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AMERICASBANK CORP.
CONTACT: MARK H. ANDERS
PHONE: 443-921-0804
WEBSITE: www.americasbank.com
AMERICASBANK CORP. REPORTS SECOND QUARTER PROFIT
TOWSON, MD. (July 31, 2007) --AmericasBank Corp. (Nasdaq: AMAB), the
parent company of AmericasBank, today announced financial results for the
three and six months ended June 30, 2007.
The Company reported net income for the second quarter of 2007 of $123,000, or
$0.05 per basic and diluted common share, as compared with net income of
$9,000, or breakeven per basic and diluted common share for the second quarter
of 2006.
For the six months ended June 30, 2007, the Company reported net income of
$242,000 or $0.09 per basic and diluted common share, compared with a net loss
of $(205,000) or $(0.10) per basic and diluted common share for the first six
months of last year.
"We are very pleased with our results for the quarter and for the first six
months of 2007," said Mark H. Anders, President and CEO, "especially in light
of the increased staff and other costs we have absorbed as a result of our
expansion strategy."
In May, AmericasBank announced its plan to expand into as many as three to
five new communities in central Maryland by 2012 and to brand its banking
centers separately as divisions of the Bank. It will open a new banking center
in Annapolis, Maryland, late in the third quarter of 2007.
"During the recently-concluded quarter, we announced that AmericasBank is
becoming a family of community banking centers organized to look, act, and
feel like independent local banks," Anders said. "We believe that small,
independently-operated community banking centers can be successful by
providing the personal service and common sense solutions not offered by big
banks."
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Total assets for the Company were $142,394,000 at June 30, 2007, up
$60,537,000 or 74.0% from $81,857,000 a year earlier. Loans and leases, net of
allowance, increased by $43,189,000 or 68.4% to $106,335,000 at June 30, 2007,
from $63,146,000 at June 30, 2006. During the six months ended June 30, 2007,
total assets increased by 31.7%, and loans and leases, net of the allowance
increased 25.7%. Total deposits were $125,219,000 at June 30, 2007, compared
to $91,585,000 at December 31, 2006, and $65,532,000 at June 30, 2006.
Total interest revenue for the three months ended June 30, 2007, was
$2,482,000, an increase of 75.9% over interest revenues of $1,411,000 for the
three months ending June 30, 2006. Net interest income for the three months
ended June 30, 2007, increased 54.8% to $1,247,000, compared to same period
last year. The net interest margin on earning assets was unchanged at 4.22%
for the second quarter of 2007 and the second quarter of 2006. The net
interest spread increased to 3.64% in the second quarter of 2007 from 3.51% in
the second quarter of 2006. The net interest margin and net interest spread
for the six months ended June 30, 2007 was 4.26% and 3.66%, respectively.
The provision for loan and lease losses was $59,000 for the three months ended
June 30, 2007, up $25,000 or 74.8% over the second 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 1.03% of loans and leases
outstanding at June 30, 2007, compared to 1.20% at December 31, 2006 and 0.71%
at June 30, 2006. Non-performing assets to total assets declined to 0.55% at
June 30, 2007 from 0.71% at December 31, 2006. The Company reported $131,000
in net charge-offs during the second quarter in conjunction with the
foreclosure on a land development loan that had been non-performing. The
amount of the charge-off was previously reserved in the third quarter of 2006.
Noninterest revenue for the three months ended June 30, 2007, was $139,000, a
2.8% increase over the same period last year. Noninterest revenue is comprised
mostly of mortgage banking gains and fees, which increased 1.4% to $112,000 in
the second quarter of 2007 compared to same period in 2006.
Noninterest expense was $1,203,000 and $2,141,000 for the three months and six
months ending June 30, 2007, an increase of 34.0% and 22.5% over the
year-earlier periods. Salaries and employee-benefits expense for the three-
and six-month periods increased by $216,000 and $268,000 over the year-earlier
periods, or 40.6 % and 25.7%, respectively. Occupancy, furniture, and
equipment expense increased by $58,000 or 82.8% and $78,000 or 50.1 % during
the three and six months ending June 30, 2007, as compared to the year-earlier
periods.
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The significant increases in noninterest expense for the three- and six-month
periods are related to the Company's expansion strategy, including new space
for its mortgage lending group and the opening of a loan production office in
Frederick, Maryland during in second half of 2006, as well as the opening of a
loan production office in Annapolis, Maryland, in March 2007, and the
expansion of its staff in its Towson banking center in the second quarter of
2007.
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.
SUPPLEMENTAL FINANCIAL DATA IS ATTACHED
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<Table>
<Caption>
AMERICASBANK CORP. AND SUBSIDIARY
UNAUDITED SUMMARY FINANCIAL DATA
------------------------------------ ---------------------------------
CONSOLIDATED STATEMENT OF OPERATIONS CONSOLIDATED STATEMENT OPERATIONS
------------------------------------ ---------------------------------
THREE MONTHS ENDED SIX MONTHS ENDED
------------------------------------ ---------------------------------
6/30/2007 6/30/2006 6/30/2007 6/30/2007
------------------------------------ ---------------------------------
INCOME STATEMENT DATA:
Interest revenue $ 2,481,771 $ 1,411,071 $ 4,649,328 $ 2,612,872
Interest expense 1,235,241 605,671 2,279,312 1,197,464
------------------------------------ ---------------------------------
Net interest income 1,246,530 805,400 2,370,016 1,415,408
Provision for loan and lease losses 59,415 34,000 217,415 89,000
Noninterest revenue 139,099 135,369 230,987 217,069
Noninterest expenses 1,203,168 897,817 2,141,181 1,748,200
------------------------------------ ---------------------------------
Income (loss) before incomes taxes 123,046 8,952 242,407 (204,723)
Income taxes - - - -
------------------------------------ ---------------------------------
Net income (loss) $ 123,046 $ 8,952 $ 242,407 $ (204,723)
==================================== =================================
PER SHARE AND SHARES OUTSTANDING DATA:
Basic and diluted net income (loss) per
common share $ 0.05 $ - $ 0.09 $ (0.10)
Average shares outstanding, basic and
diluted 2,654,202 2,662,581 2,654,202 2,016,564
PERFORMANCE RATIOS:
Return on average assets 0.41% 0.05% 0.43% (0.54)%
Return on average equity 2.95% 0.21% 2.95% (3.35)%
Net interest margin 4.22% 4.22% 4.26% 3.88%
</Table>
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<Table>
<Caption>
AMERICASBANK CORP. AND SUBSIDIARY
UNAUDITED SUMMARY FINANCIAL DATA
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COMPARATIVE SUMMARY FINANCIAL DATA BY QUARTER
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QUARTER ENDED
-----------------------------------------------------------------------------------
6/30/2007 3/31/2007 12/31/2006 9/30/2006 6/30/2006
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INCOME STATEMENT DATA:
Interest revenue $ 2,481,771 $ 2,167,557 $ 2,062,426 $ 1,738,65 $ 1,411,071
Interest expense 1,235,241 1,044,071 1,006,550 813,784 605,671
-----------------------------------------------------------------------------------
Net interest income 1,246,530 1,123,486 1,055,876 924,874 805,400
Provision for loan and lease losses 59,415 158,000 97,500 470,000 34,000
Noninterest revenue 139,099 91,888 128,352 123,593 135,369
Noninterest expenses 1,203,168 938,013 953,044 938,262 897,817
-----------------------------------------------------------------------------------
Income (loss) before incomes taxes 23,046 119,361 133,684 (359,795) 8,952
Income taxes - - - - -
-----------------------------------------------------------------------------------
Net income (loss) $ 123,046 $ 119,361 $ 133,684 $ (359,795) $ 8,952
===================================================================================
PER SHARE AND SHARES OUTSTANDING DATA:
Basic and diluted net income
(loss) per common share $ 0.05 $ 0.04 $ 0.05 $ (0.14) $ -
Tangible book value per common
share at period end $ 6.06 $ 6.00 $ 5.94 $ 5.88 $ 5.98
Average shares outstanding, basic
and diluted 2,654,202 2,654,202 2,654,202 2,654,202 2,662,581
BALANCE SHEET DATA:
Total assets $142,393,571 $113,838,480 $108,158,098 $ 96,316,169 $ 81,856,691
Total loans, net 106,335,050 96,116,533 84,586,933 78,396,299 63,146,031
Total deposits 125,219,231 97,130,397 91,584,537 80,138,125 65,532,429
Stockholders' equity $ 16,312,56 $ 16,154,352 $ 15,992,396 $ 15,835,797 $ 16,105,896
PERFORMANCE RATIOS:
Net interest margin 4.22% 4.31% 4.14% 4.12% 4.22%
ASSET QUALITY RATIOS:
Allowance to period-end loans 1.03% 1.21% 1.20% 1.15% 0.71%
Non-performing loans to allowance
for loan and lease losses 70.61% 52.72% l75.08% 68.01% 138.91%
Non-performing assets to total assets 0.55% 0.55% 0.71% 0.65% 0.77%
Net chargeoffs (recoveries) to
average loans 0.13% - - 0.01% -
CAPITAL RATIOS:
Total risk-based capital ratio 15.17% 17.30% 21.63% 23.29% 27.78%
Tier I risk-based capital ratio 14.16% 16.07% 20.38% 22.04% 26.98%
Tier I leverage capital ratio 13.30% 14.73% 15.21% 17.05% 20.00%
</Table>