American Pacific Bank reports third 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)--Oct. 25, 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 third quarter of operations which ended Sept. 30, 1995. Net earnings for the third quarter before income tax provision were $59,496, or $0.017 per share, as compared to a net income of $50,807, or $0.015 per share, reported for the same period last year. Similarly, the net earnings for the nine months ended Sept. 30, 1995, after taxes came to $135,125, or $0.039 per share, as compared to $160,356 or $0.048 per share. 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 third quarter with $45,731,172 in total assets, up $25,311 from Dec. 31, 1994. Total deposits were at $42,262,209, down $119,727 from Dec. 31, 1994. The decrease in deposits are the results of management's decision to let higher priced out-of-state out-of-state adj. Of, relating to, or being from another state. jumbo Certificates of Deposits matured without renewal. The bank ended the third quarter with $14.5 million in 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 down $5.3 million compared to Dec. 31, 1994. This was due to the sale of $5.1 million in unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. credit card receivables in August 1995. The sale was management's intent to decrease the holdings of unsecured credit card receivables. The construction loan portfolio of $7.9 million showed a decline of 24 percent compared to Dec. 31, 1994, due to faster payoffs in loan payments and disbursements. To date, the bank has not suffered any losses from its secured credit card and construction lending operations. As of the end of the third quarter of operations, classified non-performing assets totaled only 0.35 percent of total assets. -0-
American Pacific Bank
Financial Highlights
For the For the
Fiscal Quarter Ended Nine Months Ended
9-30-95 9-30-94 9-30-95 9-30-94
Income Statistics:
Interest Income 923,250 967,289 2,833,163 2,776,400
Interest Expense 481,794 393,817 1,437,394 1,208,763
Loan Loss 62,000 (22,370) 66,120 (88,186)
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Net Interest Margin 503,456 551,102 1,461,889 1,479,451
Non-Interest Income 142,157 122,785 408,415 448,233
Non-Interest Expense 568,117 616,578 1,678,219 1,760,826
Income Tax 18,000 6,502 56,960 6,502
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Net Income 59,496 50,807 135,125 160,356
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Average Number of Shares 3,411,632 3,297,077 3,411,632 3,297,077 Earnings Per Share 0.0174 0.0154 0.0396 0.0486
Balance Sheet: As of
Sep. 30, 1995 Dec. 31, 1994
Total Assets 45,731,172 45,705,861 Total Loans 26,038,992 33,283,623 Total Deposits 42,262,209 42,381,936 Total Equity 2,907,988 2,754,805 CONTACT: American Pacific Bank, Portland David T. Chen, 503/221-5801 |
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