American Bank reports earnings

Allentown’s American Bank Incorporated announced earnings for the quarter and nine months ended Sept. 30, 2022.  Net income for the quarter was $3,059,000 or 47 cents per diluted share, an increase of $440,000 or 16.8% from $2,619,000 or $0.41 per diluted share for the third quarter of 2021.  

Total assets increased $134.5 million or 16.8% to $933.9 million as of Sept. 30, 2022 compared to $799.4 million as of Sept. 30, 2021. Net loans increased $13.6 million or 2.2% from Sept. 30, 2021 due to strong organic loan growth.  Excluding PPP loans which were at a zero balance at Sept. 30, 2022 as a result of 100% forgiveness, net loans increased $41.6 million or 7.0% from September 30, 2021.  Total deposits increased $83.9 million or 13.7% from Sept. 30, 2021.  

 Return on average assets was 1.32% for the quarters ended Sept. 30, 2022 and 2021.  Return on average equity for the quarter ended Sept. 30, 2022 increased to 15.23% from 14.85% for the same period in 2021.  American Bank’s return on average equity continues to outperform its peers, and as a result, it was recognized as one of the Top 50 Community Banks in the nation, and the Top Community Bank in the Lehigh Valley, by American Banker Magazine.  

President and CEO Mark Jaindl commented. 

“We are pleased to report another strong quarter of earnings for American Bank in 2022,” he said. “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.”