AMBZ American Business Bank (QX)

American Business Bank (OTCBB:AMBZ) today reported net earnings for the first quarter of $1.21 million, or $0.56 per share, a 4 percent increase from earnings of $1.15 million, or $0.57 per share, for the same period a year ago. The earnings growth represents the 29th consecutive increase in comparable earnings since the bank's founding in 1998. While quarter-end assets declined from $484 million at the close of the first quarter in 2005 to $464 million this year, a decrease of 4 percent, average assets for the quarter increased by 2 percent. Included in the bank's growth in average assets was an increase in average loans outstanding of 21 percent over the same period last year. Overall, the bank reported an 18 percent increase in total loans, net of reserves, to $185 million at the end of the quarter. There are currently zero non-performing loans in the bank's portfolio. "Our average deposits decreased slightly from the first quarter of 2005, reflecting an industry-wide pullback, but our average demand deposits actually increased 16 percent from the prior year," said Wes Schaefer, vice chairman and chief financial officer of Los Angeles-based American Business Bank. "The combination of higher loan outstandings and higher demand deposits resulted in another strong quarter for the bank." Founded in 1998, American Business Bank offers a wide range of financial services 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 and can be found on the Internet at www.americanbusinessbank.com.