AmericasBank Corp., the Towson-based parent company of AmericasBank, announced a $333,000 increase in net income for the first quarter of 2007 when compared with the same period a year ago.
For the first quarter last year, AmericasBank reported a loss of net income totaling $214,000. Getting back into the black for the same period this year, AmericasBank saw a substantial increase and $119,000 profit. Total assets were up for the quarter, leveling off at $114 million, up nearly $35 million from last year.
“Our loan growth and revenue growth continue to outpace our noninterest expenses as we add resources to grow our community banking business,” Mark Anders, president and CEO of AmericasBank, said in a statement. “We believe that these continued solid results validate our focus on … service-intensive local banking.”
As of Tuesday, shares of AmericasBank were trading at $6.58, down 41 cents or 5.87 percent
