Americasbank (MM) (NASDAQ:AMAB)
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AmericasBank Corp. (Nasdaq:AMAB), the parent company of
AmericasBank today announced financial results for the second quarter
and six months ending June 30, 2006, which included a profitable
current quarter, continuing improvement in operations and growth in
its loan portfolio and net interest margins.
Net income for the second quarter was $8,952, as compared with a
net loss of $(151,470) for the second quarter of 2005. For the first
half of 2006, the company reported a net loss of $(204,723), compared
with a net loss of $(303,977) for the first half of last year.
On a sequential basis, net interest income increased 32.0% to
$805,400 for the three months ended June 30, 2006 from $610,000 for
the three months ended March 31, 2006, as the company's net interest
margin increased to 4.22% from 3.51%. Non interest revenues increased
65.7% to $135,369 for the quarter ended June 30, 2006 from $81,700 for
the quarter ended March 31, 2006, reflecting seasonality in the
company's mortgage business and a slowdown in the real estate market.
Noninterest expenses increased 5.6% between the first and second
quarters of 2006, to $897,817 for the three months ended June 30,
2006.
On a comparative basis to the three and six months ended June 30,
2005, net interest income in 2006 increased 120.7% and 95.1%,
respectively, while non interest revenues contracted (5.1)% and
(22.3)%, respectively. Noninterest expenses on a comparative basis
increased 40.5% and 35.6% for the same periods, respectively.
"Consistent, high-quality loan growth and a better net interest
margin led to a profitable second quarter, continuing our trend of
overall improvement in both financial performance and operational
stability," said Mark H. Anders, President & CEO of AmericasBank. "We
made significant investments in our staff and added seasoned talent to
our lending team to capitalize on the strong loan demand within our
local niche markets."
Total assets at June 30, 2006 topped $81.8 million, an increase of
12.5% or $9.1 million since December 31, 2005. Loans and leases, net
of the allowance for loan losses, were $63.1 million at June 30, 2006,
compared with $49.0 million at December 31, 2005 and $39.1 million at
the end of the second quarter of 2005.
Total deposits at June 30, 2006 were $65.5 million, down from
$67.2 million at December 31, 2005 and up from $56.8 million at June
30, 2005. Stockholders equity amounted to $16.1 million at June 30,
2006, compared with $5.3 million at December 31, 2005 and $5.2 million
at June 30, 2005.
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; risks associated with
AmericasBank's lending limit; risks associated with the lack of a
credit facility; 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
insufficient capital; 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.
SUPPLEMENTAL FINANCIAL DATA IS ATTACHED
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AmericasBank Corp. and Subsidiary
Unaudited Summary Financial Data
----------------------------------------------
Consolidated Statement of Operations
----------------------------------------------
Six months ended Three months ended
----------------------- ----------------------
6/30/2006 6/30/2005 6/30/2006 6/30/2005
----------- ----------- ----------- ----------
Income Statement Data:
Interest revenue $2,612,872 $1,390,534 $1,411,071 $745,668
Interest expense 1,197,464 664,922 605,671 380,763
----------- ----------- ----------- ----------
Net interest income 1,415,408 725,612 805,400 364,905
Provision for loan
and lease losses 89,000 20,000 34,000 20,000
Noninterest revenue 217,069 279,217 135,369 142,672
Noninterest expenses 1,748,200 1,288,806 897,817 639,047
----------- ----------- ----------- ----------
Income (loss) before
incomes taxes (204,723) (303,977) 8,952 (151,470)
Income taxes - - - -
----------- ----------- ----------- ----------
Net income (loss) $ (204,723) $ (303,977) $ 8,952 $(151,470)
=========== =========== =========== ==========
Per Share and Shares
Outstanding Data:
Basic and diluted net
income (loss) per
common share $ (0.10) $ (0.16) $ - $ (0.16)
Average shares
outstanding, basic
and diluted 2,016,564 941,702 2,662,581 941,702
Performance Ratios:
Return on average
assets (0.54)% (1.27)% 0.05% (1.12)%
Return on average
equity (3.35)% (11.69)% 0.21% (11.91)%
Net interest margin 3.88 % 3.17 % 4.22% 2.83 %
----------------------------------------
Comparative Summary Financial Data by
Quarter
----------------------------------------
Quarter Ended
----------------------------------------
6/30/2006 3/31/2006 12/31/2005
----------------------------------------
Income Statement Data:
Interest revenue $ 1,411,071 $ 1,201,801 $ 1,113,345
Interest expense 605,671 591,793 565,528
----------------------------------------
Net interest income 805,400 610,008 547,817
Provision for loan and lease
losses 34,000 55,000 17,000
Noninterest revenue 135,369 81,700 181,666
Noninterest expenses 897,817 850,383 705,191
----------------------------------------
Income (loss) before incomes
taxes 8,952 (213,675) 7,292
Income taxes - - -
----------------------------------------
Net income (loss) $ 8,952 $ (213,675)$ 7,292
========================================
Per Share and Shares
Outstanding Data:
Basic and diluted net income
(loss) per common share $ - $ (0.16)$ -
Book value per common share
at period end $ 6.07 $6.04 $5.58
Average shares outstanding,
basic and diluted 2,662,581 1,363,369 941,702
Balance Sheet Data:
Total
assets $81,856,691 $78,932,257 $72,746,064
Total loans, net 63,146,031 54,863,173 48,989,605
Total deposits 65,532,429 62,452,118 67,175,482
Stockholders' equity $16,105,896 $16,098,687 $ 5,256,051
Performance Ratios:
Net interest margin 4.22% 3.51% 3.15%
Asset Quality Ratios:
Allowance to period-end
loans 0.71% 0.76% 0.74%
Non-performing loans to
allowance for loan and
lease losses 138.91% 148.45% 169.73%
Non-performing assets to
total assets 0.77% 0.79% 0.86%
Net chargeoffs (recoveries)
to average loans - - -
Capital Ratios:
Total risk-based capital
ratio 27.78% 31.21% 11.32%
Tier I risk-based capital
ratio 26.98% 30.40% 10.54%
Tier I leverage capital
ratio 20.00% 21.75% 6.95%
--------------------------
Quarter Ended
--------------------------
9/30/2005 6/30/2005
--------------------------
Income Statement Data:
Interest revenue $ 937,002 $ 745,668
Interest expense 454,157 380,763
--------------------------
Net interest income 482,845 364,905
Provision for loan and lease
losses 15,000 20,000
Noninterest revenue 170,712 142,672
Noninterest expenses 649,658 639,047
--------------------------
Income (loss) before incomes
taxes (11,101) (151,470)
Income taxes - -
--------------------------
Net income (loss) $ (11,101) $ (151,470)
==========================
Per Share and Shares
Outstanding Data:
Basic and diluted net income
(loss) per common share $ (0.01) $ (0.16)
Book value per common share
at period end $ 5.51 $ 5.47
Average shares outstanding,
basic and diluted 941,702 941,702
Balance Sheet Data:
Total
assets $71,307,715 $62,030,668
Total loans, net 45,897,697 39,087,278
Total deposits 65,938,331 56,774,868
Stockholders' equity $ 5,184,807 $ 5,155,512
Performance Ratios:
Net interest margin 3.23% 2.83%
Asset Quality Ratios:
Allowance to period-end
loans 0.76% 0.85%
Non-performing loans to
allowance for loan and
lease losses 177.94% 185.86%
Non-performing assets to
total assets 0.87% 1.00%
Net chargeoffs (recoveries)
to average loans - -
Capital Ratios:
Total risk-based capital
ratio 12.84% 14.37%
Tier I risk-based capital
ratio 11.98% 13.45%
Tier I leverage capital
ratio 7.97% 9.02%
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