American Pacific Bank Second Quarter Earnings Increase 15%.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)--July 17, 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) ): 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. , today announced the results of operations for the three months ended June June: see month. 30, 2003. -0-
(unaudited) 3 mos. Ended 3 mos. Ended % of
06/30/03 06/30/02 Increase
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Net Income $389,337 $339,753
Earnings Per Share (Average) or $0.24 or $0.23
per share per share 15%
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Net Interest Income after loan
loss reserves $1,333,278 $1,128,655 18%
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Total Assets $111,042,555 $87,712,805 27%
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Total Loans $87,206,575 $79,897,102 9%
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Total Deposits $89,817,656 $68,883,510 30%
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Net earnings after taxes for the second quarter ended June 30, 2003 were $389,337 or $0.24 per share, as compared to $339,753 or $0.23 per share for the same quarter in 2002. This represented an increase of $49,584 or 15%. Net earning for the six months ended June 30, 2003 were $645,287 as compared to $554,797 for the same six months in 2002, representing a 16% increase. Net interest income after loan loss reserves for the second quarter ended 3/31/03 was $1,333,278 as compared to $1,128,655 for the same quarter last year, an increase of $204,623 or 18%. Regarding the results of the second quarter, Mr. Chen stated, "Our Bank's assets continue to grow, at a controlled pace, to over $111 million. This was an increase of 27% compared to the same fiscal period of last year, without compromising asset quality." American Pacific Bank continues to be well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. with the leverage ratio at 8.11% 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 11.01%. The book value of the Bank's stock as of June 30, 2003 was $5.69 as compared to the June 2002 book value of $4.96 per share. American Pacific Bank has been in business for 23 years and operates under the laws of the State of Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. with three branches in Portland, Aumsville and Gresham Gresham (grĕsh`əm), city (2000 pop. 90,205), Multnomah co., NW Oregon, mainly residential suburb E of Portland, near the Columbia River; founded 1852, inc. 1905. . The Bank has a reputation for providing friendly, personal, and efficient multilingual mul·ti·lin·gual adj. 1. Of, including, or expressed in several languages: a multilingual dictionary. 2. services to customers living throughout Oregon and Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , in the areas of construction lending, commercial loans, permanent mortgages, business financing, consumer loans, credit cards, and deposit services. The Bank also offers a nation-wide nation-wide adj → diffuso/a in tutto il paese adv → in tutto il paese secured credit card program, which was rated by Cardtrak as one of the best credit card programs in the country. In late 2000, the Bank launched American Online Pacific Bank (www.apbank.com), a fully transactional home banking delivery channel, complete with bill payment capability, which allows customers to access their accounts 24 hours a day, seven days a week, from the comfort and convenience of their homes. AMERICAN PACIFIC BANK SELECTED FINANCIAL INFORMATION Comparison between the Qtr ended June 30, 2003 and June 30, 2002 - ($ In Thousands)
06/30/03 06/30/02
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Unaudited Audited
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Shareholders' Equity 9,302 7,370
Average Shareholders' Equity (YTD) 8,967 7,114
Total Shares Outstanding 1,634,835 1,485,877
Average Total Shares Outstanding 1,634,835 1,485,877
Capital Adequacy
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Tier 1 Capital Leverage 8.11% 8.40%
Total Risk-based Capital 11.01% 10.19%
Asset Quality
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Construction Loans 7,598 12,970
Commercial Real Estate Loans 67,535 57,005
Residential Permanent 2,165 4,154
Residential Held for Sale 0 788
Credit Card Loans 3,755 2,382
Commercial 6,875 3,307
Consumer Loans 118 172
Non Accruals 388 0
Overdrafts 24 107
Allowance for Loan Loss Reserves (842) (822)
Deferred Loan Fees (410) (166)
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Total Loan 87,206 79,897
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Non Accrual Loans/Total Loans 0.44% 0.00%
Adversely Classified Loans/Total Loans 0.52% 0.98%
Loan Loss Reserves/Total Loans 0.96% 1.02%
Adversely Classified Assets/Total Assets 0.41% 1.30%
Non-Performing Assets/Total Assets 0.35% 0.39%
Bank Earnings (Annualized)
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Return on Average Equity 14.39% 15.59%
Net Income/Average Assets 1.18% 1.31%
Net Interest Income/Average Assets 5.33% 5.53%
Efficiency Ratio 63.12% 60.67%
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Growth Rates
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Assets 27% 15.79%
Net Loans & Leases 9% 13.28%
Deposits 30% 19.64%
Loan-to-Deposit Ratio 97% 116.00%
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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