AB&T experienced an increase in Net Income for 4Q22 of 123.3% when compared to 4Q21 and 41.2% when comparing 2021 to 2022. The increases are the results of improved Net Interest Margin due to loan growth and higher interest rates on loans, and diligent expense management. 

Average Deposits were 1.9% higher in 4Q22 compared to 4Q21, but relatively unchanged for the year ending 2022, compared to 2021. Average Non-Interest-Bearing Demand Deposits decreased 7.3% for 4Q22 compared to 4Q21, and grew 2.4% for the year ending 2022, compared to 2021. Notwithstanding the quarter-end results, as the quarter ended, the Bank began to see a shift away from Non-Interest-Bearing Deposits into Interest-Bearing Deposits, Overall, in 2022, the Bank’s core deposits held firm. 

Operating expenses declined in the 4Q22 compared to 4Q21. Our YTD 2022 non-interest expenses of $5.739 million represents an increase of 3.2% from the same period in 2021. 

The Bank’s asset quality again remained strong in 4Q22, with Non-Performing Assets as a Percent of Total Assets improving to 0.00% in 4Q22. Furthermore, the bank’s Allowance for Losses on Loans and Leases as a Percent of Total Loans is 1.21%. 

Average Stockholders’ Equity increased 7.9% in 4Q22 compared to 4Q21 and 9.0% year-over-year. The Bank’s leverage ratio improved to 9.82% at the end of December. The Common Equity Tier 1 Capital Ratio and the Total Capital Ratio remained consistent, 13.07% and 14.22%, respectively. 

For the quarter ending December 31, 2022, the Bank reported Diluted Earnings per Share of $0.82 and $2.21 for the year. Fully Diluted Book Value per share at quarter-end was $17.36. 

Fourth Quarter 2022 Highlights: 

• Net Income increased 123.3% in 4Q22 compared to 4Q21. 

• In 4Q22, Net Revenue grew 37.3% compared to 4Q21 and rose 15.7% year over year. 

• Non-Interest Expense declined 0.5% in 4Q22 compared to 4Q21. 

• Average Loans increased 1.6% compared to the fourth quarter of 2021. 

• Average Deposits held steady from 2021 to 2022. Average Non-Interest-Bearing Demand Deposits were up 2.4% in 2022 compared to 2021. 

• Asset Quality remained strong with a 1.21% Allowance for Losses on Loans and Leases as a Percent of Total 

Loans at December 31, 2022. 

• Diluted Earnings Per Share increased to $0.82 in 4Q22, up from $0.37 in 4Q21. 

• Fully Diluted Book Value Per Share stood at $17.36 at quarter end, an increase of 9.1% from 4Q21. 

• 2022 Efficiency Ratio improved to 51.01% from 70.39% in 2021 

We remain committed to serving as this community's enduring financial partner and driving shareholder return. Our committed team of bankers rises each day to serve as the gold standard of community banking.