Alaska Pacific Announces Second Quarter Earnings.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 second quarter 2006 net income of $208,000, or $.32 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. This compares with $125,000 ($.19 per share) in the first quarter, which was reduced by a $68,000 after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge for the costs of closing its two smallest offices in January January: see month. . In 2005, second-quarter net income was $157,000 ($.24 per share). The Bank closed its two smallest offices in Hoonah and Yakutat Yakutat: see Tlingit. , Alaska in order to eliminate most of the approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $350,000 annual expense of operating the facilities. At present, no other financial institution has a facility in either of these small communities, each with a population less than 1,000. The Bank continues to serve its customers in Hoonah and Yakutat through remote services, including on-line banking. Net interest income increased $113,000 (5.8%) to $2.1 million in the second quarter compared to the second quarter of 2005, primarily due to growth in the loan portfolio. Average loans increased $12.8 million (9.0%) to $154.7 million in the second quarter, compared with $141.9 million in the second quarter of 2005. 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 was 5.02% for the second quarter compared with 5.10% a year ago. Loans (excluding loans held for sale) were $153.8 million at June June: see month. 30, 2006, an increase of 5.8% from a year ago and a small increase from last quarter. Deposits at June 30, 2006 were $140.8 million, a $1.8 million (1.3%) increase from a year ago, and an increase of $0.7 million (0.5%) from last quarter. 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 June 30, 2006 were $1.4 million, compared with $1.5 million last quarter. Net loan chargeoffs for the quarter were unchanged from last quarter at $17,000. The provision for loan losses was also unchanged from last quarter at $75,000. Noninterest income for the second quarter, excluding gains on sale of loans, was $265,000, an increase of 2.7% from a year ago, and a 5.6% increase from last quarter. Noninterest expense for the second quarter was $1.9 million, approximately unchanged from a year ago. Normal increases in compensation and benefits and other expenses were approximately offset by the savings resulting from closing the two offices during the first quarter. 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 $.09 per share, payable August 11, 2006, to shareholders of record as of August 1, 2006. 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 2006
(dollars in thousands, except per-share amounts)
Three Months Ended
---------------------------
June 30, March 31, June 30,
2006 2006 2005
---------------------------
Condensed Income Statement:
Interest income $2,875 $2,798 $2,412
Interest expense (812) (737) (462)
---------------------------
Net interest income 2,063 2,061 1,950
Provision for loan losses (75) (75) (30)
Gain on sale of mortgage loans 27 53 16
Other noninterest income 265 251 258
Branch closure costs - (113) -
Other noninterest expense (1,934) (1,968) (1,932)
---------------------------
Net income before income tax 346 209 262
Income tax expense (138) (84) (105)
---------------------------
Net income $208 $125 $157
===========================
Earnings per share:
Basic $.34 $.20 $.26
Diluted .32 .19 .24
Performance Ratios:
Return on average equity 4.95% 3.00% 3.87%
Return on average assets 0.48 0.29 0.38
Yield on average earning assets 7.01 6.81 6.30
Cost of average interest-bearing
liabilities 2.48 2.23 1.53
Interest rate spread 4.53 4.58 4.77
Net interest margin on:
Average earning assets 5.03 5.02 5.10
Average total assets 4.75 4.76 4.80
Efficiency ratio (a) 78.22 85.12 87.58
Average balances:
Loans $154,674 $154,280 $141,903
Earning assets 164,071 164,230 152,949
Assets 173,706 173,095 162,409
Interest-bearing deposits 114,016 118,122 111,628
Total deposits 137,168 140,054 134,914
Interest-bearing liabilities 130,948 132,106 120,440
Shareholders' equity 16,809 16,669 16,124
Average shares outstanding:
Basic 620,392 614,942 608,665
Diluted 649,873 645,191 638,370
June 30, March 31,June 30,
2006 2006 2005
---------------------------
Balance sheet data:
Total assets $174,469 $171,628 $166,030
Loans, before allowance 153,781 153,630 144,169
Loans held for sale 465 140 204
Investment securities 6,132 6,766 8,638
Total deposits 140,847 140,112 139,077
Federal Home Loan Bank advances 13,605 12,526 8,090
Shareholders' equity 16,918 16,700 16,205
Shares outstanding (b) 638,654 628,254 627,754
Book value per share $26.49 $26.58 $25.81
Asset quality:
Allowance for loan losses $1,565 $1,506 $1,419
Allowance as a percent of loans 1.02% 0.98% 0.98%
Nonaccrual loans $1,408 $1,392 $1,192
Total nonperforming assets 1,408 1,477 1,340
Net chargeoffs (recoveries) for quarter 17 17 -
(a) Noninterest expense, excluding branch closure costs, 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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