LOS ANGELES -- (Business Wire)
AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today announced results for
quarter ended March 31, 2017. Net income for the quarter was $3,557,000,
or $0.51 per diluted share, compared to net income of $3,329,000, or
$0.48 per diluted share, for the quarter ended March 31, 2016. Core
earnings per share (which exclude the after tax effect of securities
gains) were $0.50 for the first quarter of 2017 compared to $0.47 in
2016.
Total assets increased $77 million, or 4%, to $1.819 billion at March
31, 2017 compared to $1.742 billion at March 31, 2016. Total loans (net)
increased $142 million, or 21%, to $821 million at March 31, 2017
compared to $679 million at March 31, 2016. Deposits remained unchanged
at $1.551 billion at March 31, 2017. Borrowings from the Federal Home
Loan Bank increased from $44 million at March 31, 2016 to $118 million
at March 31, 2017.
Net Interest Income increased $1,486,000, or 12%, to $13,700,000 for the
quarter ending March 31, 2017 compared to $12,214,000 for the quarter
ending March 31, 2016.
Non-Interest Income declined from $1,375,000 for the quarter ending
March 31, 2016 to ($364,000) for the first quarter of 2017. The decrease
was primarily due to a ($76,000) decline in realized securities gains
and a ($1,135,000) “non-cash” charge related to the Deferred
Compensation Plan resulting from an increase in AMBZ stock price.
Non-Interest Expense declined ($436,000), or 5%, to $8,612,000 for the
quarter ending March 31, 2017 from $9,048,000 for the first quarter of
2016. This decrease was primarily due to reductions in professional fees
and promotional expenses.
Asset quality at the end of the first quarter remains excellent, with
$2,151,000 in non-performing loans, representing 0.3% of total loans,
and no OREO. At quarter end, the allowance for loan losses stood at
$13,166,000, or 1.58% of total loans. For the quarter ending March 31,
2017 the Bank had a net recovery of $22,000.
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: |
|
|
| |
|
|
| | | | | | March | | | March | | Change | |
| | | | | |
| 2017 |
|
|
|
| 2016 |
| | % |
|
Assets: | | | | | | | | | | |
|
Cash & Equivalents
| |
$
|
58,076
| | | |
$
|
49,044
| | |
18.4
|
%
|
|
Fed Funds Sold
| | |
0
| | | | |
28,000
| | |
-100.0
|
%
|
|
Interest Bearing Balances
| | |
697
| | | | |
36
| | |
1836.1
|
%
|
| Investment Securities: | | | | | | | | |
| |
US Agencies
| | |
550,452
| | | | |
608,580
| | |
-9.6
|
%
|
| |
Mortgage Backed Securities
| | |
74,051
| | | | |
106,188
| | |
-30.3
|
%
|
| |
State & Municipals
| | |
244,130
| | | | |
205,684
| | |
18.7
|
%
|
|
|
|
Other
|
|
|
6,478
|
|
|
|
|
4,875
|
| |
32.9
|
%
|
| | |
Total Investment Securities
| | |
875,111
| | | | |
925,327
| | |
-5.4
|
%
|
| Gross Loans: | | | | | | | | |
| |
Commercial Real Estate
| | |
536,402
| | | | |
456,604
| | |
17.5
|
%
|
| |
Commercial & Industrial
| | |
207,505
| | | | |
160,710
| | |
29.1
|
%
|
| |
Other Real Estate
| | |
86,334
| | | | |
69,821
| | |
23.7
|
%
|
|
|
|
Other
|
|
|
4,301
|
|
|
|
|
4,955
|
| |
-13.2
|
%
|
| | |
Total Gross Loans
| | |
834,542
| | | | |
692,090
| | |
20.6
|
%
|
|
|
|
|
|
Allowance for Loan & Lease Losses
|
|
|
(13,166
|
)
|
|
|
|
(12,801
|
)
| |
2.9
|
%
|
| | |
Net Loans
| | |
821,376
| | | | |
679,289
| | |
20.9
|
%
|
|
Premises & Equipment
| | |
1,326
| | | | |
1,428
| | |
-7.1
|
%
|
|
|
Other Assets
|
|
|
62,384
|
|
|
|
|
58,925
|
| |
5.9
|
%
|
|
|
| Total Assets |
| $ | 1,818,970 |
|
|
| $ | 1,742,049 |
| |
4.4
|
%
|
| | | | | | | | | | | |
|
Liabilities: | | | | | | | | | |
|
Demand Deposits
| |
$
|
795,132
| | | |
$
|
753,458
| | |
5.5
|
%
|
|
Money Market
| | |
712,925
| | | | |
736,374
| | |
-3.2
|
%
|
|
|
Time Deposits and Savings
|
|
|
42,856
|
|
|
|
|
60,995
|
| |
-29.7
|
%
|
| | |
Total Deposits
| | |
1,550,913
| | | | |
1,550,827
| | |
0.0
|
%
|
|
FHLB Advances / Other Borrowings
| | |
118,000
| | | | |
44,000
| | |
168.2
|
%
|
|
|
Other Liabilities
|
|
|
9,305
|
|
|
|
|
10,117
|
| |
-8.0
|
%
|
|
|
| Total Liabilities |
| $ | 1,678,218 |
|
|
| $ | 1,604,944 |
| |
4.6
|
%
|
| | | | | | | | | | | |
|
Shareholders' Equity: | | | | | | | | |
|
Common Stock & Retained Earnings
| |
$
|
153,315
| | | |
$
|
138,336
| | |
10.8
|
%
|
|
|
Accumulated Other Comprehensive Income / (Loss)
|
|
|
(12,563
|
)
|
|
|
|
(1,231
|
)
| |
920.6
|
%
|
|
|
| Total Shareholders' Equity |
| $ | 140,752 |
|
|
| $ | 137,105 |
| |
2.7
|
%
|
|
|
| Total Liabilities & Shareholders' Equity |
| $ | 1,818,970 |
|
|
| $ | 1,742,049 |
| |
4.4
|
%
|
| | | | | | | | | | | |
|
Capital Adequacy: | | | | | | | | |
|
Tangible Common Equity / Tangible Assets
| | |
7.74
|
%
| | | |
7.87
|
%
| |
--
| |
|
Common Equity Tier 1 Ratio
| | |
14.94
|
%
| | | |
16.57
|
%
| |
--
| |
|
Tier 1 Capital Ratio
| | |
14.94
|
%
| | | |
16.57
|
%
| |
--
| |
|
Total Capital Ratio
| | |
16.20
|
%
| | | |
17.84
|
%
| |
--
| |
|
Tier 1 Leverage Ratio
| | |
7.76
|
%
| | | |
7.52
|
%
| |
--
| |
| | | | | | | | | | | |
|
Per Share Information: | | | | | | | | |
|
Common Shares Outstanding
| | |
6,787,023
| | | | |
6,707,793
| | |
--
| |
|
Book Value Per Share
| |
$
|
20.74
| | | |
$
|
20.44
| | |
1.5
|
%
|
|
Tangible Book Value Per Share
| |
$
|
20.74
| | | |
$
|
20.44
| | |
1.5
|
%
|
| | | | | | | | | | | | |
|
|
|
| American Business Bank |
| Figures in $000, except per share amounts |
|
|
| |
| |
| |
| |
| CONSOLIDATED INCOME STATEMENT (unaudited) |
| | | | | | | |
|
| | | | | | | |
|
| | | | For the 3-month period ended: | |
|
| | | | March | | March | | Change |
| | | |
| 2017 |
|
|
| 2016 |
| | % |
|
Interest Income: | | | | | | |
|
Loans & Leases
| |
$
|
8,535
| | |
$
|
7,579
| | |
12.6
|
%
|
|
|
Investment Securities
|
|
|
5,680
|
|
|
|
5,005
|
| |
13.5
|
%
|
| |
Total Interest Income
| | |
14,215
| | | |
12,584
| | |
13.0
|
%
|
| | | | | | | |
|
| | | | | | | |
|
Interest Expense: | | | | | | |
|
Money Market and Savings Accounts
| | |
271
| | | |
302
| | |
-10.3
|
%
|
|
Time Deposits
| | |
36
| | | |
52
| | |
-30.8
|
%
|
|
|
Repurchase Agreements / Other Borrowings
|
|
|
208
|
|
|
|
16
|
| |
1200.0
|
%
|
| |
Total Interest Expense
| | |
515
| | | |
370
| | |
39.2
|
%
|
| | | | | | | |
|
| | | | | | | |
|
|
Net Interest Income
| | |
13,700
| | | |
12,214
| | |
12.2
|
%
|
|
|
Provision for Loan Losses
|
|
|
(150
|
)
|
|
|
(25
|
)
| |
500.0
|
%
|
|
Net Interest Income After Provision for Loan Losses
| | |
13,550
| | | |
12,189
| | |
11.2
|
%
|
| | | | | | | |
|
| | | | | | | |
|
Non-Interest Income: | | | | | | |
|
Deposit Fees
| | |
416
| | | |
377
| | |
10.3
|
%
|
|
Realized Securities Gains
| | |
40
| | | |
116
| | |
-65.5
|
%
|
|
|
Other
|
|
|
(820
|
)
|
|
|
882
|
| |
-193.0
|
%
|
| |
Total Non-Interest Income
| | |
(364
|
)
| | |
1,375
| | |
-126.5
|
%
|
| | | | | | | |
|
| | | | | | | |
|
Non-Interest Expense: | | | | | | |
|
Compensation & Benefits
| | |
5,595
| | | |
5,196
| | |
7.7
|
%
|
|
Occupancy & Equipment
| | |
612
| | | |
663
| | |
-7.7
|
%
|
|
|
Other
|
|
|
2,405
|
|
|
|
3,189
|
| |
-24.6
|
%
|
| |
Total Non-Interest Expense
| | |
8,612
| | | |
9,048
| | |
-4.8
|
%
|
| | | | | | | |
|
| | | | | | | |
|
|
Pre-Tax Income
| | |
4,574
| | | |
4,516
| | |
1.3
|
%
|
|
|
Provision for Income Tax
|
|
|
(1,017
|
)
|
|
|
(1,187
|
)
| |
-14.3
|
%
|
| | | | | | | |
|
| | | | | | | |
|
| Net Income |
|
$
|
3,557
|
|
|
$
|
3,329
|
| |
6.8
|
%
|
| | | | | | | |
|
|
Less: After-Tax Realized Securities Gains
| |
$
|
31
| | |
$
|
86
| | | |
| | | | | | | |
|
| Core Net Income |
|
$
|
3,526
|
|
|
$
|
3,243
|
|
|
8.7
|
%
|
| | | | | | | |
|
Per Share Information: | | | | | | |
|
Average Shares Outstanding (for the year)
| | |
6,779,954
| | | |
6,658,419
| | |
--
| |
|
Earnings Per Share - Diluted
| |
$
|
0.51
| | |
$
|
0.48
| | |
6.3
|
%
|
| | | | | | | |
|
|
Earnings Per Share " CORE" - Diluted
| |
$
|
0.50
| | |
$
|
0.47
| | |
6.4
|
%
|
| | | | | | | | | | | |
|
|
|
| American Business Bank |
| Figures in $000, except per share amounts |
|
| | |
| |
|
| |
| |
| | | | | | | | |
|
| | | | | | | | |
|
| | | | March | | | March | | Change |
| | | |
| 2017 |
|
|
|
| 2016 |
| | % |
|
| | | | | | | | |
|
Performance Ratios | | | | | | | |
|
Return on Average Assets (ROAA)
| | |
0.76
|
%
| | | |
0.78
|
%
| |
--
| |
|
Return on Average Equity (ROAE)
| | |
10.31
|
%
| | | |
9.92
|
%
| |
--
| |
| | | | | | | | |
|
|
Return on Average Assets " CORE" (ROAA)
| | |
0.76
|
%
| | | |
0.76
|
%
| |
--
| |
|
Return on Average Equity " CORE" (ROAE)
| | |
10.22
|
%
| | | |
9.66
|
%
| |
--
| |
| | | | | | | | |
|
| | | | | | | | |
|
Asset Quality Overview | | | | | | | |
|
Non-Performing Loans
| |
$
|
2,104
| | | |
$
|
-
| | |
NA
|
|
|
Loans 90+Days Past Due
|
|
|
47
|
|
|
|
|
-
|
|
|
NA
|
| |
Total Non-Performing Loans
| |
$
|
2,151
| | | |
$
|
-
| | |
NA
|
| | | | | | | | |
|
|
Restructured Loans (TDR's)
| |
$
|
249
| | | |
$
|
920
| | |
-72.9
|
%
|
| | | | | | | | |
|
|
Other Real Estate Owned
| | |
0
| | | | |
0
| | |
--
| |
| | | | | | | | |
|
|
ALLL / Gross Loans
| | |
1.58
|
%
| | | |
1.85
|
%
| |
--
| |
|
ALLL / Non-Performing Loans *
| | |
612.09
|
%
| | |
NA
| |
--
| |
|
Non-Performing Loans / Total Loans *
| | |
0.26
|
%
| | | |
0.00
|
%
| |
--
| |
|
Non-Performing Assets / Total Assets *
| | |
0.12
|
%
| | | |
0.00
|
%
| |
--
| |
|
Net Charge-Offs
| |
$
|
(22
|
)
| | |
$
|
(18
|
)
| |
--
| |
| | | | | | | | |
|
|
*
|
Excludes Restructured Loans
| | | | | | | |
| | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170421005680/en/
Contacts:
AMERICAN BUSINESS BANK
Julie Nguyen
CFO
(213) 430-4000
Source: AMERICAN BUSINESS BANK
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