American Pacific Bank First Quarter Earnings Up 20%.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 13, 2000 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 net earnings for the Bank's first quarter of operations which ended March 31, 2000. Net earnings for the period were $96,163 or $0.08 per share as compared to $79,816 or $0.07 per share, reported for the same period last year, an increase of $16,347 or 20.48%. Net interest income was $780,379, up 15.24% as compared to $667,192 for the same period last year. The increase in net income was due primarily to an increase of loans. As of March 31, 2000, 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 $50.3 million as compared to $40.7 million for the same period a year ago, an increase of $9.5 million or 23.41%. The Bank ended the first quarter with $58.6 million in total assets as compared to $52.5 million in total assets from the previous year, an increase of $6.1 or 11.63%. Total deposits were $52.8 million as compared to $47.6 million for the previous year, an increase of $5.2 or 10.82%. The Bank is well-capitalized with the leverage ratio at 9.50% 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 12.42%. The Book value per share as of March 31, 2000 was $4.33. American Pacific Bank was organized and continues to operate 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 has traded within the NASDAQ system since 1989. 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 substantially and is now headquartered in downtown Portland's financial district. Today the Bank has a reputation of providing friendly, personal, 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 lending, permanent mortgages, business financing, 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 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. Management has plans to offer 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 services in the second quarter of 2000. American Pacific Bank will be holding its Annual Shareholders Meeting on April 28, 2000 at 8AM at its Portland office at 315 SW Fifth Avenue, Suite 201, Portland, Oregon, 97204.
Quarter Quarter
Ended Ended
3/31/2000 3/31/1999
$ $
Unaudited Unaudited
Total Assets 58,636,736 52,529,465
Average Assets 57,957,259 51,801,704
Total Deposits 52,762,159 47,610,090
Total Loans
(after Loan Loss
Reserve and
Unearned Income)
50,306,487 40,765,150
Total Equity 5,543,872 4,651,570
Average No of shares 1,211,872 1,134,276
Total Shares Outstanding 1,279,276 1,134,276
Quarter Quarter
Ended Ended
3/31/2000 3/31/1999
$ $
Unaudited Unaudited
Interest Income 1,382,951 1,215,646
Interest Expense 602,572 538,454
Net Interest Income 780,379 677,192
Provision for Loan
Loss Reserve 92,356 25,183
Other Income 123,260 140,225
Other Expenses 660,660 676,833
Income Before Taxes 150,623 115,401
Income Taxes (54,460) (35,585)
---------- ----------
Net Income 96,163 79,816
========== ==========
Per Share Data:
Earnings Per Share
(based on average
number of shares) $0.08 $0.07
Book Value Per Share
(based on total
shares outstanding) $4.33 $4.10
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