Financials

Quarterly Update

 2017 4TH QUARTER

American Plus Bank Operating Results for the period ending December 31, 2017 as reported within the Bank's Call Report are as follows:

  • The Bank posted net income of $1.08 million or $0.31 per share for 4Q2017 compared with net income of $1.34 million or $0.41 per share for 4Q2016.  The decrease is due to a non-cash charge to the Deferred Tax Asset (DTA) of $900,000 or $0.26 per share; otherwise quarterly earnings per share would have been $0.57 or $1.98 million.  The Tax Cuts and Jobs Act signed into law on December 22, 2017 creates a 14-percentage point drop in the federal rate to 21% from 35% in past years beginning in 2018 and correspondingly reduces the value of the DTA. 
  • Year to date net income is $6 million or $1.75 per share as of December 31, 2017, compared with net income of $5.1 million or $1.57 per share as of December 31, 2016.  This is a 17.6% increase in earnings per share over the same period.  Earnings per share for 2017 includes an outstanding share increase of 211,000 shares due to an option exercise during the third quarter of 2017.  Additionally, absent the DTA reduction of $900,000, the year to date earnings would be $6.9 million or $2.01 per share.  
  • Total Assets increased by $28.1 million to $482.8 million, 6.2% growth from $454.7 million at December 31, 2016.  For the quarter, assets declined $12.4 million.
    Loans outstanding increased by $10.5 million to $415.3 million, a 2.6% increase from $404.8 million as of December 31, 2016.  For the quarter, loans decreased by $11.3 million.
  • Deposits increased by $16.1 million to $384.3 million, an 4.4% increase from $368.2 million as of one year ago.  For the quarter, deposits contracted $12.4 million.
  • Total loan loss provisions for 4Q2017 were $0 compared to $260,000 for 3Q2017 due to the lack of loan growth.  The ratio of the allowance for loan losses to total loans stood at 1.46% for December 31, 2017.
  • The bank continues to be categorized as “well-capitalized” under the regulatory guidelines for December 31, 2017, with a common equity tier 1 capital ratio of 13.57%, a tier 1 risk-based capital ratio of 13.57%, total risk-based capital ratio of 14.83%, and tier 1 leverage capital ratio of 12.84%. 
  • The Bank’s year to date ROAA as of December 31, 2017 is 1.27% and ROAE is 10.23%.

American Plus Bank, NA is a full service FDIC insured community bank, headquartered at 630 West Duarte Road, Arcadia, California 91007, with three branch locations including Arcadia, California. The other two branches are located at 17506 Colima Road, Suite 100, Rowland Heights, California 91748 and 171 South Hudson Avenue, Pasadena, California 91101.

 

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