AmericasBank Corp. Reports First Quarter Profit

  
    
  
  
    
      AmericasBank Corp. (Nasdaq:AMAB), the parent company of AmericasBank, 
      today announced financial results for the three months ended March 31, 
      2007.
    
    
      For the first quarter of 2007, the Company reported net income of 
      $119,000 or $0.04 per basic and diluted common share, as compared with a 
      net loss of $214,000 or ($0.16) per basic and diluted common share for 
      the first quarter of 2006.
    
    
      “We were pleased with the results in the first 
      quarter,” said Mark H. Anders, President and 
      CEO of the Company. “Our loan growth and 
      revenue growth continue to outpace our noninterest expenses as we add 
      resources to grow our community banking business.”
    
    
      “We believe that these continuing solid 
      results validate our focus on face-to-face, personalized, 
      service-intensive local banking,” Anders added.
    
    
      Total assets for the Company were $113,838,000 at March 31, 2007, up 
      $34,906,000 or 44.2% from $78,932,000 a year earlier. Loans and leases, 
      net of allowance, increased by $41,253,000 or 75.2% to $96,116,000 at 
      March 31, 2007, from $54,863,000 at March 31, 2006. Total assets and 
      loans and leases, net of allowance, increased by 5.3% and 13.6%, 
      respectively, during the three months ended March 31, 2007, compared to 
      December 31, 2006. Total deposits were $97,130,000 at March 31, 2007, 
      compared to $62,452,000 at March 31, 2006, and $91,585,000 at December 
      31, 2006.
    
    
      Total interest revenue for the three months ended March 31, 2007 
      increased 80.4%, from $1,202,000 at March 31, 2006 to $2,168,000 at 
      March 31, 2007, primarily due to a 50.1% increase in average earning 
      assets for the period. Net interest income for the three months ended 
      March 31, 2007 increased $513,000 to $1,123,000 or 84.2% compared to 
      same period last year, as the net interest margin on earning assets 
      increased to 4.31% from 3.51% and the net interest spread increased to 
      3.68% from 3.21%.
    
    
      The provision for loan and lease losses was $158,000 for the three 
      months ended March 31, 2007, up $103,000 or 187.3% over the first 
      quarter of 2006. The increase in the loan loss reserve reflects growth 
      in the loan portfolio and the reassessment of the risk factors used for 
      calculating the allowance for loan and lease losses that was announced 
      in the fourth quarter of last year. The allowance for loan and lease 
      losses was 1.21% of loans and leases outstanding at March 31, 2007 
      compared to 0.76% and 1.20% at March 31, 2006 and December 31, 2006, 
      respectively. Non-performing assets to total assets declined to 0.55% at 
      March 31, 2007 from 0.71% at December 31, 2006. There were no additions 
      to non-performing assets during the three months ended March 31, 2007, 
      and the Company reported no charged off loans during the first quarter.
    
    
      Noninterest revenue for the three months ended March 31, 2007 was 
      $92,000, a 12.5% increase over the same period last year. Noninterest 
      revenue is comprised mostly of mortgage banking gains and fees which 
      increased 11.1% to $67,000 in the first quarter of 2007 compared to 2006.
    
    
      Noninterest expenses for the three months ended March 31, 2007 were 
      $938,000 compared to $850,000 for the three months ended March 31, 2006, 
      an $88,000 or 10.3% increase. Salaries and employee benefits increased 
      by $24,000 or 5.9% and $28,000 or 24.9%, respectively, in the first 
      quarter of 2007, compared to 2006. Other expenses, including occupancy 
      and furniture and equipment, increased by $36,000 or 10.5%.
    
    
      About AmericasBank Corp.
    
    
      AmericasBank Corp. is the parent company of AmericasBank, a 
      Maryland-chartered commercial bank headquartered in Towson, Maryland. 
      AmericasBank is dedicated to contributing to the growth and prosperity 
      of the communities it serves, with a special focus on serving the needs 
      of the business community and promoting home ownership.
    
    
      The statements in this press release that are not historical facts 
      constitute "forward-looking statements" as defined by Federal Securities 
      laws. Such statements, regarding AmericasBank Corp.'s anticipated future 
      results of operations, are subject to risks and uncertainties that could 
      cause actual results to differ materially from future results expressed 
      or implied by such forward-looking statements. Potential risks and 
      uncertainties include, but are not limited to: the risk that 
      AmericasBank Corp. may continue to incur losses; the possible loss of 
      key personnel; the inability to successfully implement strategic 
      initiatives; risk of changes in interest rates, deposit flows and loan 
      demand; risk associated with having a large percentage of residential 
      real estate loans secured by investment properties; risk of an industry 
      concentration with respect to deposits; risk of credit losses; risks 
      associated with residential mortgage lending, including acting as a 
      correspondent lender; risk associated with a slowdown in the housing 
      market or high interest rates; the allowance for loan and lease losses 
      may not be sufficient; operational risks of the leasing companies to 
      which AmericasBank has extended credit in connection with the lease 
      portfolio; dependence on third party vendors; risk of possible future 
      regulatory action as a result of past violations of the Real Estate 
      Settlement Procedures Act; as well as changes in economic, competitive, 
      governmental, regulatory, technological and other factors that may 
      affect AmericasBank Corp. or AmericasBank specifically or the banking 
      industry generally. Forward-looking statements speak only as of the date 
      they are made. AmericasBank Corp. will not update forward-looking 
      statements to reflect factual assumptions, circumstances or events that 
      have changed after a forward-looking statement was made. For further 
      information, please refer to the AmericasBank Corp.'s filings with the 
      U.S. Securities and Exchange Commission and available at their web site www.sec.gov.
    
    
      
        
          AmericasBank Corp. and SubsidiaryUnaudited Summary 
          Financial Data
        
      
      
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          Consolidated Statement of Operations
        
      
      
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
           
        
        
          3/31/2007 
        
        
           
        
        
           
        
        
          3/31/2006 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income Statement Data:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Interest revenue
        
        
        
        
          $
        
        
          2,167,557 
        
        
        
        
          $
        
        
          1,201,801 
        
      
      
        
          Interest expense
        
        
        
        
           
        
        
          1,044,071 
        
        
           
        
        
           
        
        
          591,793 
        
      
      
        
          Net interest income
        
        
        
        
        
        
          1,123,486 
        
        
        
        
        
        
          610,008 
        
      
      
        
          Provision for loan and lease losses
        
        
        
        
        
        
          158,000 
        
        
        
        
        
        
          55,000 
        
      
      
        
          Noninterest revenue
        
        
        
        
        
        
          91,888 
        
        
        
        
        
        
          81,700 
        
      
      
        
          Noninterest expenses
        
        
        
        
           
        
        
          938,013 
        
        
           
        
        
           
        
        
          850,383 
        
      
      
        
          Income (loss) before incomes taxes
        
        
        
        
        
        
          119,361 
        
        
        
        
        
        
          (213,675)
        
      
      
        
          Income taxes
        
        
        
        
           
        
        
          - 
        
        
           
        
        
           
        
        
          - 
        
      
      
        
          Net income (loss)
        
        
        
        
          $
        
        
          119,361 
        
        
           
        
        
          $
        
        
          (213,675)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Per Share and Shares Outstanding Data:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic and diluted net income (loss) per common share
        
        
        
        
          $
        
        
          0.04 
        
        
        
        
          $
        
        
          (0.16)
        
      
      
        
          Average shares outstanding, basic and diluted
        
        
        
        
        
        
          2,654,202 
        
        
        
        
        
        
          1,363,369 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Performance Ratios:
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Return on average assets
        
        
        
        
        
        
          0.45%
        
        
        
        
        
        
          (1.19)%
        
      
      
        
          Return on average equity
        
        
        
        
        
        
          2.96%
        
        
        
        
        
        
          (11.17)%
        
      
      
        
          Net interest margin
        
        
        
        
        
        
          4.31%
        
        
        
        
        
        
          3.51%
        
      
    
    
      
        
          AmericasBank Corp. and Subsidiary
        
      
      
        
          Unaudited Summary Financial Data
        
      
      
        
        
        
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
        
        
        
        
          Comparative Summary Financial Data by Quarter
        
      
      
        
        
        
        
        
          Quarter Ended
        
      
      
        
        
        
        
        
           
        
        
          3/31/2007 
        
        
           
        
        
           
        
        
          12/31/2006 
        
        
           
        
        
           
        
        
          9/30/2006 
        
        
           
        
        
           
        
        
          6/30/2006 
        
        
           
        
        
           
        
        
          3/31/2006 
        
      
      
        
          Income Statement Data:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Interest revenue
        
        
        
        
          $
        
        
          2,167,557 
        
        
        
        
          $
        
        
          2,062,426 
        
        
        
        
          $
        
        
          1,738,658 
        
        
        
        
          $
        
        
          1,411,071 
        
        
        
        
          $
        
        
          1,201,801 
        
      
      
        
          Interest expense
        
        
        
        
           
        
        
          1,044,071 
        
        
           
        
        
           
        
        
          1,006,550 
        
        
           
        
        
           
        
        
          813,784 
        
        
           
        
        
           
        
        
          605,671 
        
        
           
        
        
           
        
        
          591,793 
        
      
      
        
          Net interest income
        
        
        
        
        
        
          1,123,486 
        
        
        
        
        
        
          1,055,876 
        
        
        
        
        
        
          924,874 
        
        
        
        
        
        
          805,400 
        
        
        
        
        
        
          610,008 
        
      
      
        
          Provision for loan and lease losses
        
        
        
        
        
        
          158,000 
        
        
        
        
        
        
          97,500 
        
        
        
        
        
        
          470,000 
        
        
        
        
        
        
          34,000 
        
        
        
        
        
        
          55,000 
        
      
      
        
          Noninterest revenue
        
        
        
        
        
        
          91,888 
        
        
        
        
        
        
          128,352 
        
        
        
        
        
        
          123,593 
        
        
        
        
        
        
          135,369 
        
        
        
        
        
        
          81,700 
        
      
      
        
          Noninterest expenses
        
        
        
        
           
        
        
          938,013 
        
        
           
        
        
           
        
        
          953,044 
        
        
           
        
        
           
        
        
          938,262 
        
        
           
        
        
           
        
        
          897,817 
        
        
           
        
        
           
        
        
          850,383 
        
      
      
        
          Income (loss) before incomes taxes
        
        
        
        
        
        
          119,361 
        
        
        
        
        
        
          133,684 
        
        
        
        
        
        
          (359,795)
        
        
        
        
        
        
          8,952 
        
        
        
        
        
        
          (213,675)
        
      
      
        
          Income taxes
        
        
        
        
           
        
        
          - 
        
        
           
        
        
           
        
        
          - 
        
        
           
        
        
           
        
        
          - 
        
        
           
        
        
           
        
        
          - 
        
        
           
        
        
           
        
        
          - 
        
      
      
        
          Net income (loss)
        
        
        
        
          $
        
        
          119,361 
        
        
           
        
        
          $
        
        
          133,684 
        
        
           
        
        
          $
        
        
          (359,795)
        
        
           
        
        
          $
        
        
          8,952 
        
        
           
        
        
          $
        
        
          (213,675)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Per Share and Shares Outstanding Data:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Basic and diluted net income (loss) per common share
        
        
        
        
          $
        
        
          0.04 
        
        
        
        
          $
        
        
          0.05 
        
        
        
        
          $
        
        
          (0.14)
        
        
        
        
          $
        
        
          - 
        
        
        
        
          $
        
        
          (0.16)
        
      
      
        
          Tangible book value per common share at period end
        
        
        
        
          $
        
        
          6.00 
        
        
        
        
          $
        
        
          5.94 
        
        
        
        
          $
        
        
          5.88 
        
        
        
        
          $
        
        
          5.98 
        
        
        
        
          $
        
        
          5.93 
        
      
      
        
          Average shares outstanding, basic and diluted
        
        
        
        
        
        
          2,654,202 
        
        
        
        
        
        
          2,654,202 
        
        
        
        
        
        
          2,654,202 
        
        
        
        
        
        
          2,662,581 
        
        
        
        
        
        
          1,363,369 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Balance Sheet Data:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          113,838,480 
        
        
        
        
          $
        
        
          108,158,098 
        
        
        
        
          $
        
        
          96,316,169 
        
        
        
        
          $
        
        
          81,856,691 
        
        
        
        
          $
        
        
          78,932,257 
        
      
      
        
          Total loans, net
        
        
        
        
        
        
          96,116,533 
        
        
        
        
        
        
          84,586,933 
        
        
        
        
        
        
          78,396,299 
        
        
        
        
        
        
          63,146,031 
        
        
        
        
        
        
          54,863,173 
        
      
      
        
          Total deposits
        
        
        
        
        
        
          97,130,397 
        
        
        
        
        
        
          91,584,537 
        
        
        
        
        
        
          80,138,125 
        
        
        
        
        
        
          65,532,429 
        
        
        
        
        
        
          62,452,118 
        
      
      
        
          Stockholders’ equity
        
        
        
        
          $
        
        
          16,154,352 
        
        
        
        
          $
        
        
          15,992,396 
        
        
        
        
          $
        
        
          15,835,797 
        
        
        
        
          $
        
        
          16,105,896 
        
        
        
        
          $
        
        
          16,098,687 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Performance Ratios:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Net interest margin
        
        
        
        
        
        
          4.31%
        
        
        
        
        
        
          4.14%
        
        
        
        
        
        
          4.12%
        
        
        
        
        
        
          4.22%
        
        
        
        
        
        
          3.51%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Asset Quality Ratios:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Allowance to period-end loans
        
        
        
        
        
        
          1.21%
        
        
        
        
        
        
          1.20%
        
        
        
        
        
        
          1.15%
        
        
        
        
        
        
          0.71%
        
        
        
        
        
        
          0.76%
        
      
      
        
          Non-performing loans to allowance for loan and lease losses
        
        
        
        
        
        
          52.72%
        
        
        
        
        
        
          75.08%
        
        
        
        
        
        
          68.01%
        
        
        
        
        
        
          138.91%
        
        
        
        
        
        
          148.45%
        
      
      
        
          Non-performing assets to total assets
        
        
        
        
        
        
          0.55%
        
        
        
        
        
        
          0.71%
        
        
        
        
        
        
          0.65%
        
        
        
        
        
        
          0.77%
        
        
        
        
        
        
          0.79%
        
      
      
        
          Net chargeoffs (recoveries) to average loans
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          0.01%
        
        
        
        
        
        
          - 
        
        
        
        
        
        
          - 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Capital Ratios:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Total risk-based capital ratio
        
        
        
        
        
        
          17.30%
        
        
        
        
        
        
          21.63%
        
        
        
        
        
        
          23.29%
        
        
        
        
        
        
          27.78%
        
        
        
        
        
        
          31.21%
        
      
      
        
          Tier I risk-based capital ratio
        
        
        
        
        
        
          16.07%
        
        
        
        
        
        
          20.38%
        
        
        
        
        
        
          22.04%
        
        
        
        
        
        
          26.98%
        
        
        
        
        
        
          30.41%
        
      
      
        
          Tier I leverage capital ratio
        
        
        
        
        
        
          14.73%
        
        
        
        
        
        
          15.21%
        
        
        
        
        
        
          17.05%
        
        
        
        
        
        
          20.00%
        
        
        
        
        
        
          21.75%