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American Business Bank reports company developments tied to its Southern California commercial banking business and OTCQX-traded common stock under the symbol AMBZ. The bank serves business clients including wholesalers, manufacturers, service businesses, professionals and nonprofits, with financial services that include business loans, lines of credit, treasury management and deposit solutions.
Recurring news themes include quarterly earnings, net interest margin trends, loan and deposit activity, capital and regulatory capital commentary, cash dividend declarations, and leadership or board changes. Company updates also reference its regional loan production office network and its focus on middle-market business banking relationships across Southern California.
American Business Bank (AMBZ) has achieved a significant milestone, ranking 9th among the top 225 U.S. banks with assets between $3 billion and $10 billion in S&P Global Market Intelligence's inaugural deposit rankings for 2024.
The bank reported strong financial metrics, including $4.04 billion in assets, a 1.33% cost of deposits, and nonperforming assets of 0.18% of total assets. Total deposits showed healthy growth, increasing by $147 million or 4.2% for year-end 2024.
The rankings were determined using eight metrics, with noninterest-bearing deposit concentration receiving the highest weighting. This is particularly noteworthy given that noninterest-bearing deposits across the banking industry have declined nearly 30% since late 2021, while interest-bearing deposits grew by approximately 8% through Q3 2024.
American Business Bank (AMBZ) reported Q4 2024 net income of $12.5 million ($1.33 per diluted share), up 16% from Q3 2024 and 10% from Q4 2023. Full-year 2024 net income was $43.3 million ($4.64 per share), slightly down 2% from 2023.
Key Q4 highlights include net interest margin expansion to 3.32%, total loans increase of $127 million (4.9%), and cost of average deposits declining to 1.28%. The bank maintains strong asset quality with minimal past due loans and no borrowings at quarter-end. Non-interest bearing demand deposits represent 45% of total deposits.
For full-year 2024, total loans increased by $171 million (6.6%) and total deposits grew by $147 million (4.2%). The bank expanded its team by hiring 11 new relationship managers in 2024, bringing the total to 47 calling officers. AMBZ also announced its first share repurchase program for 227,541 shares, expiring January 2026.
American Business Bank (OTCQX: AMBZ) has announced its first-ever stock repurchase program, authorizing the buyback of up to 227,541 shares, representing 2.5% of its outstanding common stock. The program will commence after the release of Q4 earnings and will run until January 7, 2026.
The bank will execute repurchases through open market, block purchases, or private transactions at management's discretion, based on market conditions and stock prices. CEO Leon Blankstein emphasized that strong earnings have positioned the bank to maintain robust capital levels while enhancing shareholder returns through this program.
The initiative aims to provide additional liquidity for shareholders and effectively manage capital levels, highlighting the bank's strong long-term financial performance.
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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