American Bus. Bank Announces Its Results for the First Quarter Ended March 31st 2012, Including 13% Deposit Growth & 9% Earni...
April 16 2012 - 2:58PM
Business Wire
AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net
income of $2,404,000 for the first quarter of 2012, a 9% increase
over the $2,213,000 earned in the first quarter of 2011. Earnings
per share (EPS) in the first quarter of 2012 increased to $0.54
versus $0.50 in the first quarter of 2011. Shares outstanding as of
March 31, 2012 totaled 4,427,862.
“Our staff and Officers continue to perform at a superior level,
providing customers with the service and attention to detail that
they expect from an outstanding bank, and for this management is
thankful,” said Leon Blankstein, President.
“Southern California is one of the largest and most resilient
business economies in the country. Our continued earnings growth
reflects our ongoing success in banking some of the best companies
in our area,” said Bob Schack, Chairman of the Bank.
"Our clients and their related loans have demonstrated their
strength and resiliency through a very difficult and protracted
cycle," added Robin Paterson, Chief Credit Officer.
Assets and Liabilities
Total assets increased 13% or $140 million to $1.200 billion at
March 31, 2012 as compared to $1.060 billion at March 31, 2011.
Loans increased 1% or $3 million to $406 million at March 31, 2012
as compared to $403 million at March 31, 2011 while investments and
federal funds sold increased $136 million. Funding the asset growth
was a 13% or $120 million increase in deposits.
Interest Income
During the first quarter of 2012, Net Interest Income rose by
$102,000 or 1% over the same period in 2011.
Non-Interest Income
Non-Interest Income for the first quarter in 2012 rose 4% to
$721,000 from $693,000 during the first quarter of 2011.
Credit Quality
Asset quality at quarter-end remains excellent, with nominal
past dues and no OREO loans. At the end of March of 2012, the
allowance for loan losses stood at $9,234,000 or 2.22% of
loans.
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 BALANCE SHEET
(Unaudited - 000's omitted)
March 2012 2011
Assets Investment Securities $ 724,351 $ 588,939
Federal Funds Sold 1,000 - Loans and Leases (net) 405,836 403,169
Cash, Checks in process of collection, Due From Banks 32,205 33,210
Premises, Equipment and Other Assets 36,824 34,365
Total
Assets $ 1,200,216 $ 1,059,683
Liabilities and Shareholders' Equity Demand Deposits
472,975 382,787 Money Market and NOW Deposits 462,837 433,772
Savings and Time Deposits 88,370 87,283 Total Deposits 1,024,182
903,842 FHLB Advances/ Borrowings 71,000 79,700 Other
Liabilities 15,565 7,326 Shareholders' Equity 89,469 68,815
Total Liabilities and Shareholders' Equity $
1,200,216 $ 1,059,683 AMERICAN BUSINESS
BANK INCOME STATEMENT
(Unaudited - 000's omitted)
Three months ended March
2012 2011 Interest
Income Loans and Leases $ 5,450 $ 5,566 Investment Securities
4,017 3,931 Total Interest Income 9,467 9,497
Interest Expense Money Market and NOW Accounts 553 624
Savings and Time Deposits 151 178 Repurchase Agreements/ Other
Borrowings 65 99 Total Interest Expense 769
901 Net Interest Income 8,698 8,596 Provision
for Loan Losses (300 ) (475 ) Net Interest Income After
Provision for Loan Losses 8,398 8,121
Other Income
721 693
Operating Expenses 5,707 5,786
Operating Income 3,412 3,028
Income
Taxes (1,008 ) (815 )
Net Earnings $ 2,404
$ 2,213 Selected Ratios: Earnings per Share
$0.54 $0.50 Tier 1 Capital Ratio 6.99 % 6.85 % Net Interest Margin
(Prior to tax effects) 3.12 % 3.51 % Return on Beginning Equity
11.12 % 13.13 % Return on Average Assets 0.82 % 0.86 % Efficiency
Ratio 58.0 % 59.7 %
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