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AltaPacific Bancorp Announces 2010 Year End Results And Declares Stock Dividend

AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $243,000 and year-to-date net income totaling $902,000 for the period ending December 31, 2010. Additionally, the company declared a 5% stock dividend to be distributed on February 18, 2011 to shareholders of record as of February 4, 2011.

Assets totaled $79,797,000 at December 31, 2010, representing an increase of 1.0% over September 30, 2010 and a decrease of 4.6% over December 31, 2009. At December 31, 2010, the company’s net loans totaled $60,132,000 representing an 8.8% increase over September 30, 2010 and a 0.2% decrease over December 31, 2009. Deposits totaled $47,139,000 at December 31, 2010 representing a 9.1% decrease over September 30, 2010 and a 6.8% decrease over December 31, 2009. Included in the change in total deposits is a decrease in Certificates of Deposit totaling $4.5 million (34.8%) and $11.2 million (57.1%) for the quarter and twelve month period ending December 31, 2010, respectively.

At December 31, 2010, the company’s Allowance for Loan and Lease Losses totaled $1,423,000 and represented 2.31% of Gross Loans. At December 31, 2010, all of the company’s loans were performing and there were no loans past due in excess of 30 days. The Total Risk-Based Capital Ratio for AltaPacific Bank totaled 36.0% at December 31, 2010, which substantially exceeds the 10% minimum ratio for a well capitalized institution. The bank’s regulatory capital ratios have continually been among the highest of any commercial bank operating in California.

“As a result of the adverse economic conditions, we have been very cautious in our lending strategy,” reported Allen R. Christenson, the Company’s Chief Financial Officer. Continuing, Mr. Christenson stated, “Customers in our Real Estate Industries Group have done an excellent job of completing and selling projects. They have a proven track record and we have enjoyed our relationship with them. However, they too have been impacted by the economy and many are electing to delay new construction projects. As a result, we reduced Certificates of Deposit during 2010 as they tend to be our most expensive source of funds.”

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