U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(Mark One)
X Quarterly report under Section 13 or 15(d) of the Securities Exchange
--- Act of 1934
For the quarterly period ended June 30, 2000
Transition report under Section 13 or 15(d) of the Exchange Act
--- For the transition period from to
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Commission file number 0-26003
ALASKA PACIFIC BANCSHARES, INC.
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(Exact Name of Small Business Issuer as Specified in Its Charter)
Alaska 92-0167101
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
2094 Jordan Avenue, Juneau, Alaska 99801
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(Address of Principal Executive Offices)
(907) 789-4844
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(Issuer's Telephone Number, Including Area Code)
NA
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(Former Name, Former Address and Former Fiscal Year,
If Changed Since Last Report)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
X Yes No
--- ---
State the number of shares outstanding of each of the issuer's classes of
common equity as of the latest practicable date:
655,415 shares outstanding on June 30, 2000
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Transitional Small Business Disclosure Format (check one):
Yes X No
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<PAGE>
Alaska Pacific Bancshares, Inc. and Subsidiary
Juneau, Alaska
INDEX
PART I. Page
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FINANCIAL INFORMATION
Item 1.
Financial Statements
Consolidated Balance Sheets (Unaudited) as of June 30, 2000
and December 31, 1999. . . . . . . . . . . . . . . . . . . . . . . 1
Consolidated Statements of Income (Unaudited) for the three-
and six-month periods ended June 30, 2000 and 1999 . . . . . . . . 2
Consolidated Statements of Cash Flows (Unaudited) for the
six months ended June 30, 2000 and 1999. . . . . . . . . . . . . . 3
Notes to (Unaudited) Consolidated Financial Statements . . . . . . . 4
Item 2.
Management's Discussion and Analysis of Financial Condition
and Results of Operations . . . . . . . . . . . . . . . . . . . . . 7
PART II.
OTHER INFORMATION
Item 1. Legal Proceedings. . . . . . . . . . . . . . . . . . . . . . 11
Item 2. Changes in Securities and Use of Proceeds. . . . . . . . . . 11
Item 3. Defaults Upon Senior Securities. . . . . . . . . . . . . . . 11
Item 4. Submission of Matters to a Vote of Security Holders. . . . . 11
Item 5. Other Information. . . . . . . . . . . . . . . . . . . . . . 12
Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . 12
Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
<PAGE>
ITEM 1. Financial Statements
Alaska Pacific Bancshares, Inc. and Subsidiary
Consolidated Balance Sheets (Unaudited)
June 30, December 31,
(dollars in thousands) 2000 1999
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Assets
Cash and due from banks $5,026 $ 4,343
Interest-earning deposits in banks 2,155 3,442
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Total cash and cash equivalents 7,181 7,785
Investment securities available for sale, at
fair value (amortized cost: June 30, 2000 -
$17,392; December 31, 1999 - $20,543) 16,720 19,849
Federal Home Loan Bank stock 1,405 1,361
Loans held for sale 2,556 1,359
Loans 97,741 86,366
Less allowance for loan losses 521 570
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Loans, net 97,220 85,796
Accrued interest receivable 736 631
Premises and equipment 3,522 3,689
Repossessed assets 27 145
Other assets 946 927
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Total Assets $130,313 $121,542
==============================================================================
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand $ 6,850 $ 6,210
Interest-bearing demand 25,327 26,704
Money market 14,693 16,552
Savings 17,452 18,427
Certificates of deposit 34,491 34,654
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Total deposits 98,813 102,547
Federal Home Loan Bank advances 15,700 5,000
Advances from borrowers for taxes and insurance 2,070 821
Accounts payable and accrued expenses 312 207
Accrued interest payable 512 367
Other liabilities 362 123
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Total liabilities 117,769 109,065
Shareholders' Equity:
Common stock ($0.01 par value; 20,000,000
shares authorized; 655,415 shares issued and
outstanding, including 47,180 unearned shares
held by ESOP) 7 7
Additional paid-in capital 5,850 5,850
Unearned ESOP shares (472) (472)
Retained earnings 7,831 7,786
Accumulated other comprehensive loss (672) (694)
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Total shareholders' equity 12,544 12,477
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Total Liabilities and Shareholders' Equity $130,313 $121,542
==============================================================================
See notes to consolidated interim financial statements.
1
<PAGE>
Alaska Pacific Bancshares, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
(dollars in thousands, ----------------------------------------
except per share) 2000 1999 2000 1999
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Interest Income
Loans $2,084 $1,713 $3,974 $3,347
Investment securities 308 230 646 479
Interest-bearing deposits with
banks 21 80 46 185
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Total interest income 2,413 2,023 4,666 4,011
Interest Expense
Deposits 872 871 1,744 1,734
Federal Home Loan Bank advances 178 16 272 20
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Total interest expense 1,050 887 2,016 1,754
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Net Interest Income 1,363 1,136 2,650 2,257
Provision for loan losses 90 - 105 15
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Net interest income after
provision for loan losses 1,273 1,136 2,545 2,242
Noninterest Income
Mortgage servicing income 45 50 89 102
Service charges on deposit
accounts 106 83 192 159
Other service charges and fees 47 46 74 73
Gain on sale of mortgage loans 14 25 40 31
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Total noninterest income 212 204 395 365
Noninterest Expense
Compensation and benefits 704 659 1,439 1,300
Occupancy and equipment 323 292 642 577
Data processing 94 96 187 178
Professional and consulting fees 63 31 130 65
Marketing and public relations 63 34 108 67
Other 157 169 323 308
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Total noninterest expense 1,404 1,281 2,829 2,495
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Income before income tax 81 59 111 112
Income tax - - - -
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Net Income $ 81 $ 59 $ 111 $ 112
==============================================================================
Earnings per share:
Basic $ 0.13 - $ 0.18 -
Diluted 0.13 - 0.18 -
==============================================================================
See notes to consolidated interim financial statements.
2
<PAGE>
Alaska Pacific Bancshares, Inc. and Subsidiary
Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
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(in thousands) 2000 1999
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Operating Activities
Net income $ 111 $ 112
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 105 15
Gain on sale of foreclosed properties - (9)
Depreciation and amortization 219 183
Federal Home Loan Bank stock dividends (44) (48)
Amortization of fees, discounts, and premiums, net (24) (13)
Cash provided by changes in operating assets
and liabilities:
Accrued interest receivable (105) (8)
Loans held for sale (1,197) 462
Other assets (19) (308)
Advances from borrowers for taxes and insurance 1,249 1,014
Accrued interest payable 145 47
Accounts payable and accrued expenses 105 9
Other liabilities 239 332
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Net cash provided by operating activities 784 1,788
Investing Activities
Purchase of investment securities available for sale - (3,000)
Maturities and principal repayments of investment
securities available for sale 3,144 5,890
Loan originations, net of principal repayments (11,565) (10,161)
Proceeds from sale of repossessed assets 185 165
Purchase of premises and equipment (52) (452)
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Net cash used in investing activities (8,288) (7,558)
Financing Activities
Net increase in Federal Home Loan Bank advances 10,700 -
Net decrease in demand and savings deposits (3,571) 4,126
Net decrease in certificates of deposit (163) 742
Cash dividends paid (66) -
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Net cash provided in financing activities 6,900 4,868
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Decrease in cash and cash equivalents (604) (902)
Cash and cash equivalents at beginning of period 7,785 14,584
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Cash and cash equivalents at end of period $ 7,181 $13,682
==============================================================================
Supplemental information:
Cash paid for interest $ 1,871 $ 1,781
Loan repossessions 67 311
Net (increase) decrease in unrealized loss on
securities available for sale 22 (147)
See notes to consolidated interim financial statements.
3
<PAGE>
Alaska Pacific Bancshares, Inc.
Notes to Consolidated Interim Financial Statements
(Unaudited)
Note 1 - Conversion to Stock Ownership
On July 1, 1999, Alaska Federal Savings Bank consummated its conversion from a
federally chartered mutual savings bank to a federally chartered stock savings
bank pursuant to a Plan of Conversion. Concurrent with the conversion, Alaska
Federal changed its name to Alaska Pacific Bank ("Bank"). Alaska Pacific
Bancshares, Inc. ("Company") was formed for the purpose of becoming the
holding company of the Bank upon its conversion. The Company sold 655,415
shares in a subscription and community offering during June 1999 which, after
giving effect to offering expenses of approximately $700,000, resulted in net
proceeds of $5,854,000 ($5,330,000 excluding purchases by the Employee Stock
Ownership Plan). The Company transferred approximately $4.6 million to the
Bank in exchange for all of its stock.
Note 2 - Basis of Presentation
While the accompanying financial statements of the Company are presented on a
consolidated basis with those of Alaska Pacific Bank, the Company did not yet
own any shares of the Bank and had no assets, liabilities, equity or
operations prior to July 1, 1999. Therefore, the consolidated statements of
income and cash flows for the three- and six-month periods ended June 30,
1999, presented herein, include only the accounts and operations of Alaska
Pacific Bank.
The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information. Accordingly, they do not include all of the
information and footnotes required by accounting principles generally accepted
in the United States for complete financial statements. They should be read
in conjunction with the Company's audited consolidated financial statements
for the year ended December 31, 1999 filed as part of its annual report on
Form 10-KSB. In the opinion of management, all adjustments (consisting of
normal recurring accruals) considered necessary for fair presentation have
been included. The results of operations for the interim periods ended June
30, 2000 and 1999 are not necessarily indicative of the results which may be
expected for an entire year or any other period.
4
<PAGE>
Note 3 - Capital Compliance
At June 30, 2000, the Bank exceeded each of the three current minimum
regulatory capital requirements. The following table summarizes the Bank's
regulatory capital position and requirements at June 30, 2000:
(dollars in thousands)
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Tangible Capital:
Actual $12,561 9.71%
Required 1,940 1.50
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Excess $10,621 8.21%
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Core Capital:
Actual $12,561 9.71%
Required 3,879 3.00
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Excess $ 8,682 6.71%
==============================================================================
Total Risk-Based Capital:
Actual $13,082 16.01%
Required 6,537 8.00
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Excess $ 6,559 8.01%
==============================================================================
Note 4 - Earnings Per Share
Basic earnings per share ("EPS") is computed by dividing net income by the
weighted-average number of common shares outstanding during the period less
unallocated and not yet committed to be released Employee Stock Ownership Plan
shares ("unearned ESOP shares"). Diluted EPS is calculated by dividing net
income by the weighted-average number of common shares used to compute basic
EPS plus the incremental amount of any potential common stock determined by
the treasury stock method. The Company currently has no such potential
shares.
Period Ended
June 30, 2000 Three Months Six Months
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Net Average Earnings Net Average Earnings
Income Shares Per Share Income Shares Per Share
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Net income/average
shares outstanding $81,000 655,415 $111,000 655,415
Unearned ESOP shares - 47,180 - 47,180
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Basic EPS 81,000 608,235 $0.13 111,000 608,235 $0.18
Incremental shares
under stock plans - - - -
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Diluted EPS $81,000 608,235 $0.13 $111,000 608,235 $0.18
==============================================================================
5
<PAGE>
Because the Company had no shares outstanding prior to July 1, 1999, earnings
per share is not presented for the three- and six-month periods ended June 30,
1999.
Note 5 - Comprehensive Income
The Company's only item of comprehensive income other than net income is net
unrealized gains or losses on securities available for sale. Following is a
summary of accumulated other comprehensive income:
Year Ended
Six Months Ended June 30, December 31,
(in thousands) 2000 1999 1999
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Balance at beginning of period $(694) $ (298) $ (298)
Change in net unrealized gains
and losses on securities available
for sale 22 (151) (396)
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Balance at end of period $(672) $ (449) $ (694)
==============================================================================
Note 6 - Executive Compensation Plans
At the Company's Annual Meeting of Stockholders on June 15, 2000, the
shareholders approved the 2000 Stock Option Plan, providing for the granting
of options on up to 65,542 shares of the Company's stock. The shareholders
also approved the 2000 Management Recognition Plan, providing for the issuance
of up to 26,217 shares of stock in the form of restricted stock awards.
6
<PAGE>
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Forward-Looking Statements
This discussion contains forward-looking statements which are based on
assumptions and describe future plans, strategies and expectations of the
Company. These forward-looking statements are generally identified by use of
the word "believe," "expect," "intend," anticipate," "estimate," "project," or
similar words. The Company's ability to predict results or the actual effect
of future plans or strategies is uncertain. Factors which could have a
material adverse effect on operations include, but are not limited to, changes
in interest rates, general economic conditions, legislative/regulatory
changes, monetary and fiscal policies of the U.S. Government, including
policies of the U.S. Treasury and the Federal Reserve Board, the quality or
composition of the loan or investment portfolios, demand for loan products,
deposit flows, competition, demand for financial services in our market areas
and accounting principles and guidelines. You should consider these risks and
uncertainties in evaluating forward-looking statements and you should not rely
too much on these statements.
Financial Condition
Total assets of the Company were $130.3 million at June 30, 2000 compared
to $121.5 million at December 31, 1999. The $8.8 million, or 7.2%, increase
was primarily the result of increased loans, funded by increased borrowings.
Investment securities available for sale were $16.7 million at June 30,
2000, compared to $19.8 million at December 31, 1999, primarily reflecting
principal reductions.
Loans, net, were $97.2 million at June 30, 2000 compared to $85.8 million
at December 31, 1999, a 13.3% increase. This increase resulted primarily from
increased originations of both mortgage and nonmortgage loans.
Deposits were $98.8 million at June 30, 2000 compared to $102.5 million
at December 31, 1999, a 3.6% decrease. The decrease reflects a 4.2% decline
in the first quarter of 2000, followed by a 1.0% increase in the second
quarter.
Advances from the Federal Home Loan Bank of Seattle increased to $15.7
million at June 30, 2000 from $5.0 million at December 31, 1999, primarily to
fund loan demand.
Total shareholders' equity was approximately $12.5 million at June 30,
2000 and December 31, 1999. Net income of $111,000 and a $22,000 decrease in
unrealized losses on investment securities available for sale were partially
offset by cash dividends of $66,000.
7
<PAGE>
Results of Operations
Net Income. Net income for the second quarter of 2000 was $81,000
compared to $59,000 for the second quarter of 1999, an increase of $22,000.
Net income for the first half of 2000 was $111,000 ($0.18 per share), compared
with $112,000 for the first half of 1999. The comparison for both periods is
characterized by increases in total revenues (net interest income plus
noninterest income) offset by higher noninterest expense and higher provisions
for loan losses. The changes reflect management's strategy, concurrent with
raising equity capital during 1999, of increasing the Bank's investment in
human resources and technology to facilitate long-term growth in assets and
revenues.
Net Interest Income. Net interest income for the second quarter
increased $227,000, or 20.0%, to $1.4 million in 2000, compared with $1.1
million in 1999. For the first half of 2000, net interest income increased
$393,000, or 17.4%, to $2.7 million, compared with $2.3 million in the first
half of 1999. The increase is primarily due to an increase in earning assets,
particularly loans. Daily average loans outstanding increased $15.1 million
(19.0%) for the second quarter of 2000 and $14.1 million (18.3%) for the first
half of 2000 compared with the second quarter and first half, respectively, of
1999.
Also contributing to higher net interest income for the second quarter
was the net interest margin on earning assets, which increased to 4.75% in
2000 from 4.38% in 1999. For the first half of the year, the net interest
margin increased to 4.71% in 2000 from 4.39% in 1999. The increase was driven
by several factors, including an increasing proportion of commercial loans in
the loan portfolio.
Provision for Loan Losses. The provision for loan losses was $90,000 for
the second quarter of 2000 compared with zero for the second quarter of 1999.
For the first half of the year, the provision was $105,000 in 2000 compared
with $15,000 in 1999. Net chargeoffs increased to $120,000 and $154,000 for
the second quarter and first half, respectively, of 2000, compared with
$18,000 and $19,000 for the second quarter and first half, respectively, of
1999. The unusually high provision in the second quarter was considered by
management to be necessary to maintain the allowance for loan losses at a
level adequate to absorb potential losses in the loan portfolio.
Noninterest Income. Noninterest income increased $8,000, or 3.9%, to
$212,000 for the second quarter of 2000 compared with $204,000 for the second
quarter of 1999. For the first half of the year, noninterest income increased
$30,000, or 8.2%, to $395,000 in 2000, compared with $365,000 in 1999. The
increases were primarily due to service charges on deposit accounts, which
increased $23,000, or 27.7%, for the second quarter and $33,000, or 20.8%, for
the first half of 2000, in comparison with the corresponding periods in 1999.
Noninterest Expense. Noninterest expense for the second quarter of 2000
increased $123,000, or 9.6%, to $1.4 million, compared with $1.3 million for
the second quarter of 1999. For
8
<PAGE>
the first half of the year, noninterest expense increased $334,000, or 13.4%.,
to $2.8 million in 2000 compared with $2.5 million in 1999.
The Bank's new Auke Bay office in Juneau, which opened in August 1999,
contributed approximately $52,000 and $107,000 to the total increase in
noninterest expense for the second quarter and first half, respectively, of
2000 compared with the same periods in 1999. In addition, the increases
reflect expenditures for additional lending personnel, new technology and
service delivery equipment (including internet banking and bill paying service
which began in January 2000), and facilities improvement, all intended to
enhance growth in assets and revenues over the next few years.
Management anticipates that the levels of noninterest expense will not
increase during 2000 to the extent they did during 1999. Thus, while
quarter-to-quarter increases averaged approximately 5.2% during 1999, total
noninterest expense increased only 0.9% from the fourth quarter of 1999 to the
first quarter of 2000, and then decreased 1.5% from the first quarter to the
second quarter of 2000.
Income Taxes. No income tax expense was recognized for each of the
three- and six-month periods ended June 30, 2000 or 1999 due to net operating
loss carryforwards, which expire in various years beginning in 2002 and
through 2018.
Nonperforming Assets
At June 30, 2000, the Bank had nonperforming loan totaling $106,000,
compared with $70,000 at December 31, 1999.
Repossessed assets were $27,000 at June 30, 2000 compared with $145,000
at December 31, 1999.
Liquidity and Capital Resources
The Company's primary sources of funds are deposits and proceeds from
principal and interest payments on loans. While maturities and scheduled
amortization of loans are a predictable source of funds, deposit flows and
mortgage prepayments are greatly influenced by general interest rates,
economic conditions and competition. The Company's primary investing activity
is loan originations. The Company maintains liquidity levels adequate to fund
loan commitments, investment opportunities, deposit withdrawals and other
financial commitments. The Office of Thrift Supervision requires a savings
institution to maintain an average daily balance of liquid assets, which are
cash and eligible investments, equal to at least 4.0% of the average daily
balance of its net withdrawable deposits and short-term borrowings. The
Bank's actual liquidity ratios were 20.9% and 27.6% at June 30, 2000 and
December 31, 1999, respectively. The Bank has consistently maintained
liquidity levels in excess of regulatory requirements. At June 30, 2000,
management had no knowledge of any trends, events or uncertainties that will
have or are reasonably likely to have
9
<PAGE>
material effects on the liquidity, capital resources, or operations of the
Company. Further, at June 30, 2000, management was not aware of any current
recommendations by the regulatory authorities which, if implemented, would
have such an effect.
The Company is not subject to any separate regulatory capital
requirements. The Bank exceeded all of its regulatory capital requirements at
June 30, 2000. See Note 3 of the Notes to Consolidated Interim Financial
Statements contained herein for information regarding the Bank's regulatory
capital position at June 30, 2000.
10
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
-----------------
From time to time, the Company and any subsidiaries may be a party to various
legal proceedings incident to its or their business. At June 30, 2000, there
were no legal proceedings to which the Company or any subsidiary was a party,
or to which any of their property was subject, which were expected by
management to result in a material loss.
Item 2. Changes in Securities and Use of Proceeds
-----------------------------------------
None
Item 3. Defaults Upon Senior Securities
-------------------------------
None
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
The Annual Meeting of Stockholders of the Company was held on June 15, 2000.
The results of the vote on the matters presented at the Meeting were as
follows:
1. The following individuals were elected as directors for the terms
specified:
Vote For Vote Withheld
-------- -------------
Deborah E. Marshall (one-year term) 554,531 28,854
Roger Grummett (one-year term) 554,431 28,954
Craig E. Dahl (two-year term) 554,009 28,376
Hugh N. Grant (two-year term) 554,481 28,904
D. Eric McDowell (two-year term) 554,481 28,904
Avrum M. Gross (three-year term) 554,176 28,209
William J. Schmitz (three-year term) 554,331 28,054
The above individuals constitute all of the members of the
Company's Board of Directors.
2. The appointment of Deloitte & Touche LLP as the Company's independent
auditors for the fiscal year ending December 31, 2000 was approved by
the following vote:
For 577,763; Against 1,900; Abstain 3,722
3. The Company's Stock Option Plan was approved by the following vote:
For 373,658; Against 64,857; Abstain 10,152
4. The Company's Management Recognition Plan was approved by the
following vote:
For 341,192; Against 95,698; Abstain 11,777
11
<PAGE>
Item 5. Other Information
-----------------
None
Item 6. Exhibits and Reports on Form 8-K
--------------------------------
(a) Exhibits
--------
3.1 Articles of Incorporation of Alaska Pacific Bancshares, Inc. (1)
3.2 Bylaws of Alaska Pacific Bancshares, Inc. (1)
10.1 Employment Agreement with Craig E. Dahl (2)
10.2 Severance Agreement with Roger K. White (2)
10.3 Severance Agreement with Lisa Corrigan Bell (2)
10.4 Severance Agreement with Thomas Sullivan (2)
10.5 Severance Agreement with Cheryl Crawford (2)
10.6 Severance Agreement with Patrick Wonser (2)
10.7 Severance Agreement with Sheri Vidic (2)
10.8 Severance Agreement with Tammi L. Knight (2)
10.9 Alaska Federal Savings Bank 401(k) Plan (1)
10.10 Alaska Pacific Bancshares, Inc. Employee Stock Ownership Plan (2)
10.11 Alaska Pacific Bancshares, Inc. Employee Severance Compensation
Plan (2)
10.12 Alaska Pacific Bancshares, Inc. 2000 Stock Option Plan (3)
10.13 Alaska Pacific Bancshares, Inc. 2000 Management Recognition Plan(3)
21 Subsidiaries of the Registrant (2)
27 Financial Data Schedule
(b) No reports on Form 8-K were filed during the quarter ended June 30, 2000.
-------------
(1) Incorporated by reference to the registrant's Registration Statement on
Form SB-2 (333-74827)
(2) Incorporated by reference to the registrant's Annual Report on Form
10-KSB for the year ended December 31, 1999.
(3) Incorporated by reference to the registrant's annual meeting proxy
statement dated May 5, 2000.
12
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Alaska Pacific Bancshares, Inc.
Date: August 14, 2000 /s/Craig E. Dahl
-------------------------------
Craig E. Dahl
President and Chief Executive Officer
Date: August 14, 2000 /s/Roger K. White
-------------------------------
Roger K. White
Senior Vice President and
Chief Financial Officer
13
<PAGE>
Exhibit 27
Financial Data Schedule
This schedule contains financial information extracted from the consolidated
financial statements of Alaska Pacific Bancshares, Inc. for the quarter ended
June 30, 2000 and is qualified in its entirety by reference to such financial
statements.
Financial Data
as of or for the quarter
Item Number ended June 30, 2000 Item Description
----------- ------------------- ----------------
(In thousands except per share)
9-03 (1) 5,026 Cash and due from Banks
9-03 (2) 2,155 Interest-bearing deposits
9-03 (3) 0 Federal funds sold - purchased
securities for resale
9-03 (4) 0 Trading account assets
9-03 (6) 16,720 Investment and mortgage backed
securities available for sale
9-03 (6) 0 Investment and mortgage backed
securities held to maturity -
carrying value
9-03 (6) 0 Investment and mortgage backed
securities held to maturity - market
value
9-03 (7) 97,741 Loans
9-03 (7)(2) 521 Allowance for losses
9-03 (11) 130,313 Total assets
9-03 (12) 98,813 Deposits
9-03 (13) 10,700 Short-term borrowings
9-03 (15) 3,256 Other liabilities
9-03 (16) 5,000 Long-term debt
9-03 (19) 0 Preferred stock - mandatory redemption
9-03 (20) 0 Preferred stock - no mandatory
redemption
9-03 (21) 7 Common stocks
9-03 (22) 12,537 Other stockholders' equity
9-03 (23) 130,313 Total liabilities and stockholders'
equity
9-04 (1) 2,084 Interest and fees on loans
9-04 (2) 308 Interest and dividends on investments
9-04 (4) 21 Other interest income
9-04 (5) 2,413 Total interest income
9-04 (6) 872 Interest on deposits
9-04 (9) 1,050 Total interest expense
9-04 (10) 1,363 Net interest income
9-04 (11) 90 Provision for loan losses
9-04 (13)(h) 0 Investment securities gains/(losses)
9-04 (14) 1,404 Other expenses
9-04 (15) 81 Income/loss before income tax
9-04 (17) 81 Income/loss before extraordinary items
9-04 (18) 0 Extraordinary items, less tax
9-04 (19) 0 Cumulative change in accounting
principles
9-04 (20) 81 Net income or loss
9-04 (21) 0.13 Earnings per share - primary
9-04 (21) 0.13 Earnings per share - fully diluted
I.B. 5 4.75% Net yield - interest earning assets -
actual
III.C.1. (a) 106 Loans on non-accrual
III.C.1. (b) 0 Accruing loans past due 90 days or
more
III.C.2. (c) 310 Troubled debt restructuring
III.C.2 1,225 Potential problem loans
IV.A.1 551 Allowance for loan loss - beginning
of period
IV.A.2 120 Total chargeoffs
IV.A.3 0 Total recoveries
IV.A.4 521 Allowance for loan loss - end of
period
IV.B.1 521 Loan loss allowance allocated to
domestic loans
IV.B.2 0 Loan loss allowance allocated to
foreign loans
IV.B.3 0 Loan loss allowance - unallocated
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