American Pacific Bank First Quarter Earnings Increase 19%.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 15, 2003 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) ) David Chen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , today announced the results of operations for the three months of Fiscal 2003, ended March 31, 2003. -0-
(unaudited) 3 mos. Ended 3 mos. Ended % of
03/31/03 03/31/02 Increase
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Net Income $255,950 or $215,042 or
Earnings Per Share (Average) $0.16 per share $0.15 per share 19%
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Net Interest Income after
loan loss reserves $1,333,067 $1,072,422 24%
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Total Assets $107,666,283 $84,246,003 28%
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Total Loans $88,997,884 $73,810,809 21%
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Total Deposits $86,675,425 $65,828,351 32%
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Net earnings after taxes for the first quarter ended March 31, 2003, were $255,950 or $0.16 per share, as compared to $215,042 or $0.15 per share for the same period in the last fiscal year. This represented an increase of $40,908 or 19%. Net interest income after loan loss reserves for the first quarter ended 3/31/03 was $1,333,067 as compared to $1,072,422 for the same quarter last year, an increase of $260,645 or 24%. Regarding the results of the first quarter, Mr. Chen stated, "Our Bank's assets grew to just over $107 million, an increase of 28% compared to the same fiscal period of last year, without compromising quality. American Pacific 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 8.39% 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 11.05%. The book value of the Bank's stock as of March 31, 2003, was $5.44 as compared to the March 2002 book value of $4.74 per share. American Pacific Bank was formed in 1979 and operates under the laws of the State of Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. with branches in Portland, Aumsville and Gresham Gresham (grĕsh`əm), city (2000 pop. 90,205), Multnomah co., NW Oregon, mainly residential suburb E of Portland, near the Columbia River; founded 1852, inc. 1905. . The Bank has a reputation for providing friendly, personal, and efficient multilingual mul·ti·lin·gual adj. 1. Of, including, or expressed in several languages: a multilingual dictionary. 2. services to customers living throughout Oregon and Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , in the areas of construction lending, commercial loans, permanent mortgages, business financing, consumer loans, credit cards, and deposit services. The Bank also offers a nation-wide nation-wide adj → diffuso/a in tutto il paese adv → in tutto il paese secured credit card program, which was rated by Cardtrak as one of the best credit card programs in the country. In late 2000, the Bank launched American Online Pacific Bank (www.apbank.com), a fully transactional home banking delivery channel, complete with bill payment capability, which allows customers to access their accounts 24 hours a day, seven days a week, from the comfort and convenience of their homes.
AMERICAN PACIFIC BANK
SELECTED FINANCIAL INFORMATION
Comparison between the Qtr ended Mar 31,
2003 and Mar 31, 2002 - ($ In Thousands) 03/31/03 03/31/02
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Unaudited Audited
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Shareholders' Equity 8,901 7,025
Average Shareholders' Equity (YTD) 8,823 6,955
Total Shares Outstanding 1,634,835 1,485,877
Average Total Shares Outstanding 1,634,835 1,482,905
Capital Adequacy
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Tier 1 Capital Leverage 8.39% 8.49%
Total Risk-based Capital 11.05% 10.46%
Asset Quality
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Construction Loans 8,171 11,745
Commercial Real Estate Loans 66,147 51,740
Residential Permanent 2,994 4,914
Residential Held for Sale 0 600
Credit Card Loans 3,848 2,349
Commercial 6,974 3,190
Consumer Loans 121 187
Non-Accruals 0 0
Overdrafts 16 38
Allowance for Loan Loss Reserves (884) (782)
Deferred Loan Fees (390) (170)
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Total Loan 86,997 73,811
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Non-Accrual Loans/Total Loans 0.00% 0.00%
Adversely Classified Loans/Total Loans 0.17% 0.10%
Loan Loss Reserves/Total Loans 1.02% 1.05%
Adversely Classified Assets/Total Assets 0.14% 0.51%
Non-Performing Assets/Total Assets 0.00% 0.00%
Bank Earnings (Annualized))
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Return on Average Equity 11.60% 12.37%
Net Income/Average Assets 0.97% 1.04%
Net Interest Income/Average Assets 5.41% 5.82%
Efficiency Ratio 67.13% 63.34%
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Growth Rates
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Assets 27.80% 3.88%
Net Loans & Leases 20.58% 9.41%
Deposits 31.67% 0.33%
Loan-to-Deposit Ratio 100.37% 112.13%
The information contained in this release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that anticipate future trends or events. These statements are based on certain assumptions that may prove to be erroneous erroneous adj. 1) in error, wrong. 2) not according to established law, particularly in a legal decision or court ruling. and are subject to certain risks, including, but not limited to, the uncertainties of the Bank's new product introductions, the risks of increased competition and technological change in the Bank's industry and other factors detailed in the Bank's FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). filings. Accordingly, actual results may differ, possibly materially, from the predictions contained herein. |
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