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%
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