For Immediate Release
ALASKA PACIFIC BANCSHARES, INC. REPORTS
SECOND QUARTER RESULTS OF OPERATIONS FOR 2013
JUNEAU, Alaska, August 14, 2013 -- Alaska Pacific Bancshares, Inc. (OTCBB: AKPB) (“Company”), the parent company of Alaska Pacific Bank (“Bank”), today reported net income available to common shareholders for the second quarter ended June 30, 2013 of $21,000 or $0.03 per diluted common share, respectively as compared to a loss of $(220,000) or $(0.34) per diluted common share, respectively for the same period in 2012.
Net income available to common shareholders for the first half of 2013 was $82,000 or $0.11 per diluted common share, compared to a net loss of $123,000, or $0.19 per diluted common share for 2012.
“The results for second quarter of 2013 were disappointing even though they were better than our performance for the same period last year” stated Craig Dahl, President and CEO. “We felt the slow-down in our mortgage banking volume for the quarter compared to the first quarter along with the impact of the reversal of interest income for three loans that were placed on nonaccrual. While our second quarter has historically tended to be our most challenging quarter, we nonetheless expected stronger performance.” “As stated in previous quarters, the Bank continues to have a solid core deposit base that allows us to meet customer loan demand. We are very pleased with the number of residential construction loans started early in the year and continue to see the projects initiated that are needed to meet the housing shortage, primarily in the Juneau market.”
The provision for loan losses was $60,000 for the quarter ended June 30, 2013 compared to $90,000 for the quarter ended June 30, 2012. The allowance for loan losses at June 30, 2013 was $2.0 million, representing 1.34% of total loans outstanding. Total non-accrual loans were $6.1 million at June 30, 2013 compared with $4.2 million at March 31, 2013 and $5.8 million at June 30, 2012. The net increase was due primarily to the addition of two commercial non-residential real estate loans to one borrower totaling $1.0 million that were more than 90 days past due at June 30, 2013 and one commercial non-residential real estate loan for $800,000 that is a troubled debt restructuring deemed to be impaired and placed on nonaccrual status due to payment history and insufficiency of cash flow offset with one commercial business loan for $1.4 million that was transferred to real estate owned and repossessed assets. In addition, the Bank’s real estate owned and repossessed assets were $1.5 million at June 30, 2013 compared with $1.8 million at March 31, 2013 and $258,000 at June 30, 2012. There were $3,000 of loan recoveries for the quarter ended June 30, 2013 compared with $165,000 in net loan charge offs for the quarter ended June 30, 2012. There were no loan charge offs for the quarter ended March 31, 2013.
Net interest income was $2.0 million for the quarter ended June 30, 2013 compared to $1.9 million for both the quarter ended March 31, 2013 and the quarter ended June 30, 2012. Net
The following information was filed by Alaska Pacific Bancshares Inc (AKPB) on Wednesday, August 14, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.