American Pacific Bank Reports Second Quarter Results.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)--July 16, 1997--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. 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 today announced net earnings for the bank's second quarter of operations which ended June June: see month. 30, 1997. Net earnings for the period after tax were $46,323 or $0.041 per share, as compared to $18,917 or $0.022 per share, reported for the same period last year. The bank did a reverse-split of 4 to 1 of the total shares outstanding on May 19, 1997. The earnings per share for June 30, 1996 was adjusted to reflect the same reverse split ratio for comparison purposes. The increase in net income was due primarily to the increase of loans. As of June 30, 1997, total loans were $29.8 million as compared to $19.2 million for the same period a year ago, representing an increase of 55.2 percent. The bank ended the first quarter with $41.1 million in total assets, as compared to $40.5 million from the previous year. Total deposits were at $37.1 million as compared to $37.2 million from the previous year. As of June 30, 1997, total classified assets represented only 0.22 percent of total assets. The bank has not suffered any losses from the construction and mortgage lending operations in the last few years. The bank continues to be well-capitalized with the leverage ratio at 9.78 percent 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 14.70 percent. The bank continues to be very liquid with the liquidity ratio at 26.58 percent. -0-
American Pacific Bank
Quarter Quarter
Ended June 30 Ended June 30
1997 1996
$ $
Unaudited Unaudited
Total Assets 41,059,593 40,558,573
Average Assets 39,128,721 41,240,000
Total Deposits 37,060,772 37,250,576
Total Loans (after Loan Loss Reserve) 29,800,148 19,173,065
Total Equity 3,828,542 3,088,654
Average No. of shares (note 1) 1,133,776 3,496,369
Quarter Quarter
Ended June 30 Ended June 30
1997 1996
$ $
Unaudited Unaudited
Interest Income 1,027,549 803,723
Interest Expense 369,642 409,102
Net Interest Income 657,907 394,621
Provision for Loan Loss Reserve 106,116 21,223
Other Income 97,680 198,499
Other Expenses 587,148 537,242
Provision for taxes 16,000 15,738
Net income 46,323 18,917
Per Share Data:
Earnings Per Share 0.041 0.003
Earnings Per Share based on the
same reverse-split ratio 0.041 0.022
(Note 1) The total shares outstanding were reversed-split 4 to 1 on
May 19, 1997
CONTACT: American Pacific Bank David T. Chen, 503/221-5801 |
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