AmericasBank Corp. reports results for first quarter of 2006
11 Maio 2006 - 9:35AM
Business Wire
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.
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