AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $1,437,000 and quarterly net income totaling $696,000 for the period ending December 31, 2013, respectively. The Company also reported that the Board of Directors recently approved the payment of a 5% stock dividend per common share payable on February 21, 2014 to shareholders of record as of February 7, 2014.
Assets totaled $238,900,000 at December 31, 2013, representing a decrease of $89,000 (0.0%) over September 30, 2013 and an increase of $22.6 million (10.5%) over December 31, 2012. At December 31, 2013, gross loans totaled $143,232,000 representing an increase of $7.4 million (5.4%) over September 30, 2013 and an increase of $44.4 million (44.9%) over December 31, 2012. Deposits totaled $168,995,000 at December 31, 2013 representing a decrease of $15.6 million (8.5%) over September 30, 2013 and a $7.1 million (4.4%) increase over December 31, 2012.
At December 31, 2013, the Allowance for Loan and Lease Losses totaled $2,070,000, representing 1.7% of Gross Loans originated. At December 31, 2013, nonaccrual loans totaled $110,000 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 December 31, 2013 totaled 18.6% and 22.0%, 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 187,309 shares of Company stock at an average cost of $7.49. During 2013, the Company repurchased and retired 105,309 shares at an average cost of $8.25.
“The Company experienced very solid loan growth this past year,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated “We continue to see signs of improvement in the economy and that has certainly helped our business customers. Fortunately, the bank has remained in a strong financial position which allows us to help these valued customers. With regard to merger opportunities, we have worked hard to sustain AltaPacific’s asset quality and high capital levels and believe these qualities will aid us as we look for appropriate merger and acquisition candidates.”