American Pacific Bank First Quarter Earnings Soar 46%.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 12, 2004 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 2004, ended March 31, 2004.
(unaudited) 3 mos. Ended 3 mos. Ended % of
03/31/04 03/31/03 Increase/
(Decrease)
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Net Income $374,399 or $255,950 or
Earnings Per Share (Average) $0.20 per $0.16 per share
share 46%
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Net Interest Income after loan
loss reserves $1,417,715 $1,243,790 14%
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Total Assets $113,597,428 $107,666,283 6%
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Total Loans $104,970,617 $86,997,583 22%
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Total Deposits $81,742,704 $86,675,425 (6%)
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Net earnings after taxes for the first quarter ended March 31, 2004 were $374,399 or $0.20 per share, as compared to $255,950 or $0.16 per share for the same period in the last fiscal year. This represented an increase of $118,449 or 46%. Net interest income after loan loss reserves for the first quarter ended 3/31/04 was $1,417,715 as compared to $1,243,790 for the same quarter last year, an increase of $173,925 or 14%. As the Bank celebrates its 25th Year Anniversary in 2004, Mr. Chen stated, "Our Bank's assets grew to over $113 million without compromising asset quality, and 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 11.38% 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 13.16%." 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, 2004 and
Mar 31, 2003 - ($ In Thousands) 03/31/04 03/31/03
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Unaudited Audited
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Shareholders' Equity 12,711 8,901
Average Shareholders' Equity (YTD) 11,843 8,823
Total Shares Outstanding 2,034,618 1,634,835
Average Total Shares Outstanding 1,910,926 1,634,835
Capital Adequacy
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Tier 1 Capital Leverage 11.38% 8.39%
Total Risk-based Capital 13.16% 11.05%
Asset Quality
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Construction Loans 13,639 8,171
Commercial Real Estate Loans 78,832 66,147
Residential Permanent 3,355 2,994
Residential Held for Sale 0 0
Credit Card Loans 3,549 3,848
Commercial 6,324 6,974
Consumer Loans 147 121
Non Accruals 0 0
Overdrafts 10 16
Allowance for Loan Loss Reserves (951) (884)
Deferred Loan Fees (535) (390)
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Total Loan 104,370 86,997
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Non Accrual Loans/Total Loans 0.00% 0.00%
Adversely Classified Loans/Total Loans 0.17% 0.17%
Loan Loss Reserves/Total Loans 0.90% 1.00%
Adversely Classified Assets/Total Assets 0.14% 0.14%
Non-Performing Assets/Total Assets 0.00% 0.00%
Bank Earnings (Annualized))
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Return on Average Equity 12.65% 11.60%
Net Income/Average Assets 1.34% 0.97%
Net Interest Income/Average Assets 5.07% 5.41%
Efficiency Ratio 60.97% 67.13%
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Growth Rates (year to date)
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Assets 4.86% 27.80%
Net Loans & Leases 6.52% 20.58%
Deposits (2.71) 31.67%
Loan-to-Deposit Ratio 127.69% 100.37%
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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