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 -0-
*T 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% *T
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