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American Business Bank (OTCQX: AMBZ), headquartered in downtown Los Angeles, is a leading financial institution focusing on delivering comprehensive financial services to the business community. Specializing in servicing wholesalers, manufacturers, service businesses, professionals, and non-profits, the bank operates seven Loan Production Offices strategically located in North Orange County, Orange County, South Bay, San Fernando Valley, Riverside County, Inland Empire, and LA Coastal. With a robust portfolio, the bank provides a variety of products including commercial real estate loans, commercial and industrial loans, and residential real estate loans.
Recently, American Business Bank welcomed Daniel Lykken as the Regional Executive Vice President of the San Fernando Valley office, succeeding Jeffrey Munson who was promoted to Executive Vice President, Chief Credit Officer. Lykken, bringing 36 years of banking experience, is anticipated to contribute significantly to managing relationship officers for middle-market businesses.
For the second quarter of 2023, American Business Bank reported a 6% increase in total deposits, amounting to $178 million, along with a 1% rise in total loans. The bank's net income for the first half of 2023 demonstrated a 5% increase, confirming the institution's strong financial health with a tangible book value per share of $31.37. Despite market fluctuations, the bank continues to provide stability and growth, maintaining a provision for loan losses and a nonperforming asset ratio of 0.15%.
The recent financial performance includes a remarkable net income increase for the third quarter of 2023, achieving $10.2 million, and a notable expansion in the net interest margin to 3.12%. This growth underlines the bank's focus on enhancing its strong liquidity position while managing the cost of deposits.
The bank's strategies for 2024 remain centered on building its core deposit franchise, eliminating borrowings, and enhancing margins. American Business Bank continues to prioritize high-touch community banking services with a conservative risk approach, ensuring minimal impact from market volatility. The institution's commitment to maintaining strong relationships within the markets it serves is evident through its continuous efforts in meeting client needs, particularly in providing lines of credit and other credit vehicles.
American Business Bank's dedication to superior service and its robust business model make it a significant player in the financial industry, especially in the Southern California region. For more detailed financial information and the latest updates, visit American Business Bank's News Portal.
American Business Bank (OTCQX: AMBZ) has announced the opening of a new Loan Production Office (LPO) in San Diego, California, located at 4727 Executive Drive. This expansion marks a strategic move to strengthen the bank's presence in Southern California. The new office will be led by Senior Vice President John Hartwig and First Vice President Ana Calvert, who bring over 60 years of combined commercial banking experience.
The San Diego LPO will offer comprehensive services including business loans, credit lines, treasury management, and deposit solutions, specifically targeting small to mid-sized, privately owned businesses. This represents the bank's ninth LPO in Southern California, joining locations in Anaheim, Irvine, Torrance, Woodland Hills, Corona, Ontario, and Long Beach.
American Business Bank (AMBZ) reported Q3 2024 net income of $10.8 million ($1.16 per diluted share), up 13% from Q2 2024 and 6% from Q3 2023. Key highlights include total deposits increasing by $258 million (7.5%) over the prior quarter, with non-interest bearing deposits representing 47% of total deposits. Net interest margin expanded to 3.13% from 3.00% in Q2. Total loans increased by $22 million (0.85%). The bank maintains strong asset quality with minimal past due loans and no borrowings at quarter-end. The efficiency ratio improved to 53%, and the bank expanded its relationship manager team to 48 officers.
American Business Bank (OTCQX: AMBZ) reported net income of $9.5 million or $1.02 per diluted share for Q2 2024, a 2% increase from Q2 2023. Key highlights include:
- Total deposits increased by $148 million (4.5%) over the previous quarter
- Net yield on interest-earning assets increased by 7 basis points
- Total loans grew by $28 million (1.1%)
- Net interest margin contracted to 3.00% from 3.07% in Q1 2024
- Non-interest bearing demand deposits represent 46% of total deposits
- Tangible book value per share reached $36.38
The bank maintains its well-capitalized status and focuses on building a strong core deposit franchise to enhance net interest margin.
American Business Bank (AMBZ) reported a net income of $10.5 million for the first quarter of 2024, with a decrease in net interest income affecting earnings. Total deposits decreased by 5.4%, and total loans decreased by 0.3%. The bank aims to enhance margins and eliminate borrowings by focusing on core deposit growth. Despite margin pressure, the bank maintained a return on average assets of 1.08% and a return on average equity of 13.4% for the quarter. The provision for credit losses decreased, and the bank remains well-capitalized.
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