American Business Bank Announces an Increase in Net Income for the Fourth Quarter Ended Dec. 31, 2000.Business Editors LOS ANGELES--(BUSINESS WIRE)--Jan. 18, 2001 American Business Bank (Bank) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AMBZ) today reported net income of $442,000 for the quarter ended Dec. 31, 2000, or $0.31 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. "), as compared to net income of $18,000 or $0.01 EPS for the quarter ended Dec. 31, 1999. Total earnings for the year 2000 were $1,330,000, a significant improvement over the bank's first full year of operations in 1999. Loans increased 46% or by $18,950,000 from $40,833,000 to $59,783,000. Funding this growth in loans was a 58% or $60,238,000 increase in deposits. The deposit increase included a $23,107,000 or 69% increase in non-interest-bearing demand deposits. As a result of the strong loan growth, the company's return on average assets increased to .90% for the year, while return on beginning equity increased to 10.91%. Assets and Liabilities Total assets increased 54% or $62,771,000 to $179,628,000 at Dec. 31, 2000, as compared to $116,857,000 at Dec. 31, 1999. The increase in liabilities was primarily due to a 58% or $60,238,000 growth in deposits. Interest Income During the fourth quarter of 2000, total interest income increased 72% to $2,895,000 from $1,682,000 in the fourth quarter of 1999. Credit Quality Asset quality remains excellent, with zero non-performing loans, no REO reo Noun NZ a language [Maori] and, in fact, no 30-day delinquencies at year-end. At year-end, the allowance for loan losses stands at $1,105,000 or 1.81% of loans, a level significantly higher than American Business Bank's peer group. American Business Bank, located 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 Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits. |
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