| 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): May 10, 2005 |
| 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 |
99.1 News release of Alaska Pacific Bancshares, Inc. dated May 10, 2005
Item 9. Regulation FD Disclosure
On May 10, 2005, Alaska Pacific Bancshares, Inc. issued its earnings release for the quarter ended March 31, 2005. 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.
| SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| ALASKA PACIFIC BANCSHARES, INC. |
DATE: May 10, 2005 By: /s/Roger K. White Roger K. White Senior Vice President and Chief Financial Officer
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Exhibit 99.1
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| News Release For Immediate Release |
| ALASKA PACIFIC ANNOUNCES RESULTS FOR FIRST QUARTER |
JUNEAU, Alaska, May 10, 2005 -- Alaska Pacific Bancshares, Inc. (OTCBB: AKPB), the parent company of Alaska Pacific Bank, announced net income of $100,000, or $.16 per diluted share, for the first quarter of 2005, compared with $165,000 ($.26 per share) in the previous quarter and $171,000 ($.27 per share) in the first quarter of 2004. Income for last year’s first quarter was boosted by an unusual recovery of $105,000 ($63,000 net of tax) of interest and expenses as a result of a government loan guarantee.
Loans (excluding loans held for sale) were $141.7 million at the end of the first quarter, an increase of $3.2 million (2.3%) from the previous quarter and an increase of $8.3 million (6.2%) from a year ago. Total deposits were $133.1 million, a seasonal decline of 3.4% from last quarter. Total deposits similarly declined 3.4% from a year ago, but the decrease was primarily in certificates of deposit, which had been priced less aggressively to help reduce the Bank’s excess liquidity.
Net interest income for the quarter was $71,000 (3.9%) higher than the first quarter of 2004, but was lower than the fourth quarter of 2004 by $53,000 (2.7%) . Fourth quarter net interest income was augmented by loans temporarily held pending sale to participating agencies. Despite the lower average earning assets in the first quarter compared with the fourth quarter, the net interest margin on total assets increased slightly to 4.68% in the first quarter from 4.65% in the fourth quarter, and compares with 4.46% in the first quarter of 2004.
Nonperforming loans at March 31, 2005 were $1.4 million, compared with $1.5 million at the end of the year and $681,000 at March 31, 2004. The provision for loan losses for the first quarter was $30,000 compared with $60,000 in the fourth quarter and $75,000 in the first quarter of 2004. The lower provision was required primarily due to slower growth in loans.
Total noninterest expense of $1.9 million in the first quarter of 2005 was nearly unchanged from the previous quarter and increased 5.3% from the first quarter of 2004 (excluding net expense and recoveries on repossessed properties).
As previously announced, the Company declared a regular quarterly dividend of $.08 per share, a 14% increase from previous quarters. The dividend is payable May 13, 2005, to shareholders of record as of May 2, 2005.
| 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
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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 other 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 |
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| Alaska Pacific Bancshares, Inc. | |||||||||||||||
| Financial Highlights (Unaudited) | |||||||||||||||
| First Quarter 2005 | |||||||||||||||
| (dollars in thousands, except per-share amounts) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31, | December 31, | March 31, | |||||||||||||
| 2005 | 2004 | 2004 | |||||||||||||
| Condensed Income Statement: | |||||||||||||||
| Interest income | $ | 2,314 | $ | 2,362 | $ | 2,223 | |||||||||
| Interest expense | (422 | ) | (417 | ) | (402 | ) | |||||||||
| Net interest income | 1,892 | 1,945 | 1,821 | ||||||||||||
| Provision for loan losses | (30 | ) | (60 | ) | (75 | ) | |||||||||
| Gain on sale of mortgage loans | 29 | 95 | 56 | ||||||||||||
| Other noninterest income | 230 | 240 | 239 | ||||||||||||
| Repossessed property recoveries | |||||||||||||||
| (expenses), net | (10 | ) | (4 | ) | 90 | ||||||||||
| Other noninterest expense | (1,944 | ) | (1,941 | ) | (1,846 | ) | |||||||||
| Net income before income tax | 167 | 275 | 285 | ||||||||||||
| Income tax expense | (67 | ) | (110 | ) | (114 | ) | |||||||||
| Net income | $ | 100 | $ | 165 | $ | 171 | |||||||||
| Earnings per share: | $ .27 | ||||||||||||||
| Basic | $.16 | $ .27 | $ .29 | ||||||||||||
| Diluted | .16 | .26 | .27 | ||||||||||||
| Performance Ratios: | |||||||||||||||
| Return on average equity | 2.50 | % | 4.16 | % | 4.46 | % | |||||||||
| Return on average assets | 0.25 | 0.39 | 0.42 | ||||||||||||
| Yield on average earning assets | 6.07 | 6.01 | 5.80 | ||||||||||||
| Cost of average interest-bearing liabilities | 1.38 | 1.32 | 1.27 | ||||||||||||
| Interest rate spread | 4.69 | 4.69 | 4.52 | ||||||||||||
| Net interest margin on: | |||||||||||||||
| Average earning assets | 4.96 | 4.95 | 4.75 | ||||||||||||
| Average total assets | 4.68 | 4.65 | 4.46 | ||||||||||||
| Efficiency ratio (a) | 92.08 | 89.02 | 85.24 | ||||||||||||
| Average balances: | |||||||||||||||
| Loans | $ | 139,989 | $ | 144,250 | $ | 131,591 | |||||||||
| Earning assets | 152,491 | 157,267 | 153,399 | ||||||||||||
| Assets | 161,692 | 167,406 | 163,157 | ||||||||||||
| Interest-bearing deposits | 113,561 | 116,212 | 117,267 | ||||||||||||
| Total deposits | 134,611 | 140,023 | 136,873 | ||||||||||||
| Interest-bearing liabilities | 122,470 | 126,205 | 126,340 | ||||||||||||
| Shareholders’ equity | 16,024 | 15,882 | 15,350 | ||||||||||||
| Average shares outstanding: | �� | ||||||||||||||
| Basic | 607,364 | 600,818 | 595,262 | ||||||||||||
| Diluted | 639,917 | 633,988 | 635,262 | ||||||||||||
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| March 31, | December 31, | March 31, | |||||||||||||
| 2005 | 2004 | 2004 | |||||||||||||
| Balance sheet data: | |||||||||||||||
| Total assets | $ | 162,051 | $ | 163,786 | $ | 164,248 | |||||||||
| Loans, before allowance | 141,654 | 138,433 | 133,400 | ||||||||||||
| Loans held for sale | 427 | 1,137 | 2,069 | ||||||||||||
| Investment securities | 7,225 | 7,897 | 10,614 | ||||||||||||
| Total deposits | 133,066 | 137,784 | 137,831 | ||||||||||||
| Federal Home Loan Bank advances | 10,912 | 8,333 | 8,998 | ||||||||||||
| Shareholders’ equity | 16,045 | 16,005 | 15,443 | ||||||||||||
| Shares outstanding (b) | 627,754 | 627,754 | 626,132 | ||||||||||||
| Book value per share | $ | 25.56 | $ | 25.49 | $ | 24.66 | |||||||||
| Asset quality: | |||||||||||||||
| Allowance for loan losses | $ | 1,389 | $ | 1,380 | $ | 1,311 | |||||||||
| Allowance as a percent of loans | 0.98 | % | 1.00 | % | 0.98 | % | |||||||||
| Nonaccrual loans | $ | 1,203 | $ | 1,473 | $ | 371 | |||||||||
| Total nonperforming assets | 1,351 | 1,520 | 681 | ||||||||||||
| Net chargeoffs (recoveries) for quarter | 21 | 16 | (77 | ) | |||||||||||
| (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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