American Pacific Reports Stronger Key Financial Ratios.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)--April 23, 2002 David Chen, President and Chief Executive Officer 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:AMPB AMPB Amphotericin B AMPB Association of Micro-Power Broadcasters (Berkeley, CA) ) today highlighted key financial ratios and data that resulted in the Bank's stronger earnings in the first quarter ended March 31, 2002. At the end of first quarter, there were no non-accrual loans and the adversely classified assets as a percentage of total assets continued to be low at 0.51%. Mr. Chen stated, "Our Bank's excellent credit quality resulted in progressively higher earnings. We are confident that 2002 will be another profitable year for the Bank." The following are the highlights and comparison between the first quarter of fiscal 2002 compared to the first quarter of fiscal 2001:
Comparison between the Quarter ended March 31, 2002 and March 31, 2001
Selected financial data;
Dollar amounts in thousands except per share amounts
Qtr 3/31/02 Qtr 3/31/01
Unaudited Audited
Total interest income 1,778 1,995
Total interest expense 574 1,105
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Net interest income 1,204 890
Non-Interest Income 100 136
Overheads 826 843
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Earnings before Reserves & Taxes 478 183
Provision for Loan Reserves 131 20
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Net Income after Loan Reserves 347 163
Provision for Taxes 132 92
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Net Income after reserves and taxes 215 71
Net Income/(loss) per share (Ending) $0.14 $0.05
Return on Average Assets (Annualized) 1.04% 0.35%
Return on Average Equity (Annualized) 12.37% 4.57%
Gross Assets 84,246 81,096
Average Assets (YTD) 82,768 81,407
Total Deposits 65,828 65,612
Loans (after loan provision &
def fees) 73,811 67,466
Shareholders' Equity 7,026 6,307
Average Shareholders' Equity (YTD) 6,955 6,219
Net Book Value per Share $4.73 $4.30
Total Shares Outstanding 1,485,877 1,467,704
Capital Adequacy
Tier 1 Capital Leverage 8.49% 7.68%
Total Risk-based Capital 10.46% 10.04%
Asset Quality
Construction Loan 11,746 15,489
Commercial Real Estate Loans 51,740 39,383
Residential Permanent 4,914 6,860
Residential Held For Sale 600 1,313
Credit Card Loans 2,349 2,476
Commercial Loans 3,190 2,606
Consumer Loans 225 146
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Total Loan 74,763 68,273
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Loan Loss Reserves 782 634
Past-Due Accruing Loans/Total Loans 0.18% 0.25%
Non Accrual Loans/Total Loans 0.00% 0.45%
Past Due & Non Accrual Loans/Total
Loans 0.18% 0.70%
Adversely Classified
Loans/Total Loans 0.10% 0.56%
Loan Loss Reserves/Total Loans 1.05% 0.93%
Adversely Classified Assets/Total
Capital & Reserves 5.51% 6.31%
Adversely Classified Assets/Total
Assets 0.51% 0.54%
Bank Earnings
(ANNUALIZED)
Net Income /Avg Assets (YTD) 1.04% 0.35%
Net Interest Income/Avg Assets (YTD) 5.82% 4.37%
Efficiency Ratio 63.34% 87.65%
Growth Rates
Assets 11.22% 3.14%
Net Loans & Leases 4.65% -6.16%
Deposits 14.33% 3.57%
Loan to Deposit Ratio 112.13% 102.83%
American Pacific Bank is an 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. State chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission headquartered in Portland, Oregon with additional branches in Wood Village and Aumsville. The Bank also provides full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. online banking and credit card products. |
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