Alaska Pacific Announces Record Earnings for Third Quarter.JUNEAU, Alaska “Juneau” redirects here. For other uses, see Juneau (disambiguation). The City and Borough of Juneau (pronounced [ˈdʒu. -- Alaska Pacific Bancshares, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AKPB), the parent company of Alaska Pacific Bank, announced third quarter 2006 net income of $319,000, or $.49 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, a record high for any single quarter. This compares with $208,000 ($.32 per diluted share) in the second quarter. In 2005, third-quarter net income was $245,000 ($.38 per diluted share). Net interest income increased $34,000 (1.6%) to $2.1 million in the third quarter compared to the third quarter of 2005, reflecting a moderate 2.6% increase in average loans, partially offset by a gradually declining interest rate spread in the flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. yield curve environment. The net interest margin on average earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin was a respectable 5.06% for the third quarter, but down from 5.17% a year ago. Loans (excluding loans held for sale) were $151.8 million at September 30, 2006, a decrease of 1.3% from last quarter and a 1.5% decrease from a year ago. The net decrease in loans was largely due to higher-than-normal prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. . Deposits at September 30, 2006 were $153.8 million, a $13 million (9.2%) increase from last quarter, including a $5.6 million increase in certificates of deposit. Total nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. at September 30, 2006 were $1.3 million, compared with $1.4 million last quarter. There were no loan chargeoffs for the quarter compared with $17,000 last quarter. The provision for loan losses for the third quarter was $55,000, down from $75,000 in the second quarter. Noninterest income for the third quarter, excluding gains on sale of loans, was $288,000, an increase of 8.7% from last quarter, but a 3.0% decrease from a year ago. Gains on sale of loans in the third quarter increased to $59,000 compared with $9,000 a year ago, a result of improved mortgage production and an increase in the portion sold in the secondary market. Noninterest expense for the third quarter was $74,000 (3.8%) lower than a year ago. The net decrease is due to savings resulting from closing the two offices during the first quarter of 2006, partially offset by normal increases in expenses. As previously announced, the Company declared a regular quarterly dividend of $.09 per share, payable November 21, 2006, to shareholders of record as of November 7, 2006. 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 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 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 Alaska, the real estate market, competitive conditions between banks and non-bank financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. providers, regulatory changes, and other risks detailed in the Company's reports filed with the Securities and Exchange Commission. [TABLE OMITTED] |
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