Alaska Pacific Announces Record Results for Fourth Quarter and Year.Business Editors JUNEAU Juneau (j  `nō), city (1990 pop. 26,751), state capital, SE Alaska, in the Alaska Panhandle; settled by gold miners 1880, inc. 1900. , Alaska--(BUSINESS WIRE)--Feb. 19, 2003
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 $972,000, or $1.61 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 fourth quarter of 2002, and $1,777,000, or $2.98 per diluted share, for the year ended December December: see month. 31, 2002. Both the fourth quarter and the year were increased by the recognition of an income tax benefit of $592,000. For several years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company has had no income tax provision due to net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. carried forward from prior years. Management believes that the benefit of remaining net operating losses at December 31, 2002, are likely to be fully realized, resulting in full recognition of net deferred tax assets in the financial statements. Future periods will now reflect a normal provision for income tax. Both before and after income tax, earnings for both the fourth quarter and the year were at record levels. Income before income tax was $380,000 ($.63 per diluted share) for the fourth quarter of 2002, compared with $346,000 ($.58 per diluted share) for the third quarter of 2002 and $322,000 ($.56 per diluted share) for the fourth quarter of 2001. Income before income tax for the year ended December 31, 2002 was $1,185,000 ($1.99 per diluted share) compared with $460,000 ($.80 per diluted share) for the year ended December 31, 2001. Income for 2001 was net of a third-quarter charge of $135,000 for the costs of closing two unprofitable banking offices of Alaska Pacific Bank. Excluding this charge, net income for the year ended December 31, 2001 would have been $595,000, or $1.04 per diluted share. Net interest income continued strong for 2002, increasing to $6.86 million from $6.14 million in 2001, an 11.7% increase. 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 increased to 4.97% in 2002, compared with 4.52% in 2001. Gains on sale of mortgage loans decreased 11.6% to $329,000 in 2002, compared with $372,000 in 2001. Other noninterest income increased 12.3% to $943,000 in 2002, compared with $840,000 in 2001, due in part to increased emphasis on deposit and other services to small business customers. Noninterest expense increased less than 0.5% to $6.58 million in 2002, compared with $6.55 million in 2001, excluding $135,000 of branch closure costs in 2001. Normal increases in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were offset by savings from closing the two unprofitable offices late in 2001. Total assets were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. unchanged at $154.34 million at the end of 2002, compared with $154.57 million at the end of 2001. Over the same period loans declined 3.5% to $107.27 million from $111.19 million. The net decline was due to rapid mortgage prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. combined with sales of current mortgage production, offset by strong loan demand for both business loans and mortgages. The Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Alaska Pacific Bank, recently announced the appointment of John Robertson John Robertson may refer to: Politicians:
American basketball player. As a guard for the Cincinnati Royals, he became in 1962 the only player in National Basketball Association history to average in double figures in scoring, rebounding, and assists. replaced Patrick Wonser, who retired after a 40-year career in banking. 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 $.06 per share, payable February February: see month. 21, 2003, to shareholders of record as of February 10, 2003. 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)
Fourth Quarter 2002
(dollars in thousands, except per-share amounts)
Three Months Ended
----------------------------------
December September December
31, 30, 31,
2002 2002 2001
----------- ---------- -----------
Condensed Income Statement:
Interest income $2,276 $2,344 $2,583
Interest expense (562) (598) (949)
----------- ---------- -----------
Net interest income 1,714 1,746 1,634
Provision for loan losses (75) (75) (60)
Gain on sale of mortgage loans 197 81 156
Other noninterest income 250 260 216
Other noninterest expense (1,706) (1,666) (1,624)
----------- ---------- -----------
Net income before income tax 380 346 322
Income tax credit 592 - -
----------- ---------- -----------
Net income $972 $346 $322
=========== ========== ===========
Earnings per share:
Basic $1.69 $.60 $.57
Diluted $1.61 $.58 $.56
Performance Ratios:
Return on average equity 26.89% 10.06% 9.98%
Return on average assets 2.56 0.92 0.84
Yield on average earning assets 6.41 6.68 7.17
Cost of average interest-bearing
liabilities 1.87 2.04 3.02
Interest rate spread 4.54 4.65 4.15
Net interest margin on:
Average earning assets 4.82 4.98 4.53
Average total assets 4.51 4.66 4.27
Efficiency ratio (a) 86.86 83.05 87.78
Average balances:
Loans $113,495 $116,674 $114,034
Earning assets 142,117 140,297 144,179
Assets 152,045 149,759 153,185
Deposits 121,392 117,464 125,832
Interest-bearing liabilities 120,315 117,480 125,516
Shareholders' equity 14,460 13,756 12,910
Average shares outstanding:
Basic 574,311 573,000 562,939
Diluted 602,967 600,518 573,928
Year Ended
-------------------
December December
31, 31,
2002 2001
--------- ---------
Condensed Income Statement:
Interest income $9,315 $10,582
Interest expense (2,453) (4,441)
--------- ---------
Net interest income 6,862 6,141
Provision for loan losses (370) (210)
Gain on sale of mortgage loans 329 372
Other noninterest income 943 840
Branch closure costs - (135)
Other noninterest expense (6,579) (6,548)
--------- ---------
Net income before income tax 1,185 460
Income tax credit 592 -
--------- ---------
Net income $1,777 $460
========= =========
Earnings per share:
Basic $3.10 $.82
Diluted $2.98 $.80
Performance Ratios:
Return on average equity 12.93% 3.63%
Return on average assets 1.21 0.32
Yield on average earning assets 6.75 7.78
Cost of average interest-bearing liabilities 2.09 3.74
Interest rate spread 4.66 4.04
Net interest margin on:
Average earning assets 4.97 4.52
Average total assets 4.66 4.23
Efficiency ratio (a) 84.29 95.79
Average balances:
Loans $114,864 $112,030
Earning assets 138,066 136,004
Assets 147,264 145,145
Deposits 116,885 116,802
Interest-bearing liabilities 117,498 118,790
Shareholders' equity 13,748 12,672
Average shares outstanding:
Basic 572,344 560,972
Diluted 596,945 572,310
December September December
31, 30, 31,
2002 2002 2001
--------- --------- ---------
Balance sheet data:
Total assets $154,339 $150,028 $154,572
Loans, net 106,122 113,353 110,253
Total deposits 132,681 129,811 126,309
Federal Home Loan Bank advances 5,000 5,000 13,000
Shareholders' equity 14,967 13,953 12,991
Shares outstanding (b) 623,132 623,132 623,132
Book value per share $24.02 $22.39 $20.85
Asset quality:
Allowance for loan losses $1,152 $1,101 $939
Allowance as a percent of loans 1.07% 0.96% 0.84%
Nonaccrual loans 1,777 $2,144 1,359
Total nonperforming assets 1,966 2,240 1,525
Net chargeoffs (recoveries) for
quarter 24 (2) (2)
Net chargeoffs for year 157 59
(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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