The parent company of American Bank, American Bank Incorporated (OTCMKTS:AMBK) was in focus this past Friday after it announced its financial results for the third fiscal quarter and the nine month period, both of which had ended on September 30, 2022.
Trading Data
On Friday, AMBK stock ended flat at $16.45 with more than 800 shares, compared to its average volume of 220 shares. The stock moved within a range of $16.45 – 16.45 after opening trade at $16.45.
American Bank Reports Strong Third Quarter 2022 Earnings
Before the beginning of another trading week, it may be a good idea for investors to consider taking a closer look into it. The company announced that it had managed to generate income to the tune of as much as $3059000 for the quarter and that worked out to earnings of $0.47 for each diluted share. Additionally, it reflected a considerable rise of as much as 16.8% year on year from the income of $2619000 in the prior year period.
As of September 30, 2022, the total assets under the control of American Bank Incorporated stood at $933.9 million and that reflected a 16.8% rise from the recorded assets in the prior year period. On the other hand, the net loans under the company’s books shot up by as much as 2.2% or $13.6 million when compared to the prior year period. That was primarily due to the strong organic growth that had been witness in the company’s loan segment.
Key Quote
President and CEO Mark Jaindl stated, “We are pleased to report another strong quarter of earnings for American Bank in 2022. The growth in our loan portfolio paired with an increase in income from our investment portfolio were the primary reasons for the increase in net interest income. Our lending team continues to develop solid loan relationships throughout our market area that are major contributors to our continual growth.”
Technical Data
AMBK stock is trading below the 20-Day and 50-Day Moving averages of $16.90 and $16.77 respectively. Moreover, the stock is trading below the 200-Day moving average of $15.95. The company has a total market capitalization of $98 million.
