Non-interest bearing demand deposits represent
48% of total deposits
First Quarter 2024 Highlights
- Net income for the quarter totaled $10.5 million, or
$1.13 per diluted share
- Net interest margin contracted to 3.07% over prior
quarter of 3.16%
- Net yield on interest earning assets increased 7 basis
points over the prior quarter
- Total deposits decreased $188 million or 5.4% over prior
quarter
- Cost of average deposits of 1.24% compared with 1.17% in
the prior quarter
- Non-interest bearing demand deposits represent 48% of
total deposits
- Total loans decreased $7 million or 0.3% over prior
quarter
- Minimal past due loans
- Total borrowings decreased $276 million or 57% over
prior year
- Tangible book value per share of $34.80
- Continued status as well-capitalized, the highest
regulatory category
AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income
of $10.5 million or $1.13 per fully diluted share for the quarter
ended March 31, 2024 compared to $11.4 million or $1.23 per fully
diluted share for the quarter ended December 31, 2023, and $13.1
million or $1.42 per fully diluted share for the quarter ending
March 31, 2023, representing declines of 8% and 20%, respectively.
The reduction in net income is primarily due to reduced net
interest income.
“We remain focused on providing high touch community banking
services to our business clients with a conservative risk approach.
At its core, our business is solely reliant on spread income and
the rapid rise in interest rates combined with an inverted yield
curve has compressed the net interest margin. As is typical, in the
1st quarter our customers distributed funds for bonuses.
Additionally, several of our larger clients took advantage of
outside investment opportunities. As a result, despite adding new
clients, total deposits declined compared to the prior quarter. Our
goals for 2024 continue to be centered on building our outstanding
core deposit franchise to eliminate borrowings and enhance margins.
There is a strong deposit pipeline of new customers and the cost of
deposits seems to be accelerating at a slower pace. The key to our
success in 2024 is the continued generation of new clients and we
are well positioned to do so.
“The one area the Bank can control is expenses, operating
expenses increased 0.9% quarter over quarter and 3.7% year over
year. Despite experiencing margin pressure, the Bank still achieved
a return on average assets of 1.08% and a return on average equity
of 13.4% for the quarter.
“We continue to deliver superior service with the goal of being
the premier relationship-banking franchise for small to mid-size
businesses in Southern California.” commented Leon Blankstein,
ABB’s CEO and Director.
For the quarter ending March 31, 2024, net interest income was
$29 million, representing a 5% decrease over the fourth quarter of
2023. Net interest income was negatively impacted by the increase
in the cost of deposits and borrowings exceeding the increase in
interest earned on loans and securities. The cost of deposits was
the largest contributor to the decrease in net interest income as
compared to the prior year quarter. For the quarter ending March
31, 2024, the cost of deposits was 1.24% representing an increase
of 7 bps compared to the quarter ending December 31, 2023.
The provision for credit losses was $0.2 million in the quarter,
a decrease from the prior quarter. The decrease in provision was a
result of a reduction in the loan portfolio along with net
recoveries of $0.1 million offset by an increase in the reserve for
unfunded loan commitments mainly due to a decrease in line
utilization. The allowance for credit losses as a percentage of
loans was 1.10% at March 31, 2024 and December 31, 2023.
Net Interest Margin
Net interest margin for the first quarter of 2024 decreased to
3.07% from 3.16% for the fourth quarter of 2023 primarily due to an
increase in average borrowings. Net interest margin for the first
quarter of 2024 decreased to 3.07% from 3.38% for the first quarter
of 2023 primarily due to an increase in the cost of deposits and a
decline in the ratio of average non-interest bearing deposits to
total deposits. As of March 31, 2024, 63% of the loan portfolio was
fixed rate with a weighted average remaining life of 74 months. Of
the variable rate loans, approximately 46% are indexed to prime of
which $381 million are adjustable within 90 days of a change in
prime.
Net Interest Income
For the quarter ended March 31, 2024, net interest income
decreased by $1.5 million, or 5%, compared to the fourth quarter of
2023 primarily due to an increase in borrowings. For the quarter
ended March 31, 2024, net interest income decreased by $2.5
million, or 8%, compared to the first quarter of 2023. The decrease
compared to prior year quarter is primarily due to a change in the
mix of deposits from non-interest bearing deposits to interest
bearing deposits. The Loan to Deposit ratio was 78% and 81% as of
March 31, 2024 and 2023, respectively.
Provision for Credit Losses
The following table presents details of the provision for credit
losses for the periods indicated:
Three Months Ended March 31,2024 December 31,2023 March 31,2023
(Figures in $000s) Addition (recapture) to allowance for
loan losses
$
(226
)
$
1,049
$
313
Addition (recapture) to reserve for unfunded loan commitments
438
(490
)
150
Total loan-related provision
$
212
$
559
$
463
Addition to allowance for held-to-maturity securities
-
-
-
Total provision for credit losses
$
212
$
559
$
463
Non-Interest Income
The decrease in non-interest income compared to the prior
quarter and compared to the prior year quarter is primarily due a
reduction in the gain on sales of SBA loans. In 2023, seasoned SBA
loans were sold unlike in 2024 where only current production was
sold.
Non-Interest Expense
For the quarter ending March 31, 2024, total non-interest
expense increased $0.2 million compared to the prior quarter and
increased $0.6 million compared to the prior year quarter. The
increase compared to the prior quarter and prior year quarter is
primarily due to an increase in salaries and employee benefits as
bonuses and commissions fluctuated with actual results between the
periods. The efficiency ratio of 54% for the first quarter of 2024
increased compared to 48% for the fourth quarter of 2023 and 47%
for the first quarter of 2023. The first quarter of 2024 is more
typical of the Bank’s quarterly non-interest expense.
There were 233 full time equivalent employees at March 31, 2024
compared to 224 a year ago and 233 at December 31, 2023. The Bank
has 40 relationship managers in eight offices representing a
decrease of one from a year ago and from the prior quarter.
Income Taxes
The effective income tax rate was 27.9% for the quarter ended
March 31, 2024, 27.6% for the quarter ended December 31, 2023, and
27.1% for the quarter ended March 31, 2023.
Balance Sheet
For the quarter ended March 31, 2024, total loans decreased $7
million, or 0.3% compared to the prior quarter. The majority of
this decline was in Commercial and industrial (C&I) loans
mainly as a result of a decrease in line utilization. At March 31,
2024, the utilization rate for the Bank’s commercial lines of
credit decreased to 26% from 27% at December 31, 2023. The decline
in C&I was offset by loan growth in Commercial real estate
(CRE) loans.
March 31,2024 December 31,2023 (Figures in $000s) RE - Owner
occupied
$
1,120,822
$
1,111,476
RE - Non owner occupied
718,439
722,531
Construction & Land
62,359
50,078
Total CRE Loans
$
1,901,621
$
1,884,085
The following table is the composition of the Owner occupied and
Non owner occupied CRE loans by collateral type:
as of March 31, 2024 Owner occupied Non owner occupied (Figures in
$000s) Industrial
$
693,253
$
298,339
Office
166,758
99,516
Retail
22,349
183,539
Automobile Service Facilities
66,709
17,759
Contractor's Yard
60,427
8,302
Other
27,379
36,292
Miscellaneous
83,946
74,692
Total
$
1,120,822
$
718,439
Total investment securities declined to $1.2 billion at March
31, 2024, which include $561 million or 45% in held-to-maturity
(HTM) securities based on book value. As of March 31, 2024, the
duration of the available-for-sale (AFS) securities portfolio was
5.8 years, an increase from 5.7 years as of December 31, 2023 and
5.5 years as of March 31, 2023. Accumulated other comprehensive
loss (AOCI) increased to $79.6 million as of March 31, 2024 from
$70.7 million as of December 31, 2023 as market rates relevant to
securities pricing increased. The duration on the held-to-maturity
portfolio, which consists primarily of municipal securities, is 7.8
years. As of March 31, 2024, the unrealized after tax loss on HTM
securities was $72 million.
During the first quarter of 2024, deposits declined by $188
million or 5% to $3.3 billion. The Bank has lost minimal
relationships due to the turbulence in the banking industry this
last year. Since January 1, 2024, new deposit relationships have
totaled approximately $5.6 million in deposits from 26 new clients.
The Bank’s off-balance sheet products of treasury securities held
for clients increased by $25 million during the first quarter of
2024 to $247 million and declined by $31 million from prior year
quarter. The Bank has no brokered deposits nor internet solicited
deposits.
During the first quarter of 2024, total assets decreased $26.5
million, or 0.7%, total loans declined $7 million, or 0.3%, total
deposits decreased by $188 million, or 5%, and borrowings increased
by $155 million.
The Federal Reserve Bank (FRB) Term Funding Program ended March
11, 2024; however, $180 million is outstanding with a maturity date
of March 11, 2025 at a rate of 5.4%. Including the outstanding FRTB
borrowing, and also under the FRB discount window and loans pledged
at the Federal Home Loan Bank of San Francisco, the Bank has $1.7
billion in borrowing capacity as of March 31, 2024.
Asset Quality
The following table presents asset quality overview as of the
dates indicated:
March 31,2024 December 31,2023 (Figures in $000s) Non-performing
assets (NPA)
$
7,440
$
7,859
Loans 90+ Days Past Due and Still Accruing
-
-
Total NPA
$
7,440
$
7,859
NPA as a % of total assets
0.19
%
0.20
%
Past Due as a % of total Loans
0.00
%
0.00
%
Criticized as a % of total Loans
5.67
%
5.95
%
Classified as a % of total Loans
0.88
%
0.29
%
During the first quarter, non-performing assets (NPAs) decreased
by $0.4 million to $7.4 million mainly due to a paydown of one loan
and a $99,000 charge off of one loan relationship. As of March 31,
2024, NPAs have a $333 thousand allowance on individually evaluated
loans related to one residential real estate loan relationship and
seven C&I non-performing loan relationships of which the
majority have a partial guarantee by the state of California or the
SBA. Criticized loans reflect an overall deterioration in
contractors impacted by an increase in labor and material costs.
The construction industry related loans represent 15% of the loan
portfolio. The increase in classified loans is due to one loan that
is fully secured by industrial real estate.
The loan portfolio has approximately 10% in office collateral of
which the majority is owner-occupied, and substantially all are
three stories or under and are all located in suburban markets.
The following table represents the allowance for credit losses
for loans as of and for the dates and periods indicated:
Three Months Ended March 31,2024 December 31,2023 March 31,2023
(Figures in $000s) Balance, beginning of period
$
28,460
$
27,601
$
29,635
Cumulative effect of change in accounting principle - CECL
-
-
(3,885
)
Charge-offs
(99
)
(200
)
-
Recoveries
200
10
10
Net (charge-offs) / recoveries
$
101
$
(190
)
$
10
Provision
(226
)
1,049
313
Balance, end of period
$
28,335
$
28,460
$
26,073
Allowance as a % of loans
1.10
%
1.10
%
1.05
%
The allowance for credit losses for loans declined to $28.3
million during the first quarter of 2024 primarily as a result of a
decline in the loan portfolio. There was a $99,000 charge off on
the unguaranteed portion related to a state guaranteed loan in the
first quarter of 2024 compared to no charge offs in the prior year
quarter. The Bank recovered in the first quarter of 2024 the loan
that had been charged off in the prior quarter. The Bank has one
$229 thousand restructured SBA guaranteed loan involving a borrower
experiencing financial difficulty.
ABOUT AMERICAN BUSINESS BANK
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. American Business Bank
has seven Loan Production Offices in strategic locations including:
North Orange County in Anaheim, Orange County in Irvine, South Bay
in Torrance, San Fernando Valley in Woodland Hills, Riverside
County in Corona, Inland Empire in Ontario and LA Coastal in Long
Beach.
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 $000, except share and per
share amounts
BALANCE SHEETS (unaudited)
March December March
2024
2023
2023
Assets: Cash and Due from Banks
$
52,198
$
32,354
$
43,642
Interest Earning Deposits in Other Financial Institutions
10,368
10,804
9,732
Investment Securities: US
Agencies
85,678
91,226
114,081
Mortgage Backed Securities
394,124
413,870
442,375
State and Municipals
86,535
91,949
100,791
Corporate Bonds
13,870
14,157
14,347
Securities Available-for-Sale, at Fair Value
580,207
611,202
671,594
Mortgage Backed Securities
176,317
178,985
187,850
State and Municipals
384,612
390,184
393,459
Allowance for Credit Losses, Held-To-Maturity
(55
)
(55
)
(55
)
Securities Held-to-Maturity, at Amortized Cost,
560,874
569,114
581,254
Net of Allowance for Credit Losses Federal Home Loan Bank Stock, at
Cost
15,000
15,000
15,000
Total Investment Securities
1,156,081
1,195,316
1,267,848
Loans Receivable: Commercial Real
Estate
1,901,621
1,884,085
1,801,897
Commercial and Industrial
470,294
491,698
491,065
Residential Real Estate
194,059
197,281
175,099
Installment and Other
6,685
6,577
9,665
Total Loans Receivable
2,572,659
2,579,641
2,477,726
Allowance for Credit Losses
(28,335
)
(28,460
)
(26,073
)
Loans Receivable, Net
2,544,324
2,551,181
2,451,653
Furniture, Equipment and Leasehold Improvements, Net
4,380
4,589
5,334
Bank/Corporate Owned Life Insurance
29,185
28,898
27,863
Other Assets
79,639
79,582
73,047
Total Assets
$
3,876,175
$
3,902,724
$
3,879,119
Liabilities:
Non-Interest Bearing Demand Deposits
$
1,601,795
$
1,699,560
$
1,708,750
Interest Bearing Transaction Accounts
367,903
388,152
276,059
Money Market and Savings Deposits
1,083,008
1,145,389
997,720
Certificates of Deposit
256,309
264,312
93,624
Total Deposits
3,309,015
3,497,413
3,076,153
Federal Home Loan Bank Advances / Other Borrowings
210,000
55,000
486,000
Other Liabilities
41,186
36,257
37,285
Total Liabilities
$
3,560,201
$
3,588,670
$
3,599,438
Shareholders' Equity:
Common Stock
$
208,336
$
208,048
$
205,791
Retained Earnings
187,243
176,747
145,865
Accumulated Other Comprehensive Income / (Loss)
(79,605
)
(70,741
)
(71,975
)
Total Shareholders' Equity
$
315,974
$
314,054
$
279,681
Total Liabilities and Shareholders' Equity
$
3,876,175
$
3,902,724
$
3,879,119
Standby Letters of Credit
$
43,810
$
43,178
$
40,641
Per Share Information:
Common Shares Outstanding
9,078,782
9,041,911
8,998,695
Book Value Per Share
$
34.80
$
34.73
$
31.08
Tangible Book Value Per Share
$
34.80
$
34.73
$
31.08
American Business Bank Figures in $000, except share
and per share amounts
INCOME STATEMENTS (unaudited)
For the three months ended: March December
March
2024
2023
2023
Interest Income: Interest and
Fees on Loans
$
33,664
$
33,185
$
29,743
Interest on Investment Securities
7,658
7,794
7,861
Interest on Interest Earning Deposits in Other Financial
Institutions
250
623
208
Total Interest Income
41,572
41,602
37,812
Interest Expense:
Interest on Interest Bearing Transaction Accounts
1,002
1,011
231
Interest on Money Market and Savings Deposits
7,265
7,027
2,230
Interest on Certificates of Deposits
2,288
2,443
267
Interest on Federal Home Loan Bank Advances and Other Borrowings
1,598
171
3,086
Total Interest Expense
12,153
10,652
5,814
Net Interest Income
29,419
30,950
31,998
Provision for Credit Losses
212
559
463
Net Interest Income after Provision for Credit Losses
29,207
30,391
31,535
Non-Interest Income:
Deposit Fees
988
941
1,023
International Fees
406
419
269
Gain (Loss) on Sale of Investment Securities, Net
(110
)
(418
)
(211
)
Gain on Sale of SBA Loans, Net
57
-
611
Bank/Corporate Owned Life Insurance Income (Expense)
287
498
195
Other
487
494
706
Total Non-Interest Income
2,115
1,934
2,593
Non-Interest Expense:
Salaries and Employee Benefits
11,649
11,182
11,338
Occupancy and Equipment
1,209
1,207
1,192
Professional Services
1,963
2,084
1,919
Promotion Expenses
528
708
441
Other
1,424
1,444
1,281
Total Non-Interest Expense
16,773
16,625
16,171
Earnings before income taxes
14,549
15,700
17,957
Income Tax Expense
4,052
4,326
4,872
NET INCOME
$
10,497
$
11,374
$
13,085
Per Share Information:
Earnings Per Share - Basic
$
1.14
$
1.23
$
1.43
Earnings Per Share - Diluted
$
1.13
$
1.23
$
1.42
Weighted Average Shares - Basic
9,237,317
9,221,219
9,153,915
Weighted Average Shares - Diluted
9,293,818
9,264,224
9,228,602
American Business Bank Figures in $000
QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS
(unaudited) For the three months ended:
March 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
$
19,252
$
250
5.23
%
$
46,030
$
623
5.37
%
Investment Securities: US
Agencies
89,024
1,285
5.77
%
94,837
1,327
5.60
%
Mortgage Backed Securities
674,033
3,199
1.90
%
684,903
3,246
1.90
%
State and Municipals
485,036
2,656
2.19
%
493,806
2,720
2.20
%
Corporate Bonds
16,250
188
4.64
%
16,250
189
4.64
%
Securities Available-for-Sale and Held-to-Maturity
1,264,343
7,328
2.32
%
1,289,796
7,482
2.32
%
Federal Home Loan Bank Stock
15,000
330
8.79
%
15,000
312
8.32
%
Total Investment Securities
1,279,343
7,658
2.39
%
1,304,796
7,794
2.39
%
Loans Receivable: Commercial Real
Estate
1,878,384
22,817
4.89
%
1,853,087
22,354
4.79
%
Commercial and Industrial
471,147
7,740
6.61
%
479,580
7,853
6.50
%
Residential Real Estate
196,176
3,044
6.24
%
187,505
2,916
6.17
%
Installment and Other
9,235
63
2.74
%
9,250
62
2.64
%
Total Loans Receivable
2,554,942
33,664
5.30
%
2,529,422
33,185
5.21
%
Total Interest Earning Assets
$
3,853,537
$
41,572
4.27
%
$
3,880,248
$
41,602
4.20
%
Liabilities:
Non-Interest Bearing Demand Deposits
1,647,928
-
0.00
%
1,799,457
-
0.00
%
Interest Bearing Transaction Accounts
382,086
1,002
1.05
%
372,990
1,011
1.08
%
Money Market and Savings Deposits
1,125,101
7,265
2.60
%
1,120,271
7,027
2.49
%
Certificates of Deposit
255,490
2,288
3.60
%
266,120
2,443
3.64
%
Total Deposits
3,410,605
10,555
1.24
%
3,558,838
10,481
1.17
%
Federal Home Loan Bank Advances / Other Borrowings
123,022
1,598
5.22
%
11,848
171
5.72
%
Total Interest Bearing Deposits and Borrowings
1,885,699
12,153
2.59
%
1,771,229
10,652
2.39
%
Total Deposits and Borrowings
$
3,533,627
$
12,153
1.38
%
$
3,570,686
$
10,652
1.18
%
Net Interest Income
$
29,419
$
30,950
Net Interest Rate Spread
2.89
%
3.02
%
Net Interest Margin
3.07
%
3.16
%
American Business Bank Figures in $000
QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS
(unaudited) For the three months ended:
March 2024 March 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
$
19,252
$
250
5.23
%
$
18,945
$
208
4.45
%
Investment Securities: US
Agencies
89,024
1,285
5.77
%
118,463
1,203
4.06
%
Mortgage Backed Securities
674,033
3,199
1.90
%
719,422
3,417
1.90
%
State and Municipals
485,036
2,656
2.19
%
505,910
2,792
2.21
%
Corporate Bonds
16,250
188
4.64
%
16,250
184
4.52
%
Securities Available-for-Sale and Held-to-Maturity
1,264,343
7,328
2.32
%
1,360,045
7,596
2.23
%
Federal Home Loan Bank Stock
15,000
330
8.79
%
15,000
265
7.07
%
Total Investment Securities
1,279,343
7,658
2.39
%
1,375,045
7,861
2.29
%
Loans Receivable: Commercial Real
Estate
1,878,384
22,817
4.89
%
1,757,142
19,630
4.53
%
Commercial and Industrial
471,147
7,740
6.61
%
509,396
7,587
6.04
%
Residential Real Estate
196,176
3,044
6.24
%
175,030
2,440
5.65
%
Installment and Other
9,235
63
2.74
%
7,475
86
4.65
%
Total Loans Receivable
2,554,942
33,664
5.30
%
2,449,043
29,743
4.93
%
Total Interest Earning Assets
$
3,853,537
$
41,572
4.27
%
$
3,843,033
$
37,812
3.94
%
Liabilities:
Non-Interest Bearing Demand Deposits
1,647,928
-
0.00
%
1,832,495
-
0.00
%
Interest Bearing Transaction Accounts
382,086
1,002
1.05
%
285,939
231
0.33
%
Money Market and Savings Deposits
1,125,101
7,265
2.60
%
1,133,697
2,230
0.80
%
Certificates of Deposit
255,490
2,288
3.60
%
64,162
267
1.69
%
Total Deposits
3,410,605
10,555
1.24
%
3,316,293
2,728
0.33
%
Federal Home Loan Bank Advances / Other Borrowings
123,022
1,598
5.22
%
257,711
3,086
4.86
%
Total Interest Bearing Deposits and Borrowings
1,885,699
12,153
2.59
%
1,741,509
5,814
1.35
%
Total Deposits and Borrowings
$
3,533,627
$
12,153
1.38
%
$
3,574,003
$
5,814
0.66
%
Net Interest Income
$
29,419
$
31,998
Net Interest Rate Spread
2.89
%
3.28
%
Net Interest Margin
3.07
%
3.38
%
American Business Bank Figures in $000
SUPPLEMENTAL DATA (unaudited)
March December March
2024
2023
2023
Performance Ratios:
Quarterly: Return on Average Assets
(ROAA)
1.08
%
1.17
%
1.35
%
Return on Average Equity (ROAE)
13.42
%
16.05
%
19.54
%
Efficiency Ratio
54.39
%
48.45
%
46.90
%
Year-to-Date Return on Average
Assets (ROAA)
1.08
%
1.13
%
1.35
%
Return on Average Equity (ROAE)
13.42
%
15.70
%
19.54
%
Efficiency Ratio
54.39
%
50.82
%
46.90
%
Capital Adequacy: Total
Risk Based Capital Ratio
12.62
%
12.37
%
12.56
%
Common Equity Tier 1 Capital Ratio
11.72
%
11.47
%
11.65
%
Tier 1 Risk Based Capital Ratio
11.72
%
11.47
%
11.65
%
Tier 1 Leverage Ratio
9.99
%
9.64
%
8.90
%
Tangible Common Equity / Tangible Assets
8.15
%
8.05
%
7.21
%
Asset Quality Overview
Non-Performing Loans
$
7,440
$
7,859
$
6,000
Loans 90+ Days Past Due and Still Accruing
-
-
-
Total Non-Performing Loans
7,440
7,859
6,000
Loans Modified with Financial Difficulty
$
229
$
231
$
-
Other Real Estate Owned
-
-
-
ACL / Loans Receivable
1.10
%
1.10
%
1.05
%
Non-Performing Loans / Total Loans Receivable
0.29
%
0.30
%
0.24
%
Non-Performing Assets / Total Assets
0.19
%
0.20
%
0.15
%
Net Charge-Offs (Recoveries) quarterly
$
(101
)
$
190
$
(10
)
Net Charge-Offs (Recoveries) year-to-date
$
(101
)
$
344
$
(10
)
Net Charge-Offs (Recoveries) year-to-date / Average Loans
Receivable
(0.00
%)
0.01
%
(0.00
%)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240430001225/en/
Karen Schoenbaum EVP/CFO (213) 430-4000 www.americanbb.bank