American Pacific Bank Six-Month Earnings Increase 30%.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. -- 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 first two quarters of 2004. Net earnings for the six months ending June June: see month. 30, 2004, were $837,427 as compared to $645,287 for the same six months in 2003, an increase of $192,140, representing a 30% increase. Net earnings after taxes for the second quarter ended June 30, 2004, were $463,026 or $0.23 per share, as compared to $389,337 or $0.24 per share for the same quarter in 2003. This represented an increase of $73,689 or 19%.
(unaudited) 3 mos. ending 3 mos. ending % of increase
06/30/04 06/30/03 (decrease)
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Net Income $463,026 or $389,337 or
Earnings Per Share $0.23 per $0.24 per
(Average) share share 19%
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Net Interest Income after
loan loss reserves $1,581,857 $1,333,278 19%
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Total Assets $119,884,011 $111,042,555 8%
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Total Loans (net of loan
loss and unearned income) $99,393,165 $87,206,575 14%
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Total Deposits $86,767,733 $89,817,656 (3%)
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Net interest income after loan loss reserves for the second quarter ending 6/30/04 was $1,581,857 as compared to $1,333,278 for the same quarter last year, an increase of $248,529 or 19%. Regarding the results of the second quarter, Mr. Chen stated, "Our Bank's assets have continued to grow to over $119 million. This is an increase of 8% compared to the same fiscal period of last year. We have maintained excellent asset quality, as evidenced by our 30% increase in net earnings for the first half of the year." 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 11.80% 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 14.77%. American Pacific Bank has been in business for 25 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, 2004
and June 30, 2003 - ($ In Thousands) 06/30/04 06/30/03
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Unaudited Unaudited
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Shareholders' Equity 13,987 9,302
Average Shareholders' Equity (YTD) 12,675 8,967
Total Shares Outstanding 2,186,618 1,634,835
Weighted Average Shares Outstanding 1,992,922 1,634,835
Capital Adequacy
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Tier 1 Capital Leverage 11.80% 8.11%
Total Risk-based Capital 14.77% 11.01%
Asset Quality
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Construction Loans 13,637 7,598
Commercial Real Estate Loans 76,149 67,535
Residential Permanent 3,364 2,165
Credit Card Loans 3,511 3,755
Commercial 4,030 6,875
Consumer Loans 149 118
Non Accruals 0 388
Overdrafts 12 24
Allowance for Loan Loss Reserves (942) (842)
Deferred Loan Fees (517) (410)
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Total Loan 99,393 87,206
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Non Accrual Loans/Total Loans 0.00% 0.44%
Adversely Classified Loans/Total Loans 0.00% 0.52%
Loan Loss Reserves/Total Loans 0.93% 0.96%
Adversely Classified Assets/Total Assets 0.06% 0.41%
Non-Performing Assets/Total Assets 0.00% 0.35%
Bank Earnings (Annualized)
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Return on Average Equity 13.21% 14.39%
Net Income/Average Assets 1.47% 1.18%
Net Interest Income/Average Assets 5.82% 5.33%
Efficiency Ratio 56.74% 63.12%
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Growth Rates (Compared to December 31, 2003)
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Assets 11% 27%
Net Loans & Leases 1% 9%
Deposits 3% 30%
Loan-to-Deposit Ratio 115% 97%
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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