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AltaPacific Bancorp Reports Earnings for Third Quarter 2016
SANTA ROSA, Calif. – (BUSINESS WIRE) – October 21, 2016 - AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $3,357,000, or $0.57 per diluted share, and quarterly net income totaling $1,275,000, or $0.21 per diluted share, for the period ending September 30, 2016, respectively.
Assets for the Company totaled $384,110,000 at September 30, 2016, representing an increase of $27.3 million (7.6%) over June 30, 2016 and an increase of $38.4 million (11.1%) over December 31, 2015. At September 30, 2016, gross loans totaled $239,250,000 representing an increase of $6.9 million (3.0%) over June 30, 2016 and an increase of $13.8 million (6.1%) over December 31, 2015. Deposits totaled $295,675,000 at September 30, 2016, representing an increase of $29.8 million (11.2%) over June 30, 2016 and an increase of $33.2 million (12.7%) over December 31, 2015.
At September 30, 2016 the Allowance for Loan and Lease Losses totaled $3,336,000, representing 1.6% 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 September 30, 2016. In addition, at September 30, 2016 nonaccrual loans totaled $239,000 and there were no other loans past due in excess of 30 days.
In August, 2016, the Company’s Board of Directors authorized an extension of the share repurchase program for an additional $1.5 million of the Company’s common stock through April 30, 2017. During 2016, the Company repurchased and retired 90,000 shares at an average cost of $9.45.
“The merger with Commerce Bank of Temecula Valley continues to progress and we believe their shareholders will be holding a special meeting during the first quarter of next year to vote on the transaction,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “2016 looks to be an excellent year for us. We have experienced solid earnings, we are seeing year-to-date growth in loans and deposits and our new branch in Riverside is performing well.”
AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. AltaPacific Bank is an independent business bank headquartered in Santa Rosa, California and has additional banking offices in Covina, Ontario, Riverside and Temecula, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. For additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com.
The following is a summary of the company’s financial performance (unaudited) as of September 30, 2016:
|(Dollars in thousands)||December 31, 2015||June 30, 2016||September 30, 2016|
|Gross Loans||$ 225,465||$ 232,372||$ 239,250|
|Allowance for Loan Losses||3,235||3,335||3,336|
|Three Month Period Ending||Nine Month Period Ending|
|(Dollars in thousands, except per share amounts)||June 30, 2016||September 30, 2016||September 30, 2015||September 30, 2016|
|Interest Income||$ 5,888||$ 4,766||$ 15,973||$ 15,316|
|Net Interest Income||5,525||4,402||14,985||14,227|
|Provision for Loan Losses||100||--||205||100|
|Provision for Income Taxes||791||824||2,760||2,261|
|Return on Average Assets||1.26%||1.38%||1.54%||1.23%|
|Return on Average Equity||8.34%||9.06%||10.41%||8.24%|
|EPS Basic||$ 0.20||$ 0.22||$ 0.68||$ 0.58|
|EPS Diluted||$ 0.19||$ 0.21||$ 0.66||$ 0.57|
|Book Value Per Common Share||$ 9.55||$ 9.61||$ 9.03||$ 9.61|