American Business Bank Reports Third Quarter Earnings
American Business Bank (AMBZ) reported Q3 2024 net income of $10.8 million ($1.16 per diluted share), up 13% from Q2 2024 and 6% from Q3 2023. Key highlights include total deposits increasing by $258 million (7.5%) over the prior quarter, with non-interest bearing deposits representing 47% of total deposits. Net interest margin expanded to 3.13% from 3.00% in Q2. Total loans increased by $22 million (0.85%). The bank maintains strong asset quality with minimal past due loans and no borrowings at quarter-end. The efficiency ratio improved to 53%, and the bank expanded its relationship manager team to 48 officers.
American Business Bank (AMBZ) ha riportato un reddito netto per il terzo trimestre del 2024 di $10,8 milioni ($1,16 per azione diluita), con un incremento del 13% rispetto al secondo trimestre del 2024 e del 6% rispetto al terzo trimestre del 2023. I punti salienti includono un aumento totale dei depositi di $258 milioni (7,5%) rispetto al trimestre precedente, con i depositi non remunerativi che rappresentano il 47% del totale. Il margine di interesse netto è aumentato a 3,13% dal 3,00% del Q2. I prestiti totali sono aumentati di $22 milioni (0,85%). La banca mantiene un'ottima qualità degli attivi con prestiti scaduti minimi e nessun prestito in corso alla fine del trimestre. Il rapporto di efficienza è migliorato al 53%, e la banca ha ampliato il suo team di gestori delle relazioni fino a 48 funzionari.
American Business Bank (AMBZ) reportó una ganancia neta en el tercer trimestre de 2024 de $10.8 millones ($1.16 por acción diluida), un aumento del 13% respecto al segundo trimestre de 2024 y del 6% respecto al tercer trimestre de 2023. Los puntos destacados incluyen un incremento total de depósitos de $258 millones (7.5%) con respecto al trimestre anterior, donde los depósitos no remunerados representan el 47% del total. El margen de interés neto se amplió a 3.13% desde el 3.00% del segundo trimestre. Los préstamos totales aumentaron en $22 millones (0.85%). La banca mantiene una sólida calidad de activos con mínimos préstamos morosos y sin endeudamiento al finalizar el trimestre. El ratio de eficiencia mejoró al 53%, y la banca amplió su equipo de gerentes de relaciones a 48 oficiales.
아메리칸 비즈니스 은행 (AMBZ)는 2024년 3분기 순이익이 $10.8 백만 ($1.16 액면가 기준)으로, 2024년 2분기 대비 13%, 2023년 3분기 대비 6% 증가했다고 보고했습니다. 주요 하이라이트로는 총 예금이 이전 분기 대비 $258 백만 (7.5%) 증가했으며, 비이자 예금이 총 예금의 47%를 차지하고 있습니다. 순이자 마진은 2분기의 3.00%에서 3.13%로 확대되었습니다. 총 대출은 $22 백만 (0.85%) 증가했습니다. 은행은 미수금이 최소화되고 분기 말에 차입이 없는 강력한 자산 품질을 유지하고 있습니다. 효율성 비율은 53%로 개선되었으며, 은행은 관계 관리자 팀을 48명으로 확장했습니다.
American Business Bank (AMBZ) a déclaré un revenu net pour le troisième trimestre 2024 de $10,8 millions ($1,16 par action diluée), en hausse de 13% par rapport au deuxième trimestre 2024 et de 6% par rapport au troisième trimestre 2023. Les principaux faits saillants comprennent une augmentation totale des dépôts de $258 millions (7,5%) par rapport au trimestre précédent, avec des dépôts non rémunérés représentant 47% des dépôts totaux. La marge d'intérêt nette a augmenté à 3,13% contre 3,00% au T2. Les prêts totaux ont augmenté de 22 millions de dollars (0,85%). La banque maintient une bonne qualité des actifs avec un minimum de prêts en souffrance et aucune dette à la fin du trimestre. Le ratio d'efficacité s'est amélioré à 53%, et la banque a élargi son équipe de gestionnaires de relations à 48 agents.
American Business Bank (AMBZ) meldete für das 3. Quartal 2024 einen Nettoertrag von $10,8 Millionen ($1,16 pro verwässerter Aktie), was einem Anstieg von 13% im Vergleich zum 2. Quartal 2024 und 6% im Vergleich zum 3. Quartal 2023 entspricht. Zu den wichtigsten Highlights gehören ein Anstieg der Gesamteinlagen um $258 Millionen (7,5%) im Vergleich zum vorherigen Quartal, wobei die nicht verzinsten Einlagen 47% der Gesamteinlagen ausmachen. Die Nettozinsmarge erweiterte sich auf 3,13% gegenüber 3,00% im 2. Quartal. Die Gesamtdarlehen stiegen um $22 Millionen (0,85%). Die Bank weist eine hohe Vermögensqualität mit minimalen überfälligen Darlehen und keinen Krediten zum Quartalsende auf. Das Effizienzverhältnis verbesserte sich auf 53%, und die Bank erweiterte ihr Team von Relationship Managern auf 48 Mitarbeiter.
- Net income increased 13% QoQ to $10.8 million
- Total deposits grew 7.5% QoQ ($258 million increase)
- Net interest margin expanded to 3.13% from 3.00%
- Non-interest bearing deposits represent 47% of total deposits
- Zero borrowings at quarter-end
- Improved efficiency ratio to 53% from 55%
- YTD net income decreased 6% compared to 2023
- Cost of deposits increased to 1.44% from 1.35% QoQ
- Non-interest expense increased due to higher staffing costs
Net Income for the quarter increased over the prior quarter
Third Quarter 2024 Highlights
-
Net income for the quarter totaled
$10.8 million $1.16 - Net yield on interest earning assets increased 7 basis points over the prior quarter
-
Total deposits increased
$258 million 7.5% over the prior quarter -
Total non-interest bearing deposits increased
$148 million 9.3% over the prior quarter -
Cost of average deposits of
1.44% compared to1.35% in the prior quarter -
Non-interest bearing demand deposits represent
47% of total deposits -
Net interest margin expanded to
3.13% from3.00% in the prior quarter -
Total loans increased
$22 million 0.85% over the prior quarter - Minimal past due loans
- No borrowings at end of third quarter 2024
-
Tangible book value per share of
$39.28 - Continued status as well-capitalized, the highest regulatory category
Net income for the nine months ended September 30, 2024 was
“Results benefitted from the Bank’s valuable low-cost deposit base, of which 47 percent is non-interest bearing checking accounts at the end of the quarter. Our customers continue to grow their businesses and provide deposits for the Bank to lend in the market. The deposit growth in the second and third quarters from existing customers was significant, however, some of the deposit inflows were event-driven and will not remain on the balance sheet over the long term. We continue to focus on building an outstanding core deposit franchise which resulted in eliminating borrowings in July. The deposit pipeline of new customer relationships remains strong and should drive further growth in the fourth quarter. This has enhanced the expansion of the net interest margin by 13 bps to
“We are proud to provide high touch community banking services to business clients with a conservative risk approach. 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
“The Bank continued to expand our team of outstanding relationship managers over the last two quarters. We now have 48 calling officers up from 40 six months ago, this bodes quite well for the future.
“The intelligent delivery of superior service continues to produce excellent risk-adjusted returns for all stakeholders,” commented Leon Blankstein, ABB’s CEO and Director.
For the quarter ending September 30, 2024, net interest income was
The allowance for credit losses as a percentage of loans was
For the nine months ended September 30, 2024, net income was lower compared to the nine months ended September 30, 2023 due to a decrease in net interest income, an increase in salaries and employee benefits partially offset by a decrease in the provision for loan losses.
Net Interest Margin
Net interest margin for the third quarter of 2024 increased to
Net Interest Income
For the quarter ended September 30, 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 | Nine Months Ended | |||||||||||||||||
| September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||||||||||
| (Figures in |
||||||||||||||||||
| Addition (recapture) to allowance for loan losses | $ |
266 |
|
$ |
450 |
|
$ |
424 |
$ |
490 |
|
$ |
2,005 |
|||||
| Addition (recapture) to reserve for unfunded loan commitments |
|
(266 |
) |
|
(438 |
) |
|
424 |
|
(266 |
) |
|
834 |
|||||
| Total loan-related provision | $ |
- |
|
$ |
12 |
|
$ |
848 |
$ |
224 |
|
$ |
2,839 |
|||||
| Addition to allowance for held-to-maturity securities |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|||||
| Total provision for credit losses | $ |
- |
|
$ |
12 |
|
$ |
848 |
$ |
224 |
|
$ |
2,839 |
|||||
Non-Interest Income
The increase in non-interest income compared to the prior quarter is primarily due to the gain on sale of SBA loans and an increase in the valuation of COLI policies offset by the loss on the sale of municipal investment securities. The decrease in non-interest income compared to the prior year quarter is primarily due to the loss on sale of municipal investment securities.
For the nine months ended September 30, 2024, non-interest income decreased
Non-Interest Expense
For the quarter ending September 30, 2024, total non-interest expense increased
There were 248 full time equivalent employees at September 30, 2024 compared to 235 a year ago and 243 at June 30, 2024. The Bank has 48 relationship managers in eight offices compared to 42 at June 30, 2024 and September 30, 2023.
For the nine months ended September 30, 2024, non-interest expense increased
Income Taxes
The effective income tax rate was
Balance Sheet
For the quarter ended September 30, 2024, total loans increased
| September 30, 2024 |
June 30, 2024 |
||||||
| (Figures in |
|||||||
| RE - Owner-occupied | $ |
1,130,647 |
$ |
1,095,538 |
|||
| RE - Non-owner occupied |
|
736,124 |
|
737,525 |
|||
| Construction & Land |
|
88,669 |
|
76,760 |
|||
| Total CRE Loans | $ |
1,955,440 |
$ |
1,909,822 |
|||
The following table is the composition of the Owner-occupied and Non owner-occupied CRE loans by collateral type:
| as of September 30, 2024 | |||||||
| Owner-occupied | Non owner-occupied | ||||||
| (Figures in |
|||||||
| Industrial | $ |
680,023 |
$ |
313,918 |
|||
| Office |
|
167,510 |
|
99,922 |
|||
| Retail |
|
22,708 |
|
182,038 |
|||
| Automobile Service Facilities |
|
64,422 |
|
22,632 |
|||
| Contractor's Yard |
|
61,651 |
|
4,097 |
|||
| Other |
|
28,640 |
|
38,060 |
|||
| Miscellaneous |
|
105,693 |
|
75,456 |
|||
| Total | $ |
1,130,647 |
$ |
736,124 |
|||
Total investment securities at September 30, 2024 were
Deposits grew by
During the third quarter of 2024, total assets increased
The Federal Reserve Bank (FRB) Term Funding Program ended March 11, 2024 and was paid in full on July 31, 2024. As of September 30, 2024, the Bank has
Asset Quality
The following table presents asset quality overview as of the dates indicated:
| September 30, 2024 |
June 30, 2024 |
||||||
| (Figures in |
|||||||
| Non-performing assets (NPA) | $ |
6,969 |
|
$ |
6,641 |
|
|
| Loans 90+ days past due and still accruing |
|
- |
|
|
- |
|
|
| Total NPA | $ |
6,969 |
|
$ |
6,641 |
|
|
| NPA as a % of total assets |
|
0.17 |
% |
|
0.24 |
% |
|
| Past Due as a % of total loans |
|
0.00 |
% |
|
0.13 |
% |
|
| Criticized as a % of total loans |
|
4.48 |
% |
|
5.06 |
% |
|
| Classified as a % of total loans |
|
0.90 |
% |
|
1.03 |
% |
|
During the third quarter of 2024, non-performing assets (NPAs) increased by
The loan portfolio has approximately
The following table represents the allowance for credit losses for loans as of and for the dates and periods indicated:
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
|||||||||||||||
| (Figures in |
|||||||||||||||||||
| Balance, beginning of period | $ |
28,843 |
|
$ |
28,335 |
|
$ |
27,172 |
|
$ |
28,460 |
|
$ |
29,635 |
|
||||
| Cumulative effect of change in accounting principle - CECL |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(3,885 |
) |
||||
| Charge-offs |
|
(4 |
) |
|
- |
|
|
(15 |
) |
|
(103 |
) |
|
(194 |
) |
||||
| Recoveries |
|
- |
|
|
58 |
|
|
20 |
|
|
258 |
|
|
40 |
|
||||
| Net (charge-offs) / recoveries | $ |
(4 |
) |
$ |
58 |
|
$ |
5 |
|
$ |
155 |
|
$ |
(154 |
) |
||||
| Provision |
|
266 |
|
|
450 |
|
|
424 |
|
|
490 |
|
|
2,005 |
|
||||
| Balance, end of period | $ |
29,105 |
|
$ |
28,843 |
|
$ |
27,601 |
|
$ |
29,105 |
|
$ |
27,601 |
|
||||
| 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) | ||||||||||||||||||||
September |
|
June |
|
December |
|
September |
||||||||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
||||||
| Assets: | ||||||||||||||||||||
| Cash and Due from Banks | $ |
109,214 |
|
$ |
84,836 |
|
$ |
32,354 |
|
$ |
71,351 |
|
||||||||
| Interest Earning Deposits in Other Financial Institutions |
|
168,521 |
|
|
15,511 |
|
|
10,804 |
|
|
12,111 |
|
||||||||
| Investment Securities: | ||||||||||||||||||||
| US Agencies |
|
73,265 |
|
|
79,700 |
|
|
91,226 |
|
|
97,828 |
|
||||||||
| Mortgage Backed Securities |
|
400,381 |
|
|
390,886 |
|
|
413,870 |
|
|
398,645 |
|
||||||||
| State and Municipals |
|
78,504 |
|
|
81,884 |
|
|
91,949 |
|
|
91,064 |
|
||||||||
| Corporate Bonds |
|
14,371 |
|
|
14,478 |
|
|
14,157 |
|
|
13,866 |
|
||||||||
| Securities Available-for-Sale, at Fair Value |
|
566,521 |
|
|
566,948 |
|
|
611,202 |
|
|
601,403 |
|
||||||||
| Mortgage Backed Securities |
|
169,623 |
|
|
172,984 |
|
|
178,985 |
|
|
181,623 |
|
||||||||
| State and Municipals |
|
383,483 |
|
|
384,048 |
|
|
390,184 |
|
|
390,764 |
|
||||||||
| Allowance for Credit Losses, Held-To-Maturity |
|
(55 |
) |
|
(55 |
) |
|
(55 |
) |
|
(55 |
) |
||||||||
| Securities Held-to-Maturity, at Amortized Cost, |
|
553,051 |
|
|
556,977 |
|
|
569,114 |
|
|
572,332 |
|
||||||||
| Net of Allowance for Credit Losses | ||||||||||||||||||||
| Federal Home Loan Bank Stock, at Cost |
|
15,000 |
|
|
15,000 |
|
|
15,000 |
|
|
15,000 |
|
||||||||
| Total Investment Securities |
|
1,134,572 |
|
|
1,138,925 |
|
|
1,195,316 |
|
|
1,188,735 |
|
||||||||
| Loans Receivable: | ||||||||||||||||||||
| Commercial Real Estate |
|
1,955,440 |
|
|
1,909,822 |
|
|
1,884,085 |
|
|
1,853,527 |
|
||||||||
| Commercial and Industrial |
|
461,980 |
|
|
487,557 |
|
|
491,698 |
|
|
477,960 |
|
||||||||
| Residential Real Estate |
|
198,259 |
|
|
196,194 |
|
|
197,281 |
|
|
172,411 |
|
||||||||
| Installment and Other |
|
7,411 |
|
|
7,471 |
|
|
6,577 |
|
|
7,107 |
|
||||||||
| Total Loans Receivable |
|
2,623,090 |
|
|
2,601,044 |
|
|
2,579,641 |
|
|
2,511,005 |
|
||||||||
| Allowance for Credit Losses |
|
(29,105 |
) |
|
(28,843 |
) |
|
(28,460 |
) |
|
(27,601 |
) |
||||||||
| Loans Receivable, Net |
|
2,593,985 |
|
|
2,572,201 |
|
|
2,551,181 |
|
|
2,483,404 |
|
||||||||
| Furniture, Equipment and Leasehold Improvements, Net |
|
4,831 |
|
|
4,684 |
|
|
4,589 |
|
|
4,845 |
|
||||||||
| Bank/Corporate Owned Life Insurance |
|
29,714 |
|
|
29,396 |
|
|
28,898 |
|
|
28,400 |
|
||||||||
| Other Assets |
|
79,151 |
|
|
83,096 |
|
|
79,582 |
|
|
85,315 |
|
||||||||
| Total Assets | $ |
4,119,988 |
|
$ |
3,928,649 |
|
$ |
3,902,724 |
|
$ |
3,874,161 |
|
||||||||
| Liabilities: | ||||||||||||||||||||
| Non-Interest Bearing Demand Deposits | $ |
1,745,491 |
|
$ |
1,597,426 |
|
$ |
1,699,560 |
|
$ |
1,796,743 |
|
||||||||
| Interest Bearing Transaction Accounts |
|
376,033 |
|
|
394,051 |
|
|
388,152 |
|
|
331,315 |
|
||||||||
| Money Market and Savings Deposits |
|
1,297,950 |
|
|
1,202,143 |
|
|
1,145,389 |
|
|
1,124,590 |
|
||||||||
| Certificates of Deposit |
|
295,865 |
|
|
263,587 |
|
|
264,312 |
|
|
250,032 |
|
||||||||
| Total Deposits |
|
3,715,339 |
|
|
3,457,207 |
|
|
3,497,413 |
|
|
3,502,680 |
|
||||||||
| Federal Home Loan Bank Advances / Other Borrowings |
|
- |
|
|
100,000 |
|
|
55,000 |
|
|
40,000 |
|
||||||||
| Other Liabilities |
|
47,107 |
|
|
40,570 |
|
|
36,257 |
|
|
52,204 |
|
||||||||
| Total Liabilities | $ |
3,762,446 |
|
$ |
3,597,777 |
|
$ |
3,588,670 |
|
$ |
3,594,884 |
|
||||||||
| Shareholders' Equity: | ||||||||||||||||||||
| Common Stock | $ |
209,679 |
|
$ |
209,042 |
|
$ |
208,048 |
|
$ |
207,451 |
|
||||||||
| Retained Earnings |
|
207,523 |
|
|
196,743 |
|
|
176,747 |
|
|
165,372 |
|
||||||||
| Accumulated Other Comprehensive Income / (Loss) |
|
(59,660 |
) |
|
(74,913 |
) |
|
(70,741 |
) |
|
(93,546 |
) |
||||||||
| Total Shareholders' Equity | $ |
357,542 |
|
$ |
330,872 |
|
$ |
314,054 |
|
$ |
279,277 |
|
||||||||
| Total Liabilities and Shareholders' Equity | $ |
4,119,988 |
|
$ |
3,928,649 |
|
$ |
3,902,724 |
|
$ |
3,874,161 |
|
||||||||
| Standby Letters of Credit | $ |
46,460 |
|
$ |
43,420 |
|
$ |
43,178 |
|
$ |
41,823 |
|
||||||||
| Per Share Information: | ||||||||||||||||||||
| Common Shares Outstanding |
|
9,101,654 |
|
|
9,100,023 |
|
|
9,041,911 |
|
|
9,039,092 |
|
||||||||
| Book Value Per Share | $ |
39.28 |
|
$ |
36.36 |
|
$ |
34.73 |
|
$ |
30.90 |
|
||||||||
| Tangible Book Value Per Share | $ |
39.28 |
|
$ |
36.36 |
|
$ |
34.73 |
|
$ |
30.90 |
|
||||||||
| American Business Bank | |||||||||||||
| Figures in |
|||||||||||||
| INCOME STATEMENTS (unaudited) | |||||||||||||
| For the three months ended: | |||||||||||||
September |
|
June |
|
September |
|||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|||
| Interest Income: | |||||||||||||
| Interest and Fees on Loans | $ |
35,513 |
|
$ |
34,358 |
|
$ |
32,332 |
|
||||
| Interest on Investment Securities |
|
7,176 |
|
|
7,431 |
|
|
7,787 |
|
||||
| Interest on Interest Earning Deposits | |||||||||||||
| in Other Financial Institutions |
|
2,129 |
|
|
839 |
|
|
279 |
|
||||
| Total Interest Income |
|
44,818 |
|
|
42,628 |
|
|
40,398 |
|
||||
| Interest Expense: | |||||||||||||
| Interest on Interest Bearing Transaction Accounts |
|
1,220 |
|
|
1,077 |
|
|
704 |
|
||||
| Interest on Money Market and Savings Deposits |
|
9,083 |
|
|
7,900 |
|
|
6,019 |
|
||||
| Interest on Certificates of Deposits |
|
2,785 |
|
|
2,408 |
|
|
1,964 |
|
||||
| Interest on Federal Home Loan Bank Advances | |||||||||||||
| and Other Borrowings |
|
363 |
|
|
2,203 |
|
|
1,433 |
|
||||
| Total Interest Expense |
|
13,451 |
|
|
13,588 |
|
|
10,120 |
|
||||
| Net Interest Income |
|
31,367 |
|
|
29,040 |
|
|
30,278 |
|
||||
| Provision for Credit Losses |
|
- |
|
|
12 |
|
|
848 |
|
||||
| Net Interest Income after Provision for Credit Losses |
|
31,367 |
|
|
29,028 |
|
|
29,430 |
|
||||
| Non-Interest Income: | |||||||||||||
| Deposit Fees |
|
1,108 |
|
|
1,077 |
|
|
937 |
|
||||
| International Fees |
|
433 |
|
|
418 |
|
|
439 |
|
||||
| Gain (Loss) on Sale of Investment Securities, Net |
|
(587 |
) |
|
(397 |
) |
|
(63 |
) |
||||
| Gain on Sale of SBA Loans, Net |
|
187 |
|
|
12 |
|
|
143 |
|
||||
| Bank/Corporate Owned Life Insurance Income (Expense) |
|
318 |
|
|
212 |
|
|
98 |
|
||||
| Other |
|
454 |
|
|
367 |
|
|
398 |
|
||||
| Total Non-Interest Income |
|
1,913 |
|
|
1,689 |
|
|
1,952 |
|
||||
| Non-Interest Expense: | |||||||||||||
| Salaries and Employee Benefits |
|
12,622 |
|
|
12,052 |
|
|
11,487 |
|
||||
| Occupancy and Equipment |
|
1,206 |
|
|
1,195 |
|
|
1,200 |
|
||||
| Professional Services |
|
2,172 |
|
|
2,079 |
|
|
2,136 |
|
||||
| Promotion Expenses |
|
720 |
|
|
680 |
|
|
794 |
|
||||
| Other |
|
1,565 |
|
|
1,509 |
|
|
1,587 |
|
||||
| Total Non-Interest Expense |
|
18,285 |
|
|
17,515 |
|
|
17,204 |
|
||||
| Earnings before income taxes |
|
14,995 |
|
|
13,202 |
|
|
14,178 |
|
||||
| Income Tax Expense |
|
4,215 |
|
|
3,703 |
|
|
3,996 |
|
||||
| NET INCOME | $ |
10,780 |
|
$ |
9,499 |
|
$ |
10,182 |
|
||||
| Per Share Information: | |||||||||||||
| Earnings Per Share - Basic | $ |
1.16 |
|
$ |
1.03 |
|
$ |
1.11 |
|
||||
| Earnings Per Share - Diluted | $ |
1.16 |
|
$ |
1.02 |
|
$ |
1.10 |
|
||||
| Weighted Average Shares - Basic |
|
9,279,741 |
|
|
9,259,753 |
|
|
9,211,933 |
|
||||
| Weighted Average Shares - Diluted |
|
9,318,868 |
|
|
9,298,130 |
|
|
9,240,346 |
|
||||
| American Business Bank | |||||||||
| Figures in |
|||||||||
| INCOME STATEMENTS (unaudited) | |||||||||
For the nine months ended: |
|||||||||
September |
|
September |
|||||||
|
2024 |
|
|
|
2023 |
|
|||
| Interest Income: | |||||||||
| Interest and Fees on Loans | $ |
103,535 |
|
$ |
93,355 |
|
|||
| Interest on Investment Securities |
|
22,265 |
|
|
23,436 |
|
|||
| Interest on Interest Earning Deposits | |||||||||
| in Other Financial Institutions |
|
3,218 |
|
|
739 |
|
|||
| Total Interest Income |
|
129,018 |
|
|
117,530 |
|
|||
| Interest Expense: | |||||||||
| Interest on Interest Bearing Transaction Accounts |
|
3,299 |
|
|
1,342 |
|
|||
| Interest on Money Market and Savings Deposits |
|
24,247 |
|
|
12,572 |
|
|||
| Interest on Certificates of Deposits |
|
7,481 |
|
|
3,255 |
|
|||
| Interest on Federal Home Loan Bank Advances | |||||||||
| and Other Borrowings |
|
4,164 |
|
|
9,394 |
|
|||
| Total Interest Expense |
|
39,191 |
|
|
26,563 |
|
|||
| Net Interest Income |
|
89,827 |
|
|
90,967 |
|
|||
| Provision for Credit Losses |
|
224 |
|
|
2,839 |
|
|||
| Net Interest Income after Provision for Credit Losses |
|
89,603 |
|
|
88,128 |
|
|||
| Non-Interest Income: | |||||||||
| Deposit Fees |
|
3,172 |
|
|
2,954 |
|
|||
| International Fees |
|
1,257 |
|
|
1,150 |
|
|||
| Gain (Loss) on Sale of Investment Securities, Net |
|
(1,094 |
) |
|
(652 |
) |
|||
| Gain on Sale of SBA Loans, Net |
|
256 |
|
|
989 |
|
|||
| Bank/Corporate Owned Life Insurance Income (Expense) |
|
816 |
|
|
732 |
|
|||
| Other |
|
1,309 |
|
|
1,738 |
|
|||
| Total Non-Interest Income |
|
5,716 |
|
|
6,911 |
|
|||
| Non-Interest Expense: | |||||||||
| Salaries and Employee Benefits |
|
36,323 |
|
|
34,449 |
|
|||
| Occupancy and Equipment |
|
3,610 |
|
|
3,592 |
|
|||
| Professional Services |
|
6,214 |
|
|
5,867 |
|
|||
| Promotion Expenses |
|
1,927 |
|
|
1,841 |
|
|||
| Other |
|
4,499 |
|
|
4,276 |
|
|||
| Total Non-Interest Expense |
|
52,573 |
|
|
50,025 |
|
|||
| Earnings before income taxes |
|
42,746 |
|
|
45,014 |
|
|||
| Income Tax Expense |
|
11,970 |
|
|
12,422 |
|
|||
| NET INCOME | $ |
30,776 |
|
$ |
32,592 |
|
|||
| Per Share Information: | |||||||||
| Earnings Per Share - Basic | $ |
3.32 |
|
$ |
3.55 |
|
|||
| Earnings Per Share - Diluted | $ |
3.31 |
|
$ |
3.53 |
|
|||
| Weighted Average Shares - Basic |
|
9,258,937 |
|
|
9,181,813 |
|
|||
| Weighted Average Shares - Diluted |
|
9,303,605 |
|
|
9,229,089 |
|
|||
| American Business Bank | |||||||||||||||
| Figures in |
|||||||||||||||
| QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | |||||||||||||||
| For the three months ended: | |||||||||||||||
| September 2024 | June 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 | $ |
156,041 |
$ |
2,129 |
5.43 |
% |
$ |
61,618 |
$ |
839 |
5.48 |
% |
|||
| Investment Securities: | |||||||||||||||
| US Agencies |
|
76,670 |
|
1,045 |
5.45 |
% |
|
83,020 |
|
1,170 |
5.64 |
% |
|||
| Mortgage Backed Securities |
|
650,264 |
|
3,032 |
1.87 |
% |
|
662,880 |
|
3,129 |
1.89 |
% |
|||
| State and Municipals |
|
470,564 |
|
2,582 |
2.19 |
% |
|
477,603 |
|
2,617 |
2.19 |
% |
|||
| Corporate Bonds |
|
16,250 |
|
188 |
4.63 |
% |
|
16,250 |
|
188 |
4.64 |
% |
|||
| Securities Available-for-Sale and Held-to-Maturity |
|
1,213,748 |
|
6,847 |
2.26 |
% |
|
1,239,753 |
|
7,104 |
2.29 |
% |
|||
| Federal Home Loan Bank Stock |
|
15,000 |
|
329 |
8.76 |
% |
|
15,000 |
|
327 |
8.72 |
% |
|||
| Total Investment Securities |
|
1,228,748 |
|
7,176 |
2.34 |
% |
|
1,254,753 |
|
7,431 |
2.37 |
% |
|||
| Loans Receivable: | |||||||||||||||
| Commercial Real Estate |
|
1,929,129 |
|
24,257 |
5.00 |
% |
|
1,888,292 |
|
23,086 |
4.92 |
% |
|||
| Commercial and Industrial |
|
462,791 |
|
8,028 |
6.90 |
% |
|
478,868 |
|
8,088 |
6.79 |
% |
|||
| Residential Real Estate |
|
196,130 |
|
3,164 |
6.42 |
% |
|
196,740 |
|
3,115 |
6.37 |
% |
|||
| Installment and Other |
|
8,349 |
|
64 |
3.03 |
% |
|
8,628 |
|
69 |
3.23 |
% |
|||
| Total Loans Receivable |
|
2,596,399 |
|
35,513 |
5.44 |
% |
|
2,572,528 |
|
34,358 |
5.37 |
% |
|||
| Total Interest Earning Assets | $ |
3,981,188 |
$ |
44,818 |
4.41 |
% |
$ |
3,888,899 |
$ |
42,628 |
4.34 |
% |
|||
| Liabilities: | |||||||||||||||
| Non-Interest Bearing Demand Deposits |
|
1,671,657 |
|
- |
0.00 |
% |
|
1,607,544 |
|
- |
0.00 |
% |
|||
| Interest Bearing Transaction Accounts |
|
394,184 |
|
1,220 |
1.23 |
% |
|
384,339 |
|
1,077 |
1.13 |
% |
|||
| Money Market and Savings Deposits |
|
1,265,785 |
|
9,083 |
2.85 |
% |
|
1,145,701 |
|
7,900 |
2.77 |
% |
|||
| Certificates of Deposit |
|
288,357 |
|
2,785 |
3.84 |
% |
|
261,401 |
|
2,408 |
3.70 |
% |
|||
| Total Deposits |
|
3,619,983 |
|
13,088 |
1.44 |
% |
|
3,398,985 |
|
11,385 |
1.35 |
% |
|||
| Federal Home Loan Bank Advances / Other Borrowings |
|
25,598 |
|
363 |
5.64 |
% |
|
162,533 |
|
2,203 |
5.45 |
% |
|||
| Total Interest Bearing Deposits and Borrowings |
|
1,973,924 |
|
13,451 |
2.71 |
% |
|
1,953,974 |
|
13,588 |
2.80 |
% |
|||
| Total Deposits and Borrowings | $ |
3,645,581 |
$ |
13,451 |
1.47 |
% |
$ |
3,561,518 |
$ |
13,588 |
1.53 |
% |
|||
| Net Interest Income | $ |
31,367 |
$ |
29,040 |
|||||||||||
| Net Interest Rate Spread | 2.94 |
% |
2.81 |
% |
|||||||||||
| Net Interest Margin | 3.13 |
% |
3.00 |
% |
|||||||||||
| American Business Bank | |||||||||||||||
| Figures in |
|||||||||||||||
| QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | |||||||||||||||
| For the three months ended: | |||||||||||||||
| September 2024 | September 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 | $ |
156,041 |
$ |
2,129 |
5.43 |
% |
$ |
21,319 |
$ |
279 |
5.19 |
% |
|||
| Investment Securities: | |||||||||||||||
| US Agencies |
|
76,670 |
|
1,045 |
5.45 |
% |
|
101,829 |
|
1,325 |
5.21 |
% |
|||
| Mortgage Backed Securities |
|
650,264 |
|
3,032 |
1.87 |
% |
|
696,633 |
|
3,236 |
1.86 |
% |
|||
| State and Municipals |
|
470,564 |
|
2,582 |
2.19 |
% |
|
498,134 |
|
2,745 |
2.20 |
% |
|||
| Corporate Bonds |
|
16,250 |
|
188 |
4.63 |
% |
|
16,250 |
|
188 |
4.63 |
% |
|||
| Securities Available-for-Sale and Held-to-Maturity |
|
1,213,748 |
|
6,847 |
2.26 |
% |
|
1,312,846 |
|
7,494 |
2.28 |
% |
|||
| Federal Home Loan Bank Stock |
|
15,000 |
|
329 |
8.76 |
% |
|
15,000 |
|
293 |
7.82 |
% |
|||
| Total Investment Securities |
|
1,228,748 |
|
7,176 |
2.34 |
% |
|
1,327,846 |
|
7,787 |
2.35 |
% |
|||
| Loans Receivable: | |||||||||||||||
| Commercial Real Estate |
|
1,929,129 |
|
24,257 |
5.00 |
% |
|
1,842,818 |
|
21,974 |
4.73 |
% |
|||
| Commercial and Industrial |
|
462,791 |
|
8,028 |
6.90 |
% |
|
480,743 |
|
7,734 |
6.38 |
% |
|||
| Residential Real Estate |
|
196,130 |
|
3,164 |
6.42 |
% |
|
170,576 |
|
2,558 |
5.95 |
% |
|||
| Installment and Other |
|
8,349 |
|
64 |
3.03 |
% |
|
8,537 |
|
66 |
3.07 |
% |
|||
| Total Loans Receivable |
|
2,596,399 |
|
35,513 |
5.44 |
% |
|
2,502,674 |
|
32,332 |
5.13 |
% |
|||
| Total Interest Earning Assets | $ |
3,981,188 |
$ |
44,818 |
4.41 |
% |
$ |
3,851,839 |
$ |
40,398 |
4.10 |
% |
|||
| Liabilities: | |||||||||||||||
| Non-Interest Bearing Demand Deposits |
|
1,671,657 |
|
- |
0.00 |
% |
|
1,824,291 |
|
- |
0.00 |
% |
|||
| Interest Bearing Transaction Accounts |
|
394,184 |
|
1,220 |
1.23 |
% |
|
324,710 |
|
704 |
0.86 |
% |
|||
| Money Market and Savings Deposits |
|
1,265,785 |
|
9,083 |
2.85 |
% |
|
1,062,607 |
|
6,019 |
2.25 |
% |
|||
| Certificates of Deposit |
|
288,357 |
|
2,785 |
3.84 |
% |
|
228,872 |
|
1,964 |
3.40 |
% |
|||
| Total Deposits |
|
3,619,983 |
|
13,088 |
1.44 |
% |
|
3,440,480 |
|
8,687 |
1.00 |
% |
|||
| Federal Home Loan Bank Advances / Other Borrowings |
|
25,598 |
|
363 |
5.64 |
% |
|
105,087 |
|
1,433 |
5.41 |
% |
|||
| Total Interest Bearing Deposits and Borrowings |
|
1,973,924 |
|
13,451 |
2.71 |
% |
|
1,721,276 |
|
10,120 |
2.33 |
% |
|||
| Total Deposits and Borrowings | $ |
3,645,581 |
$ |
13,451 |
1.47 |
% |
$ |
3,545,567 |
$ |
10,120 |
1.13 |
% |
|||
| Net Interest Income | $ |
31,367 |
$ |
30,278 |
|||||||||||
| Net Interest Rate Spread | 2.94 |
% |
2.97 |
% |
|||||||||||
| Net Interest Margin | 3.13 |
% |
3.12 |
% |
|||||||||||
| American Business Bank | |||||||||||||||
| Figures in |
|||||||||||||||
| QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited) | |||||||||||||||
| For the nine months ended: | |||||||||||||||
| September 2024 | September 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 | $ |
79,252 |
$ |
3,218 |
5.42 |
% |
$ |
20,366 |
$ |
739 |
4.85 |
% |
|||
| Investment Securities: | |||||||||||||||
| US Agencies |
|
82,882 |
|
3,500 |
5.63 |
% |
|
109,975 |
|
3,783 |
4.59 |
% |
|||
| Mortgage Backed Securities |
|
662,348 |
|
9,360 |
1.88 |
% |
|
708,057 |
|
9,977 |
1.88 |
% |
|||
| State and Municipals |
|
477,708 |
|
7,855 |
2.19 |
% |
|
501,330 |
|
8,297 |
2.21 |
% |
|||
| Corporate Bonds |
|
16,250 |
|
565 |
4.63 |
% |
|
16,250 |
|
558 |
4.58 |
% |
|||
| Securities Available-for-Sale and Held-to-Maturity |
|
1,239,188 |
|
21,280 |
2.29 |
% |
|
1,335,612 |
|
22,615 |
2.26 |
% |
|||
| Federal Home Loan Bank Stock |
|
15,000 |
|
985 |
8.76 |
% |
|
15,000 |
|
821 |
7.30 |
% |
|||
| Total Investment Securities |
|
1,254,188 |
|
22,265 |
2.37 |
% |
|
1,350,612 |
|
23,436 |
2.31 |
% |
|||
| Loans Receivable: | |||||||||||||||
| Commercial Real Estate |
|
1,898,713 |
|
70,161 |
4.94 |
% |
|
1,805,477 |
|
62,741 |
4.65 |
% |
|||
| Commercial and Industrial |
|
470,906 |
|
23,855 |
6.77 |
% |
|
490,777 |
|
22,854 |
6.23 |
% |
|||
| Residential Real Estate |
|
196,348 |
|
9,323 |
6.34 |
% |
|
173,067 |
|
7,550 |
5.83 |
% |
|||
| Installment and Other |
|
8,736 |
|
196 |
3.00 |
% |
|
7,912 |
|
210 |
3.56 |
% |
|||
| Total Loans Receivable |
|
2,574,703 |
|
103,535 |
5.37 |
% |
|
2,477,233 |
|
93,355 |
5.04 |
% |
|||
| Total Interest Earning Assets | $ |
3,908,143 |
$ |
129,018 |
4.34 |
% |
$ |
3,848,211 |
$ |
117,530 |
4.03 |
% |
|||
| Liabilities: | |||||||||||||||
| Non-Interest Bearing Demand Deposits |
|
1,642,483 |
|
- |
0.00 |
% |
|
1,794,366 |
|
- |
0.00 |
% |
|||
| Interest Bearing Transaction Accounts |
|
386,897 |
|
3,299 |
1.14 |
% |
|
302,062 |
|
1,342 |
0.59 |
% |
|||
| Money Market and Savings Deposits |
|
1,179,180 |
|
24,247 |
2.75 |
% |
|
1,066,488 |
|
12,572 |
1.58 |
% |
|||
| Certificates of Deposit |
|
268,489 |
|
7,481 |
3.72 |
% |
|
144,986 |
|
3,255 |
3.00 |
% |
|||
| Total Deposits |
|
3,477,049 |
|
35,027 |
1.35 |
% |
|
3,307,902 |
|
17,169 |
0.69 |
% |
|||
| Federal Home Loan Bank Advances / Other Borrowings |
|
103,433 |
|
4,164 |
5.38 |
% |
|
251,363 |
|
9,394 |
5.00 |
% |
|||
| Total Interest Bearing Deposits and Borrowings |
|
1,937,999 |
|
39,191 |
2.70 |
% |
|
1,764,899 |
|
26,563 |
2.01 |
% |
|||
| Total Deposits and Borrowings | $ |
3,580,480 |
$ |
39,191 |
1.46 |
% |
$ |
3,559,264 |
$ |
26,563 |
1.00 |
% |
|||
| Net Interest Income | $ |
89,827 |
$ |
90,967 |
|||||||||||
| Net Interest Rate Spread | 2.88 |
% |
3.03 |
% |
|||||||||||
| Net Interest Margin | 3.07 |
% |
3.16 |
% |
|||||||||||
| American Business Bank | |||||||||||||||||
| Figures in |
|||||||||||||||||
| SUPPLEMENTAL DATA (unaudited) | |||||||||||||||||
September |
|
June |
|
December |
|
September |
|||||||||||
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|||
| Performance Ratios: | |||||||||||||||||
| Quarterly: | |||||||||||||||||
| Return on Average Assets (ROAA) |
|
1.07 |
% |
|
0.97 |
% |
|
1.17 |
% |
|
1.05 |
% |
|||||
| Return on Average Equity (ROAE) |
|
12.64 |
% |
|
11.93 |
% |
|
16.05 |
% |
|
14.20 |
% |
|||||
| Efficiency Ratio |
|
53.20 |
% |
|
54.86 |
% |
|
48.45 |
% |
|
54.59 |
% |
|||||
| Year-to-Date | |||||||||||||||||
| Return on Average Assets (ROAA) |
|
1.04 |
% |
|
1.02 |
% |
|
1.13 |
% |
|
1.12 |
% |
|||||
| Return on Average Equity (ROAE) |
|
12.66 |
% |
|
12.67 |
% |
|
15.70 |
% |
|
15.58 |
% |
|||||
| Efficiency Ratio |
|
54.13 |
% |
|
54.63 |
% |
|
50.82 |
% |
|
51.62 |
% |
|||||
| Capital Adequacy: | |||||||||||||||||
| Total Risk Based Capital Ratio |
|
12.99 |
% |
|
12.84 |
% |
|
12.37 |
% |
|
12.66 |
% |
|||||
| Common Equity Tier 1 Capital Ratio |
|
12.11 |
% |
|
11.94 |
% |
|
11.47 |
% |
|
11.73 |
% |
|||||
| Tier 1 Risk Based Capital Ratio |
|
12.11 |
% |
|
11.94 |
% |
|
11.47 |
% |
|
11.73 |
% |
|||||
| Tier 1 Leverage Ratio |
|
10.17 |
% |
|
10.14 |
% |
|
9.64 |
% |
|
9.41 |
% |
|||||
| Tangible Common Equity / Tangible Assets |
|
8.68 |
% |
|
8.42 |
% |
|
8.05 |
% |
|
7.21 |
% |
|||||
| Asset Quality Overview | |||||||||||||||||
| Non-Performing Loans | $ |
6,969 |
|
$ |
6,641 |
|
$ |
7,859 |
|
$ |
5,315 |
|
|||||
| Loans 90+ Days Past Due and Still Accruing |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Total Non-Performing Loans |
|
6,969 |
|
|
6,641 |
|
|
7,859 |
|
|
5,315 |
|
|||||
| Loans Modified with Financial Difficulty | $ |
4,120 |
|
$ |
4,696 |
|
$ |
231 |
|
$ |
233 |
|
|||||
| Other Real Estate Owned |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| ACL / Loans Receivable |
|
1.11 |
% |
|
1.11 |
% |
|
1.10 |
% |
|
1.10 |
% |
|||||
| Non-Performing Loans / Total Loans Receivable |
|
0.27 |
% |
|
0.36 |
% |
|
0.30 |
% |
|
0.21 |
% |
|||||
| Non-Performing Assets / Total Assets |
|
0.17 |
% |
|
0.24 |
% |
|
0.20 |
% |
|
0.14 |
% |
|||||
| Net Charge-Offs (Recoveries) quarterly | $ |
4 |
|
$ |
(58 |
) |
$ |
190 |
|
$ |
(5 |
) |
|||||
| Net Charge-Offs (Recoveries) year-to-date | $ |
(155 |
) |
$ |
(159 |
) |
$ |
344 |
|
$ |
154 |
|
|||||
| Net Charge-Offs (Recoveries) year-to-date / Average Loans Receivable |
|
(0.01 |
%) |
|
(0.01 |
%) |
|
0.01 |
% |
|
0.01 |
% |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030175878/en/
Karen Schoenbaum
EVP/CFO
(213) 430-4000
www.americanbb.bank
Source: American Business Bank
FAQ
What was American Business Bank's (AMBZ) Q3 2024 earnings per share?
How much did AMBZ's deposits grow in Q3 2024?
What was AMBZ's net interest margin in Q3 2024?
What percentage of AMBZ's deposits are non-interest bearing in Q3 2024?
