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AltaPacific Bancorp Reports Earnings for Second Quarter 2014
SANTA ROSA, Calif. – (BUSINESS WIRE) – July 29, 2014 - AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $1,171,000, or $0.21 per diluted share, and quarterly net income totaling $706,000, or $0.13 per diluted share, for the period ending June 30, 2014, respectively. Included in the reporting of net income are after-tax merger related expenses totaling approximately $605,000. Following the close of business on May 2, 2014 the Company completed the merger with Mission Oaks Bancorp and during July, 2014, the Company completed the conversion of Mission Oaks’ data processing systems.
Assets for the Company totaled $347,816,000 at June 30, 2014, representing an increase of $80.4 million (30.0%) over March 31, 2014 and an increase of $108.9 million (45.6%) over December 31, 2013. At June 30, 2014, gross loans totaled $206,265,000 representing an increase of $48.2 million (30.5%) over March 31, 2014 and an increase of $63.0 million (44.0%) over December 31, 2013. Deposits totaled $279,854,000 at June 30, 2014, representing an increase of $82.9 million (42.1%) over March 31, 2014 and an increase of $110.9 million (65.6%) over December 31, 2013.
At June 30, 2014, the Allowance for Loan and Lease Losses totaled $2,181,000, representing 1.7% of Gross Loans originated. The loans acquired through mergers and acquisitions are acquired at their fair market value. In accordance with generally accepted accounting principles, no allowance was provided for the acquired loans at June 30, 2014.
The Company’s Share Repurchase Program, which was adopted in 2012, has resulted in the repurchase and retirement of 260,309 shares of Company stock at an average cost of $8.21. During 2014, the Company repurchased and retired 73,000 shares at an average cost of $10.07.
“Our merger with Mission Oaks Bancorp is proving to be a wonderful experience for our Company. We have been very pleased with the opportunity to work with the customers and banking professionals at Mission Oaks,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “The completion of the merger and integration of the computer systems has happened in a very efficient manner. The success we have seen with this merger serves as a great tribute to the experience and professionalism of our staff.”
AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. AltaPacific Bank is an independent business bank headquartered in Santa Rosa, California and has offices in Santa Rosa, Temecula, Rancho Cucamonga, Covina and Fallbrook, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. The U.S. Small Business Administration has approved the bank as a PLP lender (Preferred Lender Program). PLP status is the highest lending designation granted by the SBA and it is only granted to its most experienced lenders. For additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com.
The following is a summary of the company’s financial performance (unaudited) as of June 30, 2014:
|(Dollars in thousands)||December 31, 2013||March 31, 2014||June 30, 2014|
|Gross Loans||$ 143,232||$ 158,089||$ 206,265|
|Allowance for Loan Losses||2,070||2,166||2,181|
|Three Month Period Ending||Six Month Period Ending|
|(Dollars in thousands,
except per share amounts)
|March 31, 2014||June 30, 2014||June 30, 2013||June 30, 2014|
|Interest Income||$ 3,050||$ 4,292||$ 5,161||$ 7,342|
|Net Interest Income||2,833||3,991||4,709||6,824|
|Provision for Loan Losses||95||--||--||95|
|Provision for Income Taxes||343||636||365||979|
|Return on Average Assets||0.73%||0.96%||0.36%||0.82%|
|Return on Average Equity||3.86%||5.83%||1.68%||4.84%|
|EPS Basic||$ 0.08||$ 0.13||$ 0.08||$ 0.21|
|EPS Diluted||$ 0.08||$ 0.13||$ 0.08||$ 0.21|
|Book Value Per Common Share||$ 8.77||$ 8.92||$ 8.40||$ 8.92|
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.