AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net
income of $13,493,000 for the year ended 2013, a 24% increase over
the $10,884,000 earned in 2012. Earnings per share (basic) for 2013
increased to $2.76 versus $2.23 in 2012. During the year, the Bank
was able to harvest some of the gains in its securities portfolio
to add to capital. Without those gains, which were also taken in
2012, the adjusted earnings per share for 2013 were $1.86 versus
$1.72 in 2012. Shares outstanding at the end of the year totaled
4,944,982.
“These results show, once again, that American Business Bank’s
model works very well in a variety of economic conditions,” said
Robert Schack, Chairman.
“We are very proud of our continued success in attracting strong
deposit growth and loan growth in a very competitive market,” said
Leon Blankstein, President and CEO. “Through our marketing efforts,
the Bank was able to add nearly 100 new clients during the
year.”
“We are very happy for the results that the Bank had in 2013,”
said Wes Schaefer, Vice Chairman and CFO. “Not only did we see
growth in our deposits, loans and income, we were also able to add
to our capital through earnings and the strategic sale of some of
our investment securities.”
Total assets increased 2.9% or $37 million to $1.342 billion at
December 31, 2013 as compared to $1.305 billion at December 31,
2012. The loan portfolio (net) increased 15% or $74 million to $568
million at December 31, 2013 as compared to $494 million at
December 31, 2012. Deposits increased 16% or $173 million to $1.239
billion at December 31, 2013 as compared to $1.066 billion at the
end of 2012. Borrowings from the Federal Home Loan Bank were
reduced from $117 million in 2012 to $5 million in 2013.
During 2013, Net Interest Income increased $2,914,000 or 8% to
$39,535,000 from $36,621,000 in 2012.
Non-Interest income during 2013 increased $2,555,000 or 50.9% to
$7,579,000 from $5,024,000 in 2012. This increase was centered
mainly in investment gains.
Non-Interest expense for 2013 increased $1,378,000 or 5.8% to
$25,166,000 from $23,788,000 during 2012.
Asset quality at year-end remains excellent, with zero
non-performing loans and no OREO. At the end of December 2013, the
allowance for loan losses stood at $11,152,000 or 1.92% 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)
As of: December
December Change
2013 2012 %
Assets: Cash & Equivalents $ 42,300 $
31,852 32.8 % Fed Funds Sold 46,000 5,000 820.0 % Interest Bearing
Balances 28 28 0.0 %
Investment
Securities:
US Agencies 337,469 408,803 -17.4 % Mortgage Backed Securities
143,841 178,855 -19.6 % State & Municipals 160,492 145,460 10.3
% Other 3,098
132 2247.0 % Total Investment Securities
644,900
733,250
-12.0 %
Gross
Loans:
Commercial Real Estate 343,496 267,406 28.5 % Commercial &
Industrial 187,716 194,645 -3.6 % Other Real Estate 41,936 36,903
13.6 % Other 6,438
5,320 21.0 % Total Gross Loans 579,586 504,274
14.9 % Allowance for Loan & Lease Losses
(11,152 ) (10,537 ) 5.8 % Net
Loans 568,434 493,737 15.1 % Premises & Equipment 849 720 17.9
% Other Assets 39,614
39,916 -0.8 %
Total Assets
$ 1,342,125
$ 1,304,503 2.9 %
Liabilities:
Demand Deposits $ 576,792 $ 522,001 10.5 % Money Market 586,497
464,348 26.3 % Time Deposits and Savings
75,922 80,251 -5.4
% Total Deposits 1,239,211 1,066,600 16.2 % FHLB Advances / Other
Borrowings 5,000 117,600 -95.7 % Other Liabilities
2,098 16,568
-87.3 %
Total Liabilities
$ 1,246,309 $
1,200,768 3.8 %
Shareholders'
Equity:
Common Stock & Retained Earnings $ 107,546 $ 90,605 18.7 %
Accumulated Other Comprehensive Income / (Loss)
(11,730 ) 13,130
-189.3 %
Total Shareholders' Equity
$ 95,816 $
103,735 -7.6 %
Total Liabilities &
Shareholders' Equity $
1,342,125 $
1,304,503 2.9 %
Capital
Adequacy:
Tangible Common Equity / Tangible Assets 7.14 % 7.95 % -- Tier 1
Leverage Ratio 7.68 % 7.19 % -- Tier 1 Capital Ratio / Risk
Weighted Assets 16.02 % 16.29 % -- Total Risk-Based Ratio 17.28 %
17.55 % --
Per Share
Information:
Common Shares Outstanding 4,944,982 4,875,564 -- Book Value Per
Share $ 19.38 $ 21.28 -8.9 % Tangible Book Value Per Share $ 19.38
$ 21.28 -8.9 %
American Business Bank
Figures in $000, except per share amounts
CONSOLIDATED
INCOME STATEMENT (unaudited) For the 12-month
period ended: December December
Change 2013 2012 %
Interest
Income:
Loans & Leases $ 25,141 $ 22,544 11.5 % Investment Securities
16,225
16,824 -3.6 % Total Interest Income 41,366 39,368 5.1
%
Interest
Expense:
Money Market, NOW Accounts & Savings 1,340 1,905 -29.7 % Time
Deposits 359 542 -33.8 % Repurchase Agreements / Other Borrowings
132
300 -56.0 % Total Interest Expense 1,831 2,747 -33.3 %
Net Interest Income 39,535 36,621 8.0 % Provision for
Loan Losses (1,800 )
(1,624 ) 10.8 % Net Interest Income After Provision
for Loan Losses 37,735 34,997 7.8 %
Non-Interest
Income:
Deposit Fees 1,170 1,073 9.0 % Realized Securities Gains 6,599
3,702 78.3 % Other (190 )
249 -176.3 % Total Non-Interest Income 7,579
5,024 50.9 %
Non-Interest
Expense:
Compensation & Benefits 15,398 14,270 7.9 % Occupancy &
Equipment 1,986 1,568 26.7 % Other
7,782 7,950 -2.1 % Total
Non-Interest Expense 25,166 23,788 5.8 % Pre-Tax
Income 20,148 16,233 24.1 % Provision for Income Tax
(6,655 ) (5,349 ) 24.4 %
Net Income $ 13,493
$ 10,884 24.0 %
Per Share
Information:
Average Shares Outstanding (for the quarter) 4,891,166 4,873,553 --
Earnings Per Share - Basic $ 2.76 $ 2.23 23.5 %
American Business Bank Figures in $000, except per
share amounts
December December
Change 2013 2012 %
Performance
Ratios
Return on Average Assets (ROAA) 1.02 % 0.88 % -- Return on Average
Equity (ROAE) 13.39 % 11.36 % --
Asset Quality
Overview
Non-Performing Loans $ - $ 924 NA Loans 90+Days Past Due
- 220
-100.0 % Total Non-Performing Loans $ -
$ 1,144 -100.0 % Restructured Loans (TDR's) $ 2,587 $ 6,520
-60.3 % Other Real Estate Owned 0 0 -- ALLL / Gross
Loans 1.92 % 2.09 % -- ALLL / Non-Performing Loans * NA 921.07 % --
Non-Performing Loans / Total Loans * 0.00 % 0.23 % --
Non-Performing Assets / Total Assets * 0.00 % 0.09 % -- Net
Charge-Offs $ 1,060 $ 21 -- Net Charge-Offs / Average Gross Loans
0.19 % 0.00 % --
* Excludes Restructured Loans
American Business BankWes E. SchaeferVice Chairman and Chief
Financial Officer213-430-4000
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