Amer Business Bk Stock Price, News & Analysis

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.

American Business Bank (OTCQX: AMBZ) reported a net income increase to $9.1 million for Q2 2021, up 2% from Q1 2021. The PPP program contributed $4.3 million, marking a 20% rise. Loan growth was exceptional at a 30% annualized rate, driven by diversified real estate and C&I loans. Net interest income reached $27.1 million, an 11% increase from the previous quarter. Non-performing assets dropped to $54,000. A ten percent stock dividend was declared for shareholders. Total assets rose to $3.7 billion, while specific reserves for impaired loans remained low.

American Business Bank (OTCQX: AMBZ) has declared a 10% stock dividend for its shareholders, payable on July 22, 2021, to stockholders of record by June 23, 2021. The decision reflects the bank's ability to execute its business plan effectively amidst the pandemic, continuing to generate solid earnings and offering excellent service. The bank operates multiple Loan Production Offices across key locations in California, serving various sectors including wholesalers and non-profits.

American Business Bank (OTCQX: AMBZ) has donated $5,000 to Child360, a non-profit organization in Los Angeles supporting children aged 0-5. This donation is matched by the Federal Home Loan Bank of San Francisco through a COVID-19 relief grant. The funding will assist in providing food aid to families in Los Angeles County. CEO Leon Blankstein emphasized the importance of community support during the pandemic, highlighting the holistic approach of Child360 in addressing children's needs. According to Child360's CEO, this partnership is vital for early childhood education and development.