AltaPacific Bancorp Announces Performance Results For Second Quarter 2012 And Restatement Of First Quarter 2012

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $300,000 and year-to-date net income totaling $861,000 for the period ending June 30, 2012, respectively. Additionally, having completed the purchase accounting analysis associated with the Stellar Business Bank merger, the Company restated net income for the first quarter of 2012 to include a $487,000 bargain purchase gain. As a result of the income generated from the bargain purchase, restated net income for the first quarter of 2012 totals $561,000.

Assets totaled $212,758,000 at June 30, 2012, representing an increase of 0.5% over March 31, 2012 and an increase of 84.5% over December 31, 2011. At June 30, 2012, gross loans totaled $114,378,000 representing a 6.6% increase over March 31, 2012 and a 91.0% increase over December 31, 2011. Deposits totaled $156,251,000 at June 30, 2012 representing a 2.9% decrease over March 31, 2012 and a 104.5% increase over December 31, 2011.

At June 30, 2012, the Allowance for Loan and Lease Losses totaled $1,514,000 and represented 2.3% of Gross Loans originated. In accordance with Generally Accepted Accounting Principles, the loans acquired from Stellar Business Bank are stated at their Fair Value, which takes into consideration potential credit losses in addition to other risk elements such as interest rates. Accordingly, an allowance for loan losses is not carried over or recorded as of the acquisition date. At June 30, 2012, nonaccrual loans totaled $425,000 and there were no other loans past due in excess of 30 days.

Charles O. Hall, the company’s President and Chief Executive Officer stated, “The merger with Stellar Business Bank has gone exceptionally well. We have enjoyed the opportunity to be of service to our new customers and feel privileged to work with such a professional team of bankers. The combination of these two banks has definitely enhanced our ability to grow in the future.” Continuing, Mr. Hall reported, “While we all continue to struggle during these difficult economic times, we believe there are tremendous opportunities for AltaPacific to expand. We have maintained our focus on attracting new customers, thereby sustaining our core growth objectives, and remain diligent in seeking additional merger candidates.”

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 Santa Rosa, California and has offices in Santa Rosa, Rancho Cucamonga and Covina, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. The U.S. Small Business Administration has approved the bank as a PLP lender (Preferred Lender Program). PLP status is the highest lending designation granted by the SBA and it is only granted to its most experienced lenders. 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 June 30, 2012:
                     
(Dollars in thousands)

December 31, 2011

March 31, 2012

June 30, 2012
Gross Loans $ 59,874 $ 107,262 $ 114,378
Allowance for Loan Losses 1,300 1,300 1,514
Net Loans 58,574 105,962 112,864
Total Deposits 76,400 160,841 156,251
Total Assets 115,319 211,661 212,758
Shareholders’ Equity 26,334 44,509 45,587
 
               
(Dollars in thousands) Three Month Period Ending Six Month Period Ending

March 31, 2012
   

June 30, 2012

June 30, 2011
   

June 30, 2012
Interest Income $ 2,003 $ 2,953 $ 2,645 $ 4,956
Interest Expense 202 273 224 475
Net Interest Income 1,801 2,680 2,421 4,481
Provision for Loan Losses -- 125 -- 125
Provision for OREO Losses -- -- 50 --
Noninterest Income 589 20 9 609
Noninterest Expense 1,752 2,026 2,062 3,778
Pretax Income 638 549 319 1,187
Provision for Income Taxes 77 249 146 326
Net Income 561 300 173 861
 

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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