Alaska Pacific Bancshares, Inc. (OTCBB:AKPB) (“Company”), the parent company of Alaska Pacific Bank (“Bank”), today reported net income available to common shareholders of $244,000, or $0.33 per diluted common share, for the fourth quarter ended December 31, 2012, as compared to net income available to common shareholders of $157,000, or $0.22 per diluted common share for the fourth quarter of 2011.
Net income available to common shareholders for the year ended December 31, 2012, was $166,000, or $0.22 per diluted common share, compared to net income available to common shareholders of $631,000, or $0.87 per diluted common share for 2011.
“We were very pleased to see the momentum shift in our mortgage banking operations during the fourth quarter of 2012,” stated Craig Dahl, President & CEO. “Our mortgage banking activity is a key component of our income and there is no doubt that it took us longer than expected to get this segment of our business back to full performance after losing key personnel in 2011. Our total noninterest income for 2012 exceeded our 2011 levels primarily because of a $284,000 increase in mortgage banking income and an $85,000 increase in service charges. However, we offset these increases with higher compensation of $299,000 along with legal/professional of $100,000, premise/equipment of $100,000, and loss on foreclosed real estate of $145,000; all resulting in our income for 2012 being $462,000 lower than 2011. The financial results do not reflect the progress the Bank has made in getting out from under all regulatory restrictions and ensuring compliance with the mountain of new regulations; but the fact remains that loan demand is strong, deposits are up, the Bank is fully staffed and we are operating in a region whose economy is healthy and growing stronger. I am privileged to have a very committed team of officers and employees, an engaged board of directors, and a loyal customer base that speaks to our nearly 78 years of service to the region.”