Exhibit 99.1


News Release
For Immediate Release
ALASKA PACIFIC BANCSHARES, INC. REPORTS
FOURTH QUARTER AND ANNUAL EARNINGS FOR 2009


JUNEAU, Alaska, March 30, 2010 -- Alaska Pacific Bancshares, Inc. (OTCBB: AKPB) (“Company”), the parent company of Alaska Pacific Bank (“Bank”), today announced its fourth quarter and annual results for the periods ended December 31, 2009.

For the year ended December 31, 2009, the Company reported a net loss of $2.2 million, or $(3.76) per diluted share, after recording a $2.9 million provision for loan losses and $905,000 provision for income taxes.  This compares to a net loss of $2.3 million, or $(3.54) per diluted share, after recording a $5.0 million provision for loan losses for 2008. For the fourth quarter of 2009, the net loss was $1.1 million, or $(1.84) per diluted share compared to net loss of $1.0 million, or $1.59 per diluted share in the fourth quarter of 2008. The loss in the quarter ended December 31, 2009 was primarily attributable to a provision for loan losses of $342,000 and provision for income tax expense of $905,000, compared to a provision for loan losses of $1.8 million and no provision for income tax expense in the comparable quarter of 2008.

“There is no doubt we are very disappointed with the results for 2009, but we’re still addressing the same small group of loans that have been the focus of our losses for the past two years.” Said President & CEO Craig Dahl.  “We want to get these credits behind us within the limits of regulatory and accounting guidance.  We continue to have exceptionally low delinquency in the remainder of the portfolio and continue to have acceptable performance for the core business of the Bank but we have to get past these loans and the related expenses.”
 
The allowance for loan losses at December 31, 2009 was $1.8 million, representing 1.13% of total loans outstanding.  Total non-accrual loans were $2.9 million at December 31, 2009 compared with $6.3 million at September 30, 2009 and $6.1 million at December 31, 2008.  In addition, the Bank’s other real estate owned and repossessed assets were $2.6 million at December 31, 2009 unchanged from $2.6 million in the previous quarter and $408,000 at December 31, 2008.  There was $24,000 in net loan charge off for the quarter ended December 31, 2009 compared with $3.9 million for the quarter ended September 30, 2009 and $3.9 million for the quarter ended December 31, 2008.  Net charge-offs for 2009 were $3.8 million compared to $4.1 million for 2008.
 
Net deferred tax assets are evaluated and reduced through a valuation allowance to the extent that it is more likely than not that such assets will not be fully recovered in the foreseeable future.  Based on this evaluation, a valuation allowance and provision for income tax expense of $905,000 was recognized for the year ended December 31, 2009.

As a result of a decline in average loan balances, interest income decreased $330,000 (11.8%) to $2.5 million for the fourth quarter of 2009 compared to $2.4 million for the fourth quarter of 2008.  Average interest earning assets decreased $25.0 million to $163.9 million for the fourth quarter of 2009 compared $188.9 million for the fourth quarter 2008.  The net interest margin on average interest-earning assets for the fourth quarter of 2009 was 5.12% compared with 4.41% in the fourth quarter of 2008.  Net interest income decreased $438,000 (5.0%) to $8.3 million in 2009 compared to $8.8 million for 2008.  Average interest earning assets decreased $12.6 million in 2009 compared to 2008, yield on average earning assets declined to 5.94% in 2009 compared to 6.56% in 2008.  The net interest margin on average earning assets was 4.86% for 2009 compared with 4.76% in 2008.
 
 
4

The following information was filed by Alaska Pacific Bancshares Inc (AKPB) on Tuesday, March 30, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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