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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.

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
1. To make known formally or officially. See Synonyms at announce.

2. To state emphatically or authoritatively; affirm.

 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:
 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 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.

 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

(b) Excludes only treasury stock.
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Publication:Business Wire
Date:May 10, 2005
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