AltaPacific Bancorp Announces Performance Results For Second Quarter 2011
AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $60,000 and year-to-date net income totaling $173,000 for the period ending June 30, 2011, respectively. The bank recently celebrated its fifth anniversary as it opened for business on July 10, 2006.
Assets totaled $92,850,000 at June 30, 2011, representing an increase of 11.5% over March 31, 2011 and an increase of 16.4% over December 31, 2010. At June 30, 2011, the bank’s net loans totaled $53,894,000 representing a 2.8% decrease over March 31, 2011 and a 10.4% decrease over December 31, 2010. Deposits totaled $60,040,000 at June 30, 2011 representing a 19.0% increase over March 31, 2011 and a 27.4% increase over December 31, 2010. Increases in deposits resulted principally from growth in core deposits as Certificates of Deposit decreased 9.1% since March 31, 2011 and increased 6.4% since December 31, 2010.
At June 30, 2011, the company’s Allowance for Loan and Lease Losses totaled $1,423,000 and represented 2.57% of Gross Loans. At June 30, 2011, all of the company’s loans were performing and there were no loans past due in excess of 30 days. In addition, the company has not experienced any loan charge-offs during the year. The Total Risk-Based Capital Ratio for AltaPacific Bank totaled 37.90% at June 30, 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.
“As an industry, we are all struggling to find quality loans. Our management group and lending team continue to maintain a very disciplined approach. In addition, many of our construction lending customers have completed and sold existing projects; however, they are waiting to start new projects,” reported Allen R. Christenson, the Company’s Chief Financial Officer. Continuing, Mr. Christenson stated, “We believe it is best to remain patient while the economy struggles to improve. While continuing to look for appropriate lending opportunities, we have focused our efforts on building core deposit relationships, as evidenced by the 27.4% year-to-date increase in deposits.” Regarding the opening of the bank’s new branch in the Inland Empire Region of Southern California, Mr. Christenson reported “As expected with a startup operation, the new branch is currently operating at a loss. Excluding the operating losses of the new branch, the Company’s net income for the three and six month periods ending June 30, 2011 total $150,000 and $263,000, respectively.”
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