AltaPacific Bancorp Reports Earnings For First Quarter 2011 And Expansion Into Southern California Market

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2011 totaling $113,000. Net income for the quarter on a pretax basis totaled $202,000, representing an increase of 51% over the prior quarter and an increase of 126% over the same period last year.

Assets totaled $83,277,000 at March 31, 2011, representing an increase of 4.4% over December 31, 2010 and a decrease of 4.2% over March 31, 2010. At March 31, 2011, the Company’s net loans totaled $55,464,000 representing a 7.8% decrease over December 31, 2010 and a 14.2% decrease over March 31, 2010. Deposits totaled $50,470,000 at March 31, 2011 representing a 7.1% increase over December 31, 2010 and a 12.0% decrease over March 31, 2010. Included in the change in total deposits is an increase in Certificates of Deposit totaling $1.4 million (17.1%) during the quarter and a decrease totaling $13.7 million (58.0%) during the twelve month period ending March 31, 2011, respectively.

At March 31, 2011, the Company’s Allowance for Loan and Lease Losses totaled $1,423,000 and represented 2.50% of Gross Loans. In addition, as of March 31, 2011, all of the Company’s loans were performing and there were no loans past due in excess of 30 days. The Total Risk-Based Capital Ratio for AltaPacific Bank totaled 40.7% at March 31, 2011, which substantially exceeds the 10% minimum ratio for a well capitalized institution. The bank’s regulatory capital ratios continue to be among the highest of any commercial bank operating in California.

In addition, the Bank recently announced plans to establish a branch office in the Inland Empire region of Southern California. Charles O. Hall, the Company’s President and Chief Executive Officer stated, “We recently filed applications with our regulators and hope to have a new branch operating in Southern California within the next few weeks.” Continuing, Mr. Hall stated, “Russ Scranton, a long time friend and former business colleague has been hired to serve as Senior Vice President and Regional Manager of the Inland Empire Region. In addition, Frank Basirico was recently promoted to the position of President, Southern California Region. While assisting in the business development efforts within the Inland Empire Region, Frank will continue to lead the Company’s merger and acquisition efforts.”

AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. AltaPacific Bank is an independent business bank headquartered in Sonoma County. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals. AltaPacific Bank is located at 3725 Westwind Blvd., Suite 100, Santa Rosa, California and is near the Charles M. Schultz – Sonoma County Airport. For additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com.

The following is a summary of the Company’s financial performance (unaudited) as of March 31, 2011:
(Dollars in thousands)      

March 31, 2010
     

December 31, 2010
     

March 31, 2011
Gross Loans $ 66,012 $ 61,555 $ 56,887  
Allowance for Loan Losses 1,336 1,423 1,423
Net Loans 64,676 60,132 55,464
Total Deposits 57,328 47,139 50,470
Total Assets 86,956 79,797 83,277
Shareholders’ Equity 25,429 27,050 27,239

 
(Dollars in thousands) Three Month Period Ended
March 31, 2010 December 31, 2010 March 31, 2011
Interest Income $ 1,448 $ 1,334 $ 1,345
Interest Expense 134 115 116
Net Interest Income 1,314 1,219 1,229
Provision for Loan Losses 285 100 --
Provision for OREO Losses -- -- 75
Noninterest Income 2 3 4
Noninterest Expense 942 989 1,031
Pretax Income 89 133 202
Income Tax Expense (Benefit) (100

)

 
(110

)

 
89
Net Income 189 243 113

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of AltaPacific Bancorp and its subsidiary AltaPacific Bank and on information available to management at the time these statements were made. There are a number of factors, many of which are beyond AltaPacific's control, which could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which AltaPacific is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than AltaPacific; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, AltaPacific does not undertake to update forward-looking statements to reflect subsequent circumstances or events.

Copyright Business Wire 2010

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