SANTA ROSA, Calif.--(BUSINESS WIRE)--AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2014 totaling $465,000, or $0.08 per diluted share. The Company also reported that the pending merger with Mission Oaks Bancorp, which was originally announced on January 31, 2014, is now expected to have an effective closing date of May 2, 2014.
Assets for the Company totaled $267,455,000 at March 31, 2014, representing an increase of $46.1 million (20.8%) over March 31, 2013 and an increase of $28.6 million (12.0%) over December 31, 2013. At March 31, 2014, gross loans totaled $158,089,000 representing an increase of $39.3 million (33.1%) over March 31, 2013 and an increase of $14.9 million (10.4%) over December 31, 2013. Deposits totaled $196,929,000 at March 31, 2014, representing an increase of $30.7 million (18.5%) over March 31, 2013 and a $27.9 million (16.5%) increase over December 31, 2013.
At March 31, 2014, the Allowance for Loan and Lease Losses totaled $2,166,000, representing 1.6% of Gross Loans originated. At March 31, 2014, nonaccrual loans totaled $103,000 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 March 31, 2014 totaled 18.5% and 21.5%, respectively and continue to be 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 215,309 shares of Company stock at an average cost of $7.76. During 2014, the Company repurchased and retired 28,000 shares at an average cost of $9.52.
“As we approach the completion of the merger with Mission Oaks National Bank, I want to publicly express our gratitude and appreciation for the opportunity to work with the banking professionals at Mission Oaks. What a tremendous opportunity this is for AltaPacific’s stakeholders,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated “AltaPacific has been going through a tremendous period of growth and we are very pleased with all aspects of our company. To complete this merger while continuing to grow and expand our core operations serves as a great testament of the commitment and dedication of our entire team.”
AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. AltaPacific Bank is an independent business bank headquartered in Santa Rosa, California and has offices in Santa Rosa, Rancho Cucamonga and Covina, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. The U.S. Small Business Administration has approved the bank as a PLP lender (Preferred Lender Program). PLP status is the highest lending designation granted by the SBA and it is only granted to its most experienced lenders. For additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com.
The following is a summary of the company’s financial performance (unaudited) as of March 31, 2014:
|(Dollars in thousands)||March 31, 2013||December 31, 2013||March 31, 2014|
|Allowance for Loan Losses||1,659||2,070||2,166|
|Dollars in thousands, except per share amounts)||Three Month Period Ended|
|Net Interest Income||2,271||2,877||2,833|
|Provision for Loan Losses||--||310||95|
|Income Tax Expense||137||279||343|
|Return on Average Assets||0.29||%||1.17||%||0.73||%|
|Return on Average Equity||1.34||%||5.85||%||3.86||%|
|Book Value Per Common Share||$||8.48||$||8.65||$||8.77|
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.