American Business Bank Announces Net Income for the Second Quarter Ended June 30, 2002.Business Editors American Business Bank ("Bank") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AMBZ) today reported net income of $329,000 for the quarter ended June 30, 2002, or $0.23 earnings per share ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. "), compared to earnings for the second quarter in 2001 of $295,000 or $0.21 EPS. Assets and Liabilities Total assets increased 42% or $77 million to $257 million at June 30, 2002 as compared to $180 million at June 30, 2001. Loans increased 36% or by $26 million from $73 million to $99 million. Funding this growth in loans was a 47% or $77 million growth in deposits. The deposit increase included a 48% increase in non-interest bearing demand deposits. Interest Income During the second quarter, Net Interest Income rose by $306,000 or 17% over June 30, 2001. Credit Quality Asset quality remains excellent, with zero non-performing loans and no REO reo Noun NZ a language [Maori] . At quarter-end, the allowance for loan losses stood at $1,600,000 or 1.58% of loans, a level that is higher than our peer group average. American Business Bank, headquartered in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or , offers a wide range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. |
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