SECURITIES AND EXCHANGE COMMISSION | ||
WASHINGTON, D.C. 20549 | ||
FORM 8-K | ||
CURRENT REPORT | ||
PURSUANT TO SECTION 13 OR 15 (d) OF THE | ||
SECURITIES EXCHANGE ACT OF 1934 | ||
Date of Report (Date of earliest event reported): November 10, 2004 | ||
Alaska Pacific Bancshares, Inc. | ||
(Exact name of registrant as specified in its charter) | ||
Alaska | 0-26003 | 92-0167101 |
State or other jurisdiction | Commission | (I.R.S. Employer |
of incorporation | File Number | Identification No.) |
2094 Jordan Avenue, Juneau, Alaska | 99801 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant's telephone number (including area code) (907) 789-4844 | ||
Not Applicable | ||
(Former name or former address, if changed since last report) | ||
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibit
Item 9. Regulation FD Disclosure
On November 10, 2004, Alaska Pacific Bancshares, Inc. issued its earnings release for the quarter ended September 30, 2004. A copy of the earnings release is attached hereto as Exhibit 99.1, which is incorporated herein by reference.
The information being furnished under this "Item 9. Regulation FD Disclosure" is intended to be furnished under "Item 12. Disclosure of Results of Operations and Financial Condition." The information in this report shall not be treated as "filed" for purposes of the Securities Exchange Act of 1934 and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934.
ALASKA PACIFIC BANCSHARES, INC.
DATE: November 10, 2004 By: /s/Roger K. White
Roger K. White
Senior Vice President and Chief Financial Officer
Exhibit 99.1
News Release
For Immediate Release
ALASKA PACIFIC ANNOUNCES RESULTS
FOR THIRD QUARTER
JUNEAU, Alaska, November 10, 2004 -- Alaska Pacific Bancshares, Inc. (OTCBB: AKPB), the parent company of Alaska Pacific Bank, announced net income of $176,000, or $.28 per diluted share, for the third quarter of 2004, compared with $196,000 ($.31 per share) in the previous quarter and $195,000 ($.31 per share) in the third quarter of 2003.
Total deposits and total assets reached record levels at the end of the third quarter. Total loans were also at a record level, but included $14.7 million of loans held for sale. Loans, excluding held-for-sale, were $136.7 million at September 30, 2004, a decrease of $4.7 million (3.3%) from the previous quarter and an increase of $22.2 million (19.4%) from a year ago. Total deposits were $146.6 million, an increase of $6.6 million (4.7%) from last quarter and an increase of $8.1 million (5.8%) from a year ago.
Net interest income for the third quarter of 2004 increased $86,000 (4.6%) compared with the second quarter and $179,000 (10.1%) compared with the third quarter of 2003. These increases were primarily the result of higher average loans. The net interest margin on average total assets was 4.55% in the third quarter, compared with 4.51% last quarter and 4.35% in the third quarter of last year.
As a result of worsening conditions in the mortgage market, gains on sale of mortgage loans declined to $60,000 in the third quarter from $112,000 in the previous quarter, but exceeded the $26,000 of gains in the third quarter of 2003, when most of the mortgage production was retained in the portfolio. Other noninterest income in the second quarter amounted to $297,000, compared with $287,000 in the previous quarter and $284,000 a year ago.
Noninterest expense amounted to $1.86 million in the third quarter of 2004, nearly unchanged from the previous quarter but an increase of $138,000 (8.0%) from the third quarter of 2003.
As previously announced, the Company declared a regular quarterly dividend of $.07 per share, payable November 12, 2004, to shareholders of record as of November 1, 2004.
Forward-Looking Statements
Certain matters in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act 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 providers, regulatory changes, and othe r risks detailed in the Company's reports filed with the Securities and Exchange Commission.
Contact: Roger K. White Craig E. Dahl
Senior Vice President and CFO or President and CEO
907-790-5135 907-790-5101
Alaska Pacific Bancshares, Inc.
Financial Highlights (Unaudited)
Third Quarter 2004
(dollars in thousands, except per-share amounts)
Three Months Ended | |||
September 30, | June 30, | September 30, | |
Condensed Income Statement: | |||
Interest income | $2,357 | $2,259 | $2,216 |
Interest expense | (409) | (397) | (447) |
Net interest income | 1,948 | 1,862 | 1,769 |
Provision for loan losses | (150) | (75) | (30) |
Gain on sale of mortgage loans | 60 | 112 | 26 |
Other noninterest income | 297 | 287 | 284 |
Other noninterest expense | (1,862) | (1,859) | (1,724) |
Net income before income tax | 293 | 327 | 325 |
Income tax expense | (117) | (131) | (130) |
Net income | $ 176 | $ 196 | $ 195 |
Earnings per share: | |||
Basic | $ .29 | $ .33 | $.33 |
Diluted | .28 | .31 | .31 |
Performance Ratios: | |||
Return on average equity | 4.50% | 5.06% | 5.19% |
Return on average assets | 0.41 | 0.48 | 0.48 |
Yield on average earning assets | 5.88 | 5.84 | 5.85 |
Cost of average interest-bearing liabilities | 1.28 | 1.26 | 1.44 |
Interest rate spread | 4.60 | 4.58 | 4.41 |
Net interest margin on: | |||
Average earning assets | 4.86 | 4.82 | 4.67 |
Average total assets | 4.55 | 4.51 | 4.40 |
Efficiency ratio (a) | 82.94 | 86.51 | 83.97 |
Average balances: | |||
Loans, including held-for-sale | $144,341 | $136,610 | $110,134 |
Earning assets | 160,395 | 154,607 | 151,441 |
Assets | 171,287 | 165,027 | 162,585 |
Interest-bearing deposits | 118,767 | 117,165 | 114,287 |
Total deposits | 143,848 | 138,084 | 135,128 |
Interest-bearing liabilities | 127,759 | 126,016 | 123,803 |
Shareholders' equity | 15,654 | 15,496 | 15,042 |
Average shares outstanding: | |||
Basic | 598,706 | 596,594 | 586,376 |
Diluted | 631,042 | 630,110 | 621,871 |
September 30, | June 30, | September 30, | |
2004 | 2004 | 2003 | |
Balance sheet data: | |||
Total assets | $177,450 | $166,985 | $164,475 |
Loans, before allowance | 136,643 | 141,398 | 114,521 |
Loans held for sale | 14,687 | 442 | 1,155 |
Investment securities | 8,610 | 9,342 | 12,864 |
Total deposits | 146,632 | 140,016 | 138,498 |
Federal Home Loan Bank advances | 14,105 | 8,776 | 9,440 |
Shareholders' equity | 15,761 | 15,550 | 15,101 |
Shares outstanding (b) | 627,754 | 626,132 | 626,132 |
Book value per share | $25.11 | $24.83 | $24.12 |
Asset quality: | |||
Allowance for loan losses | $1,336 | $1,284 | $1,101 |
Allowance as a percent of loans | 0.99% | 0.91% | 0.96% |
Nonaccrual loans | $1,117 | $ 101 | $ 313 |
Total nonperforming assets | 1,117 | 101 | 619 |
Net chargeoffs (recoveries) for quarter | 98 | 102 | 86 |
