SANTA ROSA, Calif.--(BUSINESS WIRE)--AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $2,410,000, or $0.39 per diluted share, and quarterly net income totaling $1,361,000, or $0.22 per diluted share, for the period ending June 30, 2018, respectively.
Assets for the Company totaled $434,211,000 at June 30, 2018, representing an increase of $16.3 million (3.9%) over March 31, 2018 and an increase of $15.6 million (3.7%) over December 31, 2017. At June 30, 2018, gross loans totaled $328,319,000 representing an increase of $17.7 million (5.7%) over March 31, 2018 and an increase of $32.6 million (11.0%) over December 31, 2017. Deposits totaled $338,189,000 at June 30, 2018, representing an increase of $2.3 million (0.7%) over March 31, 2018 and an increase of $3.0 million (0.9%) over December 31, 2017. At June 30, 2018 the Allowance for Loan and Lease Losses totaled $4,126,000, representing 1.4% of gross loans originated. In addition, at June 30, 2018 nonaccrual loans totaled $49,000 and there were no other loans past due in excess of 30 days.
The Company’s Share Repurchase Program, which was adopted in 2012, resulted in the repurchase of 106,000 shares of Company stock at a total cost of approximately $1.5 million, or $14.56 per share, during the three-month period ending June 30, 2018. During the six-month period ending June 30, 2018, the Company repurchased approximately 306,000 shares of Company stock at a total cost of approximately $4.3 million, or $13.95 per share. As of June 30, 2018, there were 5,936,160 shares of AltaPacific Bancorp stock issued and outstanding.
“The business development efforts of our banking professionals have resulted in solid loan growth during this past year,” reported Charles O. Hall, Chief Executive Officer. Continuing, Mr. Hall stated, “While we continue to expand our market presence in targeted areas in Northern California, the majority of our growth during 2018 has occurred among our Southern California branches.”
AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. AltaPacific Bank is an independent business bank headquartered in Santa Rosa, California and has additional banking offices in Covina, Ontario, Riverside, San Bernardino and Temecula, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. For additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com.
The following is a summary of the company’s financial performance (unaudited) as of June 30, 2018:
|(Dollars in thousands)||December 31, 2017||March 31, 2018||June 30, 2018|
|Allowance for Loan Losses||3,686||3,826||4,126|
(Dollars in thousands,
except per share amounts)
|Three Month Period Ending||Six Month Period Ending|
|Net Interest Income||4,432||5,250||8,616||9,682|
|Provision for Loan Losses||140||300||150||440|
|Provision for Income Taxes||417||563||592||980|
|Return on Average Assets||1.04||%||1.35||%||1.26||%||1.20||%|
|Return on Average Equity||7.34||%||9.53||%||8.65||%||8.43||%|
|Book Value Per Common Share||$||9.32||$||9.44||$||9.19||$||9.44|
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.