American Business Bank Announces Its Results for the F
Quarter Ended December 31, 2009, Including 12% Loan
20% Deposit Growth and 48% Earnings Growth over the
Period for 2008
January 21, 2010 02:42 PM Eastern Time
LOS ANGELES--(EON: Enhanced Online News)--AMERICAN BUSINESS BANK (Bank) (OTCBB:AMBZ) today reported
$2,354,000 for the fourth quarter of 2009, a 48% increase over the $1,588,000 earned in the fourth quarter of 2008. Total earning
ended December 2009 were $7,225,000, a 35% increase over the $5,340,000 earned in 2008. Earnings per share (EPS) in the fo
increased to $0.61 versus $0.44 in the fourth quarter 2008. For the year, EPS, in 2009 was $1.97 versus $1.51 in 2008. Shares o
end of fiscal year 2009 totaled 3,971,053.
“As one can see in the numbers released today, the Bank did very well in 2009. We are thankful to our customers, shareholders an
staff for helping to exceed our goals for the year,” said Wes Schaefer, Vice Chairman of the Bank.
“The Bank continues to employ sound banking practices that have led to our outstanding growth and profitability. We have made an
course and not make decisions based on ideas that have not been fully vetted. Instead, we put the interest of our customers and sha
forefront,” said Don Johnson, President and CEO of the Bank.
Robert Schack, Chairman, added “As Don suggests, these results are directly related to our sticking to the fundamentals. As I have
and it holds true today, we promised this course of action at our founding twelve years ago and we are committed to it today.”
Assets and Liabilities
Total assets increased 20% or $151 million to $898 million at December 31, 2009 as compared to $747 million at December 31, 2
increased over 12% or by $41 million from $319 million to $360 million, while investments and federal funds sold increased $114
asset growth was a 20% or $131 million increase in deposits.
During the fourth quarter, Net Interest Income rose by $830,000 or 12% over the same quarter in 2008, and for the year en