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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 (OTCQX: AMBZ) reported outstanding performance in supporting small businesses during the fiscal year 2019-2020, being the top lender in California with $165 million in loan guarantees. The bank issued 470 loans, contributing to $240 million in total loans and aiding in creating or retaining 15,403 jobs. The Small Business Loan Guarantee Program facilitated $303 million in capital for the small business sector. The bank continues to enhance access to capital, further solidifying its commitment to community support.
American Business Bank (OTCQX: AMBZ) reported a net income of $9.3 million or $1.14 per diluted share for Q4 2020, an increase from $6.0 million or $0.74 per diluted share in Q4 2019. The rise is largely attributed to PPP loans, contributing $3.8 million to net income. For 2020, total net income reached $28.8 million, up from $22.1 million in 2019. Deposit growth was robust, increasing by $1 billion or 46%. The bank reported low non-performing assets and a solid net interest margin of 3.00%. The outlook for 2021 remains positive with expectations of significant PPP loan forgiveness.
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