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Press Release - American Business Bank (AMBZ-OTC: BB) |
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In 1989, we had 14,000 banks; to date we have 7,800. By all estimates of experts, with consolidation and takeovers and not being able to make money with increased regulatory burdens, we are consolidating to 5,000 banks. With those problems and industries enormous problems of earnings and bad assets, you have an institution in American Business Bank that in 2009 grew $145 million in asset size, and had record earning even today with the problems of the economy... - Donald P. Johnsone (AMBZ) (Interview published November 5, 2010) |
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American Business Bank Announces Its Results for the Year Ended December 31st, 2010, Including 11% Loan Growth, 12% Deposit Growth and 20% Earnings Growth Over 2009 American Business Bank AMBZ | 1/13/2011 10:13:00 AM LOS ANGELES, Jan 13, 2011 (BUSINESS WIRE) -- AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ) today reported net income of $8,701,000 for the year ended December 31, 2010, a 20% increase over the $7,225,000 earned in 2009. Earnings per share (EPS) for 2010 increased to $2.19 versus $1.82 in 2009. Shares outstanding at the end of the year totaled 3,979,156. "The Bank had an excellent year in terms of growth and profitability. Not only were we able to post outstanding earnings, but we were also able to add to the Bank's reserves," said Wes Schaefer, Vice Chairman of the Bank. "As we have said throughout this year, the Bank has been and continues to be built one customer at a time," said Don Johnson, President and CEO of the Bank. "We have stayed the course and worked through a very difficult economy, not stepping out by pursuing the latest fad or taking risks beyond those that are part of our core business: banking middle market companies." Robert Schack, Chairman, added, "2010 was a tumultuous year, with the passage of the largest banking bill since the Depression, the closure of a significant number of banks and many headwinds for the economy. Despite this, our bank was able to post record earnings and add new middle market clients to our customer base, increasing assets nearly twelve percent from the previous year." Assets and Liabilities Total assets increased over 11% or $107 million to $1,007 million at December 31, 2010 as compared to $900 million at December 31, 2009. Loans increased 11% or by $41 million from $360 million to $401 million, while investments increased $70 million. Funding the asset growth was a 12% or $93 million increase in core deposits. Interest Income During 2010, Net Interest Income increased $3,601,000 or 13% over the previous year. Non-interest Income Non-interest Income for the year rose 15% to $3,462,000 in 2010 from $2,989,000 in 2009. Credit Quality Asset quality at year-end remains excellent, with nominal past dues and no OREO loans. At year-end, the allowance for loan losses stood at $7,050,000 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. AMERICAN BUSINESS BANK BALANCE SHEET (Unaudited-000's omitted) December 2010 2009 ------------------------------------------------------- ------------ ---------- Assets Investment Securities $ 562,022 $ 491,483 Federal Funds Sold - - Loans and Leases (net) 401,554 360,028 9,750 13,599 Cash, Checks in process of collection, Due From Banks Premises, Equipment and Other Assets 34,247 35,795 --------- ------- $ 1,007,573 $ 900,905 Total Assets Liabilities and Shareholders' Equity Demand Deposits 346,992 288,341 Money Market and Now Deposits 446,557 404,909 Savings and Time Deposits 85,359 91,935 --------- ------- 878,908 785,185 Total Deposits Federal Funds Purchased 5,000 FHLB Advances/FRB Borrowings 56,400 47,335 Other Liabilities 6,216 8,178 Shareholders' Equity 66,049 55,207 --------- ------- $ 1,007,573 $ 900,905 Total Liabilities and Shareholders' Equity AMERICAN BUSINESS BANK INCOME STATEMENT (Unaudited-000's omitted) Twelve months ended December 2010 2009 -------------- -------------- Interest Income Loans and Leases $ 21,319 $ 19,788 Investment Securities 14,559 13,646 Fed Funds Sold 21 38 ------ ------ Total Interest Income 35,899 33,472 Interest Expense 3,085 3,387 Money Market and NOW Accounts Savings and Time Deposits 1,004 1,360 490 1,006 Repurchase Agreements/Other Borrowings ------ ------ Total Interest Expense 4,579 5,753 Net Interest Income 31,320 27,719 Provision for Loan Losses (1,839 ) (1,268 ) ------ ------ ---- 29,481 26,451 Net Interest Income after Provision for Loan Losses Other Income 3,462 2,989 Other Expense 21,964 20,750 ------ ------ Operating Income 10,979 8,690 Income Taxes (2,278 ) (1,465 ) ------ ------ ---- Net Earnings $ 8,701 $ 7,225 Selected Preliminary Ratios: Earnings per share-basic $ 2.19 $ 1.82 Tier 1 Capital Ratio 6.93 % 6.84 % 3.22 % 3.59 % Net Interest Margin (Prior to tax effects) Return on Beginning Equity 14.25 % 13.87 % Return on Average Assets 0.82 % 0.87 % Efficiency Ratio 59.0 % 70.8 % SOURCE: American Business Bank American Business Bank Wesley E. Schaefer Vice Chairman & Chief Financial Officer 213-430-4000 Copyright Business Wire 2011
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