2010 financial and 4th quarter results announced by American perspective bank
The 4th quarter results and financial results of the previous year until 31st of December 2010 were announced by American Perspective Bank Today. The net income during the 4th quarter stood at 165,000 dollars which means a 0.04 dollar earning per share. The net income during the same period a year ago was 241,000 dollars which was 2 cents more earning per share. The net income in the previous quarter of this year though, was only 24,000 dollars which equalled to 0.01 dollars earning per share. The total net income for 2010 stood at 478,000 dollars which represented a 0.01 dollar earning per share. This paints a better picture in comparison to the massive loss of 1.7 million dollars a year ago that equalled about 0.40 dollars per share.
Record level of net loans, assets and even deposits were reported in the bank. The assets rose from 203.0 million dollars to 228.9 million dollars, mainly due to an increase in the amount of deposits. There was a decent increase in the net loans from 137.4 million dollars to 164.5 million dollars. This is also on the back of the efforts of the bank to attract clients from other competitors. The cash equivalents have decreased by almost 2.5 million dollars in a year’s time dropping from 4.9 million dollars. This has been a constant effort on the part of the bank to reduce excess cash equivalents after very low yields were available for such assets in the current market.
Instead of that the bank has turned most of its liquidity into the securities portfolio with the total liquidity also being supported by the capacity of the bank to borrow from the Federal Home Loan Bank of San Francisco and various other counterparties. The securities up for sale have dropped from 56 to 52.6 million dollars in a year’s time. There was purchase of collateralized mortgage obligations as opposed to sale of mortgage backed securities. There was reallocation of asset duration from securities to loans including loans for income property with fixed interest rates across period of 2 to 5 years.
The mortgage backed securities declined massive from 51.2 million dollars to 17.5 million dollars due to the combination of security sales and principal payments month after month. In fact floating rate trenches are what comprised entirely of mortgage obligations with margin over LIBOR index for 1 month.
