AMERICAN BUSINESS BANK Announces Its
Results for the Second Quarter Ended June 30th
2010, Including 12% Loan Growth, 14% Deposit
Growth and 32% Earnings Growth over 2009
July 15, 2010 02:24 PM Eastern Daylight Time
LOS ANGELES--(EON: Enhanced Online News)--AMERICAN BUSINESS BANK (Bank) (OTCBB: AMBZ)
today reported net income of $2,225,000 for the second quarter 2010, a 32% increase over the $1,676,000 earned
in the second quarter of 2009. Earnings per share (EPS) in the second quarter 2010 increased to $0.56 versus
$0.42 in the second quarter 2009. Shares outstanding at the end of the quarter totaled 3,974,840.
“We are very pleased with the direction of the bank and our results here in the second quarter,” stated Robin
Paterson, the Bank’s Executive Vice President and Chief Credit Officer. “As the economy continues to struggle, the
bank remains focused on its mission to assist our clients in achieving their financial goals.”
“The second quarter was one with continued growth in all areas of the bank. We had excellent growth in our
earnings over the already strong earnings that we had in 2009,” said Wes Schaefer, Vice Chairman of the Bank.
“Recognizing that the economic recovery is weak but progressing, we are pleased with these very positive results,”
Robert Schack, Chairman, said. “Our bank is merely a reflection of the high quality of our client base, which includes
some of the finest companies in our market place.”
Assets and Liabilities
Total assets increased 13% or $109 million to $948 million at June 30, 2010 as compared to $839 million at June
30, 2009. Loans increased 12% or $41 million to $370 million at June 30, 2010 as compared to $329 million at
June 30, 2009 while investments and federal funds sold increased $63 million. Funding the asset growth was a 14%
or $106 million increase in deposits.
During the second quarter, Net Interest Income rose by $1,111,000 or 16% over the same quarter in 2009.