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AltaPacific Bancorp Announces 2012 Year End Performance Results And Declares 5% Stock Dividend

Stocks in this article: ABNK

Charles O. Hall, the Company’s President and Chief Executive Officer stated, “Our disciplined approach to banking these past few years has continually resulted in excellent asset quality and consistent earnings. The quality of our balance sheet combined with a total risk-based capital ratio in excess of 26% places us in an excellent position for future growth.” Continuing, Mr. Hall stated, “The Company is well positioned to serve the needs of new and existing customers while we continue to look for appropriate merger and acquisition candidates.”

AltaPacific Bancorp is the parent company of AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. AltaPacific Bank is an independent business bank headquartered in Santa Rosa, California and has offices in Santa Rosa, Rancho Cucamonga and Covina, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. The U.S. Small Business Administration has approved the bank as a PLP lender (Preferred Lender Program). PLP status is the highest lending designation granted by the SBA and it is only granted to its most experienced lenders. For additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com.

The following is a summary of the Company’s financial performance (unaudited) as of December 31, 2012:

       
(Dollars in thousands) December 31,

2011

September 30,

2012

December 31,

2012

Gross Loans $ 59,874 $ 98,503 $ 98,831
Allowance for Loan Losses 1,300 1,515 1,659
Net Loans 58,574 96,988 97,172
Total Assets 115,319 222,529 216,715
Total Deposits 76,400 168,573 161,940
Shareholders’ Equity 26,334 47,848 47,835
   
(Dollars in thousands) Three Month Period Ending Year-to-Date
September 30,

2012

  December 31,

2012

December 31,

2011

  December 31,

2012

Interest Income $ 3,105 $ 2,699 $ 5,668 $ 10,760
Interest Expense 263 255 516 993
Net Interest Income 2,842 2,444 5,152 9,767
Provision for Loan Losses -- 175 (123 ) 300
Provision for OREO Losses 175 -- -- 175
Provision for OTTI -- 270 120 320
Bargain Purchase Gain -- -- -- 936
Noninterest Income 69 44 73 285
Noninterest Expense 2,158 1,802 4,562 7,738
Pretax Income 578 241 666 2,455
Provision for Income Taxes 234 64 362 624
Net Income 344 177 304 1,831
 

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of AltaPacific Bancorp and its subsidiary AltaPacific Bank and on information available to management at the time these statements were made. There are a number of factors, many of which are beyond AltaPacific's control, which could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which AltaPacific is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than AltaPacific; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, AltaPacific does not undertake to update forward-looking statements to reflect subsequent circumstances or events.

Copyright Business Wire 2010
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