Following a strong second quarter, AB&T saw continued success in 3Q19, bettering the third quarter of 2018 in several of the key performance measures shown above. The most significant is the growth in Net Income quarter over quarter and year over year.

For the third quarter, Net Income was up 20.9% compared to the 3Q18 and 36.6% year over year. The increases in Net Income included a $55,000 charge for expenses related to the planned fourth quarter 2019 conversion of the bank’s core processing function to another vendor. A second and final charge of approximately $210,000 for this purpose is expected to occur in the fourth quarter 2019.

The third quarter also saw steady growth in the bank’s balance sheet as Average Loans were up 11.5% compared to 3Q18 and Average Deposits increased 6.9% for the same period. In addition, the change in deposit mix as evidenced by growth in Non-Interest Bearing Deposits of 35.7% quarter over quarter and 24.0% year over year helped hold down funding costs.

The bank’s asset quality remained strong in 3Q19, with Non-Performing Assets as a Percent of Total Assets standing at only 0.07% and the bank’s Allowance for Loan Losses as a Percent of Total Loans at 1.16%. A Provision for Loan Losses of $90,000 was made during the 3rd quarter to support overall loan growth.

Diluted Earnings Per Share increased to $0.34, an increase of 20.6% for the third quarter compared to the same period last year and to $0.98, an increase of 36.5% year over year.

Fully Diluted Book Value Per Share of $12.75 was reported as of September 30, 2019.

Through the first three quarters of 2019, AB&T has continued its march toward providing superior financial returns for its shareholders by combining operational excellence with talented and dedicated bankers who know their client’s hopes and dreams and offer AB&T’s financial products and services to make them a reality. As 2019 approaches its inevitable conclusion, we know that the future of the bank and its community relies on relationships built on mutual respect and trust.

At AB&T, we embrace that future for it’s in these relationships that our vision of being the Gold Standard of community banking becomes reality.