Alaska Pacific Reports 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 net income of $281,000, or $.43 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. The earnings represent an increase of $76,000 (37.1%) from the first quarter and $73,000 (35.1%) from the second quarter of 2006. Net interest income was $2.3 million for the second quarter of 2007, a 7.1% increase over the first quarter and a 10.8% increase over the second quarter of 2006. The increases reflect both growth in average loans and an improving yield on loans and other 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 . The net interest margin on average earning assets for the second quarter was 5.38% in 2007 compared with 5.12% last quarter and 5.03% a year ago. Loans (excluding loans held for sale) were $163.3 million at June June: see month. 30, 2007, an increase of 3.5% from last quarter and 6.2% from a year ago. Deposits at June 30, 2007, were $149.4 million, a $7.1 million (5.0%) increase from last quarter and a $8.5 million (6.1%) increase from a year ago. Nonaccrual loans at June 30, 2007, were $69,000 compared with $941,000 last quarter and $1.4 million a year ago. Net loan chargeoffs (net recoveries) for the quarter were ($1,000) compared with $18,000 last quarter and $17,000 in the second quarter of 2006. The provision for loan losses was $45,000 in each of the last two quarters, compared with $75,000 in the second quarter of 2006. Mortgage banking income in the second quarter of 2007 was $77,000 compared with $91,000 last quarter and $27,000 in the second quarter of 2006. Noninterest expense for the second quarter was $2.1 million, an increase of $58,000 (2.8%) from the first quarter and $198,000 (10.2%) from the second quarter of 2006. As previously announced, the Company declared a regular quarterly dividend of $.10 per share, payable August 17, 2007, to shareholders of record as of August 6, 2007. 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 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 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 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 changes, and other risks detailed in the Company's reports filed with the Securities and Exchange Commission. [TABLE OMITTED] [TABLE OMITTED] |
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