AMERICAN BUSINESS BANK (BANK) (OTCBB:AMBZ) today reported net income of $1,389,000 for the quarter ended June 30, 2007, or $0.41 earnings per share ("EPS"), compared to earnings for the second quarter in 2006 of $1,359,000 or $0.41 EPS, adjusted by the three for two stock split that occurred in July 2006.
Assets and Liabilities
Total assets increased 13% or $68 million to $584 million at June 30, 2007 as compared to $516 million at June 30, 2006. Loans increased 25% or by $51 million from $201 million to $252 million. Funding this growth in loans was a 25% or $109 million increase in deposits. The deposit increase included a 13% increase in non-interest bearing demand deposits.
Interest Income
During the second quarter, Net Interest Income rose by $707,000 or 15% over the same quarter in 2006.
Credit Quality
Asset quality at quarter-end remains excellent, with zero non-performing loans and no OREO. At quarter-end, the allowance for loan losses stood at $3,405,000 or 1.33% of loans, a level that is higher than our peer group average.
"We are proud of these results and understand that they are due to the efforts of an excellent group of banking professionals, along with the help and support of our Founders, shareholders and clients," said Robert Schack, Chairman.
AMERICAN BUSINESS BANK headquartered in downtown Los Angeles offers a wide range of financial services to the business marketplace. Clients include wholesalers, manufacturers, service businesses, professionals and non-profits.
