Business & Finance
Business and Finance
Business and Finance
Fri, October 22, 2010
Thu, October 21, 2010 AltaPacific Bank Announces Continued Profitability and Performance Results for Period Ending September 30, 2010
SANTA ROSA, Calif.--([ BUSINESS WIRE ])--AltaPacific Bank (OTCBB: ABNK) today reported its ninth consecutive quarter of increased earnings. The bank reported net income for the quarter totaling $260,000 and year-to-date net income totaling $658,000 for the period ending September 30, 2010, respectively.
"We feel we are well positioned for potential opportunities as we plan for our future and continue our search for appropriate acquisition targets."
Assets totaled $78,969,000 at September 30, 2010, representing a decrease of 9.8% over June 30, 2010 and an increase of 2.4% over September 30, 2009. At September 30, 2010, the banka™s net loans totaled $55,278,000 representing a 8.0% decrease over June 30, 2010 and a 1.1% increase over September 30, 2009. Deposits totaled $51,841,000 at September 30, 2010 representing a 10.0% decrease over June 30, 2010 and a 0.7% increase over September 30, 2009. Included in the change in total deposits is a decrease in Certificates of Deposit totaling $6.1 million (32.1%) and $6.6 million (33.7%) for the quarter and twelve month period ending September 30, 2010, respectively.
At September 30, 2010, the banka™s Allowance for Loan and Lease Losses totaled $1,323,000 and represented 2.34% of Gross Loans. At September 30, 2010, all of the banka™s loans were performing and there were no loans past due in excess of 30 days. In addition, the banka™s total Risk-Based Capital Ratio totaled 40.7% at September 30, 2010, which substantially exceeds the 10% minimum ratio for a well capitalized institution. The banka™s regulatory capital ratios continue to be among the highest of any commercial bank operating in California.
aMany of our real estate clients have been able to successfully complete and sell their projects,a reported Allen R. Christenson, the Banka™s Chief Financial Officer. Continuing, Mr. Christenson stated, aWith the prolonged difficulties in our economy, clients are electing to delay new construction projects. As these events resulted in a net decrease in loans, management implemented measures which resulted in a corresponding decrease in Certificates of Deposit.a
aWe continue to exercise discipline and patience in implementing our business strategy,a reported Charles O. Hall, the banka™s President and Chief Executive Officer. Continuing, Mr. Hall stated, aWe feel we are well positioned for potential opportunities as we plan for our future and continue our search for appropriate acquisition targets.a
The company recently received final regulatory approval regarding the formation of AltaPacific Bancorp. The formation process is expected to be completed within the next 30 days. Furthermore, on October 15, 2010, the bank received approval to become a member of the Federal Reserve System.
AltaPacific Bank is an independent business bank headquartered in Sonoma County. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals. AltaPacific Bank is located at 3725 Westwind Blvd., Suite 100, Santa Rosa, California and is near the Charles M. Schultz a" Sonoma County Airport. For additional information, please contact us at (707) 236-1500 or online at [ www.apbconnect.com ].
The following is a summary of the banka™s financial performance (unaudited) as of September 30, 2010:
| (Dollars in thousands) | September 30, 2009 | June 30, 2010 | September 30, 2010 | |||||||||
| Gross Loans | $ 55,828 | $ 61,470 | $ 56,601 | |||||||||
| Allowance for Loan Losses | 1,169 | 1,411 | 1,323 | |||||||||
| Net Loans | 54,659 | 60,058 | 55,278 | |||||||||
| Total Deposits | 51,457 | 57,599 | 51,841 | |||||||||
| Total Assets | 77,130 | 87,578 | 78,969 | |||||||||
| Shareholdera™s Equity | 25,011 | 25,849 | 26,470 | |||||||||
| (Dollars in thousands) | Three Month Period Ended | Nine Month Period Ended September 30, 2010 | |||||||
| June 30, 2010 | September 30, 2010 | ||||||||
| Interest Income | $ 1,472 | $ 1,354 | $ 4,274 | ||||||
| Interest Expense | 133 | 126 | 393 | ||||||
| Net Interest Income | 1,339 | 1,228 | 3,881 | ||||||
| Provision for Loan Losses | 275 | 125 | 685 | ||||||
| Noninterest Income | 4 | 2 | 8 | ||||||
| Noninterest Expense | 959 | 945 | 2,846 | ||||||
| Income Tax Benefit | 100 | 100 | 300 | ||||||
| Net Income | 208 | 260 | 658 | ||||||
This press release includes forward-looking statements that involve inherent risks and uncertainties.AltaPacific Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements.These factors include economic conditions and competition in the geographic and business areas in which AltaPacific Bank operates, inflation, fluctuations in interest rates, legislation and governmental regulation, credit quality, and competition affecting the banka™s businesses generally; the risk of natural disasters and future catastrophic events including terrorist related incidents; and other factors beyond AltaPacific Banka™s control.We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.
