Alaska Pacific Announces Results for Second 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 $156,000, or $.24 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 second quarter of 2005, compared with $100,000 ($.16 per share) in the previous quarter and $196,000 ($.31 per share) in the second quarter of 2004. Loans (excluding loans held for sale) were $144.2 million at the end of the second quarter, an increase of $2.5 million (1.8%) from the previous quarter and an increase of $2.8 million (2.0%) from a year ago. Total deposits were $139.1 million, an increase of 4.5% from last quarter, but $1.0 million (0.7%) less than a year ago. The year-to-year decline is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a $2.4 million (6.6%) decrease in certificates of deposit, which have been priced less aggressively during the past year to help reduce the Bank's excess liquidity. 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: increased to $105.5 million at June June: see month. 30, compared with $99.2 million last quarter and $101.1 million a year ago. Net interest income for the quarter was $1.949 million, an increase of 3.0% over the previous quarter and 4.7% over the second quarter of 2004. The net interest margin on total assets increased to 4.80% in the second quarter from 4.68% in the first quarter and 4.51% in the second quarter of 2004. Nonperforming loans at June 30, 2005 were $1.4 million, unchanged from March 31, but increased from $101,000 a year ago. The provision for loan losses for the second quarter was $30,000, unchanged from March 31, but lower than the $75,000 for the second quarter of 2004. Total noninterest expense (excluding net expenses and recoveries on repossessed properties) of $1.9 million in the second quarter of 2005 was nearly unchanged from the previous quarter and increased 5.2% from the second quarter of 2004. 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, payable August 12, 2005, to shareholders of record as of August 1, 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)
Second Quarter 2005
(dollars in thousands, except per-share amounts)
Three Months Ended
-----------------------------
June 30, March 31, June 30,
2005 2005 2004
--------- --------- ---------
Condensed Income Statement:
Interest income $ 2,410 $ 2,314 $ 2,259
Interest expense (461) (422) (397)
-------- -------- --------
Net interest income 1,949 1,892 1,862
Provision for loan losses (30) (30) (75)
Gain on sale of mortgage loans 16 29 112
Other noninterest income 258 230 287
Repossessed property recoveries
(expenses), net (4) (10) (26)
Other noninterest expense (1,929) (1,944) (1,833)
-------- -------- --------
Net income before income tax 260 167 327
Income tax expense (104) (67) (131)
-------- -------- --------
Net income $ 156 $ 100 $ 196
======== ======== ========
Earnings per share:
Basic $ .26 $ .16 $ .33
Diluted .24 .16 .31
Performance Ratios:
Return on average equity 3.87% 2.50% 5.06%
Return on average assets 0.38 0.25 0.48
Yield on average earning assets 6.30 6.07 5.84
Cost of average interest-bearing
liabilities 1.53 1.38 1.26
Interest rate spread 4.77 4.69 4.58
Net interest margin on:
Average earning assets 5.10 4.96 4.82
Average total assets 4.80 4.68 4.51
Efficiency ratio (a) 87.58 92.08 86.51
Average balances:
Loans $141,903 $139,989 $136,610
Earning assets 152,949 152,491 154,607
Assets 162,409 161,692 165,027
Interest-bearing deposits 111,628 113,561 117,165
Total deposits 134,914 134,611 138,084
Interest-bearing liabilities 120,440 122,470 126,016
Shareholders' equity 16,124 16,024 15,496
Average shares outstanding:
Basic 608,665 607,364 596,594
Diluted 638,370 639,917 630,110
June 30, March 31, June 30,
2005 2005 2004
-------- -------- --------
Balance sheet data:
Total assets $166,030 $162,051 $166,985
Loans, before allowance 144,169 141,654 141,398
Loans held for sale 204 427 442
Investment securities 8,638 7,225 9,342
Total deposits 139,077 133,066 140,016
Federal Home Loan Bank advances 8,090 10,912 8,776
Shareholders' equity 16,205 16,045 15,550
Shares outstanding (b) 627,754 627,754 626,132
Book value per share $ 25.81 $ 25.56 $ 24.83
Asset quality:
Allowance for loan losses $ 1,419 $ 1,389 $ 1,284
Allowance as a percent of loans 0.98% 0.98% 0.91%
Nonaccrual loans $ 1,192 $ 1,203 $ 101
Total nonperforming assets 1,340 1,351 101
Net chargeoffs for quarter - 21 102
(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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