Alaska Pacific Announces Results for 2004 and Fourth 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 near-record net income for 2004 of $708,000, or $1.12 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, an increase of 41% over the $503,000 ($.81 per share) earned in 2003. Net income for the fourth quarter was $165,000, or $.26 per diluted share, compared with $176,000 ($.28 per share) in the third quarter and $117,000 ($.19 per share) in the fourth quarter of 2003. The 2004 increases over 2003 were primarily the result of improving net interest income, with annual increases of 13% for the year and $11% for the quarter. Specifically, net interest income increased $869,000 (13%) for the year 2004 compared to 2003, as a result of growth in the loan portfolio and an improvement in the mix of both assets and liabilities. Average loans, including loans held for sale, increased more than 26% to $139.2 million, while investment securities and other lower-yielding assets decreased. On the liability side of the balance sheet, while total average deposits increased 5.3%, that increase was net of a 5.5% decrease in average certificates of deposit and a 9.6% increase in relatively lower-cost demand and savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: . These factors are reflected in an improved net interest margin on total average assets, which increased to 4.54% for 2004 from 4.20% in 2003. Loans (excluding loans held for sale) were $138.4 million at the end of 2004, an increase of 10.5% from a year ago and 1.3% from last quarter. Production of new loans remained strong throughout the year except for mortgage loans, for which production declined to $30.4 million from $48.7 million in 2003, a 37.6% decrease. 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 December December: see month. 31, 2004 were $1.5 million compared with $616,000 at the end of 2003. This increase is primarily the result of a large restructured loan placed on nonaccrual status until a pattern of payment has been established. Noninterest income, excluding gains on sale of mortgage loans, increased a modest $19,000 (1.8%) in 2004 compared with 2003. After several years of double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in service charge revenue, the rate of growth slowed in 2004, at least partly because of the introduction of free checking accounts. Noninterest expense in 2004 increased $360,000 (5.1%) for the year and $187,000 (10.6%) for the fourth quarter, each in comparison with 2003. The growth in expense was the result of normal cost increases as well as gradual The Gradual (Latin: graduale, sometimes called the Grail) is a chant in the extraordinary form of the Roman Catholic Mass, sung after the reading or singing of the Epistle and before the Alleluia, or, during penitential seasons, before the Tract. increases in staffing for commercial lending and business development. 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 $.07 per share, payable February February: see month. 25, 2005, to shareholders of record as of February 14, 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)
Year and Fourth Quarter 2004
(dollars in thousands, except per-share amounts)
Year Ended
-------------------
Dec. 31, Dec. 31,
2004 2003
--------- ---------
Condensed Income Statement:
Interest income $ 9,201 $ 8,628
Interest expense (1,625) (1,921)
-------- --------
Net interest income 7,576 6,707
Provision for loan losses (360) (195)
Gain on sale of mortgage loans 323 344
Other noninterest income 1,063 1,044
Loss on sale of building - (85)
Other noninterest expense (7,422) (7,062)
-------- --------
Net income before income tax 1,180 838
Income tax (expense) benefit (472) (335)
-------- --------
Net income $ 708 $ 503
======== ========
Earnings per share:
Basic $ 1.18 $ .86
Diluted 1.12 .81
Performance Ratios:
Return on average equity 4.54% 3.34%
Return on average assets 0.42 .32
Yield on average earning assets 5.88 5.79
Cost of average interest-bearing liabilities 1.28 1.55
Interest rate spread 4.60 4.25
Net interest margin on:
Average earning assets 4.84 4.50
Average total assets 4.54 4.20
Efficiency ratio (a) 85.91 91.11
Average balances:
Loans $139,247 $110,125
Earning assets 156,438 148,906
Assets 166,722 159,606
Interest-bearing deposits 117,354 114,580
Total deposits 139,727 132,710
Interest-bearing liabilities 126,583 124,037
Shareholders' equity 15,602 15,039
Average shares outstanding:
Basic 597,845 584,940
Diluted 632,616 620,245
Three Months Ended
-----------------------------
Dec. 31, Sept. 30, Dec. 31,
2004 2004 2003
--------- --------- ---------
Condensed Income Statement:
Interest income $ 2,362 $ 2,357 $ 2,169
Interest expense (417) (409) (417)
-------- -------- --------
Net interest income 1,945 1,948 1,752
Provision for loan losses (60) (150) (60)
Gain on sale of mortgage loans 95 60 23
Other noninterest income 240 297 238
Other noninterest expense (1,945) (1,862) (1,758)
-------- -------- --------
Net income before income tax 275 293 195
Income tax expense (110) (117) (78)
-------- -------- --------
Net income $ 165 $ 176 $ 117
======== ======== ========
Earnings per share:
Basic $ .27 $ .29 $ .20
Diluted .26 .28 $ .19
Performance Ratios:
Return on average equity 4.16% 4.50% 3.08%
Return on average assets 0.39 0.41 0.29
Yield on average earning assets 6.01 5.88 5.68
Cost of average interest-bearing
liabilities 1.32 1.28 1.31
Interest rate spread 4.69 4.60 4.37
Net interest margin on:
Average earning assets 4.95 4.86 4.59
Average total assets 4.65 4.55 4.28
Efficiency ratio (a) 89.02 82.94 88.34
Average balances:
Loans $144,250 $144,341 $121,042
Earning assets 157,267 160,395 152,832
Assets 167,406 171,287 163,671
Interest-bearing deposits 116,212 118,767 117,874
Total deposits 140,023 143,848 137,759
Interest-bearing liabilities 126,205 127,759 127,169
Shareholders' equity 15,882 15,654 15,179
Average shares outstanding:
Basic 600,818 598,706 588,376
Diluted 633,988 631,042 623,864
Dec. 31, Sept. 30, Dec. 31,
2004 2004 2003
-------- -------- --------
Balance sheet data:
Total assets $163,786 $177,450 $164,559
Loans, before allowance 138,433 136,643 125,282
Loans held for sale 1,137 14,687 2,938
Investment securities 7,897 8,610 11,292
Total deposits 137,784 146,632 138,612
Federal Home Loan Bank advances 8,333 14,105 9,219
Shareholders' equity 16,005 15,761 15,257
Shares outstanding (b) 627,754 627,754 626,132
Book value per share $ 25.49 $ 25.11 $ 24.37
Asset quality:
Allowance for loan losses $ 1,380 $ 1,336 $ 1,159
Allowance as a percent of loans 1.00% 0.99% 0.93%
Nonaccrual loans $ 1,473 $ 1,117 $ 313
Total nonperforming assets 1,520 1,117 616
Net chargeoffs (recoveries) for quarter 16 98 2
Net chargeoffs for year 139 188
(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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