AltaPacific Bancorp Reports Earnings for First Quarter 2013
AltaPacific Bancorp Reports Earnings for First Quarter 2013
SANTA ROSA, Calif.--(BUSINESS WIRE)-- AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2013 totaling $159,000. Net income for the quarter on a pretax basis totaled $296,000, representing an increase of 23% over the prior quarter.
Assets totaled $221,331,000 at March 31, 2013, representing an increase of 2.3% over December 31, 2012 and an increase of 4.1% over March 31, 2012. At March 31, 2013, the Company's net loans totaled $117,158,000, representing an increase of 20.6% over December 31, 2012 and an increase of 10.6% over March 31, 2012. Deposits totaled $166,239,000 at March 31, 2013 representing a 2.7% increase over December 31, 2012 and a 3.4% increase over March 31, 2012. At March 31, 2013, the Company's Allowance for Loan and Lease Losses totaled $1,659,000, representing 1.9% of Gross Loans Originated. Nonaccrual loans at March 31, 2013 totaled $132,000 and there were no other loans past due in excess of 30 days.
The Total Risk-Based Capital Ratio for AltaPacific Bank was 25.4% and the Tier 1 Leverage Ratio totaled 19.8% at March 31, 2013, respectively. These ratios substantially exceed the regulatory minimums for a well capitalized institution. Regarding the Company's stock repurchase program, during the quarter ending March 31, 2013, the Company repurchased 12,500 shares of Company stock at an average per share price of $6.85. During the twelve month period ending March 31, 2013, the Company repurchased 94,500 shares at an average per share price of $6.56.
Charles O. Hall, President and Chief Executive Officer stated, "It has been a year since we completed the merger with Stellar Business Bank. Our growth during this past year is certainly a positive sign of what can happen when you combine the efforts of dedicated banking professionals." Continuing, Mr. Hall stated, "Our management team also remains focused on seeking out appropriate acquisition candidates who will help us achieve our growth and expansion plans."
About AltaPacific Bancorp and AltaPacific Bank:
AltaPacific Bancorp is the parent company of 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 March 31, 2013:
(Dollars in thousands)
|Allowance for Loan Losses||1,300||1,659||1,659|
(Dollars in thousands, except per
|Three Month Period Ended|
|Net Interest Income||2,842||2,444||2,271|
|Provision for Loan Losses||--||175||--|
|Provision for OREO Losses||175||--||--|
|Provision for OTTI||--||320||--|
|Income Tax Expense||234||64||137|
|Return on Average Assets||0.63%||0.32%||0.29%|
|Return on Average Equity||2.95%||1.49%||1.34%|
Tangible Book Value Per
This press release may contain forward-looking statements about AltaPacific Bancorp and its subsidiaries, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond AltaPacific's control — 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.
Charles O. Hall, 707-236-1500
President & CEO
KEYWORDS: United States North America California
The article AltaPacific Bancorp Reports Earnings for First Quarter 2013 originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.