for the second quarter increased by $1.4 million or 22.70% to $7.6 million compared with the $6.2 million reported for the same period last year. Non-interest income for the year to date decreased to $12.9 million, representing a $.2 million or 1.80% reduction compared with $13.1 million posted the first half of 2004. The quarter and year to date variances in non-interest income were primarily due to gains resulting from the second quarter sale of the Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. branch business and office building, partially offset by a reduction in trading income as well as changes in recognized securities gains or losses reported for the comparable prior year periods. Non-interest expense for the second quarter was $16.9 million, an increase of $.3 million or 1.80% over the comparable quarter last year. For the six months of 2005, non-interest expense was $33.9 million, a decrease of $.5 million or 1.40% compared with the same period 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 $1,324.3 million at June 30, 2005, compared with $1,304.0 million at March 31, 2005 and $1,283.7 million at June 30, 2004. The increase in loans during the second quarter and over the same period last year is primarily attributable to continued expansion in the Bank's Corporate Lending and Commercial Real Estate Lending businesses, partially offset by 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, 2005, total assets were $3.0 billion, reflecting decreases of $68.8 million or 2.20% over the prior quarter and $394.4 million or 11.60% compared with the prior year. Total deposits were $1,826.0 million at June 30, 2005, a decrease of $88.1 million or 4.60% over the prior quarter and a decrease of $131.3 million or 6.70% over the prior year. The reductions in deposits were primarily attributable to the Bank's branch office strategic rationalization rationalization, in psychology: see defense mechanism. program, which included the sale of its Boston branch in June 2005, and the closing of its remaining three in-store branch locations in October October: see month. 2004. Atlantic Bank's return on average total assets for the second quarter and first half of 2005 increased to 1.26% and 1.15% respectively. 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. was 14.40% for the quarter and 13.76% for the six months ended June 30, 2005. The Bank's efficiency ratio improved for both the second quarter and the year to date to 53.77% and 55.36% respectively. The Bank's Tier I leverage ratio was 7.77% at June 30, 2005. This ratio is well in excess of 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 decreased in the quarter to $10.2 million, representing 407.32% 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 .77% of total loans, net, at June 30, 2005. Non-performing loans declined from $8.4 million or .65% of total loans, net, as of June 30, 2004 to $2.5 million or .19% of total loans, net, as of the current quarter. The Bank's return on average tangible equity was 18.88% for the quarter and 18.28% for the six months ended June 30, 2005. 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, "This quarter we again posted a significant increase in earnings over the comparable prior year period. We are proud of this achievement and believe that our company-wide focus on building relationships by profitably satisfying our clients' financial needs has been key to our ever-increasing profitability and growing value of our franchise." Established in 1926, Atlantic Bank of New York is one of the top 20 commercial banks serving the New York area. With $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 $73 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 Six Months Ended
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
--------- -------- -------- ---------
Interest Income $36,794 $35,817 $73,607 $69,842
Interest Expense 13,030 11,540 25,208 22,159
------- ------- ------- -------
Net Interest Income 23,764 24,277 48,399 47,683
(Benefit) Provision for Loan
Losses (1,434) 800 (2,405) 1,087
------- ------- ------- -------
Net Interest Income after
(Benefit) Provision for Loan
Losses 25,198 23,477 50,804 46,596
Non-Interest Income:
--------------------
Customer Related Fees &
Service Charges 1,298 1,413 2,749 2,957
Investment Management and
Commissions 2,538 2,938 5,762 5,823
Trading Income 399 1,470 1,435 2,497
Other Operating Income 1,842 1,080 2,407 1,697
Gain on Sale of Assets 1,519 102 1,465 186
Net Securities Gains /
(Losses) 57 (766) (926) (34)
------- ------- ------- -------
Total Non-Interest Income 7,653 6,237 12,892 13,126
------- ------- ------- -------
Non-Interest Expense 16,894 16,596 33,933 34,400
Income Before Taxes 15,957 13,118 29,763 25,322
Provision for Income Taxes 6,381 5,247 11,905 10,128
------- ------- ------- -------
Net Income $ 9,576 $ 7,871 $17,858 $15,194
======= ======= ======= =======
Return on Average Total Assets 1.26% 0.96% 1.15% 0.95%
Return on Average
Stockholder's Equity 14.40% 14.70% 13.76% 13.51%
Return on Average Tangible
Equity 18.88% 21.22% 18.28% 19.30%
Yield on Interest Earning
Assets 5.21% 4.73% 5.14% 4.71%
Cost of Funds 2.37% 1.84% 2.26% 1.80%
Net Interest Margin 3.37% 3.21% 3.38% 3.21%
Efficiency Ratio 53.77% 54.39% 55.36% 56.57%
Tangible Efficiency Ratio 50.72% 52.01% 52.46% 54.10%
Atlantic Bank of New York
(In thousands, except ratios)
BALANCE SHEET
HIGHLIGHTS
UNAUDITED UNAUDITED UNAUDITED
June 30, March 31, December 31, June 30,
2005 2005 2004 2004
----------- ----------- ----------- -----------
Total Assets $2,998,799 $3,067,571 $3,181,830 $3,393,217
Loans, net 1,324,261 1,304,000 1,342,113 1,283,746
Allowance for Loan
Losses 10,183 11,628 13,494 17,301
Securities Available-
For-Sale 1,433,151 1,520,944 1,597,888 1,794,357
Total Treasury
Investments 1,458,781 1,549,565 1,632,566 1,877,373
Total Deposits 1,825,982 1,914,078 1,938,599 1,957,306
Borrowings 870,283 863,530 954,562 1,171,848
Stockholder's Equity -
see Note to Financial
Summary 271,163 249,700 254,410 209,646
SELECTED FINANCIAL HIGHLIGHTS
CAPITAL RATIOS:
---------------
Risk Based Capital:
Tier I 14.04% 12.54% 11.61% 10.04%
Total 14.69% 13.23% 12.38% 10.98%
Leverage Ratio 7.77% 7.14% 6.67% 5.92%
ASSET QUALITY
-------------
Non-Performing Loans 2,500 $ 3,004 $ 5,049 $ 8,369
Other - - - -
---------- ---------- ---------- ----------
Total Non-Performing
Assets 2,500 $ 3,004 $ 5,049 $ 8,369
========== ========== ========== ==========
Allowance for Loan
Losses to Non-
Performing Assets 407.32% 387.02% 267.26% 206.73%
Allowance for Loan
Losses to Total Loans,
Net 0.77% 0.89% 1.01% 1.35%
Non-Performing Loans to
Total Loans, Net 0.19% 0.23% 0.38% 0.65%
Note to Financial Summary
-------------------------
Stockholder's equity includes unrealized losses, net of tax effect on
the Available-for-Sale investment portfolio of $10,702 at June 30,
2005, $22,589 at March 31, 2005, $9,602 at December 31, 2004, and
$34,437 at June 30, 2004.
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