American Pacific's Net Profit Before Taxes Up 22% for 1999.Business Editors PORTLAND, Ore.--(BUSINESS WIRE)--Jan. 27, 2000 David Chen, President and Chief Executive Officer of American Pacific Bank (Nasdaq:AMPBB) today announced 1999 earnings before tax of $662,578 or $0.58 per share as compared to $542,368 or $0.48 per share, an increase of 22.2%. Net earnings after taxes for year end 1999 came to $472,078 or $0.41 per share, representing a 0.7% increase, as compared to 468,694 or $0.41 per share, reported for the same period last year. Net earnings for the fourth quarter before taxes were $238,857 or $0.21 per share as compared to $0.13 per share for the same quarter last year. Net earnings after taxes for the fourth quarter was $174,308 or $0.15 per share as compared to $182,800 or $0.16 per share, reported for the same period last year. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Chen, &uot;Despite a larger tax expenditure for fiscal 1999 of $190,500 as compared to $73,675 for 1998, the Bank's performance was much stronger than the previous year.&uot; The increase in net income before taxes was due primarily to the increase in lending activities. As of December 31, 1999, total loans were $46.3 million as compared to $37.4 million for the same period a year ago, representing an increase of 23.7%. The Bank ended the fiscal year with $53.3 million in total assets, as compared to $51.8 million from the previous year, an increase of 2.9%. Total deposits were at $47.3 million as compared to $47.0 million from the previous year, an increase of 0.7%. The Bank has not suffered any losses from the commercial, construction and mortgage loan portfolios in the last seven years. The Bank continues to be well-capitalized with the leverage ratio at 9.5% and the risk-based capital ratio Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. at 12.7%. The Book value as of December 31, 1999 was $4.47. American Pacific is an Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. state chartered commercial bank, headquartered in downtown Portland Downtown Portland is located on the west bank of the Willamette River in Portland, Oregon. It is in the northeastern corner of the southwest section of the city and is where most of its high-rise buildings are found. and services clients in the Portland metropolitan area The Portland-Vancouver, Oregon-Washington, Metropolitan Statistical Area, also known as the Portland metropolitan area or Greater Portland, is an urban area in the U.S. states of Oregon and Washington centered around the city of Portland, Oregon. , the Willamette Valley The Willamette Valley (pronounced [wɪˈlæ.mɪt], with the accent on the second syllable) is the region in northwest Oregon in the United States that surrounds the Willamette River as it proceeds northward from its , and the Vancouver, Washington
Vancouver, Washington is a city on the north bank of the Columbia River, in the state of Washington, USA. It is the county seat of Clark County. metropolitan areas. The Bank relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to its new headquarters in the financial district of downtown Portland on January 10th, 2000. The new branch features sit-down teller TELLER. An officer in a bank or other institution. He is said to take that name from tallier, or one who kept a tally, because it is his duty to keep the accounts between the bank or other institution and its customers, or to make their accounts tally. workstations as opposed to traditional teller row setup See BIOS setup and install program. . Mr. Chen says &uot;this will provide more friendly customer services than other banks&uot;. In addition, the Bank is prepared to introduce Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking products, including bill-paying services in early March 2000. Mr. Chen said that the Bank has immediate plans to expand into the small business lending market. Mr. Chen says &uot;the Year 2000 will be an exciting year for American Pacific Bank, and from our new ground-level location in Portland's downtown financial district, the Bank will continue to grow by offering expanded banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to our current and future customers.&uot;
American Pacific Bank
Financial Results As of December 31, 1999 and December 31, 1998
Quarter Quarter
Ended 12/31/99 Ended 12/31/98
$ $
Unaudited Audited
Total Assets 53,280,047 51,874,949
Average Assets 52,738,464 45,770,000
Total Deposits 47,329,510 46,993,585
Total Loans (after Loan
Loss Reserve) 46,286,322 37,406,746
Total Equity 5,126,334 4,574,133
Average No of shares 1,146,776 1,134,276
Quarter Quarter YTD YTD
Ended Ended Ended Ended
12/31/99 12/31/98 12/31/99 12/31/98
$ $ $ $
Unaudited Audited
Interest Income 1,342,657 1,221,758 5,156,945 4,658,724
Interest Expense 556,883 520,856 2,161,039 1,857,674
Net Interest Income 785,774 700,902 2,995,906 2,801,050
Provision for Loan Loss
Reserve -20,328 -69,029 -100,969 -61,665
Other Income 65,751 133,139 299,397 264,639
Other Expenses 592,340 611,980 2,531,756 2,461,656
Net Income Before Taxes 238,857 153,032 662,578 542,368
Income Tax
Expense/(Credit) 64,549 -29,768 190,500 73,675
Net Income 174,308 182,800 472,078 468,693
Per Share Data:
Earnings Per Share $ 0.15 $ 0.16 $ 0.41 $ 0.41
Book Value $ 4.47 $ 4.03 $ 4.47 $ 4.03
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