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AltaPacific Bancorp Announces Performance Results For Third Quarter 2011

Stocks in this article: ABNK

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $76,000 and year-to-date net income totaling $249,000 for the period ending September 30, 2011, respectively.

Assets totaled $113,245,000 at September 30, 2011, representing an increase of 22.0% over June 30, 2011 and an increase of 41.9% over December 31, 2010. At September 30, 2011, the bank’s net loans totaled $55,297,000 representing a 2.6% increase over June 30, 2011 and an 8.0% decrease over December 31, 2010. Deposits totaled $80,647,000 at September 30, 2011 representing a 34.3% increase over June 30, 2011 and a 71.1% increase over December 31, 2010. Increases in deposits resulted principally from growth in core deposits as Certificates of Deposit decreased 12.4% since June 30, 2011 and decreased 6.7% since December 31, 2010.

At September 30, 2011, the company’s Allowance for Loan and Lease Losses totaled $1,423,000 and represented 2.51% of Gross Loans. At September 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 30.67% at September 30, 2011, which substantially exceeds the 10% minimum ratio for a well capitalized institution. The bank’s regulatory capital ratios have continued to be among the highest of any commercial bank operating in California.

“The recent growth in deposits is directly related to the addition of our new branch in Rancho Cucamonga. At the end of September, the branch’s deposits totaled $20 million, and accounted for 80% of the growth in the Company’s deposits this past quarter,” reported Allen R. Christenson, the Company’s Chief Financial Officer. Continuing, Mr. Christenson stated, “Loan production continues to be a challenge during this economic environment. We have continually maintained a disciplined and conservative credit culture and find that our borrowers have remained cautious while looking for appropriate business opportunities.”

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