American Business Bank Reports First Quarter Earnings
AMER BUSINESS BK CA (AMBZ)
NASDAQ:AMEX Investor Relations:
americanbusinessbank.com/news-financials/financial-reports
Company Research
Source: Business Wire
Non-interest bearing demand deposits represent 48% of total depositsFirst Quarter 2024 HighlightsNet income for the quarter totaled $10.5 million, or $1.13 per diluted shareNet interest margin contracted to 3.07% over prior quarter of 3.16%Net yield on interest earning assets increased 7 basis points over the prior quarterTotal deposits decreased $188 million or 5.4% over prior quarterCost of average deposits of 1.24% compared with 1.17% in the prior quarterNon-interest bearing demand deposits represent 48% of total depositsTotal loans decreased $7 million or 0.3% over prior quarterMinimal past due loansTotal borrowings decreased $276 million or 57% over prior yearTangible book value per share of $34.80Continued status as well-capitalized, the highest regulatory category LOS ANGELES--(BUSINESS WIRE)--AMERICAN BUSINESS BANK (OTCQX: AMBZ) today reported net income of $10.5 million or $1.13 per fully diluted share for the quarter ended March 31, 2024 compared to $11.4 million or $1.23
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