American Pacific Bank First Quarter Income Triples.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 9, 2002 David T. 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. 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) ) today announced the results of operations for the three months of operation ended March 31, 2002.
Three Months Ended Three Months Ended
3/31/02 3/31/01
Net Income $ 215,044 $ 71,518
Earnings Per Share $ 0.14 $ 0.05
Total Assets $84,200,000 $81,100,000
Total Loans $73,400,000 $67,500,000
Total Deposits $65,800,000 $65,600,000
Regarding the Bank's performance for the first three months of the current fiscal year, Mr. Chen stated, "We are very pleased with the Bank's positive results which are attributable both to the hard work of the employees and the continued high-quality of our assets." In light of the last two quarters' excellent results, the Board of Directors rejected a recent purchase offer, having found it to be inadequate. The Bank ended the first quarter with $84.2 million in total assets as compared to $81.1 million in total assets the previous year, an increase of $3.1 million or 4%. As of March 31, 2002, 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 $73.4 million as compared to $67.5 million for the same period a year ago, an increase of $5.9 million or 9%. Total deposits were $65.8 million as compared to $65.6 million for the same period last year. 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. with branches in Portland, Aumsville and Gresham. The Bank has a reputation of 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 Washington 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. In late 2000 the Bank launched American Online Bank (www.apbank.com), which is a full-service 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 delivery channel with bill payment capability. American Pacific Bank will be holding its Annual Shareholders Meeting on April 30, 2002 at 2 PM at the Portland office at 315 SW Fifth Avenue, Suite 201, Portland, Oregon, 97204. |
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