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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| American Business Bank (QX) | USOTC:AMBZ | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.36 | -0.83% | 43.25 | 43.00 | 43.25 | 43.70 | 43.25 | 43.31 | 2,100 | 17:30:47 |
From Jan 2020 to Jan 2025
AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net income of $2,663,000 for the second quarter of 2012, a 5.8% increase over the $2,516,000 earned in the second quarter of 2011. Earnings per share (EPS) in the second quarter of 2012 increased to $0.60 versus $0.57 in the second quarter of 2011. Shares outstanding as of June 30, 2012 totaled 4,430,302.
“Our marketing effort continues to be robust and we have been able to add several new relationship managers to our team, which will insure our forward momentum,” said Leon Blankstein, President.
“We continue to produce double-digit returns on equity, which is exceptional considering both this low interest rate environment and slow economy,” said Bob Schack, Chairman of the Bank.
"The Bank’s deposit growth has been outstanding," added Wes Schaefer, Vice Chairman. “Our deposits are driven through the excellent efforts put forth by our Relationship Manager staff with the support of a knowledgeable cadre of customer service specialists.”
Assets and Liabilities
Total assets increased 11% or $128 million to $1.236 billion at June 30, 2012 as compared to $1.108 billion at June 30, 2011. Loans increased 7% or $28 million to $426 million at June 30, 2012 as compared to $398 million at June 30, 2011 while investments and federal funds sold increased $87 million. Funding the asset growth was a 14% or $130 million increase in deposits.
Interest Income
During the second quarter of 2012, Net Interest Income rose $288,000 or 3% to $8,999,000 from $8,771,000 during the same period in 2011.
Non-Interest Income
Non-Interest Income for the second quarter in 2012 rose $61,000 or 6% to $1,083,000 from $1,022,000 during the second quarter of 2011.
Credit Quality
Asset quality at quarter-end remains excellent, with nominal past dues and no OREO loans. At the end of June of 2012, the allowance for loan losses stood at $9,542,000 or 2.19% 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 BALANCE SHEET ( Unaudited - 000's omitted)
June
2012 2011 Assets Investment Securities $ 719,889 $ 636,881 Federal Funds Sold 4,000 - Loans and Leases (net) 425,694 397,567Cash, Checks in process of collection, Due From Banks
47,356 37,529 Premises, Equipment and Other Assets 39,670 36,352 Total Assets $ 1,236,609 $ 1,108,329 Liabilities and Shareholders' Equity Demand Deposits 494,870 387,674 Money Market and NOW Deposits 488,136 453,884 Savings and Time Deposits 87,259 98,500 Total Deposits 1,070,265 940,058 FHLB Advances/ Borrowings 52,000 80,200 Other Liabilities 18,333 11,350 Shareholders' Equity 96,011 76,721Total Liabilities and Shareholders' Equity
$ 1,236,609 $ 1,108,329 AMERICAN BUSINESS BANK INCOME STATEMENT ( Unaudited - 000's omitted) Three months ended June 2012 2011 Interest Income Loans and Leases $ 5,474 $ 5,554 Investment Securities 4,251 4,061 Total Interest Income 9,725 9,615 Interest Expense Money Market and NOW Accounts 510 624 Savings and Time Deposits 141 193 Repurchase Agreements/ Other Borrowings 75 87 Total Interest Expense 726 904 Net Interest Income 8,999 8,711 Provision for Loan Losses (300 ) (582 )
Net Interest Income After Provision for Loan Losses
8,699 8,129 Other Income 1,083 1,022 Operating Expenses 5,714 5,727 Operating Income 4,068 3,424 Income Taxes (1,405 ) (908 ) Net Earnings $ 2,663 $ 2,516 Selected Ratios: Earnings per Share $ 0.60 $ 0.57 Tier 1 Capital Ratio 7.11 % 6.95 % Net Interest Margin (Prior to tax effects) 3.15 % 3.46 % Return on Beginning Equity 11.72 % 13.41 % Return on Average Assets 0.85 % 0.90 % Efficiency Ratio 56.0 % 59.5 %
1 Year American Business Bank (QX) Chart |
1 Month American Business Bank (QX) Chart |
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