Blankenhorn Reports Strong First Quarter Earnings for American Security Bank.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 Security Bank reported net earnings of $2.2 million for the first quarter of 2007. "It was a strong first quarter for American Security Bank. Our record first quarter performance continues a three-year growth trend and follows one of the organization's strongest years ever," announced David T. Blankenhorn, President/CEO. Growth in earnings represented an increase of 18 percent over earnings reported for the same time period in 2006 and was positively impacted by a sustained growth in assets and by the recovery of a loan previously charged to loan loss reserves. Average assets for the first quarter of 2007 increased $47 million or 12 percent over total average assets for the first quarter 2006. Total Assets of the organization increased to $582 million. The Bank has more than doubled in size over a three-year period. Loans, net of the allowance for potential losses, increased to $320 million at March 31, 2007, representing a 4 percent increase over net loans at the end of the first quarter 2006. "We have concentrated our efforts on developing long term relationships with strong commercial and retail clients," stated Blankenhorn. Deposits totaled $522 million at the end of the most recent quarter, representing an increase of 45 percent over total deposits of one year ago. The Bank's growth continues to be funded by core deposit relationships, with non-interest bearing checking accounts representing over 33 percent of the Bank's total deposit base. American Security Bank operates offices in a four-county footprint that covers the fastest growing regions A growing region is an area suited by climate and soil conditions to the cultivation of a certain type of crop. Most crops are cultivated not in one place only, but in several distinct regions in diverse parts of the world. in the nation: Orange, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. and Riverside counties. They have six full-service banking offices; Santa Ana, Laguna Niguel, Upland Upland, city (1990 pop. 63,374), San Bernardino co., S Calif., in a citrus-fruit region at the foot of the San Gabriel Mts.; inc. 1906. Citrus fruits and grapes are packed and processed in the city. Paint, orchard heaters, auto parts, and feed products are also made. , Apple Valley, Lancaster and Victorville and two loan production offices, one in Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. and one in the city of Covina. The Bank will open a 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. , CA location in the summer of 2007 and expects to break ground on a new building in Apple Valley.
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