American Pacific Bank Fiscal Fourth Quarter 2003 Earnings Increase 45%.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)--Feb. 4, 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) ) announces the results of operations for the twelve months ended December December: see month. 31, 2003.
3 mos. Ended 3 mos. Ended 12 mos. Ended 12 mos. Ended
12/31/03 12/31/02 12/31/03 12/31/02
-------------- ------------- ------------- ------------- -------------
Net Income $391,607 or $270,925 or $1,391,542 or $1,101,598 or
Earnings Per $0.24 per $0.18 per $0.85 per $0.73 per
Share share share share share
(Average)
-------------- ------------- ------------- ------------- -------------
Net Interest
Income after
loan loss
reserves $1,408,881 $1,159,209 $5,339,691 $4,792,059
-------------- ------------- ------------- ------------- -------------
Total Assets $108,329,253 $100,422,511
-------------- ------------- -------------
Total Loans
(net of
allowance for
loan loss
reserves and
deferred
fees) $97,983,625 $86,991,664
-------------- ------------- -------------
Total Deposits $84,020,299 $79,534,467
-------------- ------------- -------------
Net earnings after taxes for the twelve months ended December 2003 were $1,391,542 or $0.85 per share, as compared to $1,101,598 or $0.73 per share reported for the same fiscal period last year. This represented an increase of $289,944 or 26%. Net earnings after taxes for the fourth fiscal quarter of 2003 were $391,607, as compared to $270,925 reported for the same fiscal quarter in the prior year. This represented an increase of $120,682 or 45%. Net interest income after loan loss reserves for the fourth fiscal quarter of 2003 was $1,408,881 as compared to $1,159,209 for the same fiscal quarter of last year. This was an increase of $249,672 or 22%. 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. 2003 and we achieved the highest profits in the Bank's history. The Bank's asset quality continues to be excellent. The Bank performed well not only in the fourth quarter, but throughout the year. We are looking forward to a better economic outlook in 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. for the year 2004." The Bank continues to be well-capitalized with the leverage ratio at 10.29% 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 12.33%. The book value of the Bank's stock as of December 31, 2003, was $6.06 as compared to the December 2002 book value of $5.29 per share.
SELECTED FINANCIAL INFORMATION
Comparison between the Year ended Dec 31, 2003 and
Dec 31, 2002 - ($ In Thousands)
12/31/03 12/31/02
----------- -----------
Unaudited Audited
----------- -----------
Shareholders' Equity 11,334,167 8,576,686
Average Shareholders' Equity (YTD) 9,693,824 7,492,012
Total Shares Outstanding 1,868,935 1,621,027
Average Total Shares Outstanding 1,642,148 1,500,925
Capital Adequacy
----------------
Tier 1 Capital Leverage 10.29% 8.88%
Total Risk-based Capital 12.33% 10.79%
Asset Quality
-------------
Construction Loans 11,739,067 11,866,136
Commercial Real Estate Loans 74,046,197 62,414,845
Residential Permanent 3,132,975 3,499,388
Residential Held for Sale 0 755,742
Credit Card Loans 3,846,123 3,969,462
Commercial 6,272,557 5,378,283
Consumer Loans 109,402 171,330
Non Accruals 244,516 0
Overdrafts 8,376 31,949
Allowance for Loan Loss Reserves (919,305) (844,240)
Deferred Loan Fees (496,283) (251,231)
----------- -----------
Total Loan 97,983,625 86,991,664
----------- -----------
Non Accrual Loans/Total Loans 0.25% 0.00%
Adversely Classified Loans/Total Loans 0.45% 0.10%
Loan Loss Reserves/Total Loans 0.93% 0.96%
Adversely Classified Assets/Total Assets 0.41% 0.09%
Non-Performing Assets/Total Assets 0.23% 0.00%
Bank Earnings (YTD)
-------------------
Return on Average Equity 14.35% 14.70%
Return on Average Assets 1.27% 1.23%
Net Interest Income/Average Assets 6.06% 5.86%
Efficiency Ratio 59.65% 60.93%
----------- -----------
Growth Rates
------------
Assets 7.87% 32.59%
Net Loans & Leases 12.64% 23.34%
Deposits 5.64% 38.14%
Loan-to-Deposit Ratio 116.62% 109.38%
American Pacific Bank was formed in 1979 and operates under the laws of the State of Oregon 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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