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27.10.2017 01:31:00
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American Business Bank Announces Its Results for the Quarter Ended September 30, 2017, Including 17% Loan Growth and Net Income Growth of 18% Over the Third Quarter of 2016
American Business Bank (OTCBB: AMBZ) today announced results for the quarter ended September 30, 2017. Net income for the quarter was $3,783,000, or $0.48 per diluted share compared to net income of $3,210,000, or $0.42 per diluted share for the quarter ended September 30, 2016. Diluted Core earnings per share were $0.48 for the third quarter of 2017 compared to $0.43 in the same period of 2016.
Total assets decreased $62 million, or 3%, from $1.815 billion at September 30, 2016 to $1.753 billion at September 30, 2017. Total loans (net) increased $125 million, or 17%, to $865 million at September 30, 2017 compared to $740 million at September 30, 2016. Deposits decreased $24 million, or 2%, to $1.583 billion at September 30, 2017 compared to $1.607 billion at September 30, 2016. Borrowings from the Federal Home Loan Bank decreased from $51 million at September 30, 2016 to $2 million at September 30, 2017.
Net Interest Income increased $2,204,000, or 18% to $14,150,000 for the quarter ending September 30, 2017 compared to $11,946,000 for the quarter ending September 30, 2016.
Non-Interest Income increased from $494,000 for the quarter ending September 30, 2016 to $696,000 for the third quarter of 2017. Increases in the "Other Non-Interest Income” category mentioned in the Income Statement below were primarily due to an increase in the value of Bank Owned Life Insurance policies.
Non-Interest Expense increased $1,270,000, or 16%, to $9,176,000 for the quarter ending September 30, 2017 from $7,906,000 for the third quarter of 2016. This increase was primarily due to increases in salaries and employee benefits expenses and occupancy expense.
Asset quality at the end of the third quarter remains excellent, with $431,000 in non-performing loans, representing 0.1% of total loans, and no OREO. At quarter end, the allowance for loan losses stood at $13,638,000, or 1.55% of total loans. As of the quarter end of September 30, 2017 the Bank had a net recovery of ($45,000).
AMERICAN BUSINESS BANK, headquartered in downtown Los Angeles, offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened four Loan Production Offices in strategic areas including our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center and our Inland Empire Office in Ontario.
| American Business Bank | |||||||||||
| Figures in $000, except per share amounts | |||||||||||
| CONSOLIDATED BALANCE SHEET (unaudited) | |||||||||||
| As of: | |||||||||||
| September | September | Change | |||||||||
| 2017 | 2016 | % | |||||||||
|
Assets: |
|||||||||||
| Cash & Equivalents | $ | 53,033 | $ | 67,062 | -20.9 | % | |||||
| Fed Funds Sold | 19,000 | 0 | NA | ||||||||
| Interest Bearing Balances | 483 | 5,445 | -91.1 | % | |||||||
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Investment Securities: |
|||||||||||
| US Agencies | 522,636 | 603,620 | -13.4 | % | |||||||
| Mortgage Backed Securities | 68,880 | 83,390 | -17.4 | % | |||||||
| State & Municipals | 147,104 | 244,287 | -39.8 | % | |||||||
| Other | 13,404 | 6,502 | 106.2 | % | |||||||
| Total Investment Securities | 752,024 | 937,799 | -19.8 | % | |||||||
| Loans | 878,262 | 752,536 | 16.7 | % | |||||||
| Allowance for Loan & Lease Losses | (13,638 | ) | (12,929 | ) | 5.5 | % | |||||
| Net Loans | 864,624 | 739,607 | 16.9 | % | |||||||
| Premises & Equipment | 1,328 | 1,422 | -6.6 | % | |||||||
| Other Assets | 62,164 | 63,567 | -2.2 | % | |||||||
| Total Assets | $ | 1,752,656 | $ | 1,814,902 | -3.4 | % | |||||
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Liabilities: |
|||||||||||
| Demand Deposits | $ | 795,930 | $ | 812,627 | -2.1 | % | |||||
| Money Market | 735,589 | 745,090 | -1.3 | % | |||||||
|
Time Deposits and Savings |
51,233 | 49,093 | 4.4 | % | |||||||
| Total Deposits | 1,582,752 | 1,606,810 | -1.5 | % | |||||||
| FHLB Advances / Other Borrowings | 2,000 | 51,000 | -96.1 | % | |||||||
| Other Liabilities | 12,822 | 13,219 | -3.0 | % | |||||||
| Total Liabilities | $ | 1,597,574 | $ | 1,671,029 | -4.4 | % | |||||
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Shareholders' Equity: |
|||||||||||
| Common Stock & Retained Earnings | $ | 162,238 | $ | 144,974 | 11.9 | % | |||||
| Accumulated Other Comprehensive Income / (Loss) | (7,156 | ) | (1,101 | ) | 550.0 | % | |||||
| Total Shareholders' Equity | $ | 155,082 | $ | 143,873 | 7.8 | % | |||||
| Total Liabilities & Shareholders' Equity | $ | 1,752,656 | $ | 1,814,902 | -3.4 | % | |||||
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Capital Adequacy: |
|||||||||||
| Tangible Common Equity / Tangible Assets | 8.85 | % | 7.93 | % | -- | ||||||
| Common Equity Tier 1 Ratio | 15.54 | % | 15.64 | % | -- | ||||||
| Tier 1 Capital Ratio | 15.54 | % | 15.64 | % | -- | ||||||
| Total Capital Ratio | 16.80 | % | 16.90 | % | -- | ||||||
| Tier 1 Leverage Ratio | 8.33 | % | 7.59 | % | -- | ||||||
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Per Share Information: |
|||||||||||
| Common Shares Outstanding | 7,530,819 | 7,440,466 | -- | ||||||||
| Book Value Per Share | $ | 20.59 | $ | 19.34 | 6.5 | % | |||||
| Tangible Book Value Per Share | $ | 20.59 | $ | 19.34 | 6.5 | % | |||||
| American Business Bank | |||||||||||
| Figures in $000, except per share amounts | |||||||||||
| CONSOLIDATED INCOME STATEMENT (unaudited) | |||||||||||
| For the 3-month period ended: | |||||||||||
| September | September | Change | |||||||||
| 2017 | 2016 | % | |||||||||
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Interest Income: |
|||||||||||
| Loans & Leases | $ | 9,771 | $ | 8,057 | 21.3 | % | |||||
| Investment Securities | 4,760 | 4,265 | 11.6 | % | |||||||
| Total Interest Income | 14,531 | 12,322 | 17.9 | % | |||||||
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Interest Expense: |
|||||||||||
| Money Market and Savings Accounts | 330 | 280 | 17.9 | % | |||||||
| Time Deposits | 41 | 43 | -4.7 | % | |||||||
| Repurchase Agreements / Other Borrowings | 10 | 53 | -81.1 | % | |||||||
| Total Interest Expense | 381 | 376 | 1.3 | % | |||||||
| Net Interest Income | 14,150 | 11,946 | 18.4 | % | |||||||
| Provision for Loan Losses | (300 | ) | (25 | ) | 1100.0 | % | |||||
| Net Interest Income After Provision for Loan Losses | 13,850 | 11,921 | 16.2 | % | |||||||
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Non-Interest Income: |
|||||||||||
| Deposit Fees | 428 | 403 | 6.2 | % | |||||||
| Realized Securities Gains / (Losses) | (19 | ) | - | NA | |||||||
| Other | 287 | 91 | 215.4 | % | |||||||
| Total Non-Interest Income | 696 | 494 | 40.9 | % | |||||||
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Non-Interest Expense: |
|||||||||||
| Compensation & Benefits | 5,763 | 4,733 | 21.8 | % | |||||||
| Occupancy & Equipment | 706 | 602 | 17.3 | % | |||||||
| Other | 2,707 | 2,571 | 5.3 | % | |||||||
| Total Non-Interest Expense | 9,176 | 7,906 | 16.1 | % | |||||||
| Pre-Tax Income | 5,370 | 4,509 | 19.1 | % | |||||||
| Provision for Income Tax | (1,587 | ) | (1,299 | ) | 22.2 | % | |||||
| Net Income | $ | 3,783 | $ | 3,210 | 17.9 | % | |||||
| After-Tax Realized Securities (Gains) / Losses | $ | 13 | $ | - | |||||||
| After-Tax Cash Value DCP - ABB stocks (Gains) / Losses | $ | (66 | ) | $ | 79 | ||||||
| Core Net Income | $ |
3,730 |
$ | 3,289 | 13.4 | % | |||||
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Per Share Information: |
|||||||||||
| Average Shares Outstanding (for the quarter) | 7,528,125 | 7,434,024 | -- | ||||||||
| Earnings Per Share - Diluted | $ | 0.48 | $ | 0.42 | 14.3 | % | |||||
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Earnings Per Share "CORE" - Diluted |
$ | 0.48 | $ | 0.43 | 11.6 | % | |||||
| American Business Bank | |||||||||||
| Figures in $000, except per share amounts | |||||||||||
| September | September | Change | |||||||||
| 2017 | 2016 | % | |||||||||
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Performance Ratios |
|||||||||||
| Return on Average Assets (ROAA) | 0.79 | % | 0.76 | % | -- | ||||||
| Return on Average Equity (ROAE) | 9.93 | % | 9.38 | % | -- | ||||||
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Return on Average Assets "CORE" (ROAA) |
0.85 | % | 0.61 | % | -- | ||||||
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Return on Average Equity "CORE" (ROAE) |
10.70 | % | 7.62 | % | -- | ||||||
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Asset Quality Overview |
|||||||||||
| Non-Performing Loans | $ | 431 | $ | 1,920 | NA | ||||||
| Loans 90+Days Past Due | - | - | NA | ||||||||
| Total Non-Performing Loans | $ | 431 | $ | 1,920 | NA | ||||||
| Restructured Loans (TDR's) | $ | 245 | $ | 914 | -73.2 | % | |||||
| Other Real Estate Owned | 0 | 0 | -- | ||||||||
| ALLL / Gross Loans | 1.55 | % | 1.72 | % | -- | ||||||
| ALLL / Non-Performing Loans * | 3164.27 | % | 673.39 | % | -- | ||||||
| Non-Performing Loans / Total Loans * | 0.05 | % | 0.26 | % | -- | ||||||
| Non-Performing Assets / Total Assets * | 0.02 | % | 0.11 | % | -- | ||||||
| Net Charge-Offs / (Recoveries) | $ | (45 | ) | $ | (4 | ) | -- | ||||
| *Excludes Restructured Loans | |||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20171026006740/en/
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