American Pacific Bank reports first-quarter results.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)--April 15, 1997--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. 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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMPBA) today announced net earnings for the bank's first quarter of operations which ended March 31, 1997. Net earnings for the period were $17,188, or $0.004 per share, as compared to $11,634, or $0.003 per share, reported for the same period last year. The increase in net income was due primarily to the increase of loans. As of March 31, 1997, total loans were $25.4 million as compared to $22.0 million for the same period a year ago, an increase of 15.5 percent. The bank ended the first quarter with $37.5 million in total assets, as compared to $41.7 million from the previous year. Total deposits were at $33.6 million as compared to $38.4 million from the previous year. The decrease in total deposits and assets was attributed to the sale of a portion of the credit card portfolio in 1996, which resulted in the non-renewal of the Certificate of Deposits that previously were securitizing the portion of the credit card portfolio that was sold. As of March 31, 1997, total classified assets represented only 0.23 percent of total assets. The bank has not suffered any losses from the construction and mortgage lending operations in the last few years. The 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 leverage ratio at 9.89 percent 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 15.63 percent. The bank continues to be very liquid with liquidity ratio at 32 percent. -0-
AMERICAN PACIFIC BANK
Financial Highlights
Quarter Quarter
ended ended
3/31/97 3/31/96
$ $
-- Unaudited --
Total assets $ 37,531,021 $ 41,732,059
Average assets 38,231,790 42,369,212
Total deposits 33,596,711 38,367,566
Total loans (after loan
loss reserve) 25,392,860 22,002,678
Total equity 3,782,220 2,974,001
Average number of shares 4,535,103 3,496,369
Quarter Quarter
ended ended
3/31/97 3/31/96
$ $
-- Unaudited --
Interest income $ 1,052,204 $ 802,131
Interest expense 334,960 423,813
Net interest income 717,244 378,318
Provision for loan loss reserve 65,883 0
Other income 42,698 108,130
Other expenses 676,871 474,814
Net income 17,188 11,634
Per-share data:
Earnings per share 0.004 0.003
CONTACT: American Pacific Bank David T. Chen, 503/221-5801 |
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