American Business Bank Announces Steady Earnings Growth for 1st Quarter.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- American Business Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMBZ) today reported net earnings for the first quarter of $1.21 million, or $0.56 per share, a 4 percent increase from earnings of $1.15 million, or $0.57 per share, for the same period a year ago. The earnings growth represents the 29th consecutive increase in comparable earnings since the bank's founding in 1998. While quarter-end assets declined from $484 million at the close of the first quarter in 2005 to $464 million this year, a decrease of 4 percent, average assets for the quarter increased by 2 percent. Included in the bank's growth in average assets was an increase in average loans outstanding of 21 percent over the same period last year. Overall, the bank reported an 18 percent increase in total loans, net of reserves, to $185 million at the end of the quarter. There are currently zero non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. in the bank's portfolio. "Our average deposits decreased slightly from the first quarter of 2005, reflecting an industry-wide pullback Pullback A falling back of a price from its peak. This type of price movement might be seen as a brief reversal of the prevailing upward trend, signaling a slight pause in upward momentum. , but our average demand deposits actually increased 16 percent from the prior year," said Wes Schaefer, vice chairman and chief financial officer of Los Angeles-based American Business Bank. "The combination of higher loan outstandings and higher demand deposits resulted in another strong quarter for the bank." Founded in 1998, American Business Bank 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 businesses in the middle market. Clients include wholesalers, manufacturers, service businesses, professionals and non-profit organizations. The bank is 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 and can be found on the Internet at www.americanbusinessbank.com. |
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