AMERICAN BUSINESS BANK Announces Its Results for the Second Quarter Ended June 30th 2012, Including 7% Loan Growth, 14% Depos...
July 16 2012 - 4:57PM
Business Wire
AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net
income of $2,663,000 for the second quarter of 2012, a 5.8%
increase over the $2,516,000 earned in the second quarter of 2011.
Earnings per share (EPS) in the second quarter of 2012 increased to
$0.60 versus $0.57 in the second quarter of 2011. Shares
outstanding as of June 30, 2012 totaled 4,430,302.
“Our marketing effort continues to be robust and we have been
able to add several new relationship managers to our team, which
will insure our forward momentum,” said Leon Blankstein,
President.
“We continue to produce double-digit returns on equity, which is
exceptional considering both this low interest rate environment and
slow economy,” said Bob Schack, Chairman of the Bank.
"The Bank’s deposit growth has been outstanding," added Wes
Schaefer, Vice Chairman. “Our deposits are driven through the
excellent efforts put forth by our Relationship Manager staff with
the support of a knowledgeable cadre of customer service
specialists.”
Assets and Liabilities
Total assets increased 11% or $128 million to $1.236 billion at
June 30, 2012 as compared to $1.108 billion at June 30, 2011. Loans
increased 7% or $28 million to $426 million at June 30, 2012 as
compared to $398 million at June 30, 2011 while investments and
federal funds sold increased $87 million. Funding the asset growth
was a 14% or $130 million increase in deposits.
Interest Income
During the second quarter of 2012, Net Interest Income rose
$288,000 or 3% to $8,999,000 from $8,771,000 during the same period
in 2011.
Non-Interest Income
Non-Interest Income for the second quarter in 2012 rose $61,000
or 6% to $1,083,000 from $1,022,000 during the second quarter of
2011.
Credit Quality
Asset quality at quarter-end remains excellent, with nominal
past dues and no OREO loans. At the end of June of 2012, the
allowance for loan losses stood at $9,542,000 or 2.19% 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)
June
2012 2011 Assets
Investment Securities $ 719,889 $ 636,881 Federal Funds Sold 4,000
- Loans and Leases (net) 425,694 397,567
Cash, Checks in process of collection, Due
From Banks
47,356 37,529 Premises, Equipment and Other Assets 39,670
36,352
Total Assets $ 1,236,609
$ 1,108,329 Liabilities and Shareholders'
Equity Demand Deposits 494,870 387,674 Money Market and
NOW Deposits 488,136 453,884 Savings and Time Deposits
87,259 98,500 Total Deposits 1,070,265 940,058 FHLB
Advances/ Borrowings 52,000 80,200 Other Liabilities 18,333 11,350
Shareholders' Equity 96,011 76,721
Total Liabilities and Shareholders'
Equity
$ 1,236,609 $ 1,108,329
AMERICAN BUSINESS BANK INCOME STATEMENT (
Unaudited - 000's omitted) Three months ended
June 2012
2011 Interest Income Loans and Leases $ 5,474
$ 5,554 Investment Securities 4,251 4,061
Total Interest Income 9,725 9,615
Interest
Expense Money Market and NOW Accounts 510 624 Savings and Time
Deposits 141 193 Repurchase Agreements/ Other Borrowings 75
87 Total Interest Expense 726 904 Net
Interest Income 8,999 8,711 Provision for Loan Losses
(300 ) (582 )
Net Interest Income After Provision for
Loan Losses
8,699 8,129
Other Income 1,083 1,022
Operating Expenses 5,714 5,727
Operating Income 4,068 3,424
Income
Taxes (1,405 ) (908 )
Net Earnings
$ 2,663 $ 2,516 Selected
Ratios: Earnings per Share $ 0.60 $ 0.57 Tier 1 Capital Ratio
7.11 % 6.95 % Net Interest Margin (Prior to tax effects) 3.15 %
3.46 % Return on Beginning Equity 11.72 % 13.41 % Return on Average
Assets 0.85 % 0.90 % Efficiency Ratio 56.0 % 59.5 %
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