American Pacific Bank Announces 4th Quarter Income Up 149%.Business Editors 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. 23, 2002 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:AMPB AMPB Amphotericin B AMPB Association of Micro-Power Broadcasters (Berkeley, CA) ), announced today that net income for the fourth quarter ended Dec. 31, 2001, rose 149.13% as compared to same quarter of 2000. Net earnings after taxes for the fourth quarter of 2001 came to $221,516, or $0.15 per share, as compared to $88,916, or $0.07 per share, reported for the same period last year. Net earnings after taxes for year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2001 came to $537,393, or $0.36 per share, an increase of 19.25% as compared to $450,635, or $0.35 per share, reported for the same period last year. Net interest income for the fourth quarter ended Dec. 31, 2001, was $1,100,186 compared to $927,975 for the same quarter last year, an increase of 18.56%. Chen stated, "The Bank had an excellent quarter, facilitated by the decrease in interest expense and the continued strong demand in both construction lending and commercial real estate lending." The Bank reduced its assets size from $78,627,079 at the end of fiscal 2000 to $75,748,871 at the end of 2001, a decrease of 3.66%. This decrease was the result of management's decision to not renew higher cost jumbo deposits at maturity. Total deposits decreased $5,774,502 or 9.12% during fiscal 2001 as compared to fiscal 2000. Total loans decreased minimally from $71,893,189 in 2000 to $70,533,273 in 2001. This occurred because the Bank sold $12 million in commercial real estate in the second quarter of 2001 to ease the concentration in commercial real estate and increase overall liquidity. The Bank continues to be well-capitalized with the leverage ratio at 8.93% and a 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 10.42%. The book value of the Bank's stock as of Dec. 31, 2001, was $4.59 as compared $4.19 per share at the end of fiscal 2000. Chen added, "2002 will be an exciting year for our Bank. During fiscal 2001 we opened a branch in the Wood Village Wal-Mart  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. store, and in late 2000 the Bank launched American Online Bank
(www.apbank.com). We plan to build on these successes in the current
year."American Pacific Bank was formed in 1979 as 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 institution providing banking services to the rural communities of Aumsville and Mill City. Since that time, the Bank has grown into a metropolitan institution based 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. . Services to people living throughout Oregon and Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. include construction and commercial lending, permanent mortgages, business and consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. , credit card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. and deposit services. The Bank's nation-wide nation-wide adj → diffuso/a in tutto il paese adv → in tutto il paese secured credit card program has been rated by Cardtrak as one of the best credit card programs in the nation.
American Pacific Bank
Financial Results As of December 31, 2001, and December 31, 2000
Quarter Quarter
Ended Ended
12/31/01 12/31/00
$ $
Unaudited Audited
-----------------------
Total Assets 75,748,871 78,627,079
Average Assets 78,576,397 65,879,469
Total Deposits 57,576,586 63,351,088
Total Loans (after Loan
Loss Reserve) 70,533,273 71,893,189
Total Equity 6,782,287 6,154,096
Average Equity 6,472,973 5,721,281
Average No of shares 1,474,022 1,289,571
YearEnd Shares
Outstanding 1,476,960 1,467,704
-----------------------
Quarter Quarter YTD YTD
Ended Ended Ended Ended
12/31/01 12/31/00 12/31/01 12/31/00
$ $ $ $
Unaudited Audited
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Interest Income 1,728,675 1,904,095 7,377,498 6,708,414
Interest Expense (628,489) (976,120) (3,684,875) (3,119,466)
-----------------------------------------------
Net Interest Income 1,100,186 927,975 3,692,623 3,588,948
Provision for Loan
Loss Reserve (105,163) (95,695) (173,268) (362,165)
Other Income 120,195 119,261 600,429 445,133
Other Expenses (758,553) (761,320) (3,246,785) (2,945,083)
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Net Income Before Taxes 356,665 190,221 872,999 726,833
Income Tax Expense (135,151) (101,305) (335,606) (276,198)
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Net Income 221,514 88,916 537,393 450,635
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Per Share Data:
Earnings Per Share
before taxes (average
shares outstanding) $0.24 $0.15 $0.59 $0.56
Earnings Per Share
after taxes (average
shares outstanding) $0.15 $0.07 $0.36 $0.35
Book Value (based on
ending shares
outstanding) $4.59 $4.19 $4.59 $4.19
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