December 22, 2014 9:25 AM ET

Thrifts and Mortgage Finance

Company Overview of Alaska Pacific Bancshares, Inc.

Company Overview

Alaska Pacific Bancshares, Inc. operates as the holding company for Alaska Pacific Bank, which provides various financial services to individuals and small businesses. It offers retail deposits; and loan products, such as one-to-four-family mortgage loans, commercial business loans, consumer loans, construction loans, and commercial non-residential real estate loans. The company provides its banking services through branch offices in Juneau, Ketchikan, and Sitka in Alaska. It operates 11 automated teller machines, including 6 in the Juneau area, 2 in the Sitka area, 2 in the Ketchikan area, and 1 in Hoonah. The company was founded in 1935 and is based in Juneau, Alaska. As of April 1, 2014, ...

2094 Jordan Avenue

Juneau, AK 99801

United States

Founded in 1935

53 Employees

Phone:

907-789-4844

Fax:

907-789-5902

Key Executives for Alaska Pacific Bancshares, Inc.

Chief Executive Officer
Age: 64
Chief Financial Officer
Age: 42
Chief Operations Officer
Age: 62
Chief Lending Officer of Alaska Pacific Bank and Senior Vice President of Alaska Pacific Bank
Age: 54
Senior Vice President and Senior Commercial Lender
Compensation as of Fiscal Year 2014.

Alaska Pacific Bancshares, Inc. Key Developments

Alaska Pacific Bancshares, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Net Loan Charge Offs for the Quarter Ended December 31, 2013

Alaska Pacific Bancshares, Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net interest income was $1,959,000 against $1,993,000 a year ago. Net income before provision for income tax was $79,000 against $371,000 a year ago. Net loss available to common shareholders was $31,000 or $0.05 basic and diluted loss per share against net income available to common shareholders of $244,000 or $0.33 diluted income per share a year ago. Return on average equity was 0.92% against 0.77% a year ago. Return on average assets was 0.11 against 0.09 a year ago. For the year, the company reported net interest income was $7,815,000 against $7,892,000 a year ago. Net income before provision for income tax was $881,000 against $631,000 a year ago. Net income available to common shareholders was $13,000 or $0.02 basic and diluted earnings per share against $166,000 or $0.22 diluted income per share a year ago. The financial performance for 2013 should have reflected the progress made from prior years, but was diminished by certain actions taken as the Bank worked through the requirements of the merger with Northrim Bank; a process that was underway for most of 2013. Return on average equity was 1.58% against 2.32% a year ago. Return on average assets was 0.19 against 0.28 a year ago. As on date, book value per share was $24.43 against $24.48 per share a year ago. There was $32,000 in net loan charge offs for the quarter ended December 31, 2013 compared with $117,000 in net loan charge offs for the quarter ended September 30, 2013 and $39,000 in net loan charge offs for the quarter ended December 31, 2012.

Alaska Pacific Bancshares, Inc., Special/Extraordinary Shareholders Meeting, Mar 11, 2014

Alaska Pacific Bancshares, Inc., Special/Extraordinary Shareholders Meeting, Mar 11, 2014., at 10:00 Alaskan Standard. Location: Treadwell Room, Baranof Hotel. Agenda: To approve the agreement and plan of merger, dated as of October 21, 2013, by and between Northrim Bancorp, inc., Northrim Merger Sub, inc., Northrim Bank, Alaska Pacific Bancshares, inc. and Alaska Pacific Bank pursuant to which Alaska; to approve an advisory (non-binding) basis, of the compensation of certain executive officers of Alaska Pacific that is based on or otherwise relates to the proposed merger; and to adjourn the special meeting, if necessary or appropriate, to solicit additional proxies in favor of the merger proposal.

Alaska Pacific Bancshares, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Announces Net Loan Charge Offs for the Third Quarter Ended September 30, 2013

Alaska Pacific Bancshares, Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net interest income of $2,000,000 against $2,026,000 a year ago. Net income before provision for income tax was $407,000 against $203,000 a year ago. Net income was $40,000 against $123,000 a year ago. Net loss available to common shareholders was $38,000 against net income available to common shareholders of $45,000 a year ago. Loss per basic and diluted share was $0.06 against earnings per diluted share of $0.06 a year ago. Return on average equity was 0.77% against 2.40% a year ago. Return on average assets was 0.09% against 0.28% a year ago. Book value per share as on September 30, 2013 was $24.49 against $24.09 as on September 30, 2012. For the nine months, net income available to common shareholders was $44,000 or $0.06 per diluted common share compared to a net loss of $78,000 or $0.12 per diluted common share for the comparable period of 2012. The company reported $117,000 of net loan charge offs for the quarter ended September 30, 2013 compared with $49,000 in net loan charge offs for the quarter ended September 30, 2012.

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