Articles from American Business Bank

AMERICAN BUSINESS BANK (OTCQX: AMBZ) (the “Bank”) today announced that its Board of Directors adopted a stock repurchase program (the “Stock Buy Back Program”) under which the Bank is authorized to repurchase up to 227,541 shares, or 2.5% of the Bank’s issued and outstanding common stock. This is the Bank’s first stock repurchase program.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today announced its further expansion with the addition of its San Diego Regional Office. The new office is located at 4727 Executive Drive, Suite 275, in San Diego, California. The new Loan Production Office (LPO) marks a natural progression in the Bank's growing footprint across Southern California. Having established relationships with select clients in the region over the years, the timing is now ideal to formally introduce an LPO to better serve the needs of local businesses.

American Business Bank (OTCQX: AMBZ) today reported net income of $10.8 million or $1.16 per fully diluted share for the quarter ended September 30, 2024 compared to $9.5 million or $1.02 per fully diluted share for the quarter ended June 30, 2024, and $10.2 million or $1.10 per fully diluted share for the quarter ending September 30, 2023, representing increases of 13% and 6%, respectively.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $9.5 million or $1.02 per fully diluted share for the quarter ended June 30, 2024 compared to $10.5 million or $1.13 per fully diluted share for the quarter ended March 31, 2024, and $9.3 million or $1.01 per fully diluted share for the quarter ending June 30, 2023, representing a decline of 9% and an increase of 2%, respectively.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $10.5 million or $1.13 per fully diluted share for the quarter ended March 31, 2024 compared to $11.4 million or $1.23 per fully diluted share for the quarter ended December 31, 2023, and $13.1 million or $1.42 per fully diluted share for the quarter ending March 31, 2023, representing declines of 8% and 20%, respectively. The reduction in net income is primarily due to reduced net interest income.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $11.4 million or $1.23 per fully diluted share for the quarter ended December 31, 2023 compared to $10.2 million or $1.10 per fully diluted share for the quarter ended September 30, 2023, and $14.0 million or $1.51 per fully diluted share for the quarter ending December 31, 2022, representing an increase of 11% and a decline of 19%, respectively. This decline is primarily the result of the increase in the cost of deposits exceeding the increase in interest earned on assets.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $10.2 million or $1.10 per fully diluted share for the quarter ended September 30, 2023 compared to $9.3 million or $1.01 per fully diluted share for the quarter ended June 30, 2023, and $13.3 million or $1.44 per fully diluted share for the quarter ending September 30, 2022, representing an increase of 9% and a decline of 23%, respectively. This decline is a result of an increase in the cost of deposits and higher average borrowings. For the third quarter of 2023, net income associated with the PPP program totaled $13 thousand or $0.00 per fully diluted share compared to $251 thousand or $0.03 per fully diluted share for the third quarter of 2022.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $9.3 million or $1.01 per fully diluted share for the quarter ended June 30, 2023 compared to $13.1 million or $1.42 per fully diluted share for the quarter ended March 31, 2023, and $11.4 million or $1.24 per fully diluted share for the quarter ending June 30, 2022, representing declines of 29% and 18%, respectively. The second quarter of 2022 included net income associated with the PPP program of $1.2 million or $0.14 per fully diluted share.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today proudly welcomes Daniel Lykken to the Bank where he will serve as Regional Executive Vice President of the San Fernando Valley Regional office. Lykken will fill this position previously held by Jeffrey Munson, who was recently promoted to Executive Vice President, Chief Credit Officer for the Bank.

Today AMERICAN BUSINESS BANK (OTCQX: AMBZ) is proud to announce the promotion of Jeffrey Munson to Executive Vice President, Chief Credit Officer of the Bank. In his new role Munson will manage Credit Administration, along with the SBA and Real Estate departments for the Bank.

Today AMERICAN BUSINESS BANK (OTCQX: AMBZ) is proud to announce the promotion of Philip Feghali to President of the bank. In his new role Feghali will oversee Credit Administration and Human Resources for the Bank. He will continue to share management of Corporate Banking as he did in his previous position as Executive Vice President.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $13.1 million or $1.42 per fully diluted share for the first quarter of 2023 compared to $14.0 million or $1.51 per fully diluted share for the fourth quarter of 2022, a decline of 7%. For the quarter ending March 31, 2023, net income was $13.1 million or $1.42 per fully diluted share, compared to $9.9 million or $1.08 per fully diluted share for the first quarter of 2022, an increase of 32%. The first quarter of 2022 included net income associated with the PPP program of $1.3 million or $0.14 per fully diluted share.

AMERICAN BUSINESS BANK (ABB) (OTCQX: AMBZ) was ranked number four in S&P Global Market Intelligence’s Top 50 Community Banks with assets between $3 billion and $10 billion for 2022, based on financials for the year ended December 31, 2022.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $14.0 million or $1.51 per fully diluted share for the fourth quarter of 2022 compared to $13.3 million or $1.44 per fully diluted share for the third quarter of 2022, an increase of 5%. For the quarter ended December 31, 2022, net income associated with the PPP program was $52 thousand or $0.01 per fully diluted share compared to $1.3 million or $0.14 per fully diluted share for the quarter ended December 31, 2021. For the year ending December 31, 2022, net income was $48.6 million or $5.28 per fully diluted share, compared to $39.2 million or $4.33 per fully diluted share for the year ended December 31, 2021. For the year ended December 31, 2022, net income associated with the PPP program was $2.9 million or $0.31 per fully diluted share compared to $12.4 million or $1.37 per fully diluted share for the year ended December 31, 2021.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) is proud to announce the promotion of Jonathan Caveza to Regional Vice President of the Long Beach Regional office. In this role, Caveza will lead the Bank’s Long Beach relationship managers, furthering the success of partnering with middle-market businesses in Southern California.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $13.3 million or $1.44 per fully diluted share for the third quarter of 2022 compared to $11.4 million or $1.24 per fully diluted share for the second quarter of 2022, an increase of 16%. For the quarter ended September 30, 2022, net income associated with the PPP program was $251 thousand or $0.03 per fully diluted share, a decrease of 80% compared to $1.2 million or $0.14 per fully diluted share for the second quarter of 2022.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $11.4 million or $1.24 per fully diluted share for the second quarter of 2022 compared to $9.9 million or $1.08 per fully diluted share for the first quarter of 2022, an increase of 15%. For the quarter ended June 30, 2022, net income associated with the PPP program was $1.2 million or $0.14 per fully diluted share, a decrease of 6% compared to $1.3 million or $0.14 per fully diluted share for the first quarter of 2022.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $9.9 million or $1.08 per fully diluted share for the first quarter of 2022 compared to $9.7 million or $1.06 per fully diluted share for the fourth quarter of 2021, an increase of 3%. For the quarter ended March 31, 2022, net income associated with the PPP program was $1.3 million or $0.14 per fully diluted share the same as the fourth quarter of 2021.

AMERICAN BUSINESS BANK (ABB) (OTCQX: AMBZ) was ranked in S&P Global Market Intelligence’s Top 50 Community Banks with assets between $3 billion and $10 billion for 2021. According to the top listing, ABB is one of the 10 banks from California that are in the top 50 of 2021, being the most than any other state.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today proudly announced the promotion of Gary Cook to Regional Executive Vice President, Real Estate Manager.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $9.7 million or $1.06 per fully diluted share for the fourth quarter of 2021 compared to $11.5 million or $1.29 per fully diluted share for the third quarter of 2021, a decrease of 16%. For the quarter ended December 31, 2021, net income associated with the PPP program was $1.3 million or $0.14 per fully diluted share, a decrease of 62% compared to $3.3 million or $0.37 per fully diluted share for the third quarter of 2021. For the year ending December 31, 2021, net income was $39.2 million or $4.33 per fully diluted share, compared to $28.8 million or $3.22 per fully diluted share for the year ended December 31, 2020. For the year ended December 31, 2021, net income associated with the PPP program was $12.4 million or $1.37 per fully diluted share compared to $8.7 million or $0.97 per fully diluted share for the year ended December 31, 2020.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $11.5 million or $1.29 per fully diluted share for the third quarter of 2021 compared to $9.1 million or $1.00 per fully diluted share for the second quarter of 2021, an increase of 27%. For the quarter ended September 30, 2021 net income associated with the PPP program was $3.3 million or $0.37 per fully diluted share, a decrease of 23% compared to $4.3 million or $0.47 per fully diluted share for the second quarter of 2021.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today announced its further expansion with the addition of its Long Beach Regional Office. The new Loan Production Office is located at 5000 East Spring Street, Suite 570 in Long Beach, California. American Business Bank (ABB) is well poised to meet the growing demand of businesses in Long Beach with experienced business bankers who understand the local market and who specialize in partnering with businesses to meet their financial needs.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today proudly announced the promotion of Jeff Munson to Regional Executive Vice President of the San Fernando Valley Regional office.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $9.1 million or $1.00 per fully diluted share for the second quarter of 2021 compared to $8.9 million or $0.99 per fully diluted share for the first quarter of 2021, an increase of 2%. For the quarter ended June 30, 2021 net income associated with the PPP program was $4.3 million or $0.47 per fully diluted share, an increase of 20% compared to $3.6 million or $0.39 per fully diluted share for the first quarter of 2021.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) announced today that its Board of Directors has declared a ten percent stock dividend per common share. The stock dividend is payable on July 22, 2021 to stockholders of record at the close of business on June 23, 2021.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) donated $5,000 to Child360, a Los Angeles non-profit that provides holistic support to children ages 0-5. The Federal Home Loan Bank of San Francisco (FHL Bank San Francisco) matched the $5,000 donation with a COVID-19 pandemic relief grant.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $8.9 million or $1.09 per fully diluted share for the first quarter of 2021 compared to $9.3 million or $1.14 per fully diluted share for the fourth quarter of 2020, a decrease of 4%. For the quarter ended March 31, 2021 net income associated with the PPP program was $3.6 million or $0.43 per fully diluted share, a decrease of $292,000 or 8% compared to $3.8 million or $0.47 per fully diluted share for the fourth quarter of 2020.

AMERICAN BUSINESS BANK (OTCQX: AMBZ) today proudly announced the promotion of Morgan Lanchantin to Regional Vice President of the South Bay Regional office.