AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2011 totaling $113,000. Net income for the quarter on a pretax basis totaled $202,000, representing an increase of 51% over the prior quarter and an increase of 126% over the same period last year.
Assets totaled $83,277,000 at March 31, 2011, representing an increase of 4.4% over December 31, 2010 and a decrease of 4.2% over March 31, 2010. At March 31, 2011, the Company’s net loans totaled $55,464,000 representing a 7.8% decrease over December 31, 2010 and a 14.2% decrease over March 31, 2010. Deposits totaled $50,470,000 at March 31, 2011 representing a 7.1% increase over December 31, 2010 and a 12.0% decrease over March 31, 2010. Included in the change in total deposits is an increase in Certificates of Deposit totaling $1.4 million (17.1%) during the quarter and a decrease totaling $13.7 million (58.0%) during the twelve month period ending March 31, 2011, respectively.
At March 31, 2011, the Company’s Allowance for Loan and Lease Losses totaled $1,423,000 and represented 2.50% of Gross Loans. In addition, as of March 31, 2011, 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 40.7% at March 31, 2011, 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.
In addition, the Bank recently announced plans to establish a branch office in the Inland Empire region of Southern California. Charles O. Hall, the Company’s President and Chief Executive Officer stated, “We recently filed applications with our regulators and hope to have a new branch operating in Southern California within the next few weeks.” Continuing, Mr. Hall stated, “Russ Scranton, a long time friend and former business colleague has been hired to serve as Senior Vice President and Regional Manager of the Inland Empire Region. In addition, Frank Basirico was recently promoted to the position of President, Southern California Region. While assisting in the business development efforts within the Inland Empire Region, Frank will continue to lead the Company’s merger and acquisition efforts.”