American Business Bank Reports Fourth Quarter Earnings
American Business Bank (AMBZ) reported Q4 2024 net income of $12.5 million ($1.33 per diluted share), up 16% from Q3 2024 and 10% from Q4 2023. Full-year 2024 net income was $43.3 million ($4.64 per share), slightly down 2% from 2023.
Key Q4 highlights include net interest margin expansion to 3.32%, total loans increase of $127 million (4.9%), and cost of average deposits declining to 1.28%. The bank maintains strong asset quality with minimal past due loans and no borrowings at quarter-end. Non-interest bearing demand deposits represent 45% of total deposits.
For full-year 2024, total loans increased by $171 million (6.6%) and total deposits grew by $147 million (4.2%). The bank expanded its team by hiring 11 new relationship managers in 2024, bringing the total to 47 calling officers. AMBZ also announced its first share repurchase program for 227,541 shares, expiring January 2026.
American Business Bank (AMBZ) ha riportato un reddito netto per il quarto trimestre 2024 di $12,5 milioni ($1,33 per azione diluita), in aumento del 16% rispetto al terzo trimestre 2024 e del 10% rispetto al quarto trimestre 2023. Il reddito netto complessivo per l'anno 2024 è stato di $43,3 milioni ($4,64 per azione), leggermente in calo del 2% rispetto al 2023.
I punti salienti del quarto trimestre includono l'espansione del margine di interesse netto al 3,32%, un aumento totale dei prestiti di $127 milioni (4,9%) e un calo del costo dei depositi medi all'1,28%. La banca mantiene una solida qualità degli attivi con prestiti scaduti minimi e nessun finanziamento alla fine del trimestre. I depositi a vista non remunerati rappresentano il 45% del totale dei depositi.
Per l'intero anno 2024, i prestiti totali sono aumentati di $171 milioni (6,6%) e i depositi totali sono cresciuti di $147 milioni (4,2%). La banca ha ampliato il suo team assumendo 11 nuovi manager individuali nel 2024, portando il totale a 47 funzionari incaricati. AMBZ ha inoltre annunciato il suo primo programma di riacquisto azioni per 227.541 azioni, in scadenza a gennaio 2026.
American Business Bank (AMBZ) reportó ingresos netos del cuarto trimestre de 2024 por $12.5 millones ($1.33 por acción diluida), un aumento del 16% respecto al tercer trimestre de 2024 y del 10% en comparación con el cuarto trimestre de 2023. Los ingresos netos totales para el año 2024 fueron de $43.3 millones ($4.64 por acción), una ligera disminución del 2% respecto a 2023.
Los aspectos destacados del cuarto trimestre incluyen la expansión del margen de interés neto al 3.32%, un aumento total de préstamos de $127 millones (4.9%), y una disminución del costo de los depósitos promedio al 1.28%. El banco mantiene una sólida calidad de activos con préstamos vencidos mínimos y sin endeudamiento al final del trimestre. Los depósitos a la vista no remunerados representan el 45% del total de los depósitos.
Para el año completo de 2024, los préstamos totales aumentaron en $171 millones (6.6%) y los depósitos totales crecieron en $147 millones (4.2%). El banco expandió su equipo al contratar a 11 nuevos gerentes de relaciones en 2024, llevando el total a 47 oficiales de atención. AMBZ también anunció su primer programa de recompra de acciones para 227,541 acciones, que vence en enero de 2026.
아메리칸 비즈니스 뱅크 (AMBZ)는 2024년 4분기 순이익이 1,250만 달러(희석 주당 1.33달러)로 보고되었으며, 이는 2024년 3분기 대비 16% 증가했고 2023년 4분기 대비 10% 증가한 수치입니다. 2024년 전체 연도 순이익은 4,330만 달러(주당 4.64달러)로, 2023년 대비 2% 소폭 감소했습니다.
4분기의 주요 내용으로는 순이자 마진이 3.32%로 확대되고, 총 대출이 1억 2,700만 달러(4.9%) 증가했으며, 평균 예금 비용이 1.28%로 감소했습니다. 은행은 최소한의 연체 대출과 분기말에 차입금이 없는 강력한 자산 품질을 유지하고 있습니다. 비이자형 수시입출금예금은 총 예금의 45%를 차지합니다.
2024년 전체 연도로는 총 대출이 1억 7,100만 달러(6.6%) 증가했고, 총 예금은 1억 4,700만 달러(4.2%) 성장했습니다. 은행은 2024년에 11명의 새로운 관계 관리자를 채용하여 총 47명의 고객 관리자를 운영하게 되었습니다. AMBZ는 227,541주의 주식 매입 프로그램을 발표했으며, 이는 2026년 1월에 만료됩니다.
American Business Bank (AMBZ) a annoncé un revenu net de 12,5 millions de dollars (1,33 $ par action diluée) pour le quatrième trimestre 2024, en hausse de 16 % par rapport au troisième trimestre 2024 et de 10 % par rapport au quatrième trimestre 2023. Le revenu net total pour l'année 2024 était de 43,3 millions de dollars (4,64 $ par action), en légère baisse de 2 % par rapport à 2023.
Les faits marquants du quatrième trimestre incluent une expansion de la marge d'intérêt net à 3,32 %, une augmentation totale des prêts de 127 millions de dollars (4,9 %) et une baisse du coût des dépôts moyens à 1,28 %. La banque maintient une bonne qualité d'actifs avec des prêts en souffrance minimaux et aucun emprunt à la fin du trimestre. Les dépôts à vue non rémunérés représentent 45 % du total des dépôts.
Pour l'année complète 2024, les prêts totaux ont augmenté de 171 millions de dollars (6,6 %) et les dépôts totaux ont crû de 147 millions de dollars (4,2 %). La banque a élargi son équipe en embauchant 11 nouveaux gestionnaires de relations en 2024, portant le total à 47 agents de contact. AMBZ a également annoncé son premier programme de rachat d'actions pour 227 541 actions, qui expirera en janvier 2026.
American Business Bank (AMBZ) berichtete für das 4. Quartal 2024 einen Nettogewinn von 12,5 Millionen Dollar (1,33 Dollar pro verwässerter Aktie), was einem Anstieg von 16% im Vergleich zum 3. Quartal 2024 und 10% im Vergleich zum 4. Quartal 2023 entspricht. Der Nettogewinn für das Gesamtjahr 2024 betrug 43,3 Millionen Dollar (4,64 Dollar pro Aktie), was einer leichten Abnahme von 2% im Vergleich zu 2023 entspricht.
Die wichtigsten Highlights des 4. Quartals sind die Erweiterung der Nettozinsspanne auf 3,32%, ein Anstieg der Gesamtdarlehen um 127 Millionen Dollar (4,9%) und ein Rückgang der Kosten für die durchschnittlichen Einlagen auf 1,28%. Die Bank hält eine starke Vermögensqualität aufrecht, mit minimalen überfälligen Krediten und keinen Krediten am Quartalsende. Nicht verzinsliche Sichteinlagen machen 45% der Gesamteinlagen aus.
Für das Gesamtjahr 2024 stiegen die Gesamtdarlehen um 171 Millionen Dollar (6,6%) und die Gesamteinlagen wuchsen um 147 Millionen Dollar (4,2%). Die Bank erweiterte ihr Team durch die Einstellung von 11 neuen Relationship-Managern im Jahr 2024 und brachte die Gesamtzahl der Sachbearbeiter auf 47. AMBZ kündigte auch ihr erstes Aktienrückkaufprogramm für 227.541 Aktien an, das im Januar 2026 ausläuft.
- Q4 net income increased 16% quarter-over-quarter to $12.5 million
- Net interest margin expanded to 3.32% from 3.13% in Q3
- Total loans grew $127 million (4.9%) in Q4
- Cost of average deposits decreased to 1.28% from 1.44%
- Strong asset quality with minimal past due loans
- No borrowings at quarter-end
- Full-year 2024 net income decreased 2% to $43.3 million
- Non-interest bearing deposits decreased from 47% to 45% of total deposits
- Q4 deposits declined by $71 million (1.9%)
- Non-performing assets increased by $0.4 million in Q4
Net Income for the quarter increased over the prior quarter
Fourth Quarter 2024 Highlights
-
Net income for the quarter totaled
$12.5 million $1.33 -
Net interest margin expanded to
3.32% from3.13% in the prior quarter -
Cost of average deposits declined to
1.28% compared to1.44% in the prior quarter -
Total loans increased
$127 million 4.9% over the prior quarter - Net yield on interest earning assets increased 1 basis points over the prior quarter
-
Non-interest bearing demand deposits represent
45% of total deposits - Minimal past due loans
- No borrowings at end of the fourth quarter 2024
-
Tangible book value per share of
$38.98 - Continued status as well-capitalized, the highest regulatory category
Full Year 2024 Highlights
-
Net income for the year of
$43.3 million $4.64 -
Total loans increased
$171 million 6.6% -
Total deposits increased
$147 million 4.2% -
Total core deposits increased
$115 million 3.6%
For the year ended December 31, 2024, net income was
Leon Blankstein, Chief Executive Officer and Director, commented, “Our thoughts have been with everyone affected by the fires especially our customers and their employees. We are thankful for the first responders who were valiant in their service to our communities. Although our initial assessment indicates a minimal impact on the Bank, this fire event will have repercussions for
“As to the fourth quarter, the loan growth of nearly
“We were thrilled to see positive core deposit growth for the year. The deposit growth in the second and third quarters from existing customers was significant. We previously noted that some of the deposit inflows in those quarters were event-driven and would not remain on the balance sheet over the long term as observed by the decline in deposits for the fourth quarter. The deposit pipeline of new customer relationships remains strong and should drive further core deposit growth in 2025. The key to our success continues to be attracting new business clients through our outstanding team of relationship managers.
“The Bank continued to expand our team by hiring 11 new accomplished relationship managers in 2024 bringing the total to 47 calling officers up from 41 a year ago. The recent announcement of our new
“The announcement of our first share repurchase program represents another step in the evolution of the Bank. This program will provide the Bank with flexibility to manage its capital. As always, our goal remains to be the premier relationship banking franchise in
For the quarter ended December 31, 2024, net interest income was
The allowance for credit losses as a percentage of loans was
For the year ended December 31, 2024, net income was lower compared to the year ended December 31, 2023 mainly due to an increase in salaries and employee benefits.
Net Interest Margin
Net interest margin for the fourth quarter of 2024 increased to
Net Interest Income
For the quarter ended December 31, 2024, net interest income increased by
Provision for Credit Losses
The following table presents details of the provision for credit losses for the periods indicated:
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
|||||||||||||||
| (Figures in |
|||||||||||||||||||
| Addition (recapture) to allowance for loan losses | $ |
1,350 |
|
$ |
266 |
|
$ |
1,049 |
|
$ |
1,840 |
|
$ |
3,054 |
|||||
| Addition (recapture) to reserve for unfunded loan commitments |
|
(590 |
) |
|
(266 |
) |
|
(490 |
) |
|
(856 |
) |
|
344 |
|||||
| Total loan-related provision | $ |
760 |
|
$ |
- |
|
$ |
559 |
|
$ |
984 |
|
$ |
3,398 |
|||||
| Addition to allowance for held-to-maturity securities |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|||||
| Total provision for credit losses | $ |
760 |
|
$ |
- |
|
$ |
559 |
|
$ |
984 |
|
$ |
3,398 |
|||||
Non-Interest Income
The increase in non-interest income compared to the prior quarter is primarily due to a reduction of loss on the sale of municipal investment securities. The increase in non-interest income compared to the prior year quarter is primarily due an increase in deposit fees.
For the year ended December 31, 2024, non-interest income decreased
Non-Interest Expense
For the quarter ended December 31, 2024, total non-interest expense was comparable to the prior quarter and increased
There were 247 full time equivalent employees at December 31, 2024 compared to 233 a year ago and 248 at September 30, 2024. The Bank has 47 relationship managers in eight offices compared to 48 at September 30, 2024 and 41 at December 31, 2023.
For the year ended December 31, 2024, non-interest expense increased
Income Taxes
The effective income tax rate was
Balance Sheet
For the quarter ended December 31, 2024, total loans increased
| December 31, 2024 |
September 30, 2024 |
||||||
| (Figures in |
|||||||
| RE - Owner-occupied | $ |
1,195,845 |
$ |
1,130,647 |
|||
| RE - Non-owner occupied |
|
762,848 |
|
736,124 |
|||
| Construction & Land |
|
95,441 |
|
88,669 |
|||
| Total CRE Loans | $ |
2,054,135 |
$ |
1,955,440 |
|||
The following table is the composition of the owner-occupied and non-owner-occupied CRE loans by collateral type:
| as of December 31, 2024 | ||||||
| Owner-occupied | Non owner-occupied | |||||
| (Figures in |
||||||
| Industrial | $ |
709,428 |
$ |
327,881 |
||
| Office |
|
181,400 |
|
100,686 |
||
| Retail |
|
22,518 |
|
187,767 |
||
| Automobile Service Facilities |
|
63,930 |
|
22,460 |
||
| Contractor's Yard |
|
80,593 |
|
6,705 |
||
| School |
|
41,995 |
|
- |
||
| Storage |
|
- |
|
11,268 |
||
| Miscellaneous |
|
95,981 |
|
106,080 |
||
| Total | $ |
1,195,845 |
$ |
762,848 |
||
Total investment securities at December 31, 2024 were
Deposits declined by
During the fourth quarter of 2024, total assets decreased
The Federal Reserve Bank (FRB) Term Funding Program ended March 11, 2024 and was paid in full on July 31, 2024. As of December 31, 2024, the Bank has
The Bank announced a Stock Repurchase Program in January 2025 for 227,541 shares that expires January of 2026. As of this date, no shares have been repurchased.
Asset Quality
The following table presents asset quality overview as of the dates indicated:
| December 31, 2024 |
September 30, 2024 |
|||||||
| (Figures in |
||||||||
| Non-performing assets (NPA) | $ |
7,360 |
|
$ |
6,969 |
|
||
| Loans 90+ days past due and still accruing |
|
- |
|
|
- |
|
||
| Total NPA | $ |
7,360 |
|
$ |
6,969 |
|
||
| NPA as a % of total assets |
|
0.18 |
% |
|
0.17 |
% |
||
| Past Due as a % of total loans |
|
0.01 |
% |
|
0.00 |
% |
||
| Criticized as a % of total loans |
|
4.31 |
% |
|
4.48 |
% |
||
| Classified as a % of total loans |
|
0.96 |
% |
|
0.90 |
% |
||
During the fourth quarter of 2024, non-performing assets (NPAs) increased by
The loan portfolio has approximately
Our commercial real estate lending is primarily owner-occupied which is not dependent on rent rolls, but reliant on the cash flows of the operating business that occupies the property. C&I and owner-occupied commercial real estate portfolios comprise
At this time, the Bank estimates that the loan portfolio has two pieces of collateral on commercial properties that have been destroyed by the January fires in
The following table represents the allowance for credit losses for loans as of and for the dates and periods indicated:
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, 2024 |
September 30, 2024 |
December 31, 2023 |
December 31, 2024 |
December 31, 2023 |
|||||||||||||||
| (Figures in |
|||||||||||||||||||
| Balance, beginning of period | $ |
29,105 |
|
$ |
28,843 |
|
$ |
27,601 |
|
$ |
28,460 |
|
$ |
29,635 |
|
||||
| Cumulative effect of change in accounting principle - CECL |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(3,885 |
) |
||||
| Charge-offs |
|
(10 |
) |
|
(4 |
) |
|
(200 |
) |
|
(113 |
) |
|
(394 |
) |
||||
| Recoveries |
|
3 |
|
|
- |
|
|
10 |
|
|
261 |
|
|
50 |
|
||||
| Net (charge-offs) / recoveries | $ |
(7 |
) |
$ |
(4 |
) |
$ |
(190 |
) |
$ |
148 |
|
$ |
(344 |
) |
||||
| Provision |
|
1,350 |
|
|
266 |
|
|
1,049 |
|
|
1,840 |
|
|
3,054 |
|
||||
| Balance, end of period | $ |
30,448 |
|
$ |
29,105 |
|
$ |
28,460 |
|
$ |
30,448 |
|
$ |
28,460 |
|
||||
| Allowance as a % of loans |
|
1.11 |
% |
|
1.11 |
% |
|
1.10 |
% |
|
1.11 |
% |
|
1.10 |
% |
||||
The allowance for credit losses for loans increased to
ABOUT AMERICAN BUSINESS BANK
American Business Bank, headquartered in downtown
FORWARD LOOKING STATEMENTS
This communication contains certain forward-looking information about American Business Bank that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions and other statements that are not historical facts. Such statements are based on information available at the time of this communication and are based on current beliefs and expectations of the Bank’s management and are subject to significant risks, uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors, including various risk factors. We are under no obligation (and expressly disclaim any such obligation) to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| American Business Bank | ||||||||||||
| Figures in |
||||||||||||
| BALANCE SHEETS (unaudited) | ||||||||||||
| December | September | December | ||||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
||
| Assets: | ||||||||||||
| Cash and Due from Banks | $ |
35,544 |
|
$ |
109,214 |
|
$ |
32,354 |
|
|||
| Interest Earning Deposits in Other Financial Institutions |
|
66,073 |
|
|
168,521 |
|
|
10,804 |
|
|||
| Investment Securities: | ||||||||||||
| US Agencies |
|
71,836 |
|
|
73,265 |
|
|
91,226 |
|
|||
| Mortgage Backed Securities |
|
375,402 |
|
|
400,381 |
|
|
413,870 |
|
|||
| State and Municipals |
|
76,442 |
|
|
78,504 |
|
|
91,949 |
|
|||
| Corporate Bonds |
|
14,594 |
|
|
14,371 |
|
|
14,157 |
|
|||
| Securities Available-for-Sale, at Fair Value |
|
538,274 |
|
|
566,521 |
|
|
611,202 |
|
|||
| Mortgage Backed Securities |
|
166,915 |
|
|
169,623 |
|
|
178,985 |
|
|||
| State and Municipals |
|
377,947 |
|
|
383,483 |
|
|
390,184 |
|
|||
| Allowance for Credit Losses, Held-To-Maturity |
|
(55 |
) |
|
(55 |
) |
|
(55 |
) |
|||
| Securities Held-to-Maturity, at Amortized Cost, |
|
544,807 |
|
|
553,051 |
|
|
569,114 |
|
|||
| Net of Allowance for Credit Losses | ||||||||||||
| Federal Home Loan Bank Stock, at Cost |
|
15,000 |
|
|
15,000 |
|
|
15,000 |
|
|||
| Total Investment Securities |
|
1,098,081 |
|
|
1,134,572 |
|
|
1,195,316 |
|
|||
| Loans Receivable: | ||||||||||||
| Commercial Real Estate |
|
2,054,135 |
|
|
1,955,440 |
|
|
1,884,085 |
|
|||
| Commercial and Industrial |
|
485,307 |
|
|
461,980 |
|
|
491,698 |
|
|||
| Residential Real Estate |
|
201,996 |
|
|
198,259 |
|
|
197,281 |
|
|||
| Installment and Other |
|
9,128 |
|
|
7,411 |
|
|
6,577 |
|
|||
| Total Loans Receivable |
|
2,750,566 |
|
|
2,623,090 |
|
|
2,579,641 |
|
|||
| Allowance for Credit Losses |
|
(30,448 |
) |
|
(29,105 |
) |
|
(28,460 |
) |
|||
| Loans Receivable, Net |
|
2,720,118 |
|
|
2,593,985 |
|
|
2,551,181 |
|
|||
| Furniture, Equipment and Leasehold Improvements, Net |
|
4,963 |
|
|
4,831 |
|
|
4,589 |
|
|||
| Bank/Corporate Owned Life Insurance |
|
29,943 |
|
|
29,714 |
|
|
28,898 |
|
|||
| Other Assets |
|
85,621 |
|
|
79,151 |
|
|
79,582 |
|
|||
| Total Assets | $ |
4,040,343 |
|
$ |
4,119,988 |
|
$ |
3,902,724 |
|
|||
| Liabilities: | ||||||||||||
| Non-Interest Bearing Demand Deposits | $ |
1,644,635 |
|
$ |
1,745,491 |
|
$ |
1,699,560 |
|
|||
| Interest Bearing Transaction Accounts |
|
388,154 |
|
|
376,033 |
|
|
388,152 |
|
|||
| Money Market and Savings Deposits |
|
1,315,005 |
|
|
1,297,950 |
|
|
1,145,389 |
|
|||
| Certificates of Deposit |
|
296,206 |
|
|
295,865 |
|
|
264,312 |
|
|||
| Total Deposits |
|
3,644,000 |
|
|
3,715,339 |
|
|
3,497,413 |
|
|||
| Federal Home Loan Bank Advances / Other Borrowings |
|
- |
|
|
- |
|
|
55,000 |
|
|||
| Other Liabilities |
|
41,565 |
|
|
47,107 |
|
|
36,257 |
|
|||
| Total Liabilities | $ |
3,685,565 |
|
$ |
3,762,446 |
|
$ |
3,588,670 |
|
|||
| Shareholders' Equity: | ||||||||||||
| Common Stock | $ |
210,345 |
|
$ |
209,679 |
|
$ |
208,048 |
|
|||
| Retained Earnings |
|
220,023 |
|
|
207,523 |
|
|
176,747 |
|
|||
| Accumulated Other Comprehensive Income / (Loss) |
|
(75,590 |
) |
|
(59,660 |
) |
|
(70,741 |
) |
|||
| Total Shareholders' Equity | $ |
354,778 |
|
$ |
357,542 |
|
$ |
314,054 |
|
|||
| Total Liabilities and Shareholders' Equity | $ |
4,040,343 |
|
$ |
4,119,988 |
|
$ |
3,902,724 |
|
|||
| Standby Letters of Credit | $ |
47,223 |
|
$ |
46,460 |
|
$ |
43,178 |
|
|||
| Per Share Information: | ||||||||||||
| Common Shares Outstanding |
|
9,102,461 |
|
|
9,101,654 |
|
|
9,041,911 |
|
|||
| Book Value Per Share | $ |
38.98 |
|
$ |
39.28 |
|
$ |
34.73 |
|
|||
| Tangible Book Value Per Share | $ |
38.98 |
|
$ |
39.28 |
|
$ |
34.73 |
|
|||
| American Business Bank | ||||||||||||
| Figures in |
||||||||||||
| INCOME STATEMENTS (unaudited) | ||||||||||||
| For the three months ended: | ||||||||||||
| December | September | December | ||||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
||
| Interest Income: | ||||||||||||
| Interest and Fees on Loans | $ |
36,164 |
|
$ |
35,513 |
|
$ |
33,185 |
|
|||
| Interest on Investment Securities |
|
7,087 |
|
|
7,176 |
|
|
7,794 |
|
|||
| Interest on Interest Earning Deposits | ||||||||||||
| in Other Financial Institutions |
|
2,966 |
|
|
2,129 |
|
|
623 |
|
|||
| Total Interest Income |
|
46,217 |
|
|
44,818 |
|
|
41,602 |
|
|||
| Interest Expense: | ||||||||||||
| Interest on Interest Bearing Transaction Accounts |
|
868 |
|
|
1,220 |
|
|
1,011 |
|
|||
| Interest on Money Market and Savings Deposits |
|
8,451 |
|
|
9,083 |
|
|
7,027 |
|
|||
| Interest on Certificates of Deposits |
|
2,754 |
|
|
2,785 |
|
|
2,443 |
|
|||
| Interest on Federal Home Loan Bank Advances | ||||||||||||
| and Other Borrowings |
|
1 |
|
|
363 |
|
|
171 |
|
|||
| Total Interest Expense |
|
12,074 |
|
|
13,451 |
|
|
10,652 |
|
|||
| Net Interest Income |
|
34,143 |
|
|
31,367 |
|
|
30,950 |
|
|||
| Provision for Credit Losses |
|
760 |
|
|
- |
|
|
559 |
|
|||
| Net Interest Income after Provision for Credit Losses |
|
33,383 |
|
|
31,367 |
|
|
30,391 |
|
|||
| Non-Interest Income: | ||||||||||||
| Deposit Fees |
|
1,142 |
|
|
1,108 |
|
|
941 |
|
|||
| International Fees |
|
436 |
|
|
433 |
|
|
419 |
|
|||
| Gain (Loss) on Sale of Investment Securities, Net |
|
(298 |
) |
|
(587 |
) |
|
(418 |
) |
|||
| Gain on Sale of SBA Loans, Net |
|
90 |
|
|
187 |
|
|
- |
|
|||
| Bank/Corporate Owned Life Insurance Income (Expense) |
|
228 |
|
|
318 |
|
|
498 |
|
|||
| Other |
|
709 |
|
|
454 |
|
|
494 |
|
|||
| Total Non-Interest Income |
|
2,307 |
|
|
1,913 |
|
|
1,934 |
|
|||
| Non-Interest Expense: | ||||||||||||
| Salaries and Employee Benefits |
|
12,412 |
|
|
12,622 |
|
|
11,182 |
|
|||
| Occupancy and Equipment |
|
1,257 |
|
|
1,206 |
|
|
1,207 |
|
|||
| Professional Services |
|
2,210 |
|
|
2,172 |
|
|
2,084 |
|
|||
| Promotion Expenses |
|
780 |
|
|
720 |
|
|
708 |
|
|||
| Other |
|
1,595 |
|
|
1,565 |
|
|
1,444 |
|
|||
| Total Non-Interest Expense |
|
18,254 |
|
|
18,285 |
|
|
16,625 |
|
|||
| Earnings before income taxes |
|
17,436 |
|
|
14,995 |
|
|
15,700 |
|
|||
| Income Tax Expense |
|
4,935 |
|
|
4,215 |
|
|
4,326 |
|
|||
| NET INCOME | $ |
12,501 |
|
$ |
10,780 |
|
$ |
11,374 |
|
|||
| Per Share Information: | ||||||||||||
| Earnings Per Share - Basic | $ |
1.35 |
|
$ |
1.16 |
|
$ |
1.23 |
|
|||
| Earnings Per Share - Diluted | $ |
1.33 |
|
$ |
1.16 |
|
$ |
1.23 |
|
|||
| Weighted Average Shares - Basic |
|
9,280,972 |
|
|
9,279,741 |
|
|
9,221,219 |
|
|||
| Weighted Average Shares - Diluted |
|
9,364,220 |
|
|
9,318,868 |
|
|
9,264,224 |
|
|||
| American Business Bank | ||||||||
| Figures in |
||||||||
| INCOME STATEMENTS (unaudited) | ||||||||
| For the twelve months ended: | ||||||||
| December | December | |||||||
|
2024 |
|
|
2023 |
|
|||
| Interest Income: | ||||||||
| Interest and Fees on Loans | $ |
139,700 |
|
$ |
126,540 |
|
||
| Interest on Investment Securities |
|
29,351 |
|
|
31,230 |
|
||
| Interest on Interest Earning Deposits | ||||||||
| in Other Financial Institutions |
|
6,183 |
|
|
1,363 |
|
||
| Total Interest Income |
|
175,234 |
|
|
159,133 |
|
||
| Interest Expense: | ||||||||
| Interest on Interest Bearing Transaction Accounts |
|
4,167 |
|
|
2,353 |
|
||
| Interest on Money Market and Savings Deposits |
|
32,698 |
|
|
19,599 |
|
||
| Interest on Certificates of Deposits |
|
10,235 |
|
|
5,698 |
|
||
| Interest on Federal Home Loan Bank Advances | ||||||||
| and Other Borrowings |
|
4,165 |
|
|
9,564 |
|
||
| Total Interest Expense |
|
51,265 |
|
|
37,214 |
|
||
| Net Interest Income |
|
123,969 |
|
|
121,919 |
|
||
| Provision for Credit Losses |
|
984 |
|
|
3,398 |
|
||
| Net Interest Income after Provision for Credit Losses |
|
122,985 |
|
|
118,521 |
|
||
| Non-Interest Income: | ||||||||
| Deposit Fees |
|
4,314 |
|
|
3,895 |
|
||
| International Fees |
|
1,692 |
|
|
1,569 |
|
||
| Gain (Loss) on Sale of Investment Securities, Net |
|
(1,391 |
) |
|
(1,070 |
) |
||
| Gain on Sale of SBA Loans, Net |
|
346 |
|
|
989 |
|
||
| Bank/Corporate Owned Life Insurance Income (Expense) |
|
1,045 |
|
|
1,229 |
|
||
| Other |
|
2,018 |
|
|
2,232 |
|
||
| Total Non-Interest Income |
|
8,024 |
|
|
8,844 |
|
||
| Non-Interest Expense: | ||||||||
| Salaries and Employee Benefits |
|
48,735 |
|
|
45,631 |
|
||
| Occupancy and Equipment |
|
4,867 |
|
|
4,800 |
|
||
| Professional Services |
|
8,425 |
|
|
7,951 |
|
||
| Promotion Expenses |
|
2,708 |
|
|
2,548 |
|
||
| Other |
|
6,092 |
|
|
5,721 |
|
||
| Total Non-Interest Expense |
|
70,827 |
|
|
66,651 |
|
||
| Earnings before income taxes |
|
60,182 |
|
|
60,714 |
|
||
| Income Tax Expense |
|
16,905 |
|
|
16,748 |
|
||
| NET INCOME | $ |
43,277 |
|
$ |
43,966 |
|
||
| Per Share Information: | ||||||||
| Earnings Per Share - Basic | $ |
4.67 |
|
$ |
4.78 |
|
||
| Earnings Per Share - Diluted | $ |
4.64 |
|
$ |
4.76 |
|
||
| Weighted Average Shares - Basic |
|
9,264,446 |
|
|
9,191,664 |
|
||
| Weighted Average Shares - Diluted |
|
9,318,759 |
|
|
9,237,873 |
|
||
| American Business Bank | ||||||||||||||
| Figures in |
||||||||||||||
| QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | ||||||||||||||
| For the three months ended: | ||||||||||||||
| December 2024 | September 2024 | |||||||||||||
| Average | Interest | Average | Average | Interest | Average | |||||||||
| Balance | Inc/Exp | Yield/Rate | Balance | Inc/Exp | Yield/Rate | |||||||||
| Interest Earning Assets: | ||||||||||||||
| Interest Earning Deposits in Other Financial Institutions | $ |
245,966 |
$ |
2,966 |
4.80 |
% |
$ |
156,041 |
$ |
2,129 |
5.43 |
% |
||
| Investment Securities: | ||||||||||||||
| US Agencies |
|
73,241 |
|
973 |
5.31 |
% |
|
76,670 |
|
1,045 |
5.45 |
% |
||
| Mortgage Backed Securities |
|
641,499 |
|
3,053 |
1.90 |
% |
|
650,264 |
|
3,032 |
1.87 |
% |
||
| State and Municipals |
|
462,644 |
|
2,546 |
2.20 |
% |
|
470,564 |
|
2,582 |
2.19 |
% |
||
| Corporate Bonds |
|
16,250 |
|
186 |
4.57 |
% |
|
16,250 |
|
188 |
4.63 |
% |
||
| Securities Available-for-Sale and Held-to-Maturity |
|
1,193,634 |
|
6,758 |
2.26 |
% |
|
1,213,748 |
|
6,847 |
2.26 |
% |
||
| Federal Home Loan Bank Stock |
|
15,000 |
|
329 |
8.76 |
% |
|
15,000 |
|
329 |
8.76 |
% |
||
| Total Investment Securities |
|
1,208,634 |
|
7,087 |
2.35 |
% |
|
1,228,748 |
|
7,176 |
2.34 |
% |
||
| Loans Receivable: | ||||||||||||||
| Commercial Real Estate |
|
1,969,878 |
|
25,124 |
5.07 |
% |
|
1,929,129 |
|
24,257 |
5.00 |
% |
||
| Commercial and Industrial |
|
459,346 |
|
7,812 |
6.77 |
% |
|
462,791 |
|
8,028 |
6.90 |
% |
||
| Residential Real Estate |
|
197,932 |
|
3,164 |
6.36 |
% |
|
196,130 |
|
3,164 |
6.42 |
% |
||
| Installment and Other |
|
9,509 |
|
64 |
2.69 |
% |
|
8,349 |
|
64 |
3.03 |
% |
||
| Total Loans Receivable |
|
2,636,665 |
|
36,164 |
5.46 |
% |
|
2,596,399 |
|
35,513 |
5.44 |
% |
||
| Total Interest Earning Assets | $ |
4,091,265 |
$ |
46,217 |
4.42 |
% |
$ |
3,981,188 |
$ |
44,818 |
4.41 |
% |
||
| Liabilities: | ||||||||||||||
| Non-Interest Bearing Demand Deposits |
|
1,735,603 |
|
- |
0.00 |
% |
|
1,671,657 |
|
- |
0.00 |
% |
||
| Interest Bearing Transaction Accounts |
|
367,644 |
|
868 |
0.94 |
% |
|
394,184 |
|
1,220 |
1.23 |
% |
||
| Money Market and Savings Deposits |
|
1,349,195 |
|
8,451 |
2.49 |
% |
|
1,265,785 |
|
9,083 |
2.85 |
% |
||
| Certificates of Deposit |
|
289,945 |
|
2,754 |
3.78 |
% |
|
288,357 |
|
2,785 |
3.84 |
% |
||
| Total Deposits |
|
3,742,387 |
|
12,073 |
1.28 |
% |
|
3,619,983 |
|
13,088 |
1.44 |
% |
||
| Federal Home Loan Bank Advances / Other Borrowings |
|
73 |
|
1 |
4.77 |
% |
|
25,598 |
|
363 |
5.64 |
% |
||
| Total Interest Bearing Deposits and Borrowings |
|
2,006,857 |
|
12,074 |
2.39 |
% |
|
1,973,924 |
|
13,451 |
2.71 |
% |
||
| Total Deposits and Borrowings | $ |
3,742,461 |
$ |
12,074 |
1.28 |
% |
$ |
3,645,581 |
$ |
13,451 |
1.47 |
% |
||
| Net Interest Income | $ |
34,143 |
$ |
31,367 |
||||||||||
| Net Interest Rate Spread | 3.14 |
% |
2.94 |
% |
||||||||||
| Net Interest Margin | 3.32 |
% |
3.13 |
% |
||||||||||
| American Business Bank | ||||||||||||||
| Figures in |
||||||||||||||
| QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | ||||||||||||||
| For the three months ended: | ||||||||||||||
| December 2024 | December 2023 | |||||||||||||
| Average | Interest | Average | Average | Interest | Average | |||||||||
| Balance | Inc/Exp | Yield/Rate | Balance | Inc/Exp | Yield/Rate | |||||||||
| Interest Earning Assets: | ||||||||||||||
| Interest Earning Deposits in Other Financial Institutions | $ |
245,966 |
$ |
2,966 |
4.80 |
% |
$ |
46,030 |
$ |
623 |
5.37 |
% |
||
| Investment Securities: | ||||||||||||||
| US Agencies |
|
73,241 |
|
973 |
5.31 |
% |
|
94,837 |
|
1,327 |
5.60 |
% |
||
| Mortgage Backed Securities |
|
641,499 |
|
3,053 |
1.90 |
% |
|
684,903 |
|
3,246 |
1.90 |
% |
||
| State and Municipals |
|
462,644 |
|
2,546 |
2.20 |
% |
|
493,806 |
|
2,720 |
2.20 |
% |
||
| Corporate Bonds |
|
16,250 |
|
186 |
4.57 |
% |
|
16,250 |
|
189 |
4.64 |
% |
||
| Securities Available-for-Sale and Held-to-Maturity |
|
1,193,634 |
|
6,758 |
2.26 |
% |
|
1,289,796 |
|
7,482 |
2.32 |
% |
||
| Federal Home Loan Bank Stock |
|
15,000 |
|
329 |
8.76 |
% |
|
15,000 |
|
312 |
8.32 |
% |
||
| Total Investment Securities |
|
1,208,634 |
|
7,087 |
2.35 |
% |
|
1,304,796 |
|
7,794 |
2.39 |
% |
||
| Loans Receivable: | ||||||||||||||
| Commercial Real Estate |
|
1,969,878 |
|
25,124 |
5.07 |
% |
|
1,853,087 |
|
22,354 |
4.79 |
% |
||
| Commercial and Industrial |
|
459,346 |
|
7,812 |
6.77 |
% |
|
479,579 |
|
7,853 |
6.50 |
% |
||
| Residential Real Estate |
|
197,932 |
|
3,164 |
6.36 |
% |
|
187,505 |
|
2,916 |
6.17 |
% |
||
| Installment and Other |
|
9,509 |
|
64 |
2.69 |
% |
|
9,250 |
|
62 |
2.64 |
% |
||
| Total Loans Receivable |
|
2,636,665 |
|
36,164 |
5.46 |
% |
|
2,529,421 |
|
33,185 |
5.21 |
% |
||
| Total Interest Earning Assets | $ |
4,091,265 |
$ |
46,217 |
4.42 |
% |
$ |
3,880,247 |
$ |
41,602 |
4.20 |
% |
||
| Liabilities: | ||||||||||||||
| Non-Interest Bearing Demand Deposits |
|
1,735,603 |
|
- |
0.00 |
% |
|
1,799,457 |
|
- |
0.00 |
% |
||
| Interest Bearing Transaction Accounts |
|
367,644 |
|
868 |
0.94 |
% |
|
372,990 |
|
1,011 |
1.08 |
% |
||
| Money Market and Savings Deposits |
|
1,349,195 |
|
8,451 |
2.49 |
% |
|
1,120,271 |
|
7,027 |
2.49 |
% |
||
| Certificates of Deposit |
|
289,945 |
|
2,754 |
3.78 |
% |
|
266,120 |
|
2,443 |
3.64 |
% |
||
| Total Deposits |
|
3,742,387 |
|
12,073 |
1.28 |
% |
|
3,558,838 |
|
10,481 |
1.17 |
% |
||
| Federal Home Loan Bank Advances / Other Borrowings |
|
73 |
|
1 |
4.77 |
% |
|
11,848 |
|
171 |
5.72 |
% |
||
| Total Interest Bearing Deposits and Borrowings |
|
2,006,857 |
|
12,074 |
2.39 |
% |
|
1,771,229 |
|
10,652 |
2.39 |
% |
||
| Total Deposits and Borrowings | $ |
3,742,461 |
$ |
12,074 |
1.28 |
% |
$ |
3,570,686 |
$ |
10,652 |
1.18 |
% |
||
| Net Interest Income | $ |
34,143 |
$ |
30,950 |
||||||||||
| Net Interest Rate Spread | 3.14 |
% |
3.02 |
% |
||||||||||
| Net Interest Margin | 3.32 |
% |
3.16 |
% |
||||||||||
| American Business Bank | ||||||||||||||
| Figures in |
||||||||||||||
| QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | ||||||||||||||
| For the twelve months ended: | ||||||||||||||
| December 2024 | December 2023 | |||||||||||||
| Average | Interest | Average | Average | Interest | Average | |||||||||
| Balance | Inc/Exp | Yield/Rate | Balance | Inc/Exp | Yield/Rate | |||||||||
| Interest Earning Assets: | ||||||||||||||
| Interest Earning Deposits in Other Financial Institutions | $ |
121,158 |
$ |
6,183 |
5.10 |
% |
$ |
26,835 |
$ |
1,363 |
5.08 |
% |
||
| Investment Securities: | ||||||||||||||
| US Agencies |
|
80,458 |
|
4,473 |
5.56 |
% |
|
106,160 |
|
5,110 |
4.81 |
% |
||
| Mortgage Backed Securities |
|
657,108 |
|
12,413 |
1.89 |
% |
|
702,221 |
|
13,224 |
1.88 |
% |
||
| State and Municipals |
|
473,922 |
|
10,401 |
2.19 |
% |
|
499,434 |
|
11,017 |
2.21 |
% |
||
| Corporate Bonds |
|
16,250 |
|
750 |
4.62 |
% |
|
16,250 |
|
746 |
4.59 |
% |
||
| Securities Available-for-Sale and Held-to-Maturity |
|
1,227,738 |
|
28,037 |
2.28 |
% |
|
1,324,065 |
|
30,097 |
2.27 |
% |
||
| Federal Home Loan Bank Stock |
|
15,000 |
|
1,314 |
8.76 |
% |
|
15,000 |
|
1,133 |
7.55 |
% |
||
| Total Investment Securities |
|
1,242,738 |
|
29,351 |
2.36 |
% |
|
1,339,065 |
|
31,230 |
2.33 |
% |
||
| Loans Receivable: | ||||||||||||||
| Commercial Real Estate |
|
1,916,601 |
|
95,286 |
4.97 |
% |
|
1,817,478 |
|
85,095 |
4.68 |
% |
||
| Commercial and Industrial |
|
468,000 |
|
31,667 |
6.77 |
% |
|
487,955 |
|
30,707 |
6.29 |
% |
||
| Residential Real Estate |
|
196,746 |
|
12,487 |
6.35 |
% |
|
176,706 |
|
10,466 |
5.92 |
% |
||
| Installment and Other |
|
8,930 |
|
260 |
2.91 |
% |
|
8,249 |
|
272 |
3.30 |
% |
||
| Total Loans Receivable |
|
2,590,277 |
|
139,700 |
5.39 |
% |
|
2,490,388 |
|
126,540 |
5.08 |
% |
||
| Total Interest Earning Assets | $ |
3,954,173 |
$ |
175,234 |
4.36 |
% |
$ |
3,856,288 |
$ |
159,133 |
4.07 |
% |
||
| Liabilities: | ||||||||||||||
| Non-Interest Bearing Demand Deposits |
|
1,665,890 |
|
- |
0.00 |
% |
|
1,795,649 |
|
- |
0.00 |
% |
||
| Interest Bearing Transaction Accounts |
|
382,057 |
|
4,167 |
1.09 |
% |
|
319,939 |
|
2,353 |
0.74 |
% |
||
| Money Market and Savings Deposits |
|
1,221,916 |
|
32,698 |
2.68 |
% |
|
1,080,044 |
|
19,599 |
1.81 |
% |
||
| Certificates of Deposit |
|
273,882 |
|
10,235 |
3.74 |
% |
|
175,519 |
|
5,698 |
3.25 |
% |
||
| Total Deposits |
|
3,543,745 |
|
47,100 |
1.33 |
% |
|
3,371,151 |
|
27,650 |
0.82 |
% |
||
| Federal Home Loan Bank Advances / Other Borrowings |
|
77,452 |
|
4,165 |
5.38 |
% |
|
190,992 |
|
9,564 |
5.01 |
% |
||
| Total Interest Bearing Deposits and Borrowings |
|
1,955,307 |
|
51,265 |
2.62 |
% |
|
1,766,494 |
|
37,214 |
2.11 |
% |
||
| Total Deposits and Borrowings | $ |
3,621,197 |
$ |
51,265 |
1.42 |
% |
$ |
3,562,143 |
$ |
37,214 |
1.04 |
% |
||
| Net Interest Income | $ |
123,969 |
$ |
121,919 |
||||||||||
| Net Interest Rate Spread | 2.94 |
% |
3.03 |
% |
||||||||||
| Net Interest Margin | 3.14 |
% |
3.16 |
% |
||||||||||
| American Business Bank | ||||||||||||
| Figures in |
||||||||||||
| SUPPLEMENTAL DATA (unaudited) | ||||||||||||
| December | September | December | ||||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
||
| Performance Ratios: | ||||||||||||
| Quarterly: | ||||||||||||
| Return on Average Assets (ROAA) |
|
1.21 |
% |
|
1.07 |
% |
|
1.17 |
% |
|||
| Return on Average Equity (ROAE) |
|
14.03 |
% |
|
12.64 |
% |
|
16.05 |
% |
|||
| Efficiency Ratio |
|
48.07 |
% |
|
53.20 |
% |
|
48.45 |
% |
|||
| Year-to-Date | ||||||||||||
| Return on Average Assets (ROAA) |
|
1.08 |
% |
|
1.04 |
% |
|
1.13 |
% |
|||
| Return on Average Equity (ROAE) |
|
13.02 |
% |
|
12.66 |
% |
|
15.70 |
% |
|||
| Efficiency Ratio |
|
52.46 |
% |
|
54.13 |
% |
|
50.82 |
% |
|||
| Capital Adequacy: | ||||||||||||
| Total Risk Based Capital Ratio |
|
13.02 |
% |
|
12.99 |
% |
|
12.37 |
% |
|||
| Common Equity Tier 1 Capital Ratio |
|
12.14 |
% |
|
12.11 |
% |
|
11.47 |
% |
|||
| Tier 1 Risk Based Capital Ratio |
|
12.14 |
% |
|
12.11 |
% |
|
11.47 |
% |
|||
| Tier 1 Leverage Ratio |
|
10.21 |
% |
|
10.17 |
% |
|
9.64 |
% |
|||
| Tangible Common Equity / Tangible Assets |
|
8.78 |
% |
|
8.68 |
% |
|
8.05 |
% |
|||
| Asset Quality Overview | ||||||||||||
| Non-Performing Loans | $ |
7,360 |
|
$ |
6,969 |
|
$ |
7,859 |
|
|||
| Loans 90+ Days Past Due and Still Accruing |
|
- |
|
|
- |
|
|
- |
|
|||
| Total Non-Performing Loans |
|
7,360 |
|
|
6,969 |
|
|
7,859 |
|
|||
| Loans Modified with Financial Difficulty | $ |
6,073 |
|
$ |
4,120 |
|
$ |
231 |
|
|||
| Other Real Estate Owned |
|
- |
|
|
- |
|
|
- |
|
|||
| ACL / Loans Receivable |
|
1.11 |
% |
|
1.11 |
% |
|
1.10 |
% |
|||
| Non-Performing Loans / Total Loans Receivable |
|
0.27 |
% |
|
0.27 |
% |
|
0.30 |
% |
|||
| Non-Performing Assets / Total Assets |
|
0.18 |
% |
|
0.17 |
% |
|
0.20 |
% |
|||
| Net Charge-Offs (Recoveries) quarterly | $ |
7 |
|
$ |
4 |
|
$ |
190 |
|
|||
| Net Charge-Offs (Recoveries) year-to-date | $ |
(148 |
) |
$ |
(155 |
) |
$ |
344 |
|
|||
| Net Charge-Offs (Recoveries) year-to-date / Average |
|
(0.01 |
%) |
|
(0.01 |
%) |
|
0.01 |
% |
|||
| Loans Receivable | ||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129992732/en/
Karen Schoenbaum
EVP/CFO
(213) 430-4000
www.americanbb.bank
Source: American Business Bank
FAQ
What was AMBZ's Q4 2024 earnings per share?
How much did AMBZ's loan portfolio grow in Q4 2024?
What is the size of AMBZ's share repurchase program announced in January 2025?
How did AMBZ's net interest margin change in Q4 2024?
What was AMBZ's cost of deposits in Q4 2024?
