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 September 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 September 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 September 30,
2000 and December 31, 1999 .......................................... 3
Consolidated Statements of Income (Unaudited) for the three-
and nine-month periods ended September 30, 2000 and 1999............. 4
Consolidated Statements of Cash Flows (Unaudited) for the
nine months ended September 30, 2000 and 1999........................ 5
Notes to (Unaudited) Consolidated Financial Statements................. 6
Item 2.
Management's Discussion and Analysis of Financial Condition
and Results of Operations............................................ 10
PART II.
OTHER INFORMATION
Item 1. Legal Proceedings.............................................. 14
Item 2. Changes in Securities and Use of Proceeds...................... 14
Item 3. Defaults Upon Senior Securities................................ 14
Item 4. Submission of Matters to a Vote of Security Holders............ 14
Item 5. Other Information.............................................. 14
Item 6. Exhibits and Reports on Form 8-K .............................. 14
Signatures............................................................. 16
2
<PAGE>
ITEM 1. Financial Statements
Alaska Pacific Bancshares, Inc. and Subsidiary
Consolidated Balance Sheets (Unaudited)
September 30, December 31,
(dollars in thousands) 2000 1999
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Assets
Cash and due from banks $ 4,735 $ 4,343
Interest-earning deposits in banks 2,989 3,442
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Total cash and cash equivalents 7,724 7,785
Investment securities available for sale, at
fair value (amortized cost: September 30,
2000 - $16,796; December 31, 1999 - $20,543) 16,295 19,849
Federal Home Loan Bank stock 1,428 1,361
Loans held for sale 853 1,359
Loans 101,673 86,366
Less allowance for loan losses 543 570
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Loans, net 101,130 85,796
Accrued interest receivable 787 631
Premises and equipment 3,472 3,689
Repossessed assets 71 145
Other assets 993 927
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Total Assets $132,753 $121,542
==============================================================================
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand $ 8,613 $ 6,210
Interest-bearing demand 25,956 26,704
Money market 14,812 16,552
Savings 16,608 18,427
Certificates of deposit 36,096 34,654
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Total deposits 102,085 102,547
Federal Home Loan Bank advances 17,100 5,000
Advances from borrowers for taxes and insurance 318 821
Accounts payable and accrued expenses 284 207
Accrued interest payable 688 367
Other liabilities 178 123
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Total liabilities 120,653 109,065
Shareholders' Equity:
Common stock ($0.01 par value; 20,000,000
shares authorized; 655,415 shares issued;
550,609 shares and 608,235 shares out-
standing and unrestricted at September 30,
2000 and December 31, 1999, respectively 7 7
Additional paid-in capital 5,782 5,850
Treasury stock (32,283 shares at September 30,
2000 and none at December 31, 1999) (400) -
Unvested stock awards (247) -
Unearned ESOP shares (472) (472)
Retained earnings 7,931 7,786
Accumulated other comprehensive loss (501) (694)
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Total shareholders' equity 12,100 12,477
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Total Liabilities and Shareholders' Equity $132,753 $121,542
==============================================================================
See notes to consolidated interim financial statements
3
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Alaska Pacific Bancshares, Inc. and Subsidiary
Consolidated Statements of Income (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(dollars in thousands, ----------------------------------------
except per share) 2000 1999 2000 1999
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Interest Income
Loans $2,258 $1,796 $6,232 $5,143
Investment securities 303 313 949 792
Interest-bearing deposits with
banks 27 79 73 264
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Total interest income 2,588 2,188 7,254 6,199
Interest Expense
Deposits 922 858 2,666 2,593
Federal Home Loan Bank advances 252 63 524 82
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Total interest expense 1,174 921 3,190 2,675
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Net Interest Income 1,414 1,267 4,064 3,524
Provision for loan losses 45 - 150 15
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Net interest income after
provision for loan losses 1,369 1,267 3,914 3,509
Noninterest Income
Mortgage servicing income 45 47 134 149
Service charges on deposit accounts 102 86 294 245
Other service charges and fees 40 37 114 110
Gain on sale of mortgage loans 46 11 86 42
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Total noninterest income 233 181 628 546
Noninterest Expense
Compensation and benefits 752 697 2,191 1,997
Occupancy and equipment 321 303 963 880
Data processing charges 102 90 289 268
Professional and consulting fees 60 36 190 101
Marketing and public relations 66 55 174 122
Other 168 147 491 455
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Total noninterest expense 1,469 1,328 4,298 3,823
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Income before income tax 133 120 244 232
Income tax - - - -
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Net Income $ 133 $ 120 $ 244 $ 232
==============================================================================
Earnings per share:
Basic $ 0.23 $ 0.20 $ 0.41 -
Diluted 0.23 0.20 0.41 -
==============================================================================
See notes to consolidated interim financial statements.
4
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Alaska Pacific Bancshares, Inc. and Subsidiary
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
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(in thousands) 2000 1999
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Operating Activities
Net income $ 244 $ 232
Adjustments to reconcile net income to net cash
provided by operating activities:
Provision for loan losses 150 15
Depreciation and amortization 329 279
Federal Home Loan Bank stock dividends (67) (71)
Amortization of fees, discounts, and premiums, net (38) (31)
Stock award plan expense 9 -
Cash provided by changes in operating assets
and liabilities:
Accrued interest receivable (156) (68)
Loans held for sale 506 534
Other assets (66) (194)
Advances from borrowers for taxes and insurance (503) (686)
Accrued interest payable 321 202
Accounts payable and accrued expenses 77 (52)
Other liabilities 55 200
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Net cash provided by operating activities 861 360
Investing Activities
Purchase of investment securities available for sale - (12,750)
Maturities and principal repayments of investment
securities available for sale 3,736 6,702
Loan originations, net of principal repayments (15,506) (13,525)
Proceeds from sale of repossessed assets 145 311
Purchase of premises and equipment (112) (689)
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Net cash used in investing activities (11,737) (19,951)
Financing Activities
Proceeds from issuance of common stock - 5,330
Purchase of treasury stock (724) -
Net increase in Federal Home Loan Bank advances 12,100 10,900
Net decrease in demand and savings deposits (1,904) (62)
Net decrease in certificates of deposit 1,442 (1,494)
Cash dividends paid (99) -
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Net cash provided in financing activities 10,815 14,674
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Decrease in cash and cash equivalents (61) (4,917)
Cash and cash equivalents at beginning of period 7,785 14,584
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Cash and cash equivalents at end of period $ 7,724 $ 9,667
==============================================================================
Supplemental information:
Cash paid for interest $ 853 $ 2,555
Loan repossessions 71 -
Net (increase) decrease in unrealized loss on
securities available for sale 193 (225)
Issuance of unvested stock awards from treasury stock 324 -
See notes to consolidated interim financial statements.
5
<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 (the "Bank"). Alaska Pacific
Bancshares, Inc. (the "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 nine-month period ended September 30, 1999,
presented herein, include only the accounts and operations of Alaska Pacific
Bank for the first six months of the period.
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
September 30, 2000 and 1999, are not necessarily indicative of the results
which may be expected for an entire year or any other period.
6
<PAGE>
Note 3 - Capital Compliance
At September 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 September 30, 2000:
(dollars in thousands)
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Tangible Capital:
Actual $12,510 9.58%
Required 1,958 1.50
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Excess $10,552 8.08%
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Core Capital:
Actual $12,510 9.58%
Required 3,916 3.00
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Excess $ 8,594 6.58%
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Total Risk-Based Capital:
Actual $13,053 15.56%
Required 6,710 8.00
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Excess $ 6,343 7.56%
==============================================================================
7
<PAGE>
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
treasury stock, unvested stock awards under the Management Recognition Plan
("unvested stock awards"), and 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 potential common stock from unvested stock awards and stock options,
determined by the treasury stock method.
Period Ended
September 30, 2000 Three Months Nine 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 $133,000 655,415 $244,000 655,415
Treasury stock (8,189) (7,174)
Unvested stock awards (21,522) (5,777)
Unearned ESOP shares (47,180) (47,180)
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Basic EPS 133,000 569,381 $0.23 244,000 595,284 $0.41
Incremental shares under
stock plans:
Stock awards 1,406 31
Stock options 3,545 236
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Diluted EPS $133,000 574,332 $0.23 $244,000 595,551 $0.41
==============================================================================
Three Months Ended Net Average Earnings
September 30, 1999 Income Shares Per Share
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Net income/average
shares outstanding $120,000 655,415
Unearned ESOP shares (47,180)
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Basic EPS 120,000 608,235 $0.20
Incremental shares
under stock plans -
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Diluted EPS $120,000 608,235 $0.20
=================================================
Because the Company had no shares outstanding prior to July 1, 1999, earnings
per share is not presented for the nine-month period ended September 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:
8
<PAGE>
Nine Months Ended Year Ended
September 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 193 (225) (396)
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Balance at end of period $(501) $ (523) $(694)
==============================================================================
Note 6 Stock 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 to directors and officers on up to 65,542 shares of the Company's
stock. Options on 65,542 shares were granted on July 20, 2000, with an
exercise price equal to the market price of the stock at the date of grant, or
$9.75. The options vest over a five-year period and any unexercised options
expire after ten years.
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. On July 20, 2000, 26,217 shares, with a total cost of $256,000,
were granted. The shares vest over a five-year period. The consolidated
statements of income for the three- and nine-month periods ended September 30,
2000, each reflect $9,000 of compensation expense for the plan.
Note 7 Agreement to Open New Offices
On August 29, 2000, the Company entered into an agreement with KeyBank for the
Bank to open offices in Hoonah and Yakutat, Alaska, concurrent with KeyBank
closing its offices in the two communities. Regulatory approval was received
on October 23, 2000, and the new offices are anticipated to open in December
2000.
9
<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 $132.8 million at September 30, 2000
compared to $121.5 million at December 31, 1999. The increase of $11.2
million, or 9.2%, was primarily the result of increased loans funded by
increased borrowings.
Investment securities available for sale decreased $3.5 million to $16.3
million at September 30, 2000, compared to $19.8 million at December 31, 1999,
primarily reflecting principal reductions.
Loans, net, were $101.1 million at September 30, 2000 compared to $85.8
million at December 31, 1999, an increase of $15.3 million, or 17.9%. This
increase resulted primarily from increased originations of both mortgage and
nonmortgage loans.
Deposits were $102.1 million at September 30, 2000 compared to $102.5
million at December 31, 1999, a 0.5% decrease.
Advances from the Federal Home Loan Bank of Seattle increased $12.1
million to $17.1 million at September 30, 2000 from $5.0 million at December
31, 1999, primarily to fund loan demand.
Total shareholders' equity was approximately $12.1 million at September
30, 2000 compared with $12.5 million at December 31, 1999. The decrease was
primarily due to the Company repurchasing 58,500 shares of its stock during
the quarter.
10
<PAGE>
Results of Operations
Net Income. Net income for the third quarter of 2000 was $133,000 ($.23
per share) compared to $120,000 ($.20 per share) for the third quarter of
1999, an increase of $12,000. Net income for the first nine months of 2000
was $244,000 ($0.41 per share), compared with $232,000 for the first nine
months 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, beginning in 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 third quarter increased
$147,000, or 11.6%, to $1.41 million in 2000, compared with $1.27 million in
1999. For the first nine months of 2000, net interest income increased
$540,000, or 15.3%, to $4.06 million, compared with $3.52 million in 1999.
The increase is primarily due to an increase in earning assets, particularly
loans. Daily average loans outstanding increased $17.2 million (20.4%) for the
third quarter of 2000 and $15.1 million (19.0%) for the first nine months of
2000 compared with the same periods in 1999.
Also contributing to higher net interest income for the third quarter was
the net interest margin on earning assets, which increased to 4.66% in 2000
from 4.54% in 1999. For the first nine months of the year, the net interest
margin increased to 4.69% in 2000 from 4.44% 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 $45,000 for
the third quarter of 2000 compared with none for the third quarter of 1999.
For the first nine months of 2000, the provision was $150,000 compared with
$15,000 for the same period in 1999. Net chargeoffs increased to $23,000 and
$177,000 for the third quarter and first nine months, respectively, of 2000,
compared with $18,000 and $37,000 for the same periods in 1999. The higher
provisions were 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 $52,000, or 28.7%, to
$233,000 for the third quarter of 2000 compared with $181,000 for the third
quarter of 1999. For the first nine months of the year, noninterest income
increased $82,000, or 15.0%, to $628,000 in 2000, compared with $546,000 in
1999. The increases were primarily due to gains on sale of mortgage loans and
service charges on deposit accounts.
Gains on sale of mortgage loans increased $35,000 for the third quarter
and $44,000, for the first nine months of 2000, in comparison with the
corresponding periods in 1999. Service charges on deposit accounts increased
$16,000, or 18.6%, for the third quarter and $49,000, or 20.0%, for the first
nine months of 2000, in comparison with the corresponding periods in 1999.
11
<PAGE>
Noninterest Expense. Noninterest expense for the third quarter of 2000
increased $141,000, or 10.6%, to $1.47 million, compared with $1.33 million
for the same quarter in 1999. For the first nine months of the year,
noninterest expense increased $475,000, or 12.4%, to $4.30 million in 2000
compared with $3.82 million in 1999.
The Bank's new Auke Bay office in Juneau, which opened in August 1999,
contributed approximately $130,000 to the total increase in noninterest
expense for the first nine months of 2000 compared with 1999. In addition,
the increases for both periods 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.
Income Taxes. No income tax expense was recognized for each of the
three- and nine-month periods ended September 30, 2000 or 1999 due to net
operating loss carryforwards, which expire in various years beginning in 2002
and through 2018.
Nonperforming Assets
At September 30, 2000, the Bank had nonperforming loans totaling
$286,000, compared with $70,000 at December 31, 1999. The balances at both
dates consisted of real estate loans. The largest of these loans at September
30, 2000, was a commercial land loan for $164,000 which is well collateralized
such that no loss is anticipated.
Repossessed assets were $71,000 at September 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 20.4% and 27.6% at September 30, 2000 and
December 31, 1999, respectively. The Bank has consistently maintained
liquidity levels in excess of regulatory requirements. At September 30, 2000,
management had no knowledge of any trends, events or uncertainties that will
have or are reasonably likely to have material effects on the liquidity,
capital resources, or operations of the Company. Further, at September 30,
2000, management was not aware of any current recommendations by the
regulatory authorities which, if implemented, would have such an effect.
12
<PAGE>
The Company is not subject to any separate regulatory capital
requirements. The Bank exceeded all of its regulatory capital requirements at
September 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 September 30, 2000.
Recent Accounting Pronouncements
In June 1998, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 133 ("SFAS 133"), Accounting for
Derivative Instruments and Hedging Activities, which is effective for all
fiscal years beginning after June 15, 2000. SFAS 133 establishes accounting
and reporting standards for derivative instruments, including certain
derivative instruments embedded in other contracts and for hedging activities.
Under SFAS 133, as amended, certain contracts that were not formerly
considered derivatives may now meet the definition of a derivative. The
Corporation intends to adopt SFAS 133 effective January 1, 2001. Management
does not expect the adoption of SFAS 133 to have a significant impact on the
financial position or results of operations of the Company because the Company
does not have significant derivative activity.
13
<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 September 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
---------------------------------------------------
None
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
-------------------
(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.
14
<PAGE>
(b) During the quarter ended September 30, 2000, one report on Form 8-K
was filed, on September 1, 2000, to announce that the Company's
wholly owned subsidiary, Alaska Pacific Bank, would begin offering
full service banking in December 2000 in Hoonah and Yakutat, Alaska,
pursuant to an agreement with KeyBank to close its offices in those
communities.
15
<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: November 14, 2000 /s/Craig E. Dahl
-------------------------------
Craig E. Dahl
President and Chief Executive Officer
Date: November 14, 2000 /s/Roger K. White
-------------------------------
Roger K. White
Senior Vice President and
Chief Financial Officer
16
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<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
Sepptember 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 September 30, 2000 Item Description
----------- ------------------- ----------------
(In thousands except per share)
9-03 (1) 4,735 Cash and due from Banks
9-03 (2) 2,989 Interest-bearing deposits
9-03 (3) 0 Federal funds sold - purchased
securities for resale
9-03 (4) 0 Trading account assets
9-03 (6) 16,295 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) 101,673 Loans
9-03 (7)(2) 543 Allowance for losses
9-03 (11) 132,753 Total assets
9-03 (12) 102,085 Deposits
9-03 (13) 12,100 Short-term borrowings
9-03 (15) 1,468 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) 12,093 Other stockholders' equity
9-03 (23) 132,753 Total liabilities and stockholders'
equity
9-04 (1) 2,258 Interest and fees on loans
9-04 (2) 303 Interest and dividends on investments
9-04 (4) 27 Other interest income
9-04 (5) 2,588 Total interest income
9-04 (6) 922 Interest on deposits
9-04 (9) 1,174 Total interest expense
9-04 (10) 1,414 Net interest income
9-04 (11) 45 Provision for loan losses
9-04 (13)(h) 0 Investment securities gains/(losses)
9-04 (14) 1,469 Other expenses
9-04 (15) 133 Income/loss before income tax
9-04 (17) 133 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) 133 Net income or loss
9-04 (21) 0.23 Earnings per share - primary
9-04 (21) 0.23 Earnings per share - fully diluted
I.B. 5 4.66% Net yield - interest earning assets -
actual
III.C.1. (a) 286 Loans on non-accrual
III.C.1. (b) 0 Accruing loans past due 90 days or
more
III.C.2. (c) 308 Troubled debt restructuring
III.C.2 583 Potential problem loans
IV.A.1 521 Allowance for loan loss - beginning
of period
IV.A.2 23 Total chargeoffs
IV.A.3 0 Total recoveries
IV.A.4 543 Allowance for loan loss - end of
period
IV.B.1 543 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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