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AltaPacific Bancorp Announces Performance Results For Third 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 $344,000 and year-to-date net income totaling $741,000 for the period ending September 30, 2013, respectively.

Assets totaled $238,989,000 at September 30, 2013 representing an increase of 5.9% over June 30, 2013 and an increase of 10.5% over December 31, 2012. At September 30, 2013, gross loans totaled $135,858,000 representing a 5.6% increase over June 30, 2013 and a 37.5% increase over December 31, 2012. Deposits totaled $184,630,000 at September 30, 2013 representing a 7.5% increase over June 30, 2013 and a 14.0% increase over December 31, 2012.

At September 30, 2013, the Allowance for Loan and Lease Losses totaled $1,760,000, representing 1.6% of Gross Loans originated. At September 30, 2013, nonaccrual loans totaled $122,000 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 September 30, 2013 totaled 19.1% and 21.9%, respectively and are 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 175,900 shares of Company stock at an average cost of $7.39. During 2013, the Company repurchased and retired 93,900 shares at an average cost of $8.16.

Charles O. Hall, President and Chief Executive Officer stated, “Our loan portfolio has increased by thirty-eight percent during the current year. We are hopeful the improvements seen in the market areas we serve will continue. Most of the recent lending activity has been generated from our Real Estate Lending Unit and our SBA unit is also experiencing increased activity.” Continuing, Mr. Hall stated, “These continue to be very challenging times for our business customers. We are grateful to be able to assist them with their business needs and look forward to continued improvement in the business climate. In addition, management and the Board of Directors remain focused on finding appropriate merger and acquisition candidates. Given the performance and financial capacity of the Company, we believe AltaPacific is well positioned for future growth opportunities.”

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