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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.