This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AltaPacific Bancorp Announces Performance Results For Third Quarter 2012

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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 0.21%
FB $116.73 0.00%
GOOG $691.02 0.00%
TSLA $249.50 0.72%
YHOO $36.59 0.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs