AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net
income of $10,884,000 for the year ended 2012, a 10% increase over
the $9,886,000 earned in 2011. Earnings per share (basic) for 2012
increased to $2.46 versus $2.24 in 2011. Shares outstanding at the
end of the year totaled 4,432,331.
“It’s a tribute to our staff that they, once again, provided our
shareholders a double digit return on equity in a single digit
market,” said Robert Schack, Chairman.
“American Business Bank has had another great year by putting
our customers first and by acting as a financial advisor to
contribute to their success,” said Don Johnson, Chief Executive
Officer.
“The Bank managed to hit all of its goals for the year 2012 and
is looking forward to continuing to build on the Bank’s success in
2013,” said Leon Blankstein, President. “The quality of our people,
the culture of the Bank and the execution of our business model
continue to serve our shareholders well.”
Total assets increased 11% or $131 million to $1.305 billion at
December 31, 2012 as compared to $1.174 billion at December 31,
2011. The loan portfolio (net) increased 20% or $85 million to $494
million at December 31, 2012 as compared to $409 million at
December 31, 2011, while investments and federal funds sold
increased $35 million. Deposits increased 4% or $38 million to
$1.067 billion at December 31, 2012 as compared to $1.029 billion
at the end of 2011.
During 2012, Net Interest Income increased $1,706,000 or 4.9% to
$36,621,000 from $34,915,000 in 2011.
Non-Interest income during 2012 increased $715,000 or 16.6% to
$5,024,000 from $4,309,000 in 2011.
Non-Interest expense for 2012 increased $512,000 or 2.2% to
$23,788,000 from $23,276,000 during 2011.
Asset quality at quarter-end remains excellent, with $1,144,000
non-performing loans or 0.2% of total loans; and, no OREO. At the
end of December 2012, the allowance for loan losses stood at
$10,537,000 or 2.09% 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 Figures in $000, except per share
amounts
CONSOLIDATED BALANCE SHEET (unaudited) For
the period ended: December December
Change 2012 2011 %
Assets:
Cash & Equivalents $ 31,852 $ 27,059 17.7 % Fed Funds Sold
5,000 0
N/A
Interest Bearing Balances 28 1,034 -97.3 %
Investment
Securities:
US Agencies 408,803 385,826 6.0 % Mortgage Backed Securities
178,855 193,637 -7.6 % State & Municipals 145,460 123,349 17.9
% Other 132
138 -4.3 % Total Investment Securities 733,250
702,950 4.3 %
Gross
Loans:
Commercial Real Estate 267,406 225,965 18.3 % Commercial &
Industrial 194,645 156,167 24.6 % Other Real Estate 36,903 30,238
22.0 % Other 5,320
5,918 -10.1 % Total Gross Loans 504,274
418,288 20.6 % Allowance for Loan &
Lease Losses (10,537 ) (8,934 ) 17.9 %
Net Loans 493,737 409,354 20.6 % Premises & Equipment 720 1,087
-33.8 % Other Assets 39,916
32,078 24.4 %
Total Assets $ 1,304,503
$ 1,173,562 11.2 %
Liabilities:
Demand Deposits $ 522,001 $ 459,317 13.6 % Money Market 464,348
483,481 -4.0 % Time Deposits and Savings
80,251 85,760 -6.4 %
Total Deposits 1,066,600 1,028,558 3.7 % FHLB Advances / Other
Borrowings 117,600 48,000 145.0 % Other Liabilities
16,568 10,512
57.6 %
Total Liabilities
$ 1,200,768 $
1,087,070 10.5 %
Shareholders'
Equity:
Common Stock & Retained Earnings $ 90,605 $ 78,613 15.3 %
Accumulated Other Comprehensive Income 13,130
7,879 66.6 %
Total
Shareholders' Equity $ 103,735
$ 86,492 19.9 %
Total Liabilities & Shareholders' Equity $
1,304,503 $ 1,173,562
11.2 %
Capital
Adequacy:
Tangible Common Equity / Tangible Assets 7.95 % 7.37 % -- Tier 1
Leverage Ratio 7.19 % 6.72 % -- Tier 1 Capital Ratio / Risk
Weighted Assets 16.29 % 16.58 % -- Total Risk-Based Ratio 17.55 %
17.84 % --
Per Share
Information:
Common Shares Outstanding 4,432,331 4,427,862 -- Book Value Per
Share $ 23.40 $ 19.53 19.8 % Tangible Book Value Per Share $ 23.40
$ 19.53 19.8 %
American Business Bank Figures in
$000, except per share amounts
CONSOLIDATED INCOME STATEMENT (unaudited)
For the 12-month period: December
December Change 2012 2011
%
Interest
Income:
Loans & Leases $ 22,544 $ 22,122 1.9 % Investment
Securities 16,824
16,339 3.0 % Total Interest Income 39,368 38,461 2.4 %
Interest
Expense:
Money Market, NOW Accounts & Savings 1,905 2,453 -22.3 % Time
Deposits 542 778 -30.3 % Repurchase Agreements / Other
Borrowings 300 315 -4.8 %
Total Interest Expense 2,747 3,546 -22.5 % Net
Interest Income 36,621 34,915 4.9 % Provision for Loan
Losses (1,624 ) (1,977 )
-17.9 % Net Interest Income After Provision 34,997 32,938 6.3 %
Non-Interest
Income:
Deposit Fees 1,073 1,012 6.0 % Realized Securities Gains / (Losses)
3,702 2,663 39.0 % Other
249 634 -60.7 % Total
Non-Interest Income 5,024 4,309 16.6 %
Non-Interest
Expense:
Compensation & Benefits 14,270 13,169 8.4 % Occupancy &
Equipment 1,568 1,612 -2.7 % Other
7,950 8,495
-6.4 % Total Non-Interest Expense 23,788 23,276 2.2 %
Pre-Tax Income 16,233 13,971 16.2 % Provision for Income Tax
(5,349 ) (4,085 ) 30.9 %
Net Income $
10,884 $ 9,886 10.1 %
Per Share
Information:
Average Shares Outstanding (for the year) 4,430,503 4,413,946 --
Earnings Per Share - Basic $ 2.46 $ 2.24 9.7 %
American
Business Bank Figures in $000, except per share amounts
December December Change 2012
2011 %
Performance
Ratios
Return on Average Assets (ROAA) 0.88 % 0.90 % -- Return on Average
Equity (ROAE) 11.36 % 13.19 % --
Asset Quality
Overview
Non-Performing Loans $ 924 $ 2,239 -58.7 % Loans 90+Days
Past Due 220 0
N/A
Total Non-Performing Loans $ 1,144 $ 2,239 -48.9 %
Restructured Loans (TDR's) $ 6,423 $ 134 4693.3 % Other Real
Estate Owned 0 0 -- ALLL / Gross Loans 2.09 % 2.14 % -- ALLL
/ Non-Performing Loans * 921.07 % 399.02 % -- Non-Performing Loans
/ Total Loans * 0.23 % 0.54 % -- Non-Performing Assets / Total
Assets * 0.09 % 0.19 % -- Net Charge-Offs $ - $ - -- Net
Charge-Offs / Average Gross Loans 0.00 % 0.00 % -- *
Excludes Restructured Loans
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