American Pacific Bank Fiscal 2002 Earnings Increase 100%.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)--Jan. 22, 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) ) announces the results of operations for the twelve months ended December December: see month. 31, 2002.
3 mos. 3 mos. 12 mos. 12 mos.
Ended Ended Ended Ended
12/31/02 12/31/01 12/31/02 12/31/01
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Net Income $270,927 or $220,513 or $1,101,598 $537,234 or
Earnings Per Share $0.18 per $0.15 per or $0.73 $0.36 per
(Average) share share per share share
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Net Interest Income
after loan loss
reserves $1,159,210 $933,363 $4,792,058 $3,519,352
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Total Assets $100,434,349 $75,748,871
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Total Loans $86,994,265 $70,556,041
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Total Deposits $79,534,466 $57,576,586
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Net earnings after taxes for the twelve months ended December 2002 came to $1,101,598 or $0.73 per share, as compared to $537,234 or $0.36 per share reported for the same period last year, an increase of $564,364 or 105.0%. Net earnings after taxes for the fourth quarter of 2002 came to $270,927 or $0.18 per share, as compared to $220,513 or $0.15 per share reported for the same quarter last year, an increase of $50,414 or 22.9%. Net interest income after loan loss reserves for the fourth quarter ended 12/31/02 was $1,159,210 as compared to $933,363 for the same quarter last year, an increase of $225,847 or 24.2%. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. 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. , "We exceeded $100 million in assets at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2002 and we achieved the highest profits in the Bank's history. The Bank's asset quality continues to be excellent and the demand for our services continues to increase." The Business Journal, in its 2003 Book of Lists, ranked American Pacific Bank the number one "Fastest-growing FDIC-insured Institution" based on the percentage of asset growth from 1999-2001. The Bank increased the asset size from $75.7 million as of December 31, 2001 to $100.4 million as of December 31, 2002, an increase of $24.7 million or 32.6%. Total loans increased from $70.6 million in December 2001 to $87.0 million in December 2002, an increase of $16.4 million or 23.2%. Deposits grew from $57.6 million in December 2001 to $79.5 million in December 2002, an increase of $21.9 million or 38.0%. The Bank continues to be well-capitalized with the leverage ratio at 8.88% 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 10.79%. The book value of the Bank's stock as of December 31, 2002 was at $5.29 as compared to the December 2001 book value of $4.59 per share. The Business Tribune tribune, in ancient Rome, one of various officers. The history of the office of tribune is closely associated with the struggle of the plebs against the patrician class to achieve a more equitable position in the state. From c.508 B.C. reported American Pacific Bank stock as the second-highest in stock price gain (62%) among Northwest stocks in 2002.
SELECTED FINANCIAL INFORMATION
Comparison between the Year ended Dec 31, 2002
and Dec 31, 2001 - ($ In Thousands) 12/31/02 12/31/01
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Unaudited Audited
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Shareholders' Equity 8,577 6,782
Average Shareholders' Equity (YTD) 7,492 6,473
Total Shares Outstanding 1,621,027 1,476,990
Average Total Shares Outstanding 1,500,925 1,475,091
Capital Adequacy
----------------
Tier 1 Capital Leverage 8.88% 8.93%
Total Risk-based Capital 10.79% 10.42%
Asset Quality
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Construction Loans 11,866 14,248
Commercial Real Estate Loans 62,415 44,408
Residential Permanent 3,499 6,007
Residential Held for Sale 756 579
Credit Card Loans 3,972 2,648
Commercial 5,378 2,969
Consumer Loans 193 185
Non Accruals 0 304
Overdrafts 10 10
Allowance for Loan Loss Reserves (844) (668)
Deferred Loan Fees (251) (134)
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Total Loan 86,994 70,556
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Non Accrual Loans/Total Loans 0.00% 0.43%
Adversely Classified Loans/Total Loans 0.10% 0.55%
Loan Loss Reserves/Total Loans 0.96% 0.94%
Adversely Classified Assets/Total Assets 0.09% 0.59%
Non-Performing Assets/Total Assets 0.00% 0.47%
Bank Earnings (YTD)
-------------------
Return on Average Equity 14.70% 8.30%
Net Income/Average Assets 1.23% 0.68%
Net Interest Income/Average Assets 5.34% 4.70%
Efficiency Ratio 60.93% 75.63%
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Growth Rates
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Assets 32.59% (3.80)%
Net Loans & Leases 23.34% (1.89)%
Deposits 38.14% (9.12)%
Loan-to-Deposit Ratio 109.34% 122.5%
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. 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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