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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) reported a record net income of $48.6 million or $5.28 per share for the full year 2022, a rise from $39.2 million or $4.33 per share in 2021. In Q4 2022, net income was $14 million or $1.51 per share, an increase from $13.3 million or $1.44 per share in Q3. Core loans increased by $136 million, a 24% annualized growth, contributing to a net interest income boost of $18 million or 17% year-over-year. However, total deposits fell by $207 million, a 6% decrease, prompting increased overnight borrowing. The bank maintained a robust nonperforming assets ratio of 0.18% as of year-end.
American Business Bank (AMBZ) has promoted Jonathan Caveza to Regional Vice President of its Long Beach office. Caveza has been with the bank since November 2017, previously serving as Senior Vice President. His promotion is seen as a means to enhance relationships with middle-market businesses in Southern California. The bank emphasizes the strategic importance of Long Beach, citing opportunities linked to the regional port.
American Business Bank (OTCQX: AMBZ) reported net income of $13.3 million for Q3 2022, or $1.44 per diluted share, a 16% increase from Q2 2022. Core loans rose by $69 million, reflecting a 12% annualized growth. Net interest income was $32.3 million, marking an 8% increase over the previous quarter. However, net PPP loan income plummeted by 80% to $251,000. Net interest margin improved to 3.40%, while non-performing assets constituted 0.06% of total assets, indicating solid asset quality and capital adequacy.
American Business Bank (OTCQX: AMBZ) reported net income of $11.4 million ($1.24 per share) for Q2 2022, a 15% increase from Q1 2022. Core loans rose by $129 million (25% annualized), with net interest income increasing by 23% year-over-year, reaching $29.9 million. The non-performing assets to total assets ratio stood at a low 0.03%. Despite a decrease in PPP loan income, the bank remains well capitalized. The efficiency ratio improved to 45%, down from 50% in Q1, and the overall loan pipeline is robust with new relationship managers onboard.
American Business Bank (OTCQX: AMBZ) reported a net income of $9.9 million or $1.08 per diluted share for Q1 2022, up from $9.7 million or $1.06 in Q4 2021, marking a 3% increase. Core loans rose by $163 million (8%) quarter-over-quarter. Net interest income increased by 24% year-over-year to $28.2 million. The bank maintained a zero nonperforming assets ratio, with 54% of deposits in non-interest bearing demand accounts. The cost of deposits decreased to 0.04%. Despite challenges from rising interest rates and inflation, ABB continues to serve its business clients effectively.
American Business Bank (AMBZ) announced the promotion of Gary Cook to Regional Executive Vice President, Real Estate Manager. Cook has been with the bank since November 2017 and brings 34 years of experience in real estate banking. His leadership is expected to enhance the bank's real estate lending capabilities. The bank operates across eight Loan Production Offices in Southern California, catering to various business sectors.
American Business Bank reported a record net income of $39 million for 2021, a significant increase from $28.8 million in 2020. Total loans, excluding PPP loans, rose by 28% to $424 million. Fourth-quarter 2021 net income was $9.7 million, down 16% from the previous quarter. The bank maintained a robust loan growth pipeline, focusing on core loans, which increased 37% annualized in Q4. Despite challenges, the bank's asset quality remained strong, with nonperforming assets at 0.01% of total assets. Average deposits decreased in cost, contributing to a solid financial position.
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