AltaPacific Bank (OTCBB: ABNK) today reported net income totaling $189,000 for the first quarter of 2010. The bank has now been profitable for seven consecutive quarters with this most recent quarter representing the bank’s highest net income on record. The net income achieved during this most recent quarter represents an increase of 16.7% over the prior quarter and a 170.0% increase over the same period one year ago. AltaPacific Bank opened for business on July 10, 2006.
At March 31, 2010, assets totaled $86,956,000, representing an increase of 3.9% over December 31, 2009 and an increase of 38.1% over March 31, 2009. The bank’s net loans at March 31, 2010 totaled $64,676,000 representing an increase of 7.3% over December 31, 2009 and a 66.8% increase over March 31, 2009. Deposits totaled $57,328,000 at March 31, 2010 representing an increase of 13.4% over December 31, 2009 and a 50.4% increase over March 31, 2009. At March 31, 2010, the bank’s Allowance for Loan and Lease Losses totaled $1,336,000 and represented 2.02% of Gross Loans. The bank did have one nonaccrual loan which totaled $1,194,000 at March 31, 2010. The nonaccrual loan is secured by real estate.
The bank’s total Risk-Based Capital Ratio totaled 35.6% at March 31, 2010 and substantially exceeds the 10% minimum ratio for a well capitalized institution. Furthermore, as of December 31, 2009, the bank’s regulatory capital ratios exceed all other banks operating in Sonoma and Marin counties and continue to be within the top 10% of all commercial banks operating in California.
“The ability for our bank to continue to sustain this level of balance sheet growth and profitability during these tough economic times is a great tribute to our professional staff and Board of Directors,” stated Charles O. Hall, the bank’s President and Chief Executive Officer. Continuing, Mr. Hall stated, “As a result of our strong capital position, asset quality and overall business philosophy, business customers are quickly finding us to be an excellent choice when looking to satisfy their financial service needs.”