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    Home » American Business Bank Reports Record Annual and Quarterly Earnings
    Earnings

    American Business Bank Reports Record Annual and Quarterly Earnings

    paydayloansallonline_110na0By paydayloansallonline_110na0January 27, 2023No Comments13 Mins Read
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    Core loans increased by $136 million or 24% annualized in the quarter

    Full Year 2022 Highlights

    • Total loans, excluding PPP loans, increased $496 million or 26% over prior year

    • Non-interest bearing demand deposits were 53% of total deposits

    • Cost of average deposits of 0.14%, an increase of 0.09% over prior year quarter

    • Nonperforming assets to total assets of 0.18%

    • Near nil delinquencies in 30-89 day loan category

    • Record net income of $48.6 million

    • Net interest income increased by $18 million or 17% over the prior year

    • Continued status as well-capitalized, the highest regulatory category

    Fourth Quarter 2022 Highlights

    • Total core loans, excluding PPP loans, increased $136 million or 6% over prior quarter

    • Net interest income increased 31%, excluding accelerated PPP fees, over prior year quarter

    • Net interest margin increased to 3.6%, from 3.4% at September 30, 2022

    • Net income increased $4.3 million or 44% over prior year quarter

    • Tangible book value per share increased by $1.97 to $28.39 over prior quarter

    LOS ANGELES, January 27, 2023–(BUSINESS WIRE)–AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $14.0 million or $1.51 per fully diluted share for the fourth quarter of 2022 compared to $13.3 million or $1.44 per fully diluted share for the third quarter of 2022, an increase of 5%. For the quarter ended December 31, 2022, net income associated with the PPP program was $52 thousand or $0.01 per fully diluted share compared to $1.3 million or $0.14 per fully diluted share for the quarter ended December 31, 2021. For the year ending December 31, 2022, net income was $48.6 million or $5.28 per fully diluted share, compared to $39.2 million or $4.33 per fully diluted share for the year ended December 31, 2021. For the year ended December 31, 2022, net income associated with the PPP program was $2.9 million or $0.31 per fully diluted share compared to $12.4 million or $1.37 per fully diluted share for the year ended December 31, 2021.

    “Our team is pleased to report record annual net income for 2022 as well as achieving a 1.46% return on average assets for the fourth quarter. These are wonderful milestones for our Bank, but many factors are changing quickly, especially interest rates over the past several months. In the last year, we have benefitted from rising interest rates, but this is starting to have an adverse effect as the government draws liquidity from the financial system at super competitive rates. As a result, at year end 2022, our deposits decreased $207 million or 6% from a year ago, and we are borrowing overnight to fill that gap. We continue to be a strong core deposit franchise and will be leaning into that strength, focusing on gathering core deposits to replace those borrowings.

    Core loans grew at a healthy pace in the quarter. With a continued focus on outstanding credit quality, the loan pipeline remains solid but has been impacted by the higher rate environment and slowing economy. We look forward to 2023 and continuing to deliver superior service and solutions throughout the entire economic cycle for small to mid-size businesses in Southern California,” commented Leon Blankstein, ABB’s President, CEO, and Director.

    For the quarter ending December 31, 2022, net interest income was $34.6 million, a 7% increase over the third quarter of 2022. Interest income on loans increased by $2.9 million due to core loan growth and higher interest rates. For the quarter ending December 31, 2022, the cost of deposits was 0.14% representing an increase of 0.09% compared to the quarter ending September 30, 2022 and December 31, 2021.

    The provision for loan losses was $1.2 million in the quarter commensurate with core loan growth. The allowance for loan losses as a percentage of loans, excluding PPP loans, was 1.22% at December 31, 2022.

    For the full year 2022, the increase in net income over 2021 was primarily due to a $12.2 million increase in interest income on loans and a $6.2 million increase in interest on investment securities. This was offset by a $2.6 million increase in provision for loan losses commensurate with core loan growth and a $1.8 million increase in salary expense.

    Net Interest Margin

    Net interest margin for the fourth quarter of 2022 was 3.60% compared to 3.40% in the third quarter of 2022 and 2.82% in the fourth quarter of 2021 reflecting the higher yield on earning assets. Excluding the impact of PPP loans, the net interest margin was 3.60% for the fourth quarter of 2022 compared to 3.38% for the third quarter of 2022. As of December 31, 2022, 62% of the loan portfolio was fixed rate. Of the variable rate loans, approximately half are indexed to prime of which $393 million are adjustable within 90 days of a change in prime.

    Net Interest Income

    For the quarter ended December 31, 2022, net interest income increased by $2.3 million, or 7%, compared to the third quarter of 2022 and increased by $7.0 million, or 26%, compared to the quarter ended December 31, 2021. This is the result of the Bank’s strong core loan growth and increases in market rates on loans and investment securities offset by the reduction in PPP loan income.

    For the year ended December 31, 2022, net interest income was $125.1 million compared to $107.1 million for the year ended December 31, 2021. The increase of $18 million or 17% is due to additional interest on core loans of $25.7 million and additional interest on investment securities of $6.2 million offset by the $13.5 million reduction in PPP loan income.

    (Figures in $000s, except per share amounts)

    As of or For the
    Twelve Months Ended:

    As of or For the
    Three Months Ended:

    December
    2022

    December
    2021

    December
    2022

    September
    2022

    December
    2021

    PPP Total Loans, net

    $

    9,505

    $

    143,584

    $

    9,505

    $

    10,066

    $

    143,584

    1% Coupon Interest

    $

    482

    $

    4,086

    $

    26

    $

    35

    $

    418

    Amortized fees

    298

    1,924

    20

    25

    254

    Accelerated fees

    3,286

    11,589

    28

    297

    1,118

    Total PPP loan income

    $

    4,066

    $

    17,599

    $

    73

    $

    356

    $

    1,789

    Total PPP loan income after tax

    $

    2,867

    $

    12,413

    $

    52

    $

    251

    $

    1,262

    Total PPP loan income after tax per
    share – diluted

    $

    0.31

    $

    1.37

    $

    0.01

    $

    0.03

    $

    0.14

    As of January 19, 2023, approximately 99% of PPP loans have been forgiven. Of the thirteen remaining PPP loans, four are in the forgiveness review or submission process.

    Non-Interest Income

    Other non-interest income increased for the quarter and year-to-date periods primarily due to fees for cash management services. The increase in total non-interest income for the year ended December 31, 2022 compared to the year ended December 31, 2021 is primarily due to the increase in fees from deposit and cash management services offset by the decline in the valuation of COLI policies that are invested in mutual funds.

    Non-Interest Expense

    For the quarter ending December 31, 2022, total non-interest expense increased $0.8 million and $1.3 million compared to the third quarter of 2022 and the fourth quarter of 2021, respectively. These increases are primarily due to salaries related to additional employees. Bonuses and commissions have fluctuated with actual results between the periods. In addition other increases are due to an increase in legal costs and non recurring software expenses. The efficiency ratio was 45% for the fourth and third quarter of 2022, compared to 51% for the fourth quarter of 2021.

    For the year ended December 31, 2022, non-interest expense increased $1.9 million or 3% compared to the prior year, mainly due to increases in salaries and employee benefits and professional services offset by the decrease in settlement expense related to a legal matter which occurred in the second quarter of 2021.

    There were 225 full time equivalent employees at December 31, 2022 compared to 204 a year ago and 211 at September 30, 2022. The Bank has 40 relationship managers in eight offices representing an increase of three from a year ago and remains unchanged from the prior quarter. The Bank has invested in back office personnel commensurate with the increase in core loans over the last two years.

    Balance Sheet

    From September 30, 2022 to December 31, 2022, total core loans, excluding PPP loans, increased $136 million, or 6%. During the fourth quarter of 2022, Commercial Real Estate (CRE) loans increased by $78 million, primarily due to an increase of $52 million in owner-occupied CRE and $44 million in non-owner-occupied CRE offset by a decrease of $18 million in Construction & Land loans mainly due to three loan payoffs.

    December 31,
    2022

    September 30,
    2022

    (Figures in $000s)

    RE – Owner Occupied

    $

    1,011,913

    $

    959,677

    RE – Non Owner Occupied

    660,600

    616,271

    Construction & Land

    49,398

    67,833

    Total CRE Loans

    $

    1,721,911

    $

    1,643,780

    In addition, Residential Real Estate loans increased by $28 million due to $18 million in loan growth and a reclassification of $10 million from CRE. C&I loans increased by $20 million due to an increase in line utilization. At December 31, 2022, the utilization rate for the Bank’s commercial lines of credit increased to 31% from 30% at September 30, 2022.

    Investment securities decreased during the fourth quarter to $1.3 billion. As of December 31, 2022, the duration of the available-for-sale securities portfolio decreased to 5.4 years from 5.6 years as of September 30, 2022. Accumulated other comprehensive loss decreased to $81.2 million as of December 31, 2022 from $84.7 million as of September 30, 2022 as market rates relevant to securities pricing decreased. The duration on the held-to-maturity portfolio which holds a significant amount of municipal securities is 7.7 years.

    During 2022, total assets decreased $71.5 million, or 1.8%, total deposits decreased by $207 million, or 5.8% and overnight borrowings grew by $162 million. Total loans, excluding PPP loans, grew $496 million, or 26%.

    At December 31, 2022, the tangible common equity ratio increased from September 30, 2022 to 6.6%, benefitting from fourth quarter net income and a lower Accumulated Other Comprehensive Loss. Loan growth over the last year has increased risk-weighted assets resulting in a decline in risk-based capital ratios, which remain well above regulatory requirements.

    Asset Quality

    The following table presents asset quality overview as of the dates indicated:

    December 31,
    2022

    September 30,
    2022

    (Figures in $000s)

    Non-performing assets (NPA)

    $

    6,927

    $

    2,337

    Loans 90+ Days Past Due and Still Accruing

    –

    –

    Total NPA

    $

    6,927

    $

    2,337

    NPA as a % of total assets, excluding PPP

    0.18

    %

    0.06

    %

    Past Due as a % of total Loans, excluding PPP

    0.00

    %

    0.00

    %

    Criticized as a % of total Loans, excluding PPP

    1.59

    %

    2.33

    %

    Classified as a % of total Loans, excluding PPP

    0.42

    %

    0.35

    %

    During the fourth quarter, NPA increased by $4.6 million to $6.9 million with the addition of three C&I loan relationships in unrelated industries. As of December 31, 2022, the NPA had a $487 thousand specific reserve related to six C&I impaired loan relationships of which the majority have a partial guarantee by the state or the SBA. There were no charge offs in the fourth quarter of 2022 and only one during the year.

    The following table represents the allowance for loan losses as of and for the dates and periods indicated:

    Three Months Ended

    Twelve Months Ended

    December 31,
    2022

    September 30,
    2022

    December 31,
    2022

    December 31,
    2021

    (Figures in $000s)

    Beginning Balance

    $

    28,439

    $

    27,608

    $

    25,062

    $

    22,931

    Charge-offs

    –

    (23

    )

    (23

    )

    (278

    )

    Recoveries

    27

    18

    81

    456

    Net (charge-offs) / recoveries

    $

    27

    $

    (5

    )

    $

    58

    $

    178

    Provision

    1,169

    836

    4,515

    1,953

    Ending Balance

    $

    29,635

    $

    28,439

    $

    29,635

    $

    25,062

    Allowance as a % of total assets, excluding PPP

    1.21

    %

    1.24

    %

    1.21

    %

    1.30

    %

    All PPP loans are 100% guaranteed by the SBA and as such, no allowance for loan losses is allocated to these loans. The Bank is required to adopt CECL, or Current Expected Credit Loss, on January 1, 2023 and preliminary analysis will likely result in a decrease to the Allowance for Loan Losses. There are no loans on a loan payment deferment program.

    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)

    December

    September

    December

    2022

    2022

    2021

    Assets:

    Cash and Due from Banks

    $

    34,644

    $

    79,490

    $

    33,246

    Interest Earning Deposits in Other Financial Institutions

    1,931

    13,420

    195,624

    Investment Securities:

    US Agencies

    123,164

    133,686

    185,170

    Mortgage Backed Securities

    439,376

    447,488

    808,496

    State and Municipals

    101,788

    99,441

    231,917

    US Treasuries

    –

    –

    –

    Corporate Bonds

    15,021

    15,205

    12,903

    Securities Available-for-Sale, at Fair Value

    679,349

    695,820

    1,238,486

    Mortgage Backed Securities

    190,525

    193,640

    –

    State and Municipals

    394,219

    394,929

    298,651

    Securities Held-to-Maturity, at Amortized Cost

    584,744

    588,569

    298,651

    Federal Home Loan Bank Stock, at Cost

    15,000

    15,000

    11,779

    Total Investment Securities

    1,279,093

    1,299,389

    1,548,916

    Loans Receivable:

    Commercial Real Estate

    1,721,911

    1,643,780

    1,371,475

    Commercial and Industrial

    514,787

    494,681

    444,009

    SBA Payroll Protection Program

    9,505

    10,066

    143,584

    Residential Real Estate

    179,452

    151,514

    112,817

    Installment and Other

    14,547

    5,186

    5,897

    Total Loans Receivable

    2,440,202

    2,305,227

    2,077,782

    Allowance for Loan Losses

    (29,635

    )

    (28,439

    )

    (25,062

    )

    Loans Receivable, Net

    2,410,567

    2,276,788

    2,052,720

    Furniture, Equipment and Leasehold Improvements, Net

    5,605

    5,645

    6,580

    Bank/Corporate Owned Life Insurance

    27,668

    28,282

    28,851

    Other Assets

    81,254

    80,405

    46,339

    Total Assets

    $

    3,840,762

    $

    3,783,419

    $

    3,912,276

    Liabilities:

    Non-Interest Bearing Demand Deposits

    $

    1,808,570

    $

    1,894,054

    $

    1,934,444

    Interest Bearing Transaction Accounts

    314,747

    322,945

    287,224

    Money Market and Savings Deposits

    1,225,619

    1,249,575

    1,337,035

    Certificates of Deposit

    41,858

    43,530

    39,445

    Total Deposits

    3,390,794

    3,510,104

    3,598,148

    Federal Home Loan Bank Advances / Other Borrowings

    161,500

    –

    –

    Other Liabilities

    34,018

    37,218

    35,574

    Total Liabilities

    $

    3,586,312

    $

    3,547,322

    $

    3,633,722

    Shareholders’ Equity:

    Common Stock

    $

    205,558

    $

    204,682

    $

    202,199

    Retained Earnings

    130,080

    116,128

    81,521

    Accumulated Other Comprehensive Income / (Loss)

    (81,188

    )

    (84,713

    )

    (5,166

    )

    Total Shareholders’ Equity

    $

    254,450

    $

    236,097

    $

    278,554

    Total Liabilities and Shareholders’ Equity

    $

    3,840,762

    $

    3,783,419

    $

    3,912,276

    Standby Letters of Credit

    $

    38,459

    $

    42,067

    $

    35,891

    Per Share Information:

    Common Shares Outstanding

    8,963,108

    8,937,069

    8,832,797

    Book Value Per Share

    $

    28.39

    $

    26.42

    $

    31.54

    Tangible Book Value Per Share

    $

    28.39

    $

    26.42

    $

    31.54

    American Business Bank

    Figures in $000, except share and per share amounts

    INCOME STATEMENTS (unaudited)

    For the three months ended:

    December

    September

    December

    2022

    2022

    2021

    Interest Income:

    Interest and Fees on Loans

    $

    28,068

    $

    25,134

    $

    20,729

    Interest on Investment Securities

    7,658

    7,181

    7,158

    Interest on Interest Earning Deposits

    in Other Financial Institutions

    366

    467

    135

    Total Interest Income

    36,092

    32,782

    28,022

    Interest Expense:

    Interest on Interest Bearing Transaction Accounts

    120

    40

    33

    Interest on Money Market and Savings Deposits

    1,145

    383

    377

    Interest on Certificates of Deposits

    20

    10

    10

    Interest on Federal Home Loan Bank Advances

    and Other Borrowings

    159

    16

    –

    Total Interest Expense

    1,444

    449

    420

    Net Interest Income

    34,648

    32,333

    27,602

    Provision for Loan Losses

    1,169

    836

    1,485

    Net Interest Income after Provision for Loan Losses

    33,479

    31,497

    26,117

    Non-Interest Income:

    Deposit Fees

    1,003

    1,056

    912

    International Fees

    328

    318

    357

    Gain (Loss) on Sale of Investment Securities, Net

    (32

    )

    24

    (18

    )

    Gain on Sale of SBA Loans, Net

    –

    –

    –

    Bank/Corporate Owned Life Insurance Income (Expense)

    181

    270

    308

    Other

    629

    461

    280

    Total Non-Interest Income

    2,109

    2,129

    1,839

    Non-Interest Expense:

    Salaries and Employee Benefits

    10,873

    10,854

    10,459

    Occupancy and Equipment

    1,153

    1,243

    1,157

    Professional Services

    2,032

    1,716

    1,462

    Promotion Expenses

    633

    618

    800

    Other

    1,698

    1,198

    1,176

    Total Non-Interest Expense

    16,389

    15,629

    15,054

    Earnings before income taxes

    19,199

    17,997

    12,902

    Income Tax Expense

    5,247

    4,747

    3,240

    NET INCOME

    $

    13,952

    $

    13,250

    $

    9,662

    Per Share Information:

    Earnings Per Share – Basic

    $

    1.53

    $

    1.45

    $

    1.07

    Earnings Per Share – Diluted

    $

    1.51

    $

    1.44

    $

    1.06

    Weighted Average Shares – Basic

    9,131,068

    9,110,176

    9,002,011

    Weighted Average Shares – Diluted

    9,219,807

    9,200,981

    9,143,933

    American Business Bank

    Figures in $000, except share and per share amounts

    INCOME STATEMENTS (unaudited)

    For the twelve months ended:

    December

    December

    2022

    2021

    Interest Income:

    Interest and Fees on Loans

    $

    98,995

    $

    86,800

    Interest on Investment Securities

    27,778

    21,617

    Interest on Interest Earning Deposits

    in Other Financial Institutions

    975

    462

    Total Interest Income

    127,748

    108,879

    Interest Expense:

    Interest on Interest Bearing Transaction Accounts

    217

    152

    Interest on Money Market and Savings Deposits

    2,158

    1,621

    Interest on Certificates of Deposits

    51

    47

    Interest on Federal Home Loan Bank Advances

    and Other Borrowings

    267

    –

    Total Interest Expense

    2,693

    1,820

    Net Interest Income

    125,055

    107,059

    Provision for Loan Losses

    4,515

    1,953

    Net Interest Income after Provision for Loan Losses

    120,540

    105,106

    Non-Interest Income:

    Deposit Fees

    4,038

    3,314

    International Fees

    1,361

    1,210

    Gain (Loss) on Sale of Investment Securities, Net

    (75

    )

    (33

    )

    Gain on Sale of SBA Loans, Net

    –

    –

    Bank/Corporate Owned Life Insurance Income (Expense)

    (387

    )

    1,113

    Other

    1,788

    921

    Total Non-Interest Income

    6,725

    6,525

    Non-Interest Expense:

    Salaries and Employee Benefits

    41,689

    39,867

    Occupancy and Equipment

    4,675

    4,589

    Professional Services

    7,172

    6,043

    Promotion Expenses

    1,974

    1,734

    Other

    5,233

    6,581

    Total Non-Interest Expense

    60,743

    58,814

    Earnings before income taxes

    66,522

    52,817

    Income Tax Expense

    17,963

    13,654

    NET INCOME

    $

    48,559

    $

    39,163

    Per Share Information:

    Earnings Per Share – Basic

    $

    5.34

    $

    4.39

    Earnings Per Share – Diluted

    $

    5.28

    $

    4.33

    Weighted Average Shares – Basic

    9,095,159

    8,918,938

    Weighted Average Shares – Diluted

    9,194,381

    9,048,355

    American Business Bank

    Figures in $000

    QUARTERLY AVERAGE BALANCE SHEETS AND YIELD ANALYSIS (unaudited)

    For the three months ended:

    December 2022

    September 2022

    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

    $

    39,054

    $

    366

    3.71

    %

    $

    78,168

    $

    467

    2.42

    %

    Investment Securities:

    US Agencies

    128,861

    970

    3.01

    %

    139,525

    570

    1.63

    %

    Mortgage Backed Securities

    731,139

    3,429

    1.88

    %

    747,130

    3,404

    1.82

    %

    State and Municipals

    509,687

    2,816

    2.21

    %

    513,082

    2,840

    2.21

    %

    US Treasuries

    –

    –

    0.00

    %

    –

    –

    0.00

    %



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