American Business Bank Announces 2nd Quarter 2010 Earnings
July 15, 2010
Wesley E. Schaefer
AMERICAN BUSINESS BANK ANNOUNCES ITS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30th 2010, INCLUDING 12% LOAN GROWTH, 14% DEPOSIT GROWTH AND 32% EARNINGS GROWTH OVER 2009 SECOND QUARTER.
Los Angeles, California, July 15, 2010. AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net income of $2,225,000 for the second quarter 2010, a 32% increase over the $1,676,000 earned in the second quarter of 2009. Earnings per share (EPS) in the second quarter 2010 increased to $0.56 versus $0.42 in the second quarter 2009. Shares outstanding at the end of the quarter totaled $3,974,840.
"We are very pleased with the direction of the bank and our results here in the second quarter," stated Robin Paterson, the Bank's Executive Vice President and Chief Credit Officer. "As the economy continues to struggle, the bank remains focused on its mission to assist our clients in achieving their financial goals."
"The second quarter was one with continued growth in all areas of the bank. We had excellent growth in our earnings over the already strong earnings that we had in 2009." said Wes Schaefer, Vice Chairman of the Bank.
"Recognizing that the economic recovery is weak but progressing, we are pleased with these very positive results," Robert Schack, Chairman, said. "Our bank is merely a reflection of the high quality of our client base, which includes some of the finest companies in our market place."
ASSETS AND LIABILITIES
Total assets increased 13% or $109 million to $948 million at June 30, 2010 as compared to $839 million at June 30, 2009. Loans increased 12% or $41 million to $370 million at June 30, 2010 as compared to $329 million at June 30, 2009 while investments and federal funds sold increased $63 million. Funding the asset growth was a 14% or $106 million increase in deposits.
INTEREST INCOME
During the second quarter, Net Interest Income rose by $1,111,000 or 16% over the same quarter in 2009.
NON-INTEREST INCOME
Non-interest Income in the second quarter of 2010 increased 29% to $945,000 from $728,000 in the second quarter of 2009.
CREDIT QUALITY
Asset quality at quarter-end remains excellent, with zero non-performing loans, no OREO and no charge offs. At quarter-end, the allowance for loan losses stood at $6,064,000 or 1.61% of loans.
AMERICAN BUSINESS BANK headquartered in downtown Los Angeles offers a wide range of finanical services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened four Loan Production Offices in strategic areas including our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center and our Inland Empire Office in Ontario.
American Business Bank Announces 1st Quarter 2010 Earnings
AMERICAN BUSINESS BANK ANNOUNCES ITS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31st 2010, INCLUDING 10% LOAN GROWTH, 21% DEPOSIT GROWTH AND 39% EARNINGS GROWTH OVER 2009 FIRST QUARTER.
Los Angeles, California, April 13, 2010. AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net income of $1,881,000 for the first quarter 2010, a 39% increase over the $1,345,000 earned in the first quarter of 2009. Earnings per share (EPS) in the first quarter 2010 increased to $0.47 versus $0.34 in the first quarter of 2009. Shares outstanding at the end of the quarter totaled 3,972,366.
"We are especially pleased with reaching an asset size that exceeds $900 million," Don Johnson, the Bank's President, added. "This quarter, we also reached over $100 million in market capitalization. Both of these milestones are particularly meaningful in light of the troubles that we have seen in most sectors of the economy over the past two years."
"The first quarter was very successful for us. We added a good number of relationship customers to our Bank and we were able to maintain our margins, leading to a profitable quarter." said Wes Schaefer, Vice Chairman of the Bank.
"While no bank is immune to the problems that the industry has felt over the past few years, it appears that we have made it through the worst of it in good shape. We have a solid balance sheet, our earnings are strong and our momentum is excellent. We hope to continue our success throughout 2010." Robert Schack, Chairman, said.
ASSETS AND LIABILITIES
Total assets increased 17% or $137 million to $918 million at March 31, 2010 as compared to $781 million at March 31, 2009. Loans increased 10% or by $32 million from $325 million to $357 million while investments and federal funds sold increased $107 million. Funding the asset growth was a 21% or $148 million increase in deposits.
INTEREST INCOME
During the first quarter, Net Interest Income rose by $1,209,000 or 18% over the same quarter in 2009.
NON-INTEREST INCOME
Non-interest Income in the first quarter of 2010 increased 18% to $849,000 from $717,000 in the first quarter of 2009.
CREDIT QUALITY
Asset quality at quarter-end remains excellent, with zero non-performing loans, no OREO and no charge offs. At quarter-end, the allowance for loan losses stood at $5,789,000 or 1.59% of loans.
AMERICAN BUSINESS BANK headquartered in downtown Los Angeles offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened four Loan Production Offices in strategic areas including our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center and our Inland Empire Office in Ontario.
American Business Bank Announces 4th Quarter 2009 Earnings
AMERICAN BUSINESS BANK ANNOUNCES ITS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2009, INCLUDING 12% LOAN GROWTH, 20% DEPOSIT GROWTH AND 48% EARNING GROWTH OVER THE SAME PERIOD FOR 2008.
Los Angeles, California, January 21, 2010. AMERICAN BUSINESS BANK (Bank) (OTCBB:AMBZ) today reported net income of $2,354,000 for the fourth quarter of 2009, a 48% increase over the $1,588,000 earned in the fourth quarter of 2008. Total earnings for the year ended December 2009 were $7,225,000, a 35% increase over the $5,340,000 earned in 2008. Earnings per share (EPS) in the fourth quarter 2009 increased to $0.61 versus $0.44 in the fourth quarter 2008. For the year, EPS, in 2009 was $1.97 versus $1.51 in 2008. Shares outstanding at the end of fiscal year 2009 totaled 3,971,053.
“As one can see in the numbers released today, the Bank did very well in 2009. We are thankful to our customers, shareholders and especially our staff for helping to exceed our goals for the year” said Wes Schaefer, Vice Chairman of the Bank.
“The Bank continues to employ sound banking practices that have led to our outstanding growth and profitability. We have made an effort to stay the course and not make decisions based on ideas that have not been fully vetted. Instead, we put the interest of our customers and shareholders at the forefront”, said Don Johnson, President and CEO of the Bank.
Robert Schack, Chairman, added “As Don suggests, these results are directly related to our sticking to the fundamentals. As I have said previously, and it holds true today, we promised this course of action at our founding twelve years ago and we are committed to it today.
ASSETS AND LIABILITIES
Total assets increased 20% or $151 million to $898 million at December 31, 2009 as compared to $747 million at December 31, 2008. Loans increased over 12% or by $41 million from $319 million to $360 million, while investments and federal funds sold increased $114 million. Funding the asset growth was a 20% or $131 million increase in deposits.
INTEREST INCOME
During the fourth quarter, Net Interest Income rose by $830,000 or 12% over the same quarter in 2008, and for the year ended December 2009, the Net Interest Income increased by $4,521,000 or 19% over the previous year.
NON-INTEREST INCOME
Non-interest Income in the fourth quarter of 2009 increased 64% to $735,000 from $448,000 in the fourth quarter of 2008. For the year, Non-interest Income rose 57% to $3,035,000 in 2009 from $1,924,000 in 2008.
CREDIT QUALITY
Asset quality at quarter-end remains excellent, with zero non-performing loans, no OREO and no charge offs. At quarter-end, the allowance for loan losses stood at $5,492,000 or 1.50% of loans.
AMERICAN BUSINESS BANK headquartered in downtown Los Angeles offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened four Loan Production Offices in strategic areas including our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center and our Inland Empire Office in Ontario.
Contact Information:
American Business Bank
Wes E. Schaefer
Vice Chairman &
Chief Financial Officer
(213) 430-4000
American Business Bank Announces 3rd Quarter 2009 Earnings
AMERICAN BUSINESS BANK ANNOUNCES ITS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2009, INCLUDING 10% LOAN GROWTH, 24% DEPOSIT GROWTH AND 27% EARNINGS GROWTH OVER THE SAME PERIOD FOR 2008.
Los Angeles, California, October 9, 2009. AMERICAN BUSINESS BANK (Bank) (OTCC:AMBZ) today reported net income of $1,850,000 for the third quarter 2009, a 27% increase over the $1,447,000 earned in the third quarter of 2008. Earnings per share (EPS) in the third quarter 2009 increased to $0.51 versus $0.41 in the third quarter 2009. Shares outstanding at the end of the quarter totaled 3,609,937.
"The Bank is proud to report excellent earnings and growth for the third quarter of 2009 despite some of the challenges that are being faced by the banking industry today. Not least among them was the significant increase in expense associated with the special assessment levied on banks by the FDIC. Even with these issues, the Bank had a record quarter in its earnings along with solid growth in its assets." said Wes Schaefer, Vice Chairman of the Bank.
Don Johnson, the Bank's President, added, "The 24% growth in our deposits over the third quarter in 2008 was especially satisfying. This growth is a result of the Bank's reputation as a premier service provider whom our clients and prospects view as a resource and a solid, middle market bank. New customers that have moved their banking relationships to American Business Bank are well run business entities that have proven to be managed successfully in both up and down business cycles."
"Given the uncertainty and softness in the economy, American Business Bank will not waiver in finding the best operating business customers in our area, serve them with the best bankers and support them with a solid balance sheet. We committed to do this at our founding and it continues to be our commitment today." Robert Schack, Chairman, said.
As further recognition of the Bank's continued success, it was announced today that the Board of Directors has authorized a ten percent stock dividend to holders of record as of October 19, 2009, payable on November 2, 2009. This dividend reflects the continued confidence that the Bank has in its customer, its marketing capability and its strong balance sheet. The dividend recognized the importance that the Bank's shareholders have had in tis success, including psoitive feedback and continued business referrals.
Assets and Liabilities
Total assets increased 21% or $154 million to $856 million at September 30, 2009 as compared to $702 million at September 30, 2008. Loans increased 10% or by $34 million from $312 million to $346 million while investments and federal funds sold increased $119 million. Funding the asset growth was a 24% or $149 million increase in deposits.
Interest Income
During the third quarter, Net Interest Income rose by $1,183,000 or 19% over the same quarter in 2008.
Non-Interest Income
Non-interest Income in the third quarter of 2009 increased 41% to $810,000 from $571,000 in the third quarter of 2008.
Credit Quality
Asset quality at the quarter-end remains excellent, with zero non-performing loans, no OREO and no charge offs. At quarter-end, the allowance for loan losses stood at $5,137,000 or 1.46% of loans.
AMERICAN BUSINESS BANK headquartered in downtown Los Angeles offers a wide range of finanical services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened four Loan Production Offices in strategic areas including our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center and our Inland Empire Office in Ontario.
American Business Bank Announces 2nd Quarter 2009 Earnings
AMERICAN BUSINESS BANK ANNOUNCES ITS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30TH 2009, INCLUDING 16% LOAN GROWTH, 31% DEPOSIT GROWTH AND 27% EARNINGS GROWTH OVER THE SAME PERIOD FOR 2008.
Los Angeles, California, July 9, 2009. AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net income of $1,676,000 for the second quarter 2009, a 27% increase over the $1,317,000 earned in the second quarter of 2008. Earnings per share (EPS) in the second quarter 2009 increased to $0.46 versus $0.37 in the second quarter 2008. Shares outstanding at the end of the quarter totaled 3,605,779.
“The Bank had a significant increase in assets in the second quarter 2009 compared to the second quarter 2008 and we were able to maintain our margins. Growth occurred both due to new business and increases in deposits of current account holders. The increase in the Bank’s loan portfolio was similar to the first quarter 2009 and ahead of the increase we saw in the second quarter of 2008.” said Wes Schaefer, Vice Chairman of the Bank.
Don Johnson, the Bank’s President, added. “We continue to operate our business with the same game plan as when we started it. We solicit well run, successful middle market companies that are looking for a traditional partner in their banking relationship. We know our customers well which has helped us avoid the loan problems that a number of banks have had in this deep recession that will hopefully have run its course and will soon come to an end.”
“We are quite pleased with our continued strong performance, but it merely reflects our ongoing commitment to the fundamentals. They don’t change.” Robert Schack, Chairman, said.
Assets and Liabilities
Total assets increased 29% or $188 million to $839 million at June 30, 2009 as compared to $651 million at June 30, 2008. Loans increased 16% or by $46 million from $283 million to $329 million while investments and federal funds sold increased $143 million. Funding the asset growth was a 31% or $182 million increase in deposits.
Interest Income
During the second quarter, Net Interest Income rose by $1,250,000 or 23% over the same quarter in 2008.
Non-interest Income
Non-interest Income in the second quarter of 2009 increased by $367,000, or 101%, over the second quarter of 2008.
Credit Quality
Asset quality at quarter-end remains excellent, with zero non-performing loans, no OREO and no charge offs. At quarter-end, the allowance for loan losses stood at $4,837,000 or 1.44% of loans, a level that is higher than our peer group average.
AMERICAN BUSINESS BANK, headquartered in downtown Los Angeles, offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened four Loan Production Offices in strategic areas including our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center and our Inland Empire Office in Ontario.
American Business Bank Announces 1st Quarter 2009 Earnings
AMERICAN BUSINESS BANK ANNOUNCES ITS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31st 2009, INCLUDING 17% LOAN GROWTH, 29% DEPOSIT GROWTH AND 22% EARNINGS GROWTH OVER FIRST QUARTER 2008.
Los Angeles, California, April 10, 2009. AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net income of $1,345,000 for the first quarter 2009, a 22% increase over the $1,101,000 earned in the first quarter of 2008. Earnings per share (EPS) in the first quarter 2009 increased to $0.37 versus $0.32 in the first quarter 2008. Shares outstanding at the end of the quarter totaled 3,601,946.
“We were very pleased with the performance of the Bank in the first quarter. All major contributors to the Bank’s financial success did well, including asset growth, loan growth and deposit growth. We were also able to add to our reserves and regulatory capital,” said Wes Schaefer, Vice Chairman of the Bank.
“During the quarter we added a number of new business relationships due to our successful marketing efforts”, Don Johnson, the Bank’s President, added. “Our efforts remained focused on providing outstanding customer service to our niche market of successful companies. These businesses traditionally have sales or revenues in the range of $5 million to over $100 million.”
“A year ago we were just finishing the first full quarter in this recession. A year later, we find ourselves in a downturn that has been broader and deeper than even we expected. Despite this, the Bank has done its job: continuing to be profitable, continuing to lend money to our relationship customers, continuing to grow one customer at a time, continuing to add to our regulatory capital all while keeping the Bank’s balance sheet safe. The loan portfolio continues to be pristine, with zero charged off loans and no non-accruals,” Robert Schack, Chairman, said.
Assets and Liabilities
Total assets increased 28% or $173 million to $781 million at March 31, 2009 as compared to $608 million at March 31, 2008. Loans increased 17% or by $48 million from $277 million to $325 million while investments and federal funds sold increased $128 million. Funding the asset growth was a 29% or $158 million increase in deposits.
Interest Income
During the first quarter, Net Interest Income rose by $1,205,000 or 23% over the same quarter in 2008.
Non-interest Income
Non-interest Income in the first quarter of 2009 increased 28% to $717,000 from $561,000 in the first quarter of 2008.
Credit Quality
Asset quality at quarter-end remains excellent, with zero non-performing loans, no OREO and no charge offs. At quarter-end, the allowance for loan losses stood at $4,542,000 or 1.37% of loans, a level that is higher than our peer group average.
AMERICAN BUSINESS BANK headquartered in downtown Los Angeles offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. The Bank has opened four Loan Production Offices in strategic areas including our Orange County Office in Irvine, our South Bay Office in Torrance, our San Fernando Valley Office in the Warner Center and our Inland Empire Office in Ontario.
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