American Pacific Bank Reports Year-to-date Earnings Up 16%.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)--Oct. 13, 1998--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 third quarter of operations which ended Sept. 30, 1998. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings were $285,895 or $0.25 per share, representing a 16% increase, as compared to $246,274 or $0.21 per share reported for the same period last year. Net earnings for the quarter after tax were $135,992 or $0.12 per share as compared to $182,764 or $0.16 per share reported for the same period last year. The increase in net income was due primarily to the increase of loans. As of Sept. 30, 1998, total loans were $33.7 million as compared to $31.2 million for the same period a year ago, representing an increase of 8.0%. The Bank ended the third quarter with $48.6 million in total assets, as compared to $42.8 million from the previous year. Total deposits were at $43.8 million as compared to $38.5 million from the previous year. As of Sept. 30, 1998, total classified assets represented only 0.20% of total assets. The Bank has not suffered any losses from the construction and mortgage loan portfolios in the last six years. The Bank continues to be well-capitalized with the leverage ratio at 9.17% 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 12.71%. The Bank continues to be very liquid with the liquidity ratio at 31.16%. -0-
American Pacific Bank
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Quarter Quarter
Ended 9/30/98 Ended 9/30/97
$ $
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Unaudited Unaudited
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Total Assets 48,586,149 42,798,232
Average Assets 44,491,599 40,130,935
Total Deposits 43,848,576 38,523,504
Total Loans
(after Loan Loss
Reserve) 33,740,639 30,694,569
Total Equity 4,388,957 4,011,306
Average No. of shares 1,134,276 1,133,776
Quarter Quarter Nine Months Nine Months
Ended Ended Ended Ended
9/30/98 9/30/97 9/30/98 9/30/97
$ $ $ $
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Unaudited Unaudited Unaudited Unaudited
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Interest Income 1,171,361 1,095,523 3,244,213 3,098,759
Interest Expense 487,759 405,129 1,336,818 1,109,733
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Net Interest Income 683,602 690,394 1,907,395 1,989,026
Provision for Loan
Loss Reserve (28,297) (35,423) 7,364 (207,422)
Other Income 114,989 46,659 367,504 263,557
Other Expenses 589,023 609,866 1,877,847 1,873,887
Provision for taxes 45,279 (91,000) 118,521 (75,000)
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Net Income 135,992 182,764 285,895 246,274
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Per Share Data:
Earnings Per Share $0.12 $0.16 $0.25 $0.22
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