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Friday, Sep 30, 2022
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American Business Bank Sees Growth in Quarter

American Business Bank said Monday its fourth quarter net income rose 10 percent from a year ago, largely because of a marketing campaign that boosted deposits and its assets base.

The downtown L.A. bank reported net income of $1.58 million (44 cents per shares) for the quarter ended Dec. 31, compared with earnings of $1.44 million (43 cents) a year ago. Total assets grew 21 percent to $742 million. Loans increased 13 percent to $319 million, while investments and federal funds sold increased $92 million.

Funding the asset growth was a 17 percent increase in deposits.

“In spite of the troubles seen in the industry, our bank performed well and we are pleased with the results,” said Chief Financial Officer Wes Schaefer in a statement.

“We not only were able to grow the bank but we also grew profits.”

The marketing campaign highlighted what the bank said was its “personal” approach to handling its business customers.

The bank reported earnings after the market close. Shares were unchanged at $18.25 Monday on the OTC Bulletin Board.

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