American Pacific Bank reports second 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)--July 13, 1995--David Chen, president and C.E.O. 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 today announced net earnings for the Bank's second quarter of operations which ended June June: see month. 30, 1995. Net earnings for the second quarter before income tax provision were $92,581, or $0.027 per share, compared to a net income of $54,473, or $0.017 per share, reported for the same period last year. Similarly, the net earnings for the six months ended June 30, 1995, before taxes came to $114,591. Based on the continued trends of improvement, management anticipates to achieve a 0.5 percent or better return on average assets for the current fiscal year. The bank ended the second quarter with $44,589,983 in total assets, down 3.49 percent from the previous year. This was due to management's planned attempts to bring the loan-to-deposit ratio down to peer banks' levels. Total deposits were at $41,738,448, down 0.3 percent from the previous year. The decrease in assets and deposits are the bank's conscious efforts to let higher priced out-of-state out-of-state adj. Of, relating to, or being from another state. jumbo Certificates of Deposits run off. The Bank ended the second quarter with $19.7 million in secured credit card receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , which was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. the same compared to the same period last year; while the construction loan portfolio of $8.4 million showed a decline of 8.9 percent compared to the same period last year, due to a slow housing start in the current second quarter. To date, the bank has not suffered any losses from its secured credit card and construction lending operations. As of the end of the second quarter of operations, classified non-performing assets totaled only 0.35 percent of total assets. -0-
AMERICAN PACIFIC BANK
Quarter Ended Quarter Ended
6/30/95 6/30/94
$ $
Total Assets 44,589,983 46,205,413 Total Deposits 41,738,448 41,866,138 Total Loans (after Loan Loss) 30,993,159 32,149,490 Total Equity 2,851,534 3,738,008 Average No. of shares 3,410,187 3,249,854 Interest Income 956,543 916,448 Interest Expense 480,332 405,646 Provision for Loan Loss (14,205) 59,816 Net Interest Income 490,416 450,986 Other Income 125,306 113,910 Other Expenses 523,141 510,423 Net Income before tax 92,581 54,473 Estimated Tax Expense 38,960 0 Net Income after tax 53,621 54,473 Per Share Data: Earnings Per Share $ 0.027 $ 0.017 CONTACT: American Pacific Bank, Portland David Christianson Christianson, as a person, may refer to:
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