Atlantic Bank of New York Announces Record 2004 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 was $23.5 million for the fourth quarter and $97.2 million for the year, representing an increase of 9.9% and 18.1% respectively over the comparable prior year periods. The net interest margin for the quarter remained essentially flat at 3.09% from the 3.07% reported for the same quarter last year and increased to 3.21% at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2004 from the 3.01% reported year-end 2003. The growth in net interest income for the fourth quarter and full year 2004 is mainly attributable to an increase in average interest-earning assets, primarily commercial real estate loans and investment securities. The benefit for loan losses for the fourth quarter and year-end 2004 was $.7 million and $2.1 million respectively, compared with a provision of $.6 million and $1.0 million for the comparable periods last year. The benefit for the fourth quarter and year-end 2004 is primarily attributable to a substantial recovery on a previously charged off loan, combined with continuing improvement in the quality of the company's credit portfolios. Non-interest income for the fourth quarter and year ended December 31, 2004 was $6.4 million and $26.3 million respectively, compared with $7.1 million and $28.6 million for the comparable prior year periods. The variances from the 2003 fourth quarter and year-end periods are primarily due to reduced commercial real estate loan pre-payment fees resulting from a decline in refinancing Refinancing An extension and/or increase in amount of existing debt. activity and decreases in recognized securities gains, partially offset by favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. increases in trading income. Non-interest expense for the fourth quarter was $15.2 million, a $3.5 million or 18.6% improvement compared with the same quarter last year. This reduction is primarily due to a significant property tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. to the Bank and a prior year goodwill impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge that had been posted for the Bank's subsidiary, Gramercy gra·mer·cy interj. Archaic Used to express surprise or gratitude. [Middle English gramerci, from Old French grand merci : grand, great; see grand + Leasing. For the full year 2004, non-interest expense was $67.0 million, an increase of $2.5 million or 3.9% compared with the $64.5 million reported for the full year 2003. The year over year increase in non-interest expense is attributable to costs associated with the Bank's branch expansion activities and its 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 Retail Branch operation in the fourth quarter of last year. Due to the Bank's continued emphasis on strategic cost management throughout the company, expenses in the Bank's core businesses remained fairly stable throughout the year. Commenting on the Bank's 2004 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, "We are very pleased with the Bank's continued posting of quality earnings growth. Our focused marketing and sales activities, combined with our continued company-wide expense management discipline, are moving our business forward in line with our overall plan. We are excited about the increased business potential and growth opportunities yet ahead of us as we enter 2005 with an even more focused approach to pursuing our strategic goals in selected markets." 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 $1,342.1 million at December 31, 2004, compared with $1,354.1 million at September September: see month. 30, 2004 and $1,226.1 million at December 31, 2003. These results reflect a slight decrease of .9% over the prior quarter and a 9.5% increase over the comparable prior year-end. The principal sources of loan growth over the past year were in the Bank's commercial real estate and multi-family lending businesses as well as its corporate lending operation. As of December 31, 2004 total assets were $3,182.3 million, reflecting an increase of 2.7% over the prior year-end. Total deposits were $1,938.6 million at December 31, 2004, down .8% from the previous quarter and up 5.9% compared with the prior year-end. The Bank's year over year deposit growth is attributable to continued success in executing its sales and business development activities. The Bank's continued focus on fostering long term client relationships and core deposit acquisition has resulted in core deposits growing as a proportion of its total deposits to 80.2% at December 31, 2004 from 74.4% the prior year-end. Atlantic Bank's return on average total assets rose to 1.14% for the fourth quarter and 1.08% for the full year 2004 compared to .74% and .93% for the comparable 2003 periods. Return on average tangible equity increased to 19.77% for the quarter and to 21.05% for the twelve months ended December 31, 2004, compared with 13.89% and 17.14% for the same periods the prior year. The Bank's efficiency ratio reflected continual improvement Continual Improvement (also called incremental improvement or staircase improvement) is a process or productivity improvement tool intended to have a stable and consistent growth and improvement of all the segments of a process or processes. for both the fourth quarter and the year-end 2004 to 51.03% and 54.27% respectively, compared with 65.76% and 58.08% for the same periods last year. The Bank's Tier I leverage ratio was 6.67% at December 31, 2004, compared with the 5.93% reported last year-end. This ratio significantly exceeds 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 as a percentage of total loans was 1.01% at December 31, 2004 compared with 1.39% for the prior year. The allowance for loan losses represents 267.26% of non-performing assets as of December 31, 2004, versus 196.28% for the prior year. Non-performing assets declined to $5.0 million as of December 31, 2004 from $8.7 million reported for the prior year-end. Established in 1926, Atlantic Bank of New York is one of the top 20 commercial banks serving the New York area. With $3.2 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,
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 $66 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 Year Ended
UNAUDITED UNAUDITED UNAUDITED
December December December December
31, 2004 31, 2003 31, 2004 31, 2003
--------- --------- --------- ---------
Interest Income $ 35,666 $ 32,023 $145,566 $129,122
Interest Expense 12,202 10,678 48,339 46,774
-------- -------- -------- --------
Net Interest Income 23,464 21,345 97,227 82,348
(Benefit) Provision for Loan
Losses (735) 611 (2,054) 959
-------- -------- -------- --------
Net Interest Income after
(Benefit) Provision for Loan
Losses 24,199 20,734 99,281 81,389
Non-Interest Income:
-------------------------------
Customer Related Fees & Service
Charges 1,486 1,540 6,011 6,245
Investment Management and
Commissions 2,939 3,413 12,910 13,852
Trading Income 982 758 4,592 2,656
Other Operating Income 608 770 3,010 2,730
Gain on Sale of Loans 45 459 239 825
Net Securities Gains / (Losses) 348 167 (500) 2,318
-------- -------- -------- --------
Total Non-Interest Income 6,408 7,107 26,262 28,626
-------- -------- -------- --------
Non-Interest Expense 15,237 18,709 67,009 64,476
Income Before Taxes 15,370 9,132 58,534 45,539
Provision for Income Taxes 6,146 3,653 23,412 18,215
-------- -------- -------- --------
Net Income $ 9,224 $ 5,479 $ 35,122 $ 27,324
======== ======== ======== ========
Return on Average Total Assets 1.14% 0.74% 1.08% 0.93%
Return on Average Stockholder's
Equity 14.68% 10.08% 15.12% 13.00%
Return on Average Tangible
Equity 19.77% 13.89% 21.05% 17.14%
Yield on Interest Earning
Assets 4.70% 4.61% 4.75% 4.69%
Cost of Funds 2.04% 1.87% 1.88% 1.98%
Net Interest Margin 3.09% 3.07% 3.21% 3.01%
Efficiency Ratio 51.03% 65.76% 54.27% 58.08%
Tangible Efficiency Ratio 48.16% 60.58% 51.70% 57.53%
Atlantic Bank of New York
(In thousands, except ratios)
BALANCE SHEET HIGHLIGHTS
UNAUDITED UNAUDITED
December September December
31, 2004 30, 2004 31, 2003
----------- ----------- -----------
Total Assets $3,182,343 $3,278,494 $3,097,899
Loans, net 1,342,113 1,354,139 1,226,087
Allowance for Loan Losses 13,494 16,522 17,147
Securities Available-For-Sale 1,597,888 1,669,497 1,569,549
Total Treasury Investments 1,632,565 1,714,347 1,608,875
Total Deposits 1,938,599 1,954,167 1,830,427
Borrowings 952,602 1,041,700 1,014,164
Stockholder's Equity - see Note to
Financial Summary 254,410 244,376 220,446
SELECTED FINANCIAL HIGHLIGHTS
CAPITAL RATIOS:
---------------
Risk Based Capital:
Tier I 11.61% 11.02% 10.75%
Total 12.38% 11.96% 11.86%
Leverage Ratio 6.67% 6.13% 5.93%
ASSET QUALITY
-------------
Non-Performing Loans $ 5,049 $ 7,608 $ 8,736
Other - - -
---------- ---------- ----------
Total Non-Performing Assets $ 5,049 $ 7,608 $ 8,736
========== ========== ==========
Allowance for Loan Losses to Non-
Performing Assets 267.26% 217.16% 196.28%
Allowance for Loan Losses to Total
Loans, Net 1.01% 1.22% 1.39%
Non-Performing Loans to Total
Loans, Net 0.38% 0.56% 0.71%
Note to Financial Summary
-------------------------
Stockholder's equity includes unrealized losses, net of tax effect on
the Available- for-Sale investment portfolio of $9,602 at December
31, 2004, $10,388 at September 30, 2004 and $8,444 at December 31,
2003.
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion