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American Business Bank Q4 net income up 10%

A net income of $1.59 million or $0.44 per share, for the fourth quarter of 2008

American Business Bank has reported a net income of $1.59 million or $0.44 per share, for the fourth quarter of 2008, a 10% increase over the $1.44 million or $0.43 per share, earned in the fourth quarter of 2007.

Total earnings for the year ended December 2008 were $5.45 million or $1.52 per share, a 5.3% increase over the $5.18 million or $1.57 per share, for 2007.

During the fourth quarter of 2008, net interest income rose by $881,000 or 15% over the same quarter in 2007 and for the year ended December 2008, the net interest income increased by $1.70 million or 7.8% over the previous year.

Non-interest income in the fourth quarter of 2008 increased 25.8% to $448,000 from $356,000 in the fourth quarter of 2007. For 2008, non-interest income rose 57% to $2.09 million from $1.33 million in 2007.

Wes Schaefer, vice chairman and CFO of American Business Bank, said: The year 2008 will be remembered for a very long time as a year of dynamic change for the financial industry. In spite of the troubles seen in the industry, our bank performed well and we are pleased with the results. We not only were able to grow the bank but we also grew profits.