AMERICAN BUSINESS BANK AMERICAN BUSINESS BANK
2023
Q1 REPORT
Q1
BALANCE SHEETS | INCOME STATEMENTS | |||||||||||||||||||||
Unaudited - 000s omitted | Unaudited - 000s omitted except share and per share amounts | |||||||||||||||||||||
March 31, | 2023 | 2022 | Three months ended March 31, | 2023 | 2022 | |||||||||||||||||
ASSETS | INTEREST INCOME | |||||||||||||||||||||
Cash & cash equivalents | $ | 53,374 | $ | 111,553 | Loans | $ | 29,743 | $ | 21,809 | |||||||||||||
Investment securities | 1,267,848 | 1,464,743 | Investments | 7,861 | 6,658 | |||||||||||||||||
Interest earning deposits in | ||||||||||||||||||||||
other financial institutions | 208 | 80 | ||||||||||||||||||||
Loans receivable | 2,477,725 | 2,183,954 | TOTAL INTEREST INCOME | |||||||||||||||||||
37,812 | 28,547 | |||||||||||||||||||||
Allowance for credit losses | (26,073) | (26,561) | ||||||||||||||||||||
Loans receivable, net | 2,451,652 | 2,157,393 | INTEREST EXPENSE | |||||||||||||||||||
Furniture, equipment & leasehold | Interest bearing transaction | |||||||||||||||||||||
improvements, net | 5,334 | 6,327 | accounts | 231 | 26 | |||||||||||||||||
Bank/Corp owned life insurance | 27,863 | 28,622 | Money market & savings | |||||||||||||||||||
Other assets | 73,048 | 58,242 | deposits | 2,230 | 323 | |||||||||||||||||
TOTAL ASSETS | $ | 3,879,119 | $ | 3,826,880 | Certificates of deposits | 267 | 10 | |||||||||||||||
FHLB Advances / Other borrowings | 3,086 | - | ||||||||||||||||||||
LIABILITIES | TOTAL INTEREST EXPENSE | 5,814 | 359 | |||||||||||||||||||
NET INTEREST INCOME | ||||||||||||||||||||||
Deposits: | 31,998 | 28,188 | ||||||||||||||||||||
Non-interest bearing demand | $ | 1,708,750 | $ | 1,920,015 | Provision for credit losses | 463 | 1,486 | |||||||||||||||
deposits | NET INTEREST INCOME AFTER | |||||||||||||||||||||
Interest bearing transaction | ||||||||||||||||||||||
accounts | 276,059 | 277,016 | PROVISION FOR CREDIT LOSSES | 31,535 | 26,702 | |||||||||||||||||
Money market & savings | 997,720 | 1,297,039 | TOTAL NONINTEREST INCOME | |||||||||||||||||||
deposits | 2,593 | 1,391 | ||||||||||||||||||||
Certificates of deposits | 93,624 | 40,998 | TOTAL NONINTEREST EXPENSE | |||||||||||||||||||
Total Deposits | 3,076,153 | 3,535,068 | 16, 1 7 1 | 14,705 |
FHLB Advances/Other borrowings | 486,000 | - | EARNINGS BEFORE INCOME | |||
Other liabilities | 37,285 | 36,588 | TAXES | |||
TOTAL LIABILITIES | $3,599,438 | $3,571,656 | Income tax expense | |||
SHAREHOLDERS' EQUITY | NET INCOME | |||||
$ | 351,656 | $ | 294,843 | Earnings per share - basic | ||
Common stock & retained earnings | ||||||
Accumulated other comprehensive | (71,975) | (39,619) | Earnings per share - diluted | |||
income /(loss) | ||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 279,681 | $ | 255,224 |
17,957 | 13,388 | |||
4,872 | 3,465 | |||
$ | 13,085 | $ | 9,923 | |
$ | 1.43 | $ | 1.10 | |
$ | 1.42 | $ | 1.08 |
TOTAL LIABILITIES & | Weighted average shares - basic | 9,153,915 | 9,040,825 | |||||
Weighted average shares - diluted | ||||||||
SHAREHOLDERS' EQUITY | $ | 3,879,119 | $ | 3,826,880 | 9,228,602 | 9,167,184 | ||
Standby Letters of Credit | $ | 40,641 | $ | 36,698 |
SHAREHOLDERS & CLIENTS,
I am gratified to report another outstanding quarter for ABB. Financial highlights show a net income of $13.1 million or $1.42 per fully diluted share for the first quarter of 2023 compared to $9.9 million or $1.08 per fully diluted share for the first quarter of 2022, an increase of 32%.
As I'm sure that many of you are aware that the government has
raised rates rapidly in order to draw liquidity from the financial system. As such our deposits are down by 9% from year end or $314 million, and we are borrowing on short term basis to fill the gap.
For the past 25 years, we have been building the bank and our balance sheet to weather periods of economic and industry instability. Your bank remains strong by practicing its fundamental philosophy of running the bank conservatively, and in doing so we sustain an abundance of liquidity. Our ethos of only banking straightforward businesses and supporting our clients through every season of business has only strengthened our partnerships, encouraging our clients and their future with us. During periods of uncertainty, many clients view the bank as a safe haven. We are proud to say we have not lost a single client during the recent storm.
To our remarkable clients, we appreciate your partnership and your trust as we face the seasons of business together.
We thank our amazing staff and officers for their dedication and commitment to supporting our clients with sincere relationships and excellent service. This successful quarter is owed to you all, thank you.
At your service,
- Leon Blankstein
President, Chief Executive Officer, Director
www.americanbb.bank
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American Business Bank published this content on 10 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 08:17:18 UTC.
