American Bank Inc (AMBK) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2007

American Bank Inc

CIK: 1163747 Ticker: AMBK


                                  PRESS RELEASE


CONTACT: Mark W. Jaindl (        Phone:        610-366-1800
         American Bank, Inc.                          Toll-Free:    888-366-6622
         President and Chief Executive Officer        Fax:          610-366-1900

                  American Bank Reports First Quarter Earnings

Allentown, PA, April 11, 2007 - American Bank Incorporated (NasdaqCM: AMBK), the
parent company of American Bank, today announced  earnings for the quarter ended
March 31, 2007.  Net income for the quarter was  $759,000,  or $0.12 per diluted
share,  an increase from $738,000 or $0.10 per diluted share for the same period
in the prior year. Net interest  income for the quarter ended March 31, 2007 was
$2.3 million, a decrease of $279,000 from the prior year quarter ended March 31,
2006. The decrease in net interest  income was a result of a decrease in average
interest-earning assets of $23.5 million to $484.6 million at March 31, 2007 and
a 13 basis point  decline in net  interest  margin to 1.93% at March 31, 2007, a
consequence of the continued  inverted  Treasury yield curve.  Total assets were
$504.4  million at the end of the  quarter,  while total  deposits  increased to
$384.6 million.  Non-interest  income  increased by $290,000 to $407,000 for the
quarter  ended March 31, 2007,  compared to $117,000 for the quarter ended March
31, 2006.  The increase was primarily  the result of gains  realized on sales of
securities of $194,000 in the current quarter  compared to a net loss of $90,000
for the same period in 2006.  Non-interest  expense increased $110,000,  to $1.6
million  during the quarter  ended March 31, 2007,  compared to $1.5 million for
the quarter  ended March 31,  2006.  The  increase in  non-interest  expense was
partially  the result of a new  assessment  for FDIC  insurance  of $48,000  and
expenses relating to the previously announced deregistration of $42,000.

In addition to the release of first quarter earnings,  President and CEO Mark W.
Jaindl stated, "On April 2, 2007, Conestoga Bancorp, Inc. closed on the purchase
of PSB  Bancorp,  Inc.  at a price of $16.72 per share.  On that date,  American
Bank,  Inc. held 321,643  shares of PBS Bancorp,  Inc. stock and will realize an
after-tax gain on the sale of  approximately  $1.6 million in the second quarter
of 2007."

On March 20,  2007,  the Board of Directors of American  Bank,  Inc.  declared a
quarterly  dividend of $0.05 per share of common stock to shareholders of record
on April  13,  2007 and  payable  on April  27,  2007.  American  Bank will also
continue its Dividend  Reinvestment Plan, which allows  shareholders to purchase
additional  shares of American Bank,  Inc.  common stock at a 5% discount to the
average of the closing "bid" and "ask" price on the Record Date.

In a continued  effort to enhance  shareholder  value,  on February 8, 2007, the
Board of Directors of American Bank, Inc.  announced that it had approved a plan
to  deregister  the  Company's  common  stock with the  Securities  and Exchange
Commission ("SEC"). The decision to deregister the Company was made by the Board
after  careful  consideration  and  review of the costs and  burdens  related to
remaining a public  company,  including  compliance  with provisions of Sarbanes
Oxley,  specifically SOX 404. The  deregistration  of the Company's common stock
will  allow the Board and  management  to focus  their  time and  efforts on the
long-term growth and  profitability  of the Company,  and will have an immediate
positive  impact on earnings as it will result in the  avoidance of future costs
and the reduction of current costs totaling  approximately $275,000 annually. It
is expected  that a  shareholder  vote on the  deregistration  will occur at the
Annual Shareholders meeting to be held in late June or July.

American  Bank,  Inc.  common  stock last  traded at $8.37 per  share.  American
Capital Trust I Preferred Securities last traded at $9.00.

About American Bank

American  Bank offers a complete  selection of banking  services  that  includes
checking,  money  market,  savings,   certificates  of  deposit,   consumer  and
commercial loans, free personal online bill payment, credit cards and VISA check
cards.  delivers a full range of  real-time  Internet  banking and
discount brokerage services,  while consistently  offering some of the best loan
and deposit rates in the United States. American Bank has been recognized as one
of the top Internet  banks in the country and has  received the
Top Tier award for consistently  offering annual  percentage  yields (APYs) that
were among the highest reported. American Bank is FDIC insured.

American  Bank  Online  and  are  registered  trade  marks for the
Internet  financial  services  provided by  American  Bank,  a  state-chartered,
FDIC-insured,  full-service  financial  institution serving customers throughout
the United States. American Bank is a member of the Federal Reserve System.

Forward-Looking Statements

     Certain  statements  contained herein are not based on historical facts and
are  "forward-looking  statements"  within the  meaning  of  Section  27A of the
Securities Act of 1933 and Section 21E of the  Securities  Exchange Act of 1934.
Such  forward-looking  statements  may be  identified  by  reference to a future
period or periods, or by the use of forward-looking terminology,  such as "may,"
"will," "believe," "expect,"  "estimate,"  "anticipate,"  "continue," or similar
terms  or  variations   on  those  terms,   or  the  negative  of  those  terms.
Forward-looking  statements  are  subject to numerous  risks and  uncertainties,
including,  but not  limited  to,  those  related to the  economic  environment,
particularly  in the market  areas in which the  Company  operates,  competitive
products  and  pricing,  fiscal and  monetary  policies of the U.S.  Government,
changes in government  regulations affecting financial  institutions,  including
regulatory fees and capital requirements,  changes in prevailing interest rates,
risks  associated with the conduct of the Company's  business over the internet,
credit risk management, asset-liability management, the financial and securities
markets and the availability of and costs associated with sources of liquidity.

     The Company  wishes to caution  readers not to place undue  reliance on any
such  forward-looking  statements,  which  speak only as of the date  made.  The
Company  wishes to advise readers that the factors listed above could affect its
financial  performance  and could cause the Company's  actual results for future
periods to differ  materially  from any opinions or  statements  expressed  with
respect to future  periods  in any  current  statements.  The  Company  does not
undertake  and  specifically  declines any  obligation  to publicly  release the
result of any revisions  that may be made to any  forward-looking  statements to
reflect events or circumstances  after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events.

American Bank, Inc.
Selected Financial Information
(In thousands, except per share data)
March 31, December 31, --------- ------------ 2007 2006 2006 ---- ---- ---- Unaudited Selected Financial Condition Data: ---------------------------------- Total assets $ 504,368 $ 524,874 $ 504,595 Loans receivable, net 311,313 308,409 319,969 Allowance for loan losses 3,734 3,521 3,734 Securities available for sale (at fair value) 147,405 178,067 149,636 Securities held to maturity (at cost) 10,624 13,327 11,709 Deposits 384,551 382,998 368,995 Short-term debt 11,440 27,920 27,616 Long-term debt 61,705 69,820 61,734 Mandatory redeemable convertible debentures 10,503 10,503 10,503 Stockholders' equity 34,583 31,824 34,219 Book value per share $ 5.81 $ 5.27 $ 5.68 Shares outstanding 5,990 6,839 6,020
For the Three Months Ended March 31, ---------------------- 2007 2006 ---- ---- Unaudited Selected Operating Data: ------------------------ Total interest income $ 7,053 $ 6,802 Total interest expense 4,719 4,189 ----------------------------- Net interest income 2,334 2,613 Provision for loan losses - 128 ------------------------------ Net interest income after provision for loan losses 2,334 2,485 ------------------------------ Fees and service charges 48 51 Net gains on available for sale securities 194 (90) Net realized gain on sale of mortgage loans 16 10 Earnings from Bank-owned life insurance 86 87 Other income 63 59 ------------------------------ Total non-interest income 407 117 ------------------------------ Total operating expense 1,649 1,539 ------------------------------ Income before taxes on income 1,092 1,063 Taxes on income 333 325 --------------- -------------- Net income $ 759 $ 738 =============== ============== Earnings per share-basic $ 0.13 $ 0.11 =============== ============== Earnings per share-diluted $ 0.12 $ 0.10 =============== ============== Weighted average shares outstanding for earnings per share calculation-basic 5,977 6,839 =============== ============== -diluted 7,210 8,073 =============== ==============
American Bank, Inc. Selected Financial Information
For the Three Months Ended March 31, ---------------------- 2007 2006 ---- ---- Unaudited Performance Ratios (1): ----------------------- Return on assets (ratio of net income to average total assets) 0.60% 0.56% Return on equity (ratio of net income to average equity) 8.80% 7.53% Net interest margin (ratio of net interest income divided by average earning assets) 1.93% 2.06% Ratio of operating expense to average total assets 1.31% 1.16% Efficiency ratio (ratio of operating expenses divided by net interest income plus non-interest income) 0.16% 56.37% Asset Quality Ratios: --------------------- Non-performing assets to total assets at end of period 0.01% 0.01% Allowance for loan losses to non-performing loans 5485.61% 8739.58% Allowance for loan losses to loans receivable 1.16% 1.13% Regulatory Capital Ratios-Bank: ------------------------------- Tier I to average assets 8.55% 7.82% Tier I to risk weighted assets 11.87% 11.50% Total capital to risk weighted assets 12.92% 12.50% --------------------------------------------------------------- (1) Ratios for three month periods are annualized.

The following information was filed by American Bank Inc (AMBK) on Friday, April 13, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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American Bank Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2007 10-K Annual Report includes:

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  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


SEC Filing Tools
Ticker: AMBK
CIK: 1163747
Form Type: 10-Q Quarterly Report
Accession Number: 0001116502-07-000959
Submitted to the SEC: Mon May 14 2007 10:30:41 AM EST
Accepted by the SEC: Mon May 14 2007
Period: Saturday, March 31, 2007
Industry: National Commercial Banks

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