American Pacific Bank Announces First Quarter Results.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)--April 19, 2001 David Chen, President and C.E.O. 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 results for the Bank's first quarter of operations which ended March 31, 2001. Gross income for the period was $1,938,551, up $555,600 or 40.17%, as compared to $1,382,951 for the similar period last year. Net earnings for the period were $71,518 or $0.05 per share as compared to $96,163 or $0.07 per share for the same period last year. The decrease in net income was due primarily to an 83.4% increase in the Bank's cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. . The Bank also experienced additional one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. costs associated with the startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. of its new Small Business Lending department, its 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 division and the opening of its new branch located in Wood Village Walmart. As of March 31, 2001, total loans (after loan reserves and unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. ) were $67.5 million as compared to $50.3 million for the same period a year ago, an increase of $17.2 million or 34.11%. The Bank ended the first quarter with $81.1 million in total assets as compared to $58.6 million in total assets from the previous year, an increase of $22.5 million or 38.30%. Total deposits were $65.6 million as compared to $52.7 million from the previous year, an increase of $12.9 million or 24.35%. American Pacific Bank was organized and operates under the laws of the State of 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. . The Bank is regulated and its deposits are insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ). American Pacific Bank was formed in 1979 to provide banking services to the rural communities of Aumsville and Mill City. Since that time, the Bank has grown from its beginnings as a small community bank into a metropolitan banking institution with the strength to be active in the financial community encompassing the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . Today the Bank has a reputation of providing friendly, personal, multi-lingual and efficient services to customers living throughout Oregon and Southwest Washington Washington, town, England 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. , in the areas of construction lending, commercial loans, permanent mortgages, business financing, consumer loans, credit cards, and deposit services. The bank also offers a nation-wide secured credit card program, which was rated by Cardtrak as one of the best credit card programs in the country. American Pacific Bank will be holding its Annual Shareholders Meeting on April 26, 2001 at 4 PM at its Portland office at 315 SW Fifth Avenue, Suite 201, Portland, Oregon, 97204.
American Pacific Bank
Quarter Quarter
Ended 3/31/2001 Ended 3/31/2000
$ $
----------------------------------------
Unaudited Unaudited
----------------------------------------
Total Assets 81,096,318 58,636,736
Average Assets 81,407,031 57,957,259
Total Deposits 65,612,226 52,762,159
Total Loans (after Loan
Loss Reserve and
Unearned Income) 67,466,308 50,306,487
Total Equity 6,306,914 5,543,872
Total Shares Outstanding
Note 1 1,467,704 1,407,203
Quarter Quarter
Ended 3/31/2001 Ended 3/31/2000
$ $
-----------------------------------
Unaudited Unaudited
-----------------------------------
Gross Income 1,938,551 1,382,951
Interest Expense 1,105,386 602,572
---------------------------------
Net Interest Income 833,165 780,379
Provision for Loan
Loss Reserve 20,000 92,356
Other Income 192,534 123,260
Other Expenses 842,487 660,660
Income Before Taxes 163,212 150,623
Income Taxes -91,694 -54,460
---------------------------------
Net Income 71,518 96,163
---------------------------------
Per Share Data:
Note 1
Earnings Per Share $0.05 $0.07
Book Value Per Share $4.30 $3.94
Note 1: The Bank did a 11 for 10 split on December 29, 2000.
The Per Share Data March 2000 were adjusted to reflect
this split.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion