U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 - QSB
[X] Quarterly report under Section 13 or 15 (d) of the Securities Exchange Act
of 1934. For the quarterly period ended March 31, 2000.
[ ] Transition report under Section 13 or 15 (d) of the Exchange Act of 1934.
For the transition period from _____________ to ______________.
Commission file number 000-22925
AMERICASBANK CORP.
(Exact Name of Small Business Issuer as Specified in Its Charter)
Maryland
52-1
948980
(State or Other Jurisdiction of (I. R. S.
Employer
Incorporation or Organization)
Identification No.)
500 York Road, Towson, Maryland 21204
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices)
410-823-0500
- --------------------------------------------------------------------------------
(Issuer's Telephone Number, Including Area Code)
3621 East Lombard Street, Baltimore, Maryland 21224
- --------------------------------------------------------------------------------
(Former Name, Former Address and Former Fiscal Year, if Changed Since
Last
Report)
Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes __X___ No _____
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: As of March 31, 2000, there were
496,000 shares of Issuer's $.01 par value common stock outstanding.
Traditional Small Business Disclosure Format (check one):
Yes __X___ No _____
PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements
AMERICASBANK CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2000 AND DECEMBER 31, 1999
March 31,
December 31,
2000
1999
(unaudited)
(unaudited)
- -------------------------------
Assets
Cash and cash equivalents:
On-hand and due from banks $ 379,000 $ 758,000
Federal funds sold 3,554,000 3,008,000
Loans receivable, net 10,372,000 8,456,000
Loans held for sale 756,000
0
Investments - held-to-maturity 950,000 998,000
Investments - available-for-sale 1,339,000 497,000
Investment in restricted stocks 351,000 306,000
Accrued interest receivable 55,000 69,000
Property and equipment, net 792,000 808,000
Other assets, net 198,000
201,000
----------
- -----------
Total assets $18,746,000
$15,101,000
-----------
- -----------
-----------
- -----------
Liabilities and Stockholders' Equity
Deposits:
Non-interest-bearing $ 1,450,000 $ 735,000
Interest-bearing 13,160,000 10,089,000
Mortgage escrow deposits 148,000 101,000
Accounts payable and accrued expenses 246,000 287,000
-----------
- -----------
Total Liabilities $15,004,000 $11,212,000
-----------
- -----------
Stockholders' Equity:
Preferred stock, par value
$0.01 per share,
5,000,000 shares authorized,
0 shares issued and outstanding
Common stock, par value $0.01
per share,
5,000,000 shares authorized,
496,000 shares issued and
outstanding 5,000
5,000
Capital Surplus 4,958,000 4,958,000
Accumulated deficit (1,212,000) (1,069,000)
Accumulated other comprehensive
income (loss) (9,000)
(5,000)
-----------
- -----------
Total stockholders' equity 3,742,000 3,889,000
-----------
- -----------
Total liabilities and
stockholders' equity $18,746,000
$15,101,000
------------
- -----------
AMERICASBANK CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
March 31,
2000
1999
(unaudited)
(unau
dited)
-----------
- -----------
Interest Income:
Interest and fee income on
loans $213,000 $151,0
00
Interest income on
investment securities 93,000 64,000
--------
- --------
Total interest income 306,000 215,000
Interest expense on deposits 152,000 99,000
--------
- --------
Net interest income 154,000 116,000
Provisions for loan losses 19,000 2,000
--------
- --------
Net interest income after
provision for loan losses 135,000 114,000
--------
- --------
Non-Interest Income:
Service Charges 10,000 10,000
Other income 5,000
--------
- --------
Total noninterest income 15,000 10,000
--------
- --------
Non-interest expenses:
Salaries and benefits 150,000 60,000
Depreciation and amortization 32,000 28,000
Occupancy expense 8,000 11,000
Data processing 23,000
17,000
Professional fees 19,000 30,000
Marketing 14,000 12,000
Office supplies 7,000 4,000
Other noninterest expenses 40,000 35,000
-------
- -------
Total noninterest expenses 293,000 197,000
-------
- -------
Net Income (Loss) before
provision for income taxes (143,000) (73,000)
Provision for income taxes 0 0
---------
- --------
Net Income (Loss) $(143,000) $(73,000)
---------
- --------
Loss per common share -
Basic and Diluted (0.29) (0.24)
Weighted Average Shares
Outstanding 496,000 302,000
AMERICASBANK CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
March 31, March 31,
2000 1999
(unaudited)
(unaudited)
-----------
- -----------
Cash Flows from Operating Activities:
Net loss $ (143,000) $ (73,000)
Adjustments to reconcile
net loss to net cash from
operating activities-
Provision for loan losses 19,000 2,000
Depreciation and amortization 33,000 28,000
Accretion of premium on mortgage
backed securities 2,000 0
Decrease (increase) in accrued
interest receivable 14,000 (3,000)
Decrease (increase) in other
assets 3,000 18,000
Decrease in accrued interest
on deposits 0
0
Disbursements for loans held
for sale (756,000) 0
Proceeds from loans held for
sale 0
0
Increase (decrease) accounts
payable and accrued expenses (41,000) 37,000
--------- --------
Net cash (used in) provided
by operating activities (869,000) 9,000
---------
- --------
Cash Flows from Investing Activities:
Purchase of investments - HTM 0 (1,066,000)
Principal repayments of
investments - HTM 46,000 139,000
Purchase of investments - AFS (863,000) (258,000)
Principal repayments of
investments - AFS 17,000 0
Purchases of investments
in restricted stocks (45,000) (2,000)
Loan principal disbursements (2,565,000) (682,000)
Loan repayments on loans
receivable 614,000
357,000
Purchase of property and
equipment (1,000)
(20,000)
----------
- -----------
Net cash (used in) provided
by investing activities (2,797,000) (1,532,000)
----------
- -----------
Cash Flows from Financing Activities:
Increase (decrease) in time
deposits 1,249,000
9,000
Increase (decrease) in all
other deposits 2,537,000 227,000
Increase in mortgage escrow
deposits 47,000
44,000
Increase in other borrowings 0 0
Proceeds from common stock
offering 0 2,352,000
Stock offering costs 0
(207,000)
----------
- -----------
Net cash (used in) provided
by financing activities 3,833,000 2,425,000
----------
- -----------
Increase (Decrease) in Cash and
Cash Equivalents 167,000 902,000
Cash and Cash Equivalents,
beginning of period 3,766,000 3,088,000
---------
- ---------
Cash and Cash Equivalents,
end of period $3,933,000 $3,990,000
---------- ----------
---------- ----------
AMERICASBANK CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE QUARTER ENDING MARCH 31, 2000 (unaudited)
Common Additional
Accumulated
Stock Paid-in Capital Deficit
- -----------------------------------------------------------------------------
Balance
December 31, 1999 $5,000 $4,958,000
$(1,
069,000) $(5,000)
$3,889,000
----------
Net Loss
(143,000)
Other comprehensive
Income (Loss):
Net unrealized holding
gains (losses) on
available-for-sale
securities
Total comprehensive
Income (Loss)
- --------------------------------------------------------------------------------
Balance
March 31, 2000 $5,000 $4,958,000
$(1,212,000)
AMERICASBANK CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Item 1. Summary of Significant Accounting Policies:
Basis of Presentation
- ---------------------
The financial statements included herein have been prepared by the
Company,
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations. However, the Company believes that the disclosures are adequate to
make the information presented not misleading. These condensed financial
statements should be read in conjunction with the financial statements and notes
thereto for the year ended December 31, 1999, included in the Company's Annual
Report on Form 10-KSB.
The unaudited condensed financial statements included herein reflect
all
adjustments (which include only normal, recurring adjustments), which are, in
the opinion of management, necessary to state fairly the results for the three
months ended March 31, 2000 and 1999. The results of the interim periods are
not necessarily indicative of the results expected for the full fiscal year.
Comprehensive Income
- --------------------
Effective January 1, 1998, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 130, "Reporting Comprehensive Income" (SFAS
No. 130). SFAS No, 130 establishes standards for reporting and the display of
comprehensive income and its components. Comprehensive income is defined as the
change in equity of a business enterprise during a period from transactions and
other events and circumstances from nonowner sources. The Company's comprehen-
sive income (loss) consists of net earnings (loss) and unrealized gains (losses)
on securities available for sale and is presented as a separate component of
stockholders' equity.
Earnings Per Share
- ------------------
As a result of Common Stock equivalents being anti-dilutive, the
Company's
basic and diluted loss per common share are equal at March 31, 2000.
Item 2.
Management's Discussion and Analysis of Financial Condition and
---------------------------------------------------------------
Results of Operations
---------------------
General
- -------
The following discussion and related financial data for the Company
provides an overview of the financial condition and results of operations of
the Company and its wholly owned subsidiary, which is presented on a
consolidated basis. The principal subsidiary is AmericasBANK. For the first
three months, the Company reported a loss of $(143,000) in 2000 and $(73,000) in
1999.
Return on average assets and return on average equity are key measures of
earnings performance. Return on average assets measures the ability of a bank to
utilize its assets in generating income. Annualized return (loss) on average
assets for the three months ended March 31, 2000 was (3.34)% compared to
(2.20)% for the same period in 1999.
The annualized return (loss) on average shareholder's equity, which
measures the income earned on the capital invested, for the three months ended
March 31, 2000, was (14.98)% compared to (8.48)% for the three months ended
March 31, 1999.
Net Interest Income
- -------------------
Net interest income represents the Company's gross profit from lending and
investment activities, and is the most significant component of the Company's
earnings. Net interest income is the difference between interest and related
fee income on earning assets (primarily loans and investments) and the cost of
funds (primarily deposits and short-term borrowings) supporting them. To
facilitate the analysis of net interest income, the attached table ("Average
Balances - Yields and Rates") is presented.
Net interest income for the first three months of 2000 totaled $154,000,
increasing 32.8% from the $116,000 recorded for the same period in 1999. The
Company's average interest-earning assets for the three months ending March 31,
2000, increased 33.0%, to $15,488,000, from $11,645,000 for the three months
ended March 31, 1999. This increase in primarily funded by strong deposit
growth for the Towson Branch generating an additional $3,887,000 in the first
three months of 2000.
The Company's net interest margin was 3.99% and 4.04% for the first
quarter of 2000 and 1999 respectively. The net interest margin is impacted by
the change in the spread between yields on earning assets and rates paid on
interest-bearing liabilities. This spread decreased by 26 basis points in the
first quarter of 2000 when compared to the same period in the prior year. The
yield on earning assets increased from 7.49% to7.92%, while rates paid on
interest-bearing liabilities increased 69 basis points to 5.20%.
The Company's refocused lending strategy has been to concentrate primarily
on commercial and construction products since the conversion in September 1999
from a thrift to a commercial bank. This strategy has served to balance the
Company's loan portfolio between mortgages and commercial products. For the
quarter ended March 31, 2000, the loan portfolio consisted of approximately 51%
mortgages and 37% commercial loans. For the quarter ended March 31, 1999, the
loan portfolio consisted of approximately 67% mortgages and 14% commercial
loans. This change in the mix has afforded the Company the opportunity to
generate higher yielding loans, many of which will adjust with prime. A
refinancing run on the higher yielding mortgages within the loan portfolio
during the first quarter of 1999 largely offset this refocused lending strategy.
The yield on investments improved 64 basis points as management sought to
take advantage of what was deemed a favorable market in the first quarter of
2000. Excess liquidity was generated by the stronger than anticipated deposit
growth of the Towson Branch which management has deemed core deposits. These
funds were moved into investments of moderate term maturity that were offering
higher than average yields. The remainder of the excess liquidity from the
first quarter deposit growth has remained in federal funds which experienced an
increase in yield of 80 basis points over the same period for 1999.
Competition and increasing interest rates have caused a significant
increase in the rate paid on interest-bearing liabilities. The Company operates
within a competitive market with many competitors of significantly larger size.
As the Federal Reserve moved to curb a robust economy throughout 2000, several
interest rate hikes have cause upward pressure on deposit rates. Many of the
Bank's competitors have been very aggressive in an attempt to gain market
share. The Company is currently implementing several strategies to offer
competitively priced products to its current and prospective customers.
Additionally, management has begun implementing several service enhancements
which it feels will sustain the Bank's deposit growth.
Non-interest Income
- -------------------
Non-interest income increased $5000, or 50.0% for the three months ended
March 31, 2000, when compared to the same period in 1999. This is primarily due
to loan fee income generated by loans held for sale activity. Beginning
mid-quarter, the Bank has associated with a mortgage company to fund a mortgage
wholesale line. The Bank realized $4,500 in fee income in the first quarter
2000, and expects to recognize additional gain as pools of mortgages are sold.
The Company's management is committed to developing and offering
innovative, market-driven products and services that will generate additional
sources of non-interest income. However, the future results of any of these
products or services cannot be predicted at this time.
Non-interest Expenses
- --------------------
Non-interest expenses increases 48.7% or $96,000 for the three months ended
March 31, 2000 when compared the first three months of 1999.
Total salaries and benefits increased $90,000 or 150% when first quarter
2000 is compared to the first quarter 1999. The Bank added two senior officers
including a senior lending officer and a chief financial officer, in addition to
staffing up the Towson Branch which opened in September 1999. The Branch
maintains a staff of six.
Allowance for Credit Losses and Problem Assets
- ----------------------------------------------
The allowance for loan losses represents a reserve for potential losses in
the loan portfolio. The adequacy of the allowance for loan losses is evaluated
periodically based on a review of all significant loans, with a particular
emphasis on non-accruing, past-due, impaired, and other loans that management
believes require attention. The determination of the reserve level rests upon
management's judgment about factors affecting loan quality and assumptions
about the economy. Management considers the quarter-end allowance appropriate
and adequate to cover possible losses in the loan portfolio; however,
management's judgment is based upon a number of assumptions about future
events, which are believed to be reasonable, but which may or may not prove
valid. Thus, there can be no assurance that charge-offs in future periods will
not exceed the allowance for loan loss or that additional increases in the loan
loss allowance will not be required.
The Bank uses a loan grading system where all loans are graded based on
management's evaluation of the risk associated with each loan. Based on the
loan grading, a factor is applied to the loan balance to reserve for potential
losses. The overall evaluation of the adequacy of the total allowance for loan
losses is based on an analysis of historical loss ratios, loan charge-offs,
delinquency trends, and previous collection experience, along with an
assessment of the effects of external economic conditions.
At March 31, 2000, the allowance for loan losses was 1.49% of total loans,
which is considered by management to be sufficient to address the credit risk in
the current loan portfolio.
The following table sets forth an analysis of the Bank's allowance for
loan losses for the periods indicated.
Three Months Ended Three
Months Ended
March 31, 2000 March 31, 1999
Allowance for loan losses, $ 138,000 $ 85,000
beginning of period
Loans charged off --- ---
Recoveries --- ---
Net loans charged off --- ---
Provision for loan losses 19,000 2,000
---------- ----------
Allowance for loan losses, $ 157,000 $ 87,000
end of period ----------- ----------
Loans (net of premiums and discounts):
Period-end balance $10,529,000 $7,012,000
Average balance during period $ 9,361,000 $6,850,000
Allowance as percentage of 1.49% 1.24%
period-end loan balance
Percent of average loans:
Provision for loan losses 0.20% 0.03%
Net charge-offs --- ---
The following table summarizes the allocation of allowance by loan
type at the dates indicated. The allocation of the allowance to each
category is not necessarily indicative of future losses and does not
restrict the use of the allowance to absorb losses in any category.
As of March 31, 2000 As of March 31, 1999
-------------------- --------------------
Percent of Percent of
Amount Total Amount Total
------ ---------- ------ ----------
Commercial -real estate $ 41,000 26.11% $12,000 13.79%
secured
Real estate - first 91,000 57.96 64,000 73.56
mortgages
Real estate - second 10,000 6.37 4,000 4.60
mortgages and home equity
Consumer 11,000 7.01 4,000 4.60
Real estate construction 1,000 0.64 3,000 3.45
Commercial - not real 3,000 1.91 - -
estate secured -------- ----- ------ ------
Total $157,000 100.00% $87,000 100.00%
Avg Balances - Yields and Rates <F1>
- ------------------------------------
Three Months Ended Three Months Ended
March 31, 2000 March 31, 1999
------------------ ------------------
Average Income/ Yield/ Average Income/
Yield/
Assets: Balance Expense Rate Balance Expense
Rate
------- ------- ----- ------- -------
- -----
Loans receivable (net 9,361,000 211,000 9.04% 6,850,000 151,000
8.94%
of unearned income)<F2>
Loans held for sale 113,000 2,000 7.10% -- --
Federal funds sold 3,791,000 55,000 5.82% 3,230,000 40,000
5.02%
Investments 2,223,000 38,000 6.86% 1,565,000 24,000
6.22%
--------- ------- ----- ---------- -------
- -----
Total earning 15,488,000 306,000 7.92% 11,645,000 215,000
7.49%
assets<F3>
Non interest 1,647,000 1,630,000
earning assets
Total assets 17,135,000 13,275,000
Liabilities and stockholders' equity:
Interest bearing 11,733,000 152,000 5.20% 8,904,000 99,000
4.51%
deposits ---------- ------- ----- --------- ------
- -----
Total interest- 11,733,000 152,000 5.20% 8,904,000 99,000
4.51%
bearing liabilities
Non-interest bearing 1,329,000 568,000 ---
deposits ---------- ------- ----- --------- ------
- ----
Total Deposits 13,062,000 152,000 4.67% 9,472,000 99,000
4.24%
Non-interest bearing 254,000 361,000
liabilities
Stockholders' equity 3,819,000 3,442,000
---------- ----------
Total liabilities 17,135,000 13,275,000
and stockholders'
equity
Interest rate spread 2.72%
2.98%
Net interest income 154,000 116,000
------- -------
Net interest margin 3.99%
4.04%
<FN>
<F1>
For the quarter ended March 31, 2000, average balances were calculated
using daily averages. For the quarter ended March 31, 1999, average balances
were calculated using month end averages, as daily averages were not available.
<F2>
Loans on non-accrual status are included in the calculation of average
balances.
<F3>
From inception to March 31, 2000, the Bank has made no loans or
investments that qualify for tax-exempt treatment and, had no tax-exempt
income.
</FN>
Quantitative and Qualitative Disclosures about Market Risk
Asset / liability management involves the funding and investing
strategies necessary to maintain an appropriate balance between interest
sensitive assets and liabilities. It also involves providing adequate
liquidity while sustaining stable growth in net interest income. Regular
review and analysis of deposit and loan trends, cash flows in various
categories of loans, and monitoring of interest spread relationships are
vital to this process.
The conduct of our banking business requires that we maintain adequate
liquidity to meet changes in the composition and volume of assets and
liabilities due to seasonal, cyclical, or other reasons. Liquidity describes
the ability of the Company to meet financial obligations that arise during
the normal course of business. Liquidity is primarily needed to meet the
borrowing and deposit withdrawal requirements of the customers of the
Company, as well as for meeting current and future planned expenditures. This
liquidity is typically provided by the funds received through customer
deposits, investment securities, loan repayments, borrowings, and income.
Management considers the current liquidity position to be adequate to meet
the needs of the Company and its customers.
The Company seeks to limit the risks associated with interest rate
fluctuations by managing the balance between interest sensitive assets and
liabilities. Managing to mitigate interest rate risk is, however, not an
exact science. Not only does the interval until repricing of interest rates
on assets and liabilities change from day to day as the assets and
liabilities change, but for some assets and liabilities, contractual maturity
and the actual maturity experienced are not the same. For example,
mortgage-backed securities may have contractual maturities well in excess of
five years but, depending upon the interest rate carried by the specific
underlying mortgages and the current prevailing rate of interest, these
securities may be repaid in a shorter time period. Accordingly, management must
make certain underlying assumptions with regard to the true interest rate
sensitivity of an asset or liability if the actual volatility experienced
differs from the contractual rate changes or maturities.
Interest rate sensitivity is an important factor in the management of
the composition and maturity configurations of the Company's earning assets
and funding sources. Management manages the interest rate sensitivity
position in order to maintain an appropriate balance between the maturity and
repricing characteristics of assets and liabilities that is consistent with
the Company's liquidity analysis, growth, and capital adequacy goals.
The Company employs computer model simulations for monitoring interest
rate sensitivity. Interest rate risk ("IRR") management has various sources
and it is not simply the risk from rates rising and falling. In fact, there
are four sources of IRR: repricing risk, basis risk, yield curve risk, and
option risk. Gap modeling only focuses on repricing risk. Income simulations
that incorporate cash flow analysis: (1) measure the size and direction of
interest rate exposure under a variety of interest rate and yield curve shape
scenarios; (2) provides the opportunity to capture all critical elements such as
volume, maturity dates, repricing dates, and repayment volumes; (3) utilizes
the data to clearly focus attention on critical variables; (4) are dynamic; and
(5)reflect changes in prevailing interest rates which affect different assets
and liabilities in different ways. These simulations are run on a quarterly
basis using an interest rate ramping technique to determine the effects on
the Company's net interest income, assuming a gradual increase or decrease in
interest rates over four successive quarters.
The Company has an interest rate risk management policy that limits the
amount of deterioration in net change in interest income to no more than
10.0% (+/-100), 12.0% (+/-200), 15.0% (+/-300) of net interest income. The
model results for March 31, 2000 are as follows:
Change in Interest Rate Assumption (000's omitted)
- --------------------------------------------------------------------------
+100bp +200bp +300bp -100bp -200bp -300bp
- --------------------------------------------------------------------------
Net interest income $14 $25 $36 ($22) ($52) ($83)
Increase (decrease)
Net interest income 2.03 3.63 5.22 (3.19) (7.55) (12.05)
% Change
- -------------------------------------------------------------------------
Capital Resources
- -----------------
The following table shows the risk-bases capital and the leverage
ratios for the Company as of March 31, 2000:
To Be Well-
Capitalized Under
For Capital Adequacy Prompt Corrective
Actual Purposes Action Provisions
-------- -----------------
Amount Ratio Amount Ratio Amount
Ratio
------ ----- ------ ----- ------
- -----
Total Risk-Based
Capital (to risk-
weighted assets) $3,743,000 32.92% $909,000 8.0% $1,137,000
10.0%
Tier I Capital
(to risk-weighted
assets) $3,604,000 31.69% $455,000 4.0% $682,000
6.0%
Tier I Capital
(to average assets) $3,604,000 25.09% $575,000 4.0% $718,000
5.0%
Contingency Planning
- --------------------
The Company has in place a Disaster Recovery Plan for its computer
operations facility and a business resumption plan for its various
departments. The mission-critical and support operations have been tested and
proven satisfactory. In the event the Company cannot perform its own core
business processes, the existing Disaster Recovery Plan would be followed to
maintain critical core functions of the Bank.
IN ADDITION TO THE HISTORICAL INFORMATION CONTAINED IN PART I OF THIS
QUARTERLY REPORT ON FORM 10-QSB, THE DISCUSSION IN PART I OF THIS QUARTERLY
REPORT ON FORM 10-QSB CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS SUCH AS
STATEMENTS OF THE COMPANY'S PLANS, OBJECTIVES, EXPECTATIONS AND INTENTIONS
THAT INVOLVE RISKS AND UNCERTAINTIES. THESE RISKS AND UNCERTAINTIES INCLUDE,
AMONG OTHERS, THE COMPANY'S LIMITED OPERATING HISTORY AND HISTORY OF LOSSES;
RISKS RELATED TO COMMERCIAL, CONSTRUCTION AND CONSUMER LENDING; RISKS RELATED TO
NEW MANAGEMENT; IMPACT OF INTEREST RATE VOLATILITY ON DEPOSITS, INTEREST
RATE, LENDING AND OTHER RISKS ASSOCIATED WITH THE LOANS ACQUIRED FROM
RUSHMORE; RISK OF LOAN LOSSES; RISK OF BRANCH EXPANSION STRATEGY; IMPACT OF
GOVERNMENT REGULATION ON OPERATING RESULTS; RISKS OF COMPETITIVE MARKET;
IMPACT OF MONETARY POLICY AND OTHER ECONOMIC FACTORS ON OPERATING RESULTS;
UNCERTAINTY AS TO EFFECTS OF FEDERAL LEGISLATION; DEVELOPMENTS IN TECHNOLOGY;
AND YEAR 2000 ISSUES. THE COMPANY'S ACTUAL RESULTS COULD DIFFER MATERIALLY FROM
THOSE DISCUSSED HEREIN.
PART II - OTHER INFORMATION
-----------------
Item 1. Legal Proceedings.
-----------------
None.
Item 2. Changes in Securities and Use of Proceeds.
-----------------------------------------
Not applicable.
Item 3. Defaults Upon Senior Securities.
-------------------------------
Not applicable.
Item 4. Submission of Matters to a Vote of Securities Holders.
-----------------------------------------------------
Not applicable.
Item 5. Other Information.
-----------------
Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
---------------------------------
Exhibits
The following exhibit is being filed herewith:
a. EXHIBIT 27 Financial Data Schedule
b. Reports on Form 8-K
The Company filed with the SEC a Current Report on Form 8-K, Item 4,
dated
April 10, 2000, to report the changes in registrant's certifying accountant.
Effective as of April 10, 2000, the Audit Committee of the Board of Directors of
AmericasBank Corp. ( the "Company") dismissed Arthur Anderson LLP as the
Company's independent accountants, and appointed Keller Bruner & Company, LLP as
the Company's independent accountants.
SIGNATURES
In accordance with the requirements of the Securities Exchange Act of
1934, as amended, the registrant caused this report to be singed on its
behalf by the undersigned, thereunto duly authorized.
AmericasBANK CORP.
Date: May 11, 2000 By: /s/ Kenneth D. Pezzulla
Kenneth D. Pezzulla
President and Chairman of the Board
of Directors
(Principal Executive Officer)
Date: May 11, 2000 By: /s/Steven T. Hudson
Steven T. Hudson
Chief Financial Officer
(Principal Financial and
Accounting Officer)
[ARTICLE] 9
[PERIOD-TYPE] 3-MOS
[FISCAL-YEAR-END] DEC-31-2000
[PERIOD-START] JAN-01-2000
[PERIOD-END] MAR-31-2000
[CASH] 379,000
[INT-BEARING-DEPOSITS] 0
[FED-FUNDS-SOLD] 3,554,000
[TRADING-ASSETS] 0
[INVESTMENTS-HELD-FOR-SALE] 1,339,000
[INVESTMENTS-CARRYING] 950,000
[INVESTMENTS-MARKET] 950,000
[LOANS] 10,529,000
[ALLOWANCE] (157,000)
[TOTAL-ASSETS] 18,746,000
[DEPOSITS] 14,610,000
[SHORT-TERM] 148,000
[LIABILITIES-OTHER] 246,000
[LONG-TERM] 0
[PREFERRED-MANDATORY] 0
[PREFERRED] 0
[COMMON] 5,000
[OTHER-SE] 3,737,000
[TOTAL-LIABILITIES-AND-EQUITY] 18,746,000
[INTEREST-LOAN] 213,000
[INTEREST-INVEST] 93,000
[INTEREST-OTHER] 0
[INTEREST-TOTAL] 306,000
[INTEREST-DEPOSIT] 152,000
[INTEREST-EXPENSE] 152,000
[INTEREST-INCOME-NET] 154,000
[LOAN-LOSSES] 19,000
[SECURITIES-GAINS] 0
[EXPENSE-OTHER] 293,000
[INCOME-PRETAX] (143,000)
[INCOME-PRE-EXTRAORDINARY] 0
[EXTRAORDINARY] 0
[CHANGES] 0
[NET-INCOME] (143,000)
[EPS-BASIC] (.29)
[EPS-DILUTED] (.29)
[YIELD-ACTUAL] 3.99
[LOANS-NON] 211,000
[LOANS-PAST] 0
[LOANS-TROUBLED] 0
[LOANS-PROBLEM] 0
[ALLOWANCE-OPEN] 138,000
[CHARGE-OFFS] 0
[RECOVERIES] 0
[ALLOWANCE-CLOSE] 157,000
[ALLOWANCE-DOMESTIC] 157,000
[ALLOWANCE-FOREIGN] 0
[ALLOWANCE-UNALLOCATED] 0