AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $1,171,000, or $0.21 per diluted share, and quarterly net income totaling $706,000, or $0.13 per diluted share, for the period ending June 30, 2014, respectively. Included in the reporting of net income are after-tax merger related expenses totaling approximately $605,000. Following the close of business on May 2, 2014 the Company completed the merger with Mission Oaks Bancorp and during July, 2014, the Company completed the conversion of Mission Oaks’ data processing systems.
Assets for the Company totaled $347,816,000 at June 30, 2014, representing an increase of $80.4 million (30.0%) over March 31, 2014 and an increase of $108.9 million (45.6%) over December 31, 2013. At June 30, 2014, gross loans totaled $206,265,000 representing an increase of $48.2 million (30.5%) over March 31, 2014 and an increase of $63.0 million (44.0%) over December 31, 2013. Deposits totaled $279,854,000 at June 30, 2014, representing an increase of $82.9 million (42.1%) over March 31, 2014 and an increase of $110.9 million (65.6%) over December 31, 2013.
At June 30, 2014, the Allowance for Loan and Lease Losses totaled $2,181,000, representing 1.7% of Gross Loans originated. The loans acquired through mergers and acquisitions are acquired at their fair market value. In accordance with generally accepted accounting principles, no allowance was provided for the acquired loans at June 30, 2014.
The Company’s Share Repurchase Program, which was adopted in 2012, has resulted in the repurchase and retirement of 260,309 shares of Company stock at an average cost of $8.21. During 2014, the Company repurchased and retired 73,000 shares at an average cost of $10.07.
“Our merger with Mission Oaks Bancorp is proving to be a wonderful experience for our Company. We have been very pleased with the opportunity to work with the customers and banking professionals at Mission Oaks,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “The completion of the merger and integration of the computer systems has happened in a very efficient manner. The success we have seen with this merger serves as a great tribute to the experience and professionalism of our staff.”