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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.
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AMERICAN BUSINESS BANK (OTCQX: AMBZ) reported a record net income of $48.6 million or $5.28 per share for the full year 2022, a rise from $39.2 million or $4.33 per share in 2021. In Q4 2022, net income was $14 million or $1.51 per share, an increase from $13.3 million or $1.44 per share in Q3. Core loans increased by $136 million, a 24% annualized growth, contributing to a net interest income boost of $18 million or 17% year-over-year. However, total deposits fell by $207 million, a 6% decrease, prompting increased overnight borrowing. The bank maintained a robust nonperforming assets ratio of 0.18% as of year-end.
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.