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

Outlook

• 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

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

• NON-INTEREST INCOME - Higher valuation of corporate-owned life insurance policies drove increase in non-interest income

Company press release: ID:nBw5kBKQma

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%

Reuters Recommended Reads

• July 23 - American Riviera Bank Q2 net income rises 25% on growing loan book

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• July 21 - Capital One second-quarter profit rises on higher interest income

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