This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Alaska Pacific Bancshares, Inc. Reports Fourth Quarter And Annual Earnings For 2012

Stocks in this article: AKPB

The provision for loan losses was $60,000 for both the quarter ended December 31, 2012 and 2011, respectively. The allowance for loan losses at December 31, 2012 was $1.9 million, representing 1.26% of total loans outstanding. Total non-accrual loans were $5.7 million at December 31, 2012 compared with $5.6 million at September 30, 2012 and $2.6 million at December 31, 2011. In addition, the Bank’s real estate owned and repossessed assets were $344,000 at December 31, 2012 compared with $390,000 at September 30, 2012 and $880,000 at December 31, 2011. There was $39,000 in net loan charge offs for the quarter ended December 31, 2012 compared with $49,000 in net loan charge offs for the quarter ended September 30, 2012 and $234,000 in net loan charge offs for the quarter ended December 31, 2011.

Net interest income increased $8,000, or (0.4%) to $2.0 million in the fourth quarter of 2012 compared to $2.0 million for the comparable quarter of 2011 reflecting primarily an increase in the Bank’s average loan portfolio offset with the continued low interest rate environment. Net interest margin on average interest-earning assets for the fourth quarter of 2012 was 4.58% compared with 4.74% in the fourth quarter of 2011.

Loans (excluding loans held for sale and before the allowance for loan losses) were $148.4 million at December 31, 2012, a decrease of $2.1 million, or 1.4% from $150.5 million at September 30, 2012, and an increase of $600,000, or 0.4% from $147.8 million at December 31, 2011. Deposits at December 31, 2012, were $156.5 million, a $1.1 million, or 0.7% increase from $155.4 million at September 30, 2012, and a $9.3 million, or 6.3% increase from $147.2 million at December 31, 2011.

Noninterest income for the fourth quarter of 2012, including gain on sale of loans, increased $370,000, or 152.2% to $613,000 from $243,000 for the fourth quarter of 2011. Gain on sale of loans increased $284,000 to $570,000 for the year ended December 31, 2012 from $286,000 for fiscal 2011 as a result of an increase in the production of one-to-four family mortgage loans. Excluding mortgage banking income, noninterest income increased $112,000, or 10.0%, to $1.2 million for the year ended December 31, 2012 compared with $1.1 million for fiscal 2011. The increase is primarily in mortgage servicing income due to the fair value adjustment to mortgage servicing rights net of originations and disposals of $(35,000) in 2012 compared with $(144,000) in 2011.

2 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs