American Bank Q3 net income jumps 32% to $4.34 million; net interest income climbs 21% to $8.83 million
AMBK•American Bank reported Q3 net income of $4.34 million, up 32% year over year, and net interest income of $8.83 million, up 21%.
1. Quarterly results
Diluted earnings per share rose to $0.68, and net interest margin widened 29 basis points to 3.20%. The provision for credit losses was $217,000, compared with an $11,000 allowance release a year earlier; non-accruing loans remained at 0%. Non-interest income fell 54% to $579,000, while non-interest expense dropped 17% to $3.7 million. Total assets increased 12% to $1.16 billion, and net loans rose 9%; Mark Jaindl cited record quarterly net income and continued loan growth.
