AMB Financial : 06-30-2022 Quarterly Report

AMB Financial Corp.

7880 Wicker Ave.

St. John, Indiana 46373

Financial Report

For the Three and Six Months Ended

June 30, 2022

Note: This report is intended to be read in conjunction with our Annual Report to Stockholders for the year ended December 31, 2021, copies of which are included on this website. This report is dated June 30, 2022 and should not be read to cover any subsequent periods. We specifically disclaim any obligation to update this report even if the contents thereof should become misleading.

This report has not been prepared in accordance with Securities and Exchange Commission rules applicable to public companies and is not intended to comply with such rules.

AMB FINANCIAL CORP.

TABLE OF CONTENTS

	Page
Consolidated Statements of Financial Condition at
June 30, 2022 (unaudited) and December 31, 2021	2
Consolidated Statements of Income for the three and six
months ended June 30, 2022 and 2021 (unaudited)	3
Consolidated Statements of Comprehensive Income for the
six months ended June 30, 2022 and 2021 (unaudited)	4
Consolidated Statements of Changes in Stockholders'
Equity for the six months ended June 30, 2022 and 2021 (unaudited)	5
Consolidated Statements of Cash Flows for the six months
ended June 30, 2022 and 2021 (unaudited)	6
Earnings per Share Analysis for the three and six
months ended June 30, 2022 and 2021 (unaudited)	7
Notes to Unaudited Consolidated Financial Statements	8
Management's Discussion and Analysis of Financial
Condition and Results of Operations	8 - 27

1

AMB Financial Corp. and Subsidiaries

Consolidated Balance Sheets

			June 30,			December 31,
			2022				2021
Assets			(unaudited)				(audited)
Cash and amounts due from depository institutions	$	2,638,101	$	2,341,844
Interest-bearing deposits			45,878,741				43,416,522
Total cash and cash equivalents			48,516,842				45,758,366
Investment Securities, available for sale, at fair value			12,173,821				10,377,656
Stock in Federal Home Loan Bank of Indianapolis, at cost			2,683,000				2,693,400
Loans held for sale			-				656,901
Loans receivable (net of allowance for loan losses)
$2,725,000 at June 30, 2022 and
$2,570,000 at December 31, 2021)			246,498,855				212,516,901
Other real estate owned			-				18,050
Accrued interest receivable			836,398				749,497
Office properties and equipment- net			9,526,843				9,399,541
Bank owned life insurance			3,780,982				3,746,441
Prepaid expenses and other assets			2,136,383				2,038,545
Total assets	$	326,153,124	$	287,955,298
Liabilities and Stockholders' Equity
Liabilities
Deposits	$	289,643,106	$	251,519,105
Borrowed money			5,000,000				5,000,000
Junior subordinated debentures			3,093,000				3,093,000
Other liabilities			2,541,788				2,925,028
Total liabilities	$	300,277,894		$	262,537,133
Stockholders' Equity
Common Stock, $.01 par value; authorized 1,900,000 shares;
1,683,641 shares issued and 921,243 outstanding at June 30, 2022
and 923,053 outstanding at December 31, 2021	$	16,837	$	16,837
Additional paid-in capital			11,842,340				11,753,929
Retained earnings			23,720,922				22,595,100
Accumulated other comprehensive income (loss), net of tax			(701,180)				15,984
Treasury stock, at cost (762,398 shares outstanding at June 30, 2022
and 760,588 shares outstanding at December 31, 2021)			(9,003,689)				(8,963,685)
Total stockholders' equity		$	25,875,230			$	25,418,165
Total liabilities and stockholders' equity	$	326,153,124	$	287,955,298
See accompanying notes to audited consolidated financial statements.

2

AMB Financial Corp. and Subsidiaries

Consolidated Statements of Income

(unaudited)

	Three Months		Three Months			Six Months			Six Months
		Ended			Ended			Ended			Ended
		June 30,			June 30,			June 30,			June 30,
Interest income		2022			2021			2022			2021
Interest on Loans		2,595,461			2,657,796			4,996,031			5,029,464
Interest on other securities		50,228			23,310			90,939			48,904
Interest on interest-bearing deposits		90,973			8,503			116,145			18,791
Dividends on Federal Home Loan Bank stock		25,716			12,146			46,085			20,941
Total interest income	$	2,762,378		$	2,701,755		$	5,249,200		$	5,118,100
Interest expense
Interest on deposits	$	220,481	$	285,255	$	421,846	$	603,999
Interest on borrowings		56,675			65,739			107,606			132,315
Total interest expense	$	277,156		$	350,994		$	529,452		$	736,314
Net interest income	$	2,485,222	$	2,350,761	$	4,719,748	$	4,381,786
Provision for loan losses		90,989			8,772			90,989			8,772
Net interest income after
provision for loan losses	$	2,394,233	$	2,341,989	$	4,628,759	$	4,373,014
Non-interest income:
Loan fees and service charges	$	159,153	$	117,428	$	303,815	$	180,144
Deposit related fees		87,710			75,834			166,289			148,077
Other fee income		15,969			23,298			22,277			44,676
Rental Income		86,377			133,798			190,092			225,030
Gain on sale of loans		102,798			683,417			176,026			1,528,544
Net (loss) gain on sale of other real estate owned		-			192,261			(3,341)			201,766
Increase in cash surrender value of life insurance		16,504			17,693			34,541			35,258
Other income		58,935			27,647			72,851			49,082
Total non-interest income	$	527,446		$	1,271,376		$	962,550		$	2,412,577
Non-interest expense:
Staffing costs	$	1,155,546	$	1,142,563	$	2,288,681	$	2,247,549
Advertising		58,455			103,443			102,388			144,411
Occupancy and equipment expense		231,786			183,241			481,448			421,103
Data processing		244,061			281,777			500,476			497,345
Professional fees		110,162			82,178			146,085			166,121
Federal deposit insurance premiums		39,436			31,778			76,329			59,636
Insurance expense		23,248			21,635			48,342			43,095
Other operating expenses		210,326			225,927			391,977			457,403
Total non-interest expense	$	2,073,020		$	2,072,542		$	4,035,726		$	4,036,663
Income before income taxes	$	848,659	$	1,540,823	$	1,555,583	$	2,748,928
Income tax expense		211,245			402,545			382,984			706,809
Net income available to common shareholders		637,414			1,138,278			1,172,599			2,042,119
Earnings per common share:
Basic	$	0.69	$	1.18	$	1.27	$	2.11
Diluted	$	0.69		$	1.18		$	1.26		$	2.10

See accompanying notes to audited consolidated financial statements.

3

AMB Financial Corp. and Subsidiaries

Consolidated Statements of Comprehensive Income

(unaudited)

		Six Months Ended June 30,
		2022			2021
Net income	$	1,172,599	$	2,042,119
Other comprehensive (loss) income, net of tax:
Unrealized gains on securities
available for sale--
Unrealized holding (loss) gain arising during the period		(717,164)			(49,814)
Other comprehensive (loss) income, net of tax		(717,164)			(49,814)
Total comprehensive income	$	455,435		$	1,992,305

See accompanying notes to audited consolidated financial statements.

4