Alaska Pacific Bancshares Announces Third Quarter Earnings.Business/News Editors JUNEAU Juneau (j  `nō), city (1990 pop. 26,751), state capital, SE Alaska, in the Alaska Panhandle; settled by gold miners 1880, inc. 1900. , Alaska--(BUSINESS WIRE)--April 26, 2000
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) announced net income of $30,000, or $.05 per share, for the first quarter of 2000. This compares with $39,000, or $0.06 per share, for the fourth quarter and $53,000 for the first quarter of 1999. Total assets at March 31, 2000, were $119.6 million, a 1.6% decrease from $121.5 million at December December: see month. 31, 1999, and a 7.0% increase from $111.8 million at March 31, 1999. Net loans increased to $89.4 million at March 31, compared to $85.8 million at December 31 and $75.7 million a year ago. Total deposits were $98.3 million at March 31, compared to $102.5 at year end and $99.8 million a year ago. Alaska Pacific has been a shareholder-owned company for just nine months. Prior to consummating its initial public offering on July July: see month. 1, 1999, the company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Alaska Pacific Bank, was a mutual institution. The company raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $5.3 million in the offering. 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 $.05 per share, payable May 18, 2000, to shareholders of record as of May 1, 2000. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. E. Dahl dahl n. 1. See pigeon pea. 2. or dal A thick creamy East Indian stew made with lentils or other legumes, onions, and various spices. , President and Chief Executive Officer, the low level of earnings for the first quarter are in line with the company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. plans for growth through increased market share. "The Bank has the infrastructure - office locations, people, and technology - for a considerably larger bank," said Dahl. "Our strategy is to grow the assets and revenues over the next few years while holding the growth in expenses to a much lower rate. This is made possible by the investments in people and technology that we have implemented during the last six months or so." Dahl also noted that declining levels of customer service among Alaska Pacific's large-bank competitors provide good opportunity for increased business. This view was reinforced by the recently announced takeover To assume control or management of a corporation without necessarily obtaining actual title to it. A takeover bid or tender offer is a proposal made by one company to purchase shares of stock of another company, in order to acquire control thereof. by Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. of its biggest competitor, National Bank of Alaska National Bank of Alaska (originally known as Bank of Alaska) was Alaska's largest financial institution for the latter part of the 20th century. In 2000, it was subsumed into Wells Fargo. Bank of Alaska was founded in 1916 by Andrew Stevenson in Skagway, Alaska. . "We are pleased with the response to our Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking product as well as our increased capacity to serve small businesses," said Dahl. "Alaska Pacific is small, but we are poised to compete effectively in our market." In January January: see month. 2000 the company launched its web site (www.alaskapacificbank.com) and full Internet banking. Alaska Pacific Bancshares, Inc. trades on the Nasdaq Bulletin Board under the symbol "AKPB."
Alaska Pacific Bancshares, Inc.
Financial Highlights (Unaudited)
First Quarter 2000
(dollars in thousands, except per share)
Three Months Ended
-------------------------------------------------------
March 31 December 31 March 31
2000 1999 1999
--------------- --------------- ---------------
Condensed
Income Statement:
Interest income $ 2,253 $ 2,278 $ 1,988
Interest expense (966) (994) (867)
--------------- --------------- ---------------
Net interest income 1,287 1,284 1,121
Provision for
loan losses (15) - (15)
Gain on sale of
mortgage loans 26 9 6
Other noninterest
income 157 158 155
Total noninterest
expense (1,425) (1,412) (1,214)
--------------- --------------- ---------------
Net income
before income tax 30 39 53
Income tax - - -
--------------- --------------- ---------------
Net income $ 30 $ 39 $ 53
=============== =============== ===============
Earnings
per share (a):
Basic $ .06 $ .06 -
Diluted $ .06 $ .06 -
Performance Ratios:
Return on
average equity 1.25% 1.25% 2.91%
Return on average
assets 0.13 0.13 0.19
Yield on average
earning assets 7.90 7.90 7.79
Cost of average
interest-bearing
liabilities 3.84 3.84 3.66
Interest rate
spread 4.06 4.06 4.13
Net interest margin
on earning assets 4.45 4.45 4.39
Efficiency ratio (b) 97.92 97.92 95.14
Average balances:
Loans $ 87,889 $ 86,685 $ 74,707
Earning assets 110,570 115,344 102,042
Assets 118,746 124,608 109,533
Deposits 97,967 103,939 99,830
Interest-bearing
liabilities 98,678 103,435 94,780
Shareholders'
equity 12,424 12,490 7,281
Average shares
outstanding (a):
Basic 608,235 602,982 -
Diluted 608,235 602,982 -
(a) No shares were outstanding prior to consummation of initial
public offering on July 1, 1999. Per-share data is not presented for
periods beginning prior to this date. Average shares outstanding
exclude unearned ESOP shares.
(b) Noninterest expense divided by the sum of net interest income
and noninterest income, excluding gains on sale of loans or
securities.
March 31 December 31 March 31
2000 1999 1999
--------------- --------------- ---------------
Balance sheet
data:
Total assets $119,585 $121,542 $111,793
Loans, net 89,420 85,796 75,709
Total deposits 98,281 102,547 99,729
FHLB advances 6,300 5,000 -
Shareholders'
equity 12,371 12,477 7,311
Shares
outstanding (c) 608,235 608,235 -
Book value
per share $20.34 $20.51 -
Asset quality:
Allowance
for loan losses $551 $570 $688
Nonaccrual loans 87 70 -
Total nonperforming
assets 424 215 155
Net chargeoffs: 34 83 (1)
(c) Excludes unearned ESOP shares.
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