American Bank Incorporated Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
American Bank Incorporated reported earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net income was $1,222,000 or $0.19 per diluted share, an increase of $87,000 from $1,135,000 or $0.18 per diluted share for the third quarter of 2014. The increase in net income for the quarter ended September 30, 2015 was primarily attributable to a decrease in the provision for loan losses. Net interest income for the quarter ended September 30, 2015 was $3,518,000, an increase of $214,000 from the quarter ended September 30, 2014. The net interest margin increased six basis points to 2.76% from 2.70%.
Net income for the nine months ended September 30, 2015 was $2.9 million, or $0.51 per diluted share, a decrease of $863,000 from the nine months ended September 30, 2014. Net interest income for the nine months ended September 30, 2015 was $10.3 million, an increase of $603,000 from the nine month period ended September 30, 2014.