Alaska Pacific Bancshares 8K Financial Statements and Exhibits

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): August 9, 2007

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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:

[ ]		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
		(17 CFR 240.14d-2(b))
[ ]		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
		(17 CFR 240.133-4(c))

Item 2.02 Results of Operations and Financial Condition

On August 9, 2007, Alaska Pacific Bancshares, Inc. issued its earnings release for the quarter ended June 30, 2007. A copy of the earnings release is attached hereto as Exhibit 99.1, which is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(c)	Exhibits

	99.1 Press Release of Alaska Pacific Bancshares, Inc. August 9, 2007

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: August 9, 2007	By:	/s/ Roger K. White

		Senior Vice President and
		Chief Financial Officer

Exhibit 99.1

News Release
For Immediate Release

ALASKA PACIFIC REPORTS
SECOND QUARTER EARNINGS

JUNEAU, Alaska, August 9, 2007 -- Alaska Pacific Bancshares, Inc. (OTCBB: AKPB), the parent company of Alaska Pacific Bank, announced second quarter net income of $281,000, or $.43 per diluted 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. 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 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

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 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

Alaska Pacific Bancshares, Inc.
Financial Highlights (Unaudited)
Second Quarter 2007
(dollars in thousands, except per-share amounts)

			Three Months Ended

	June 30,		March 31,		June 30,
	2007		2007		2006

Condensed Income Statement:
Interest income	$ 3,310		$3,130		$2,875
Interest expense	(1,025)		(997)		(812)

Net interest income	2,285		2,133		2,063
Provision for loan losses	(45)		(45)		(75)
Mortgage banking income	77		91		27
Other noninterest income	258		237		265
Noninterest expense	(2,132)		(2,074)		(1,934)

Net income before income tax	443		342		346
Income tax expense	(162)		(137)		(138)

Net income	$ 281		$ 205		$ 208

Earnings per share:
Basic	$ .44		$ .32		$ .34
Diluted	.43		.31		.32
Performance Ratios:
Return on average equity	6.25	%	4.61	%	4.95	%
Return on average assets	0.62		0.46		0.48
Yield on average earning assets	7.80		7.51		7.01
Cost of average interest-bearing liabilities	3.04		2.96		2.48
Interest rate spread	4.76		4.55		4.53
Net interest margin on:
Average earning assets	5.38		5.12		5.03
Average total assets	5.05		4.81		4.75
Efficiency ratio (a)	83.84		87.51		78.22
Average balances:
Loans	$162,366		$158,956		$154,674
Earning assets	169,749		166,773		164,071
Assets	180,914		177,240		173,706
Interest-bearing deposits	116,751		117,345		114,016
Total deposits	140,716		139,393		137,168
Interest-bearing liabilities	134,817		134,946		130,948
Shareholders' equity	17,973		17,791		16,809
Average shares outstanding:
Basic	633,197		632,297		620,392
Diluted	660,902		660,292		649,873

	June 30,		March 31,		June 30,
	2007		2007		2006

Balance sheet data:
Total assets	$188,851		$175,884		$174,469
Loans, before allowance	163,290		157,794		153,781
Loans held for sale	687		121		465
Investment securities	4,535		4,896		6,132
Total deposits	149,387		142,297		140,847
Federal Home Loan Bank advances	18,119		13,040		13,605
Shareholders' equity	18,068		17,877		16,918

Shares outstanding (b)	641,609		641,609		638,654

Book value per share	$28.16		$27.86		$26.49

Asset quality:
Allowance for loan losses	$1,738		$1,693		$1,565
Allowance as a percent of loans	1.06	%	1.07	%	1.02	%
Nonaccrual loans	$ 69		$941		$1,408
Total nonperforming assets	320		941		1,408
Net chargeoffs (recoveries) for quarter	(1)		18		17

(a)	Noninterest expense divided by the sum of net interest income and noninterest income, excluding mortgage banking income.

(b)	Excludes only treasury stock.

Alaska Pacific Bancshares (AKPB) Inactive 8-KFinancial Statements and Exhibits