This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

American Business Bank Announces Its Results For The Year Ended December 31st 2012, Including 20% Loan Growth And 10% Earnings Growth Over 2011

Stock quotes in this article: AMBZ

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




2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs