AltaPacific Bank (OTCBB: ABNK) today reported its ninth consecutive quarter of increased earnings. The bank reported net income for the quarter totaling $260,000 and year-to-date net income totaling $658,000 for the period ending September 30, 2010, respectively.
Assets totaled $78,969,000 at September 30, 2010, representing a decrease of 9.8% over June 30, 2010 and an increase of 2.4% over September 30, 2009. At September 30, 2010, the bank’s net loans totaled $55,278,000 representing a 8.0% decrease over June 30, 2010 and a 1.1% increase over September 30, 2009. Deposits totaled $51,841,000 at September 30, 2010 representing a 10.0% decrease over June 30, 2010 and a 0.7% increase over September 30, 2009. Included in the change in total deposits is a decrease in Certificates of Deposit totaling $6.1 million (32.1%) and $6.6 million (33.7%) for the quarter and twelve month period ending September 30, 2010, respectively.
At September 30, 2010, the bank’s Allowance for Loan and Lease Losses totaled $1,323,000 and represented 2.34% of Gross Loans. At September 30, 2010, all of the bank’s loans were performing and there were no loans past due in excess of 30 days. In addition, the bank’s total Risk-Based Capital Ratio totaled 40.7% at September 30, 2010, which substantially exceeds the 10% minimum ratio for a well capitalized institution. The bank’s regulatory capital ratios continue to be among the highest of any commercial bank operating in California.
“Many of our real estate clients have been able to successfully complete and sell their projects,” reported Allen R. Christenson, the Bank’s Chief Financial Officer. Continuing, Mr. Christenson stated, “With the prolonged difficulties in our economy, clients are electing to delay new construction projects. As these events resulted in a net decrease in loans, management implemented measures which resulted in a corresponding decrease in Certificates of Deposit.”
“We continue to exercise discipline and patience in implementing our business strategy,” reported Charles O. Hall, the bank’s President and Chief Executive Officer. Continuing, Mr. Hall stated, “We feel we are well positioned for potential opportunities as we plan for our future and continue our search for appropriate acquisition targets.”