AltaPacific Bancorp Announces Performance Results for Second Quarter 2013

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AltaPacific Bancorp Announces Performance Results for Second Quarter 2013

SANTA ROSA, Calif.--(BUSINESS WIRE)-- AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $238,000 and year-to-date net income totaling $397,000 for the period ending June 30, 2013, respectively.

Assets totaled $225,624,000 at June 30, 2013, representing an increase of 1.9% over March 31, 2013 and an increase of 4.3% over December 31, 2012. At June 30, 2013, gross loans totaled $128,692,000 representing an 8.3% increase over March 31, 2013 and a 30.2% increase over December 31, 2012. Deposits totaled $171,712,000 at June 30, 2013 representing a 3.3% increase over March 31, 2013 and a 6.0% increase over December 31, 2012.

At June 30, 2013, the Allowance for Loan and Lease Losses totaled $1,659,000, representing 1.7% of Gross Loans originated. At June 30, 2013, nonaccrual loans totaled $124,000 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 June 30, 2013 totaled 19.6% and 22.7%, respectively. These capital ratios continue to rank 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 116,300 shares of Company stock at an average cost of $6.79. During 2013, the Company repurchased and retired 34,300 shares at an average cost of $7.43.

Charles O. Hall, President and Chief Executive Officer stated, "Our loan portfolio has increased by $30 million during the past six months. We are pleased to be in a position to assist our loan customers with their borrowing needs and look forward to continued loan growth in the future." Continuing, Mr. Hall stated "The growth in our loan portfolio is a direct result of our professional lenders working with new and existing customers. We are hopeful the growth is a sign that this very challenging economic cycle may be improving."

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

The following is a summary of the company's financial performance (unaudited) as of June 30, 2013:

(Dollars in thousands)     December 31, 2012     March 31, 2013     June 30, 2013
Gross Loans $ 98,831 $ 118,817 $ 128,692
Allowance for Loan Losses 1,659 1,659 1,659
Net Loans 97,172 117,158 127,033
Total Assets 216,277 221,331 225,624
Total Deposits 161,940 166,239 171,712
Shareholders' Equity 47,397 47,863 47,276
(Dollars in thousands,

except per share amounts)

    Three Month Period Ending       Six Month Period Ending

March 31,



June 30,

June 30,


June 30,

Interest Income $ 2,502 $ 2,659 $ 4,956 $ 5,161
Interest Expense 231 221 475 452
Net Interest Income 2,271 2,438 4,481 4,709
Provision for Loan Losses -- -- 125 --
Bargain Purchase Gain -- -- 487 --
Noninterest Income 76 154 122 230
Noninterest Expense 2,051 2,126 3,778 4,177
Pretax Income 296 466 1,187 762
Provision for Income Taxes 137 228 326 365
Net Income 159 238 861 397
Return on Average Assets 0.29% 0.43% 1.05% 0.36%
Return on Average Equity 1.34% 2.00% 4.79% 1.68%
Efficiency Ratio 87.39% 82.02% 74.22% 84.57%
EPS Basic $ 0.03 $ 0.05 $ 0.20 $ 0.08
EPS Diluted $ 0.03 $ 0.05 $ 0.20 $ 0.08
Book Value Per Common Share $ 8.90 $ 8.82 $ 8.32 $ 8.82

Forward-Looking Statements
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.

AltaPacific Bancorp
Charles O. Hall, 707-236-1500
President & CEO

KEYWORDS:   United States  North America  California


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