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AltaPacific Bancorp Announces Performance Results For Second Quarter 2013

Stocks in this article: ABNK

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $238,000 and year-to-date net income totaling $397,000 for the period ending June 30, 2013, respectively.

Assets totaled $225,624,000 at June 30, 2013, representing an increase of 1.9% over March 31, 2013 and an increase of 4.3% over December 31, 2012. At June 30, 2013, gross loans totaled $128,692,000 representing an 8.3% increase over March 31, 2013 and a 30.2% increase over December 31, 2012. Deposits totaled $171,712,000 at June 30, 2013 representing a 3.3% increase over March 31, 2013 and a 6.0% increase over December 31, 2012.

At June 30, 2013, the Allowance for Loan and Lease Losses totaled $1,659,000, representing 1.7% of Gross Loans originated. At June 30, 2013, nonaccrual loans totaled $124,000 and there were no other loans past due in excess of 30 days. AltaPacific Bank’s Tier 1 Leverage Capital Ratio and Total Risk-Based Capital Ratio at June 30, 2013 totaled 19.6% and 22.7%, respectively. These capital ratios continue to rank among the highest of any commercial bank operating in the state of California.

The Company’s Share Repurchase Program, which was adopted in 2012, has resulted in the repurchase and retirement of 116,300 shares of Company stock at an average cost of $6.79. During 2013, the Company repurchased and retired 34,300 shares at an average cost of $7.43.

Charles O. Hall, President and Chief Executive Officer stated, “Our loan portfolio has increased by $30 million during the past six months. We are pleased to be in a position to assist our loan customers with their borrowing needs and look forward to continued loan growth in the future.” Continuing, Mr. Hall stated “The growth in our loan portfolio is a direct result of our professional lenders working with new and existing customers. We are hopeful the growth is a sign that this very challenging economic cycle may be improving.”

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