American Business Bank Announces Third Quarter Earnings.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 third quarter of $1,217,000, or $0.38 per share, as compared to adjusted earnings of $1,485,000, or $0.45 per share, for the same period a year ago. In spite of the decline in net profit for the quarter, the company reported that total assets grew to $539 million at the end of the third quarter, a 7% increase from $504 million in total assets at the end of the third quarter in 2005. Moreover, loans outstanding soared to $212 million, a 26% increase from $168 million at the close of the same period a year ago. "Following an extraordinary third quarter last year, American Business Bank's third quarter of 2006 proved to be more fiscally challenging," said Wes Schaefer, vice chairman and chief financial officer of Los Angeles-based American Business Bank. "Our earnings were slightly lower than last year due to a combination of higher funding costs and increased non-interest expense relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc stock options, regulatory compliance and new branch openings. Despite these headwinds, our return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). is more than 1% for the year and our return on beginning equity still exceeds 15%." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Schaefer, American Business Bank's year-to-date earnings have now exceeded $3.7 million, down slightly from $3.9 million over the first nine months of 2005. Earlier in the third quarter, the company announced a three-for-two stock split for shareholders of record on July 14, 2006, which was paid to shareholders on July 28th. "All of our fundamentals remain strong, with no loan problems, continued maintenance of high loss reserves and a very strong, relationship-driven deposit base," said Schaefer. 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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