American Pacific Bank Third Quarter Income Tripled.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. 16, 2002 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) ) announces the results of operations for the three months ended Sept. 30, 2002.
3 mos. Ended 3 mos. Ended 9 mos. Ended 9 mos. Ended
9/30/02 9/30/01 9/30/02 9/30/01
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Net Income $275,875 or $90,353 or $830,672 or $316,882 or
Earnings Per Share $0.18 per $0.06 per $0.56 per $0.22 per
share share share share
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Net Interest Income
after loan loss $1,201,947 $751,321 $3,349,710 $2,345,773
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Total Assets $94,246,806 $74,929,586
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Total Loans $83,753,234 $64,313,801
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Total Deposits $74,046,094 $63,036,585
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Net earnings after taxes for the third quarter of 2002 came to $275,875 or $0.18 per share, as compared to $90,353 or $0.06 per share, reported for the same quarter last year, an increase of $185,522 or 205.3%. Net earnings after taxes for the nine months ended September September: see month. 2002 came to $830,672 or $0.56 per share, as compared to $226,527 or $0.22 per share, reported for the same period last year, an increase of $604,145 or 266.7%. Net interest income after loan loss for the third quarter ended 09/30/02 was $1,201,947 as compared to $751,321 for the same quarter last year, an increase of $450,626 or 60%. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David T. 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. , "The Bank had another excellent quarter due to its excellent asset quality with continued strong demand for our services." The Bank increased the asset size from $74.9 million as of Sept. 30, 2001, to $94.2 million as of Sept. 30, 2002, an increase of $19.3 million or 25.7%. Total loans increased from $64.3 million in September 2001 to $83.7 million in September 2002, an increase of $19.4 million or 30.2%. Deposits grew from $63.0 million in September 2001 to $74.0 million in September 2002, an increase of $11 million or 17.5%. The Bank continues to be well-capitalized with the leverage ratio at 8.42% 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 10.41%. The book value of the Bank's stock as of Sept. 30, 2002 was at $5.30 as compared to September 2001 book value of $4.47 per share. Chen added, "2002 will be a profitable year for the Bank's shareholders. The Bank is progressively on track to achieve a Return on Assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). of 1.3% and Return on Equity of more than 15%."
SELECTED FINANCIAL INFORMATION
Comparison between the Quarter ended Sept. 30,
2002, and Sept. 30, 2001 - $ In Thousands Qtr Qtr
(unaudited) 9/30/02 9/30/01
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Shareholders' Equity 7,907 6,558
Average Shareholders' Equity (YTD) 7,277 6,385
Total Shares Outstanding 1,541,027 1,467,704
Average Total Shares Outstanding 1,491,625 1,467,704
Capital Adequacy
----------------
Tier 1 Capital Leverage 8.42% 8.06%
Total Risk-based Capital 10.41% 10.96%
Asset Quality
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Construction Loans 14,262 11,681
Commercial Real Estate Loans 56,917 39,731
Residential Permanent 3,809 6,293
Residential Held for Sale 1,866 2,015
Credit Card Loans 3,530 2,348
Commercial Loans 4,066 2,499
Consumer Loans 205 186
Non Accruals 163 304
Overdrafts 24 3
Allowance for Loan Losses (906) (593)
Deferred Loan Fees (183) (153)
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Total Loan 83,753 64,314
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Non Accrual Loans/Total Loans 0.19% 0.47%
Adversely Classified Loans/Total Loans 0.28% 0.56%
Loan Loss Reserves/Total Loans 1.07% 0.91%
Adversely Classified Assets/Total Assets 0.26% 0.56%
Non-Performing Assets/Total Assets 0.17% 0.48%
Bank Earnings
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(ANNUALIZED)
Return on Average Equity 15.22% 6.62%
Net Income/Avg Assets (YTD) 1.27% 0.53%
Net Interest Income/Avg Assets (YTD) 5.86% 4.33%
Efficiency Ratio 60.80% 80.95%
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Growth Rates
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Assets 24.42% (4.70)%
Net Loans & Leases 18.74% (10.54)%
Deposits 28.60% (0.50)%
Loan-to-Deposit Ratio 113% 102%
American Pacific Bank was formed in 1979 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 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. |
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