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Amer Business Bk (AMBZ) provides business-focused financial services, including commercial lending and digital banking solutions. This page aggregates official news, press releases, and strategic updates directly from the company, offering stakeholders a centralized resource for tracking its developments.
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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.
American Business Bank reported a net income of $11.5 million for Q3 2021, marking a 46% increase year-over-year. Total loans rose by $103 million, or 6%, compared to the previous quarter. Non-interest income grew significantly due to new business deposits. The bank's net interest income increased 4% year-over-year, reaching $27.9 million. Cost of deposits reduced to 0.05%. The bank remains well-capitalized with nonperforming assets at 0.01% of total assets. New loan production office opened in Long Beach.
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.
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