AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $300,000 and year-to-date net income totaling $861,000 for the period ending June 30, 2012, respectively. Additionally, having completed the purchase accounting analysis associated with the Stellar Business Bank merger, the Company restated net income for the first quarter of 2012 to include a $487,000 bargain purchase gain. As a result of the income generated from the bargain purchase, restated net income for the first quarter of 2012 totals $561,000.
Assets totaled $212,758,000 at June 30, 2012, representing an increase of 0.5% over March 31, 2012 and an increase of 84.5% over December 31, 2011. At June 30, 2012, gross loans totaled $114,378,000 representing a 6.6% increase over March 31, 2012 and a 91.0% increase over December 31, 2011. Deposits totaled $156,251,000 at June 30, 2012 representing a 2.9% decrease over March 31, 2012 and a 104.5% increase over December 31, 2011.
At June 30, 2012, the Allowance for Loan and Lease Losses totaled $1,514,000 and represented 2.3% of Gross Loans originated. In accordance with Generally Accepted Accounting Principles, the loans acquired from Stellar Business Bank are stated at their Fair Value, which takes into consideration potential credit losses in addition to other risk elements such as interest rates. Accordingly, an allowance for loan losses is not carried over or recorded as of the acquisition date. At June 30, 2012, nonaccrual loans totaled $425,000 and there were no other loans past due in excess of 30 days.
Charles O. Hall, the company’s President and Chief Executive Officer stated, “The merger with Stellar Business Bank has gone exceptionally well. We have enjoyed the opportunity to be of service to our new customers and feel privileged to work with such a professional team of bankers. The combination of these two banks has definitely enhanced our ability to grow in the future.” Continuing, Mr. Hall reported, “While we all continue to struggle during these difficult economic times, we believe there are tremendous opportunities for AltaPacific to expand. We have maintained our focus on attracting new customers, thereby sustaining our core growth objectives, and remain diligent in seeking additional merger candidates.”