Bank of Astoria Announces First Quarter 2001 Earnings

Apr 24, 2001, 01:00 ET from Bank of Astoria

    ASTORIA, Oregon, April 24 /PRNewswire Interactive News Release/ -- Bank of
 Astoria (OTC Bulletin Board:   BKAO) reported first quarter earnings of
 $492,000, or $.21 per share.  This represents a $24,000 or 4.65% decrease from
 the $516,000 or $.22 per share earned during the same period a year ago.
 Return on average assets (ROA) and return on average equity (ROE) for the
 quarter were 1.64% and 16.51%, respectively.  This compares to a ROA of
 1.84% and a ROE of 19.34% for the quarter ended March 31, 2000.
     The Bank's 2001 first quarter results include approximately $25,000 of
 expenses associated with the upcoming opening of the new Manzanita Branch.  In
 addition, the Bank's net interest margin, which was 6.19% for the quarter
 ended March 31, 2000, decreased 8.27% to 5.65% for the same period in 2001.
 The reduction in net interest margin was primarily due to the recent Federal
 Reserve rate cuts as well as an increase in the Bank's nonaccrual loans.
     The Bank continues to experience steady growth in both loans and deposits.
 Net loans increased 13.86% from $76,581,000 at March 31, 2000 to
 $87,188,000 at March 31, 2001.  Deposits, which totaled $97,883,000 at
 March 31, 2000, increased 9.82% to $107,494,000 at March 31, 2001. Total
 assets at quarter-end reached $120,692,000, a 6.31% increase compared to
 March 31, 2000 assets of $113,528,000.
     Bank of Astoria, which is headquartered in Astoria, Oregon, operates four
 branches in Clatsop County:  Astoria, Warrenton, Seaside, and Cannon Beach.
 The Bank is also building a branch in Manzanita which is scheduled to open in
 May 2001.  Bank of Astoria was chartered in 1967 by the State of Oregon and is
 a federally-insured commercial bank.  The Bank specializes in small business
 financial services.
     Bank of Astoria stock is traded over the counter under the symbol "BKAO."
 The Bank's stock is listed in The Oregonian under "Northwest Stocks - Less
 Active."  The market price of Bank of Astoria stock as of April 23, 2000 was
 $9.90 per share.
 
                                Bank of Astoria
                    (in thousands, except per share amounts)
 
     At March 31,                                      2001            2000
     Total assets                                    $120,692       $113,528
     Total loans (net of allowance)                    87,188         76,581
     Total deposits                                   107,494         97,883
     Total stockholders' equity                        12,222         10,902
     Allowance for loan losses                            929            674
     Non performing assets                              1,132            850
     Net loan charge-offs for the year                      2            (1)
 
     Average assets for the quarter                   120,333        112,317
     Average stockholder's equity for the quarter      11,918         10,670
 
 
     Quarter ended March 31,                           2001            2000
     Interest Income                                   $2,568         $2,419
     Interest expense                                     962            786
     Interest margin                                    1,606          1,633
     Provision for loan losses                             30             31
     Noninterest income                                   176            173
     Noninterest expense                                  974          1,037
     Income before income taxes                           778            738
     Net income                                           492            516
 
     Net income per share                               $0.21          $0.22
 
     Return on average assets                           1.64%          1.84%
     Return on average equity                          16.51%         19.34%
 
     Net interest margin                                5.65%          6.19%
     Efficiency ratio                                  53.49%         55.85%
 
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SOURCE Bank of Astoria
    ASTORIA, Oregon, April 24 /PRNewswire Interactive News Release/ -- Bank of
 Astoria (OTC Bulletin Board:   BKAO) reported first quarter earnings of
 $492,000, or $.21 per share.  This represents a $24,000 or 4.65% decrease from
 the $516,000 or $.22 per share earned during the same period a year ago.
 Return on average assets (ROA) and return on average equity (ROE) for the
 quarter were 1.64% and 16.51%, respectively.  This compares to a ROA of
 1.84% and a ROE of 19.34% for the quarter ended March 31, 2000.
     The Bank's 2001 first quarter results include approximately $25,000 of
 expenses associated with the upcoming opening of the new Manzanita Branch.  In
 addition, the Bank's net interest margin, which was 6.19% for the quarter
 ended March 31, 2000, decreased 8.27% to 5.65% for the same period in 2001.
 The reduction in net interest margin was primarily due to the recent Federal
 Reserve rate cuts as well as an increase in the Bank's nonaccrual loans.
     The Bank continues to experience steady growth in both loans and deposits.
 Net loans increased 13.86% from $76,581,000 at March 31, 2000 to
 $87,188,000 at March 31, 2001.  Deposits, which totaled $97,883,000 at
 March 31, 2000, increased 9.82% to $107,494,000 at March 31, 2001. Total
 assets at quarter-end reached $120,692,000, a 6.31% increase compared to
 March 31, 2000 assets of $113,528,000.
     Bank of Astoria, which is headquartered in Astoria, Oregon, operates four
 branches in Clatsop County:  Astoria, Warrenton, Seaside, and Cannon Beach.
 The Bank is also building a branch in Manzanita which is scheduled to open in
 May 2001.  Bank of Astoria was chartered in 1967 by the State of Oregon and is
 a federally-insured commercial bank.  The Bank specializes in small business
 financial services.
     Bank of Astoria stock is traded over the counter under the symbol "BKAO."
 The Bank's stock is listed in The Oregonian under "Northwest Stocks - Less
 Active."  The market price of Bank of Astoria stock as of April 23, 2000 was
 $9.90 per share.
 
                                Bank of Astoria
                    (in thousands, except per share amounts)
 
     At March 31,                                      2001            2000
     Total assets                                    $120,692       $113,528
     Total loans (net of allowance)                    87,188         76,581
     Total deposits                                   107,494         97,883
     Total stockholders' equity                        12,222         10,902
     Allowance for loan losses                            929            674
     Non performing assets                              1,132            850
     Net loan charge-offs for the year                      2            (1)
 
     Average assets for the quarter                   120,333        112,317
     Average stockholder's equity for the quarter      11,918         10,670
 
 
     Quarter ended March 31,                           2001            2000
     Interest Income                                   $2,568         $2,419
     Interest expense                                     962            786
     Interest margin                                    1,606          1,633
     Provision for loan losses                             30             31
     Noninterest income                                   176            173
     Noninterest expense                                  974          1,037
     Income before income taxes                           778            738
     Net income                                           492            516
 
     Net income per share                               $0.21          $0.22
 
     Return on average assets                           1.64%          1.84%
     Return on average equity                          16.51%         19.34%
 
     Net interest margin                                5.65%          6.19%
     Efficiency ratio                                  53.49%         55.85%
 
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 SOURCE  Bank of Astoria