Alaska Pacific Announces Results for First 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 $100,000, or $.16 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 first quarter of 2005, compared with $165,000 ($.26 per share) in the previous quarter and $171,000 ($.27 per share) in the first quarter of 2004. Income for last year's first quarter was boosted by an unusual recovery of $105,000 ($63,000 net of tax) of interest and expenses as a result of a government loan guarantee. Loans (excluding loans held for sale) were $141.7 million at the end of the first quarter, an increase of $3.2 million (2.3%) from the previous quarter and an increase of $8.3 million (6.2%) from a year ago. Total deposits were $133.1 million, a seasonal decline of 3.4% from last quarter. Total deposits similarly declined 3.4% from a year ago, but the decrease was primarily in certificates of deposit, which had been priced less aggressively to help reduce the Bank's excess liquidity. Net interest income for the quarter was $71,000 (3.9%) higher than the first quarter of 2004, but was lower than the fourth quarter of 2004 by $53,000 (2.7%). Fourth quarter net interest income was augmented by loans temporarily held pending sale to participating agencies. Despite the lower 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 in the first quarter compared with the fourth quarter, the net interest margin on total assets increased slightly to 4.68% in the first quarter from 4.65% in the fourth quarter, and compares with 4.46% in the first quarter of 2004. Nonperforming loans at March 31, 2005 were $1.4 million, compared with $1.5 million at the end of the year and $681,000 at March 31, 2004. The provision for loan losses for the first quarter was $30,000 compared with $60,000 in the fourth quarter and $75,000 in the first quarter of 2004. The lower provision was required primarily due to slower growth in loans. Total noninterest expense of $1.9 million in the first quarter of 2005 was nearly unchanged from the previous quarter and increased 5.3% from the first quarter of 2004 (excluding net expense and recoveries on repossessed properties). 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, a 14% increase from previous quarters. The dividend is payable May 13, 2005, to shareholders of record as of May 2, 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)
First Quarter 2005
(dollars in thousands, except per-share amounts)
Three Months Ended
----------------------------------
March 31, December 31, March 31,
2005 2004 2004
---------- ------------ ----------
Condensed Income Statement:
Interest income $ 2,314 $ 2,362 $ 2,223
Interest expense (422) (417) (402)
--------- ----------- ---------
Net interest income 1,892 1,945 1,821
Provision for loan losses (30) (60) (75)
Gain on sale of mortgage loans 29 95 56
Other noninterest income 230 240 239
Repossessed property recoveries
(expenses), net (10) (4) 90
Other noninterest expense (1,944) (1,941) (1,846)
--------- ----------- ---------
Net income before income tax 167 275 285
Income tax expense (67) (110) (114)
--------- ----------- ---------
Net income $ 100 $ 165 $ 171
========= =========== =========
Earnings per share:
Basic $ .16 $ .27 $ .29
Diluted .16 .26 .27
Performance Ratios:
Return on average equity 2.50% 4.16% 4.46%
Return on average assets 0.25 0.39 0.42
Yield on average earning assets 6.07 6.01 5.80
Cost of average interest-bearing
liabilities 1.38 1.32 1.27
Interest rate spread 4.69 4.69 4.52
Net interest margin on:
Average earning assets 4.96 4.95 4.75
Average total assets 4.68 4.65 4.46
Efficiency ratio (a) 92.08 89.02 85.24
Average balances:
Loans $ 139,989 $ 144,250 $ 131,591
Earning assets 152,491 157,267 153,399
Assets 161,692 167,406 163,157
Interest-bearing deposits 113,561 116,212 117,267
Total deposits 134,611 140,023 136,873
Interest-bearing liabilities 122,470 126,205 126,340
Shareholders' equity 16,024 15,882 15,350
Average shares outstanding:
Basic 607,364 600,818 595,262
Diluted 639,917 633,988 635,262
March 31, December 31, March 31,
2005 2004 2004
----------- ------------ -----------
Balance sheet data:
Total assets $ 162,051 $ 163,786 $ 164,248
Loans, before allowance 141,654 138,433 133,400
Loans held for sale 427 1,137 2,069
Investment securities 7,225 7,897 10,614
Total deposits 133,066 137,784 137,831
Federal Home Loan Bank advances 10,912 8,333 8,998
Shareholders' equity 16,045 16,005 15,443
Shares outstanding (b) 627,754 627,754 626,132
Book value per share $ 25.56 $ 25.49 $ 24.66
Asset quality:
Allowance for loan losses $ 1,389 $ 1,380 $ 1,311
Allowance as a percent of loans 0.98% 1.00% 0.98%
Nonaccrual loans $ 1,203 $ 1,473 $ 371
Total nonperforming assets 1,351 1,520 681
Net chargeoffs (recoveries) for
quarter 21 16 (77)
(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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