American Pacific Bank's Earnings Soar 40% for 1998.PORTLAND Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , Ore.--(BUSINESS WIRE)--Jan. 25, 1999--David Chen, president and chief executive officer of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Pacific Bank (Nasdaq:AMPBB), today announced 1998 earnings of $468,694 or $0.41 per share, representing a 40% increase, as compared to $335,842, or $0.30 per share, reported for the same period last year. Net earnings for the fourth quarter after tax were $182,800 or $0.16 per share, more than doubled as compared to $89,569 or $0.08 per share, reported for the same period last year. The increase in net income was due primarily to the increase of loans. As of Dec. 31, 1998, total loans were $37.8 million as compared to $30.8 million for the same period a year ago, representing an increase of 23%. The bank ended the fiscal year with $51.8 million in total assets, as compared to $43.1 million from the previous year, an increase of 20%. Total deposits were at $46.9 million as compared to $38.7 million from the previous year, an increase of 21%. As of Dec. 31, 1998, total classified (problem) assets represented only 0.18% of total assets. The bank has not suffered any losses from the commercial, construction and mortgage loan portfolios in the last several years. The bank continues to be well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. with the leverage ratio at 8.92% 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 13.47%. The bank continues to be very liquid with the liquidity ratio at 26.74%. 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. and 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 . -0-
American Pacific Bank
Quarter Quarter
Ended 12/31/98 Ended 12/31/97
$ $
Unaudited Audited
Total Assets 51,874,950 43,114,364
Average Assets 45,770,000 40,902,001
Total Deposits 46,993,586 38,701,564
Total Loans
(after Loan Loss Reserve) 37,813,557 30,861,750
Total Equity 4,571,755 4,130,874
Average no. of shares 1,134,276 1,133,776
Quarter Quarter YTD YTD
12/31/98 12/31/97 12/31/98 12/31/97
$ $ $ $
Unaudited Audited
Interest Income 1,221,758 1,112,093 4,439,392 4,339,211
Interest Expense 520,856 427,052 1,857,674 1,536,786
Net Interest
Income 700,902 685,041 2,581,718 2,802,425
Provision for
Loan Loss
Reserve (69,029) (7,935) (61,665) (215,357)
Other Income 133,139 70,266 500,643 205,463
Other Expenses 611,980 664,060 2,478,327 2,537,936
Income Tax
Expense/(Credit) (29,768) (6,257) 73,675 (81,247)
Net Income 182,800 89,569 468,694 335,842
Per Share Data:
Earnings Per
Share $0.16 $0.08 $0.41 $0.30
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