Alaska Pacific Announces Improved Earnings for Third Quarter.JUNEAU, Alaska “Juneau” redirects here. For other uses, see Juneau (disambiguation). The City and Borough of Juneau (pronounced [ˈdʒu. -- Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States Pacific Bancshares, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AKPB), the parent company of Alaska Pacific Bank, announced net income of $245,000, or $.38 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the third quarter of 2005, a 57% increase compared with $156,000 ($.24 per share) in the previous quarter and a 39% increase compared with $176,000 ($.28 per share) in the third quarter of 2004. Loans (excluding loans held for sale) were $154.2 million at the end of the third quarter, an increase of $10.0 million (6.9%) from the previous quarter, and an increase of $17.5 million (12.8%) from a year ago. Total deposits were $145.0 million, an increase of 4.3% from last quarter, but $1.6 million (1.1%) less than a year ago. Net interest income for the quarter was $2.1 million, an increase of 7.3% over the previous quarter and 7.4% over the third quarter of 2004. The net interest margin on total assets increased to 4.86% in the third quarter from 4.80% in the second quarter and 4.55% in the third quarter of 2004. Total noninterest expense of $1.9 million in the third quarter of 2005 was nearly unchanged from the previous quarter and increased 5.3% from the third quarter of 2004. Alaska Pacific Bank recently announced its intention to close two banking offices in Hoonah and Yakutat Yakutat: see Tlingit. , Alaska, by the end of January January: see month. 2006. The two offices have combined direct annual expenses of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $350,000 per year. Nonperforming loans at September September: see month. 30, 2005 were $1.3 million compared with $1.2 million at June June: see month. 30, 2005, and $1.1 million a year ago. The provision for loan losses for the third quarter was $30,000, unchanged from June 30, but lower than the $150,000 for the third quarter of 2004. As previously announced, the Company declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend of $.08 per share, payable November November: see month. 14, 2005, to shareholders of record as of November 1, 2005. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain matters in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived per·ceive tr.v. per·ceived, per·ceiv·ing, per·ceives 1. To become aware of directly through any of the senses, especially sight or hearing. 2. To achieve understanding of; apprehend. opportunities in the market, potential future credit experience, and statements regarding the Company's mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company's actual results, performance, or achievements may differ materially from those suggested, expressed, or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by forward-looking statements due to a wide range of factors including, but not limited to, the general business environment, interest rates, the economy in Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: Please [ improve this article] or discuss the issue on the talk page. providers, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes, and other risks detailed in the Company's reports filed with the Securities and Exchange Commission.
Alaska Pacific Bancshares, Inc.
Financial Highlights (Unaudited)
Third Quarter 2005
(dollars in thousands, except per-share amounts)
Three Months Ended
---------------------------------------
September 30, June 30, September 30,
2005 2005 2004
---------------------------------------
Condensed Income Statement:
Interest income $ 2,623 $ 2,410 $ 2,357
Interest expense (531) (461) (409)
------------ ------------ ------------
Net interest income 2,092 1,949 1,948
Provision for loan losses (30) (30) (150)
Gain on sale of mortgage loans 9 16 60
Other noninterest income 297 258 297
Other noninterest expense (1,960) (1,933) (1,862)
------------ ------------ ------------
Net income before income tax 408 260 293
Income tax expense (163) (104) (117)
------------ ------------ ------------
Net income $ 245 $ 156 $ 176
============ ============ ============
Earnings per share:
Basic $ .40 $ .26 $ .29
Diluted .38 .24 .28
Performance Ratios:
Return on average equity 6.02% 3.87% 4.50%
Return on average assets 0.57 0.38 0.41
Yield on average earning
assets 6.48 6.30 5.88
Cost of average interest-
bearing liabilities 1.71 1.53 1.28
Interest rate spread 4.77 4.77 4.60
Net interest margin on:
Average earning assets 5.17 5.10 4.86
Average total assets 4.86 4.80 4.55
Efficiency ratio (a) 82.04 87.58 82.94
Average balances:
Loans $ 149,689 $ 141,903 $ 144,341
Earning assets 162,013 152,949 160,395
Assets 172,160 162,409 171,287
Interest-bearing deposits 113,978 111,628 118,767
Total deposits 142,280 134,914 143,848
Interest-bearing liabilities 124,514 120,440 127,759
Shareholders' equity 16,289 16,124 15,654
Average shares outstanding:
Basic 609,531 608,665 598,706
Diluted 638,885 638,370 631,042
September 30, June 30, September 30,
2005 2005 2004
------------- ------------ ------------
Balance sheet data:
Total assets $ 176,835 $ 166,030 $ 177,450
Loans, before allowance 154,174 144,169 136,643
Loans held for sale 75 204 14,687
Investment securities 8,336 8,638 8,610
Total deposits 145,011 139,077 146,632
Federal Home Loan Bank
advances 14,069 8,090 14,105
Shareholders' equity 16,375 16,205 15,761
Shares outstanding (b) 627,754 627,754 627,754
Book value per share $ 26.08 $ 25.81 $ 25.11
Asset quality:
Allowance for loan losses $ 1,416 $ 1,419 $ 1,336
Allowance as a percent of
loans 0.92% 0.98% 0.99%
Nonaccrual loans $ 1,288 $ 1,192 $ 1,117
Total nonperforming assets 1,389 1,340 1,117
Net chargeoffs for quarter 33 - 98
(a) Noninterest expense divided by the sum of net interest income and
noninterest income, excluding gains on sale of loans or
securities.
(b) Excludes only treasury stock.
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