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American Business Bank Announces Its Results for the Third Quarter Ended September 30th, 2010, Including 7% Loan Growth, 16% De

^{Published on 2010-10-14 12:30:39 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net income of $2,320,000 for the third quarter of 2010, a 25% increase over the $1,850,000 earned in the third quarter of 2009. Earnings per share (EPS) in the third quarter of 2010 increased to $0.58 versus $0.47 in the third quarter of 2009. Shares outstanding at the end of the quarter totaled 3,979,156.

"Our growth is dependent upon adding new core customers to the Bank, a task that our Relationship Managers have a successful track record in accomplishing. We then provide a superior level of service to keep them as long term customers of our Bank."

aThe results for the third quarter are attributable to the team effort of our staff,a Don Johnson, the Banka™s President, said. aOver the past two years we have stayed the course. In our culture of stability and strength, we stick to our core values and continue to provide old-fashioned banking services to our customers.a

aThe third quarter again showed increases in earnings, deposits and loans,a said Wes Schaefer, Vice Chairman of the Bank. aOur growth is dependent upon adding new core customers to the Bank, a task that our Relationship Managers have a successful track record in accomplishing. We then provide a superior level of service to keep them as long term customers of our Bank.a

aWe are proud of our continued, profitable growth,a Leon Blankstein, Executive Vice President and Manager of Corporate Banking, said. aWe were successful in our efforts to generate new business from highly regarded middle market companies and adding them to our growing client base. Our customers, staff and shareholders are well served by our corporate culture, not straying from our original values that were developed at the founding of the Bank.a

Assets and Liabilities

Total assets increased 15% or $131 million to $987 million at September 30, 2010 as compared to $856 million at September 30, 2009. Loans increased 7% or $26 million to $372 million at September 30, 2010 as compared to $346 million at September 30, 2009 while investments and federal funds sold increased $101 million. Funding the asset growth was a 16% or $124 million increase in deposits.

Interest Income

During the third quarter, Net Interest Income rose by $541,000 or 7% over the same quarter in 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 $6,539,000 or 1.73% 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.