Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

Alaska Pacific Bancshares Q4 net income down 54%

Alaska Pacific Bancshares has reported a net income of $187,000 for the fourth quarter of 2007, a decrease of 54.3% compared to $409,000 for the corresponding period of 2006.

For the full-year period ended December 31, 2007, net income was $922,000, a decrease of 13.1% compared to $1.1 million for the same period in 2006. Net interest income was $9.1 million for the full-year period, an increase of 6.5% compared to 2006. The increase in the net interest income for the full-year period reflected a 5.3% increase in average loans.

Net interest margin on average earning assets were 5.32% for the full-year period compared to 5.13% in 2006. Non-interest expense was $8.7 million, an increase of 13.2% compared to 2006. The increase in non-interest expense was the reason for the decline in net income for the full-year period of 2007.