SANTA ROSA, Calif.--(BUSINESS WIRE)--AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2016 totaling $951,000 or $0.16 per diluted share.
Assets for the Company totaled $363,488,000 at March 31, 2016, representing an increase of $28.4 million (8.5%) over March 31, 2015 and an increase of $17.7 million (5.1%) over December 31, 2015. At March 31, 2016, gross loans totaled $239,810,000 representing an increase of $26.9 million (12.6%) over March 31, 2015 and an increase of $14.3 million (6.4%) over December 31, 2015. Deposits totaled $259,222,000 at March 31, 2016, representing an increase of $18.5 million (7.7%) over March 31, 2015 and a $3.2 million (1.2%) decrease over December 31, 2015. Regarding the decrease in deposits, during the first quarter of 2016 the bank reduced its reliance on wholesale certificates of deposit by $4.7 million. These certificates of deposits had been obtained through various wholesale funding sources. At March 31, 2016, the Allowance for Loan and Lease Losses totaled $3,235,000, representing 1.7% of Gross Loans originated and nonaccrual loans totaled $684,000.
In April, 2016, the Company’s Board of Directors authorized an extension of the share repurchase program for an additional $1.0 million of the Company’s common stock through April 30, 2017. During the past twelve months the Company repurchased and retired 148,000 shares at an average cost of $9.91.
“The first quarter of 2016 has proven to be another very successful period for AltaPacific. In addition to the Company’s solid loan growth and earnings performance, on February 29th, AltaPacific Bank opened a new full service branch in Riverside, California,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “How fortunate we have been to attract such a great team of banking professionals as we have worked to establish the Riverside Branch. We are also pleased to announce that on July 10th of this year, AltaPacific will celebrate the 10th anniversary of the opening of its headquarters office in Santa Rosa. The Board of Directors and Executive Management team are thrilled with all that has been accomplished these past ten years and we look forward with great excitement for the Company’s future success.”
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 additional banking offices in Covina, Rancho Cucamonga, Riverside and Temecula, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. 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, 2016
| (Dollars in thousands) | March 31, 2015 | December 31, 2015 | March 31, 2016 | |||||||||||
| Gross Loans | $ | 212,894 | $ | 225,465 | $ | 239,810 | ||||||||
| Allowance for Loan Losses | 2,761 | 3,235 | 3,235 | |||||||||||
| Net Loans | 210,133 | 222,230 | 236,575 | |||||||||||
| Total Assets | 335,111 | 345,747 | 363,488 | |||||||||||
| Total Deposits | 240,710 | 262,433 | 259,222 | |||||||||||
| Shareholders’ Equity | 50,082 | 52,303 | 53,140 | |||||||||||
| (Dollars in thousands, except per share amounts) | Three Month Period Ended | ||||||||||||||||
| March 31, 2015 | December 31, 2015 | March 31, 2016 | |||||||||||||||
| Interest Income | $ | 5,364 | $ | 4,634 | $ | 4,662 | |||||||||||
| Interest Expense | 331 | 342 | 362 | ||||||||||||||
| Net Interest Income | 5,033 | 4,292 | 4,300 | ||||||||||||||
| Provision for Loan Losses | - | 185 | - | ||||||||||||||
| Noninterest Income | 293 | 385 | 292 | ||||||||||||||
| Noninterest Expense | 3,036 | 2,381 | 2,995 | ||||||||||||||
| Pretax Income | 2,290 | 2,111 | 1,597 | ||||||||||||||
| Income Tax Expense | 939 | 767 | 646 | ||||||||||||||
| Net Income | 1,351 | 1,344 | 951 | ||||||||||||||
| Return on Average Assets | 1.60 | % | 1.56 | % | 1.07 | % | |||||||||||
| Return on Average Equity | 10.93 | % | 10.39 | % | 7.22 | % | |||||||||||
| Efficiency Ratio | 57.00 | % | 50.91 | % | 65.22 | % | |||||||||||
| EPS Basic | $ | 0.23 | $ | 0.24 | $ | 0.17 | |||||||||||
| EPS Diluted | $ | 0.22 | $ | 0.23 | $ | 0.16 | |||||||||||
| Book Value Per Common Share | $ | 8.64 | $ | 9.23 | $ | 9.41 | |||||||||||
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.
