Americasbank (MM) (NASDAQ:AMAB)
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From Jul 2019 to Jul 2024
AmericasBank Corp. (NASDAQ:AMAB), the parent company of
AmericasBank, today reported a net loss of $213,675 or $(0.16) per
basic and diluted common share for the quarter ended March 31, 2006
compared to a net loss of $152,507 or $(0.16) per basic and diluted
common share for the quarter ending March 31, 2005.
Loans and leases, net of allowance, at March 31, 2006 were $54.9
million, up 12.0% from $49.0 million reported at December 31, 2005,
and 65.1% above $33.2 million a year ago at March 31, 2005. Total
deposits were $62.5 million at March 31, 2006, up 49.6% from $41.8
million at March 31, 2005, primarily as a result of offering premium
rate certificates of deposit and money market accounts. Total assets
advanced to $78.9 million at March 31, 2006, up 67.4% from $47.1
million a year earlier. Stockholders equity increased $10.8 million to
$16.1 million at March 31, 2006, as the Company completed a common
stock offering for approximately $11.0 million in March 2006.
"We had good loan growth on a linked-quarter basis as well as
year-over-year, with good growth in the major segments of the loan
portfolio," said President and CEO Mark Anders. "We did experience a
decline in mortgage originations and sales of loans in the first
quarter of 2006 which we expected given the seasonality of the
mortgage business."
"We see healthy demand for our products and services. In response,
we continue to look for opportunities to hire additional experienced
commercial bankers and mortgage loan originators during 2006," said
Anders. "The completion of our successful stock offering and our new
listing on the Nasdaq Capital Market during the first quarter are
significant milestones for the company, as well as an encouraging
showing of support from new investors."
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.