AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2012 totaling $74,000. Net income for the quarter on a pretax basis totaled $151,000, representing a decrease of 26% over the prior quarter and a decrease of 25% over the same period last year. Following the close of business on February 17, 2012, the merger with Stellar Business Bank was completed. During the first quarter of 2012, ongoing merger and related integration costs totaled $123,000. Excluding the ongoing merger and related integration costs, pretax income for the quarter totaled $274,000.
Assets totaled $211,174,000 at March 31, 2012, representing an increase of 83.1% over December 31, 2011 and an increase of 153.6% over March 31, 2011. At March 31, 2012, the Company’s net loans totaled $105,962,000 consisting of $55,805,000 in originated loans, $51,457,000 in purchased loans (resulting from the merger with Stellar Business Bank) and an Allowance for Loan Losses totaling $1,300,000. Deposits totaled $160,841,000 at March 31, 2012 representing a 110.5% increase over December 31, 2011 and a 218.7% increase over March 31, 2011.
At March 31, 2012, the Company’s Allowance for Loan and Lease Losses totaled $1,300,000 and represented 2.33% of Gross Loans Originated. In accordance with generally accepted accounting principles, the loans acquired through the merger with Stellar Business Bank have been marked to fair value at the date of acquisition which resulted in a total credit fair value adjustment of $3.0 million to the loan balances. The determination of fair value takes into consideration certain financial exposures, including credit risk and interest rate risk. The Total Risk-Based Capital Ratio for AltaPacific Bank totaled 27.99% at March 31, 2012, 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.