Company anticipates loan and deposit growth in the second half of the year
American Business Bank expects overall net loan growth to be lower this year than last year
Overview
US commercial bank's Q2 net income rose 25% yr/yr to record level
Net interest income for Q2 up 15% from prior year quarter
Company repurchased 31,500 shares and paid $0.30/share quarterly dividend
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Net Income
$16.20 mln
Q2 Net Interest Income
$42.20 mln
Q2 Net Interest Margin
3.92%
Result drivers
Loan growth and repricing - Co said Q2 benefited from loan growth and continued repricing at higher rates than legacy portfolio
Deposit mix and cost - Increase in average loan balances and a positive mix change in deposits, along with lower deposit costs, contributed to higher net interest income
- Higher valuation of corporate-owned life insurance policies drove increase in non-interest income
AMBZ•
