AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $1,831,000 and quarterly net income totaling $177,000 for the period ending December 31, 2012, respectively. The Company also reported that the Board of Directors recently approved the payment of a 5% stock dividend per common share payable on March 1, 2013, to shareholders of record as of February 15, 2013.
In February 2012, the Company merged with Stellar Business Bank. In connection with the merger, the Company recorded a one time Bargain Purchase Gain totaling $936,000. Excluding the effect of this one time event, year-to-date net income for the Company would have totaled $895,000. During the quarter ending December 31, 2012, the Company recorded a provision for loan losses totaling $175,000 and also incurred a $270,000 write-down for certain investment securities which were deemed to be other-than-temporarily impaired (“OTTI”).
Assets totaled $216,715,000 at December 31, 2012, representing a decrease of 2.6% compared to September 30, 2012 and an increase of 87.9% compared to December 31, 2011. At December 31, 2012, gross loans totaled $98,831,000 representing a 0.3% increase compared to September 30, 2012 and a 65.1% increase compared to December 31, 2011. Deposits totaled $161,940,000 at December 31, 2012 representing a 3.9% decrease compared to September 30, 2012 and a 112.0% increase compared to December 31, 2011. In May 2012, the Company announced a Share Repurchase Program. Since that announcement, the Company has repurchased 82,000 shares of common stock.
At December 31, 2012, the Allowance for Loan and Lease Losses totaled $1,659,000 and represented 2.6% 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 December 31, 2012, nonaccrual loans totaled $157,000 and there were no other loans past due in excess of 30 days.
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