AMB Financial : 09-30-2022 Quarterly Report

AMB Financial Corp.

7880 Wicker Ave.

St. John, Indiana 46373

Financial Report

For the Three and Nine Months Ended

September 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 September 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
September 30, 2022 (unaudited) and December 31, 2021	2
Consolidated Statements of Income for the three and nine
months ended September 30, 2022 and 2021 (unaudited)	3
Consolidated Statements of Comprehensive Income for the
nine months ended September 30, 2022 and 2021 (unaudited)	4
Consolidated Statements of Changes in Stockholders'
Equity for the nine months ended September 30, 2022 and 2021 (unaudited)	5
Consolidated Statements of Cash Flows for the nine months
ended September 30, 2022 and 2021 (unaudited)	6
Earnings per Share Analysis for the three and nine
months ended September 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 - 26

1

AMB Financial Corp. and Subsidiaries

Consolidated Balance Sheets

		September 30,			December 31,
			2022				2021
Assets			(unaudited)				(audited)
Cash and amounts due from depository institutions	$	2,431,523	$	2,341,844
Interest-bearing deposits			16,419,542				43,416,522
Total cash and cash equivalents			18,851,065				45,758,366
Investment Securities, available for sale, at fair value			13,179,003				10,377,656
Stock in Federal Home Loan Bank of Indianapolis, at cost			2,683,000				2,693,400
Loans held for sale			255,000				656,901
Loans receivable (net of allowance for loan losses)
$2,742,968 at September 30, 2022 and
$2,570,000 at December 31, 2021)			267,792,013				212,516,901
Other real estate owned			-				18,050
Accrued interest receivable			1,009,964				749,497
Office properties and equipment- net			9,519,142				9,399,541
Bank owned life insurance			3,797,812				3,746,441
Prepaid expenses and other assets			2,310,835				2,038,545
Total assets	$	319,397,834	$	287,955,298
Liabilities and Stockholders' Equity
Liabilities
Deposits	$	286,956,722	$	251,519,105
Borrowed money			-				5,000,000
Junior subordinated debentures			3,093,000				3,093,000
Other liabilities			2,962,244				2,925,028
Total liabilities	$	293,011,966		$	262,537,133
Stockholders' Equity
Common Stock, $.01 par value; authorized 1,900,000 shares;
1,683,641 shares issued and 922,354 outstanding at September 30, 2022
and 923,053 outstanding at December 31, 2021	$	16,837	$	16,837
Additional paid-in capital			11,845,603				11,753,929
Retained earnings			24,587,456				22,595,100
Accumulated other comprehensive income (loss), net of tax			(1,049,962)				15,984
Treasury stock, at cost (761,287 shares outstanding at September 30, 2022
and 760,588 shares outstanding at December 31, 2021)			(9,014,066)				(8,963,685)
Total stockholders' equity		$	26,385,868			$	25,418,165
Total liabilities and stockholders' equity	$	319,397,834	$	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			Nine Months			Nine Months
		Ended			Ended			Ended			Ended
	September 30,		September 30,		September 30,		September 30,
Interest income		2022			2021			2022			2021
Interest on Loans		3,102,160			2,979,627			8,098,191			8,009,091
Interest on other securities		71,369			28,481			162,308			77,386
Interest on interest-bearing deposits		158,176			15,730			274,322			34,521
Dividends on Federal Home Loan Bank stock		37,087			19,485			83,171			40,424
Total interest income	$	3,368,792		$	3,043,323		$	8,617,992		$	8,161,422
Interest expense
Interest on deposits	$	476,043	$	227,196	$	897,888	$	831,195
Interest on borrowings		35,507			50,534			143,113			182,849
Total interest expense	$	511,550		$	277,730		$	1,041,001		$	1,014,044
Net interest income	$	2,857,242	$	2,765,593	$	7,576,991	$	7,147,378
Provision for loan losses		-			337			90,989			9,109
Net interest income after
provision for loan losses	$	2,857,242	$	2,765,256	$	7,486,002	$	7,138,269
Non-interest income:
Loan fees and service charges	$	166,946	$	128,935	$	470,761	$	309,079
Deposit related fees		91,897			82,100			258,187			230,177
Other fee income		16,931			6,748			39,207			51,425
Rental Income		82,553			94,591			272,645			319,621
Gain on sale of loans		20,244			393,289			196,270			1,921,832
Net (loss) gain on sale of other real estate owned		-			-			(3,341)			201,766
Increase in cash surrender value of life insurance		16,830			18,023			51,371			53,281
Gain on the early extinguishment of debt		33,647			-			33,647			-
Other income		149,232			63,803			222,083			112,885
Total non-interest income	$	578,280		$	787,489		$	1,540,830		$	3,200,066
Non-interest expense:
Staffing costs	$	1,184,903	$	1,301,774	$	3,473,583	$	3,549,323
Advertising		149,273			158,641			251,661			303,051
Occupancy and equipment expense		238,826			215,361			720,275			636,464
Data processing		256,472			251,289			756,948			748,635
Professional fees		88,635			77,035			234,720			243,156
Federal deposit insurance premiums		63,018			29,999			139,347			89,635
Insurance expense		24,364			23,869			72,706			66,964
Other operating expenses		191,779			206,300			583,757			663,702
Total non-interest expense	$	2,197,270		$	2,264,268		$	6,232,997		$	6,300,930
Income before income taxes	$	1,238,252	$	1,288,477	$	2,793,835	$	4,037,405
Income tax expense		324,938			336,433			707,922			1,043,242
Net income available to common shareholders		913,314			952,044			2,085,913			2,994,163
Earnings per common share:
Basic	$	0.99	$	1.03	$	2.26	$	3.14
Diluted	$	0.98		$	1.02		$	2.24		$	3.13

See accompanying notes to audited consolidated financial statements.

3

AMB Financial Corp. and Subsidiaries

Consolidated Statements of Comprehensive Income

(unaudited)

	Nine Months Ended September 30,
	2022			2021
Net income	$ 2,085,913	$	2,994,163
Other comprehensive (loss) income, net of tax:
Unrealized gains on securities
available for sale--
Unrealized holding (loss) gain arising during the period	(1,065,946)			(76,094)
Other comprehensive (loss) income, net of tax	(1,065,946)			(76,094)
Total comprehensive income	$ 1,019,967		$	2,918,069

See accompanying notes to audited consolidated financial statements.

4