AMER BUSINESS BK CA - AMBZ STOCK NEWS

American Business Bank (AMBZ) expands its footprint by opening a new Loan Production Office in Long Beach, California, located at 5000 East Spring Street, Suite 570. This strategic move aims to better serve the growing demand from local businesses. The office will be led by an experienced team, including First Vice President Jonathan Caveza and two seasoned Vice Presidents, Suresh Pradhan and Maria Roberts. With a focus on middle-market businesses, AMBZ offers customized financial solutions and has consistently achieved annual growth since its inception in 1998.

American Business Bank (OTCQX: AMBZ) has announced the promotion of Jeff Munson to Regional Executive Vice President at the San Fernando Valley Regional office. Munson, who joined the bank in May 2018 as Regional Vice President, boasts 24 years of banking experience. This promotion aims to enhance the bank's growth in the strategically important San Fernando Valley market. Philip Feghali, Executive VP of Corporate Banking, praised Munson's leadership and the team's ability to serve clients effectively in the region.

American Business Bank (OTCQX: AMBZ) reported a net income increase to $9.1 million for Q2 2021, up 2% from Q1 2021. The PPP program contributed $4.3 million, marking a 20% rise. Loan growth was exceptional at a 30% annualized rate, driven by diversified real estate and C&I loans. Net interest income reached $27.1 million, an 11% increase from the previous quarter. Non-performing assets dropped to $54,000. A ten percent stock dividend was declared for shareholders. Total assets rose to $3.7 billion, while specific reserves for impaired loans remained low.

American Business Bank (OTCQX: AMBZ) has declared a 10% stock dividend for its shareholders, payable on July 22, 2021, to stockholders of record by June 23, 2021. The decision reflects the bank's ability to execute its business plan effectively amidst the pandemic, continuing to generate solid earnings and offering excellent service. The bank operates multiple Loan Production Offices across key locations in California, serving various sectors including wholesalers and non-profits.

American Business Bank (OTCQX: AMBZ) has donated $5,000 to Child360, a non-profit organization in Los Angeles supporting children aged 0-5. This donation is matched by the Federal Home Loan Bank of San Francisco through a COVID-19 relief grant. The funding will assist in providing food aid to families in Los Angeles County. CEO Leon Blankstein emphasized the importance of community support during the pandemic, highlighting the holistic approach of Child360 in addressing children's needs. According to Child360's CEO, this partnership is vital for early childhood education and development.

American Business Bank (OTCQX: AMBZ) reported a net income of $8.9 million or $1.09 per diluted share for Q1 2021, a 4% decrease from Q4 2020. The net income from the PPP program was $3.6 million, down 8%. Despite a decline in net interest income to $24.5 million, a 3% drop from the previous quarter, core loan growth was strong, particularly in owner-occupied commercial real estate. Total assets increased by 7% to $3.7 billion. The efficiency ratio improved to 54%, while non-performing assets decreased. Approximately 43% of PPP loans from 2020 have been forgiven as of April 2021.

American Business Bank (OTCQX: AMBZ) has promoted Morgan Lanchantin to Regional Vice President of the South Bay Regional office. Lanchantin, who joined the bank in 2007, has held various roles, showcasing over 25 years of banking experience. The bank views the South Bay as a strategic market for growth, and Lanchantin’s leadership is expected to enhance client service and market presence. The bank operates six Loan Production Offices and provides a range of services to businesses, including wholesalers and non-profits.

American Business Bank (OTCQX: AMBZ) reported outstanding performance in supporting small businesses during the fiscal year 2019-2020, being the top lender in California with $165 million in loan guarantees. The bank issued 470 loans, contributing to $240 million in total loans and aiding in creating or retaining 15,403 jobs. The Small Business Loan Guarantee Program facilitated $303 million in capital for the small business sector. The bank continues to enhance access to capital, further solidifying its commitment to community support.

American Business Bank (OTCQX: AMBZ) reported a net income of $9.3 million or $1.14 per diluted share for Q4 2020, an increase from $6.0 million or $0.74 per diluted share in Q4 2019. The rise is largely attributed to PPP loans, contributing $3.8 million to net income. For 2020, total net income reached $28.8 million, up from $22.1 million in 2019. Deposit growth was robust, increasing by $1 billion or 46%. The bank reported low non-performing assets and a solid net interest margin of 3.00%. The outlook for 2021 remains positive with expectations of significant PPP loan forgiveness.