AltaPacific Bank (OTCBB: ABNK) today reported increased earnings for the eighth consecutive quarter. The bank reported net income for the quarter totaling $208,000 and year-to-date net income totaling $398,000 for the period ending June 30, 2010, respectively. The bank recently celebrated its fourth anniversary as it opened for business on July 10, 2006.
Assets totaled $87,578,000 at June 30, 2010, representing an increase of 0.7% over March 31, 2010 and an increase of 20.3% over June 30, 2009. At June 30, 2010, the bank’s net loans totaled $60,058,000 representing a 7.1% decrease over March 31, 2010 and an 8.2% increase over June 30, 2009. Deposits totaled $57,599,000 at June 30, 2010 representing a 0.5% increase over March 31, 2010 and a 19.6% increase over June 30, 2009. At June 30, 2010, the bank’s Allowance for Loan and Lease Losses totaled $1,411,000 and represented 2.30% of Gross Loans. The bank did have one nonaccrual loan which totaled $994,000 at June 30, 2010. The nonaccrual loan is secured by real estate and was transferred to other real estate owned on July 12, 2010.
The bank’s total Risk-Based Capital Ratio totaled 36.8% at June 30, 2010 and substantially exceeds the 10% minimum ratio for a well capitalized institution. Furthermore, as of March 31, 2010, the bank’s regulatory capital ratios exceed all other banks operating in Sonoma and Marin counties and the bank continues to maintain some of the highest capital ratios of any commercial bank operating in California.
“We have certainly benefited from our decision to remain patient and disciplined throughout these tough economic times,” reported Charles O. Hall, the bank’s President and Chief Executive Officer. Continuing, Mr. Hall stated, “As the bank continues to focus on its original business plan and core operating principles, we are hopeful we will experience continued success. We are all very pleased with our success since opening the bank in 2006 and are very excited about the opportunities which exist in our future.”