AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2014 totaling $465,000, or $0.08 per diluted share. The Company also reported that the pending merger with Mission Oaks Bancorp, which was originally announced on January 31, 2014, is now expected to have an effective closing date of May 2, 2014.
Assets for the Company totaled $267,455,000 at March 31, 2014, representing an increase of $46.1 million (20.8%) over March 31, 2013 and an increase of $28.6 million (12.0%) over December 31, 2013. At March 31, 2014, gross loans totaled $158,089,000 representing an increase of $39.3 million (33.1%) over March 31, 2013 and an increase of $14.9 million (10.4%) over December 31, 2013. Deposits totaled $196,929,000 at March 31, 2014, representing an increase of $30.7 million (18.5%) over March 31, 2013 and a $27.9 million (16.5%) increase over December 31, 2013.
At March 31, 2014, the Allowance for Loan and Lease Losses totaled $2,166,000, representing 1.6% of Gross Loans originated. At March 31, 2014, nonaccrual loans totaled $103,000 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 March 31, 2014 totaled 18.5% and 21.5%, respectively and continue to be 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 215,309 shares of Company stock at an average cost of $7.76. During 2014, the Company repurchased and retired 28,000 shares at an average cost of $9.52.
“As we approach the completion of the merger with Mission Oaks National Bank, I want to publicly express our gratitude and appreciation for the opportunity to work with the banking professionals at Mission Oaks. What a tremendous opportunity this is for AltaPacific’s stakeholders,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated “AltaPacific has been going through a tremendous period of growth and we are very pleased with all aspects of our company. To complete this merger while continuing to grow and expand our core operations serves as a great testament of the commitment and dedication of our entire team.”