American Pacific Bank Third Quarter Earnings Increase 36%.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)--Oct. 20, 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 September September: see month. 30, 2003.
(unaudited) 3 mos. Ended 3 mos. Ended % of
09/30/03 09/30/02 Increase
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Net Income $374,648 or $275,875 or
Earnings Per Share (Average) $0.22 per share $0.18 per share 36%
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Net Interest Income after
loan loss reserves $1,373,743 $1,201,947 14%
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Total Assets $112,170,181 $94,246,806 12%
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Total Loans $90,637,482 $83,753,234 8%
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Total Deposits $89,146,782 $74,046,094 20%
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Year-to-Date 9 mos. Ended 9 mos. Ended % of
09/30/03 09/30/02 Increase
---------------------------- --------------- --------------- --------
Net Income $999,935 $830,672 20%
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Earnings Per share $0.61 $0.56 9%
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Net Interest Income after
loan loss provision $3,930,810 $3,349,710 17%
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Net earnings after taxes for the third quarter ended September 30, 2003 were $374,648 or $0.22 per share, as compared to $275,875 or $0.18 per share for the same quarter in 2002. This represented an increase of $98,773 or 36%. Net earning for the nine months ended September 30, 2003 were $999,935 as compared to $830,672 for the same nine months in 2002, an increase of $169,263 or 20%. Net interest income after loan loss reserves for the third quarter ended 9/30/03 was $1,373,743 as compared to $1,201,947 for the same quarter last year, an increase of $171,796 or 14%. American Pacific Bank has substantially improved its capital ratios, and 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 10.01% 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 12.37%. The Bank's assets have continued to grow, at a controlled pace, to over $112 million. This represents an increase of 12% compared to the same fiscal period of last year. Regarding the results of the third quarter, Mr. Chen stated, "As of today, the Bank has out-performed last year's results, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite Oregon's economic setback setback In architecture, a steplike recession in the profile of a high-rise building. Usually dictated by building codes to allow sunlight to reach streets and lower floors, the building must take another step back from the street for every specified added height interval. with a large State deficit and one of the highest unemployment rates in the country. We are proud of our continued excellent results, credit quality and friendly service to our customers." American Pacific Bank has been in business for 24 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 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 is consistently 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 September 30, 2003 and
September 30, 2002 - ($ In Thousands)
09/30/03 09/30/02
---------- ----------
Unaudited Audited
---------- ----------
Shareholders' Equity 10,945 7,907
Average Shareholders' Equity (YTD) 9,175 7,277
Total Shares Outstanding 1,868,935 1,541,027
Average Total Shares Outstanding 1,632,134 1,491,625
Capital Adequacy
----------------
Tier 1 Capital Leverage 10.01% 8.42%
Total Risk-based Capital 12.37% 10.41%
Asset Quality
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Construction Loans 9,234 14,262
Commercial Real Estate Loans 68,999 56,917
Residential Permanent 3,399 3,809
Residential Held for Sale 0 1,866
Credit Card Loans 3,800 3,530
Commercial 6,177 4,066
Consumer Loans 102 205
Non Accruals 245 163
Overdrafts 8 24
Allowance for Loan Loss Reserves (867) (906)
Deferred Loan Fees (458) (183)
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Total Loan 90,637 83,753
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Non Accrual Loans/Total Loans 0.27% 0.19%
Adversely Classified Loans/Total Loans 0.45% 0.28%
Loan Loss Reserves/Total Loans 0.95% 1.07%
Adversely Classified Assets/Total Assets 0.50% 0.26%
Non-Performing Assets/Total Assets 0.35% 0.17%
Bank Earnings (Annualized)
--------------------------
Return on Average Equity 14.53% 15.22%
Net Income/Average Assets 1.22% 1.27%
Net Interest Income/Average Assets 5.44% 5.86%
Efficiency Ratio 60.90% 60.80%
Growth Rates
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Assets 11.69% 24.42%
Net Loans & Leases 4.19% 18.74%
Deposits 12.09% 28.60%
Loan-to-Deposit Ratio 101.67% 113%
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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