AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $344,000 and year-to-date net income totaling $1,205,000 for the period ending September 30, 2012, respectively.
Assets totaled $222,080,000 at September 30, 2012, representing an increase of 4.4% over June 30, 2012 and an increase of 92.6% over December 31, 2011. At September 30, 2012, gross loans totaled $98,503,000 representing a 13.9% decrease over June 30, 2012 and a 64.5% increase over December 31, 2011. Deposits totaled $168,573,000 at September 30, 2012 representing a 7.9% increase over June 30, 2012 and a 120.6% increase over December 31, 2011.
At September 30, 2012, the Allowance for Loan and Lease Losses totaled $1,515,000 and represented 2.4% of Gross Loans originated. In accordance with Generally Accepted Accounting Principles, loans acquired in a merger transaction 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 September 30, 2012, nonaccrual loans totaled $181,000 and there were no other loans past due in excess of 30 days.
“This economic cycle has continued to hinder many small and medium sized businesses. As a result, our industry is finding it increasingly difficult to generate new loans,” stated Allen Christenson, the Company’s Chief Financial Officer. Mr. Christenson further stated, “However, our ongoing focus towards establishing relationships with quality businesses combined with a disciplined credit culture has resulted in a long history of profitability for this Company.”
“With the successful merger with Stellar Business Bank behind us, we are actively looking for further business opportunities,” Charles O. Hall, the company’s President and Chief Executive Officer stated. Continuing, Mr. Hall stated, “As a result of our strong capital position, we are better prepared than ever to serve the needs of business owners while we continue to look for appropriate merger and acquisition candidates.”