American Pacific Second Quarter Income More Than Doubled.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)--Aug. 1, 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) ) again announces the results of operations for the three months ended June June: see month. 30, 2002. The previous release dated July July: see month. 24th, 2002 had incorrectly in·cor·rect adj. 1. Not correct; erroneous or wrong: an incorrect answer. 2. Defective; faulty: incorrect programming of the computer. 3. identified the amount in the current period of its net interest income after the loan loss provision. Net income was not affected.
3 mos. 3 mos. 6 mos. Ended 6 mos. Ended
Ended 6/30/02 Ended 6/30/01 6/30/02 6/30/01
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Net Income $339,753 or $155,008 or $554,797 or $226,527 or
Earnings Per $0.23 per $0.11 per $0.37 per $0.15 per
Share share share share share
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Net Interest
Income after
loan loss $1,128,655 $781,287 $2,147,763 $1,594,452
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Total Assets $87,712,805 $79,416,292
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Total Loans $79,897,102 $60,896,425
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Total
Deposits $68,883,510 $66,826,868
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Net earnings after taxes for the second quarter of 2002 came to $339,753 or $0.23 per share, as compared to $155,008 or $0.11 per share, reported for the same quarter last year, an increase of $184,745 or 119.2%. Net earnings after taxes for the six months ended June 2002 came to $554,797 or $0.37 per share, as compared to $226,527 or $0.15 per share, reported for the same period last year, an increase of $328,270 or 144.9%. Net interest income after loan loss for the second quarter ended 06/30/02 were $1,128,655 as compared to $781,287 for the same quarter last year, an increase of 44.5%. 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. Mr. 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 an excellent quarter due to its excellent asset quality and continued strong demand for construction and commercial real estate loans." The Bank increased the asset size from $79 million as of June 30, 2001 to $87 million as of June 30, 2002, an increase of $8 million or 10.1%. Total loans increased from $61 million in June 2001 to $80 million in June 2002, an increase of more than $19 million or 31.2%. Deposits grew from $67 million in June 2001 to almost $69 million in June 2002, an increase of $2 million or 3.1%. The Bank continues to be well-capitalized with the leverage ratio at 8.40% 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 10.19%. The book value of the Bank's stock as of June 30, 2002 was at $4.96 as compared to June 2001 book value of $4.40 per share. Mr. Chen added, "2002 will be an exciting year for the Bank. The Bank is on track to achieve an unprecedented 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 1.30% and Return on Equity of more than 15%."
SELECTED FINANCIAL INFORMATION
Comparison between the Quarter ended June 30, Qtr Qtr
2002 and June 30, 2001 -- $ In Thousands 6/30/02 6/30/01
Unaudited Unaudited
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Shareholders' Equity 7,370 6,463
Average Shareholders' Equity (YTD) 7,114 6,317
Total Shares Outstanding 1,485,877 1,467,704
Capital Adequacy
----------------
Tier 1 Capital Leverage 8.40% 8.05%
Total Risk-based Capital 10.19% 11.16%
Asset Quality
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Construction Loans 12,970 11,895
Commercial Real Estate Loans 57,005 36,403
Residential Permanent 4,154 6,624
Residential Held for Sale 788 1,348
Credit Card Loans 2,382 2,468
Commercial Loans 3,307 2,442
Consumer Loans 172 192
Non Accruals --- 304
Overdrafts 107 3
Allowance for Loan Losses (822) (622)
Deferred Loan Fees (166) (160)
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Total Loan 79,897 60,897
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Past-Due Accruing Loans/Total Loans 0.79% 0.58%
Non Accrual Loans/Total Loans 0.00% 0.49%
Past Due & Non Accrual Loans/Total Loans 0.79% 1.07%
Adversely Classified Loans/Total Loans 0.98% 0.61%
Loan Loss Reserves/Total Loans 1.02% 1.01%
Adversely Classified Assets/Total Capital &
Reserves 13.90% 6.09%
Adversely Classified Assets/Total Assets 1.30% 0.54%
Non-Performing Assets/Total Assets 0.39% 0.45%
Bank Earnings
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(ANNUALIZED)
Net Income/Avg Assets (YTD) 1.31% 0.56%
Net Interest Income/Avg Assets (YTD) 5.53% 4.33%
Efficiency Ratio 60.67% 80.37%
Growth Rates
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Assets 15.79% 1.00%
Net Loans & Leases 13.28% (15.30)%
Deposits 19.64% 5.45%
Loan-to-Deposit Ratio 116% 91%
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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