SANTA ROSA, Calif. -- (Business Wire)
AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific
Bank, today reported year-to-date net income totaling $2,005,000, or
$0.36 per diluted share, and quarterly net income totaling $834,000, or
$0.15 per diluted share, for the period ending September 30, 2014,
respectively. 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 $352,444,000 at September 30, 2014,
representing an increase of $4.6 million (1.3%) over June 30, 2014 and
an increase of $113.5 million (47.5%) over December 31, 2013. At
September 30, 2014, gross loans totaled $221,124,000 representing an
increase of $14.9 million (7.2%) over June 30, 2014 and an increase of
$77.9 million (54.4%) over December 31, 2013. Deposits totaled
$286,107,000 at September 30, 2014, representing an increase of $6.3
million (2.2%) over June 30, 2014 and an increase of $117.1 million
(69.3%) over December 31, 2013. At September 30, 2014, the Allowance for
Loan and Lease Losses totaled $2,301,000, representing 1.5% 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, 2014.
The Company’s Share Repurchase Program, which was adopted in 2012, has
resulted in the repurchase and retirement of 401,308 shares of Company
stock at an average cost of $9.06. During 2014, the Company repurchased
and retired 214,000 shares at an average cost of $10.44. On September 2,
2014 the Company’s Board of Directors authorized an increase of $1
million to the existing Share Repurchase Program. The purchases are
generally effected through open market purchases, although the Company
does not rule out the possibility of unsolicited negotiated transactions
or other types of repurchases. The timing, manner, price and amount of
any repurchase will be determined by the Company in its discretion and
are subject to economic and market conditions, stock price, applicable
legal requirements and other factors. The program may be suspended or
discontinued at any time without prior notice.
“It has been wonderful to see the continued growth and success of
AltaPacific following the completion of our merger with Mission Oaks in
May of this year,” reported Charles O. Hall, President and Chief
Executive Officer. Continuing, Mr. Hall stated, “With our second merger
completed, we are now ready and able to seek out additional growth
opportunities while continuing to enhance our ability to serve the
business needs of our existing customers.”
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 September 30, 2014:
(Dollars in thousands) |
| December 31, 2013 |
| June 30, 2014 |
| September 30, 2014 |
Gross Loans
| |
$
|
143,232
| |
$
|
206,265
| |
$
|
221,124
|
Allowance for Loan Losses
| | |
2,070
| | |
2,181
| | |
2,301
|
Net Loans
| | |
141,162
| | |
204,084
| | |
218,823
|
Total Assets
| | |
238,900
| | |
347,816
| | |
352,444
|
Total Deposits
| | |
168,995
| | |
279,854
| | |
286,107
|
Shareholders’ Equity
| | |
47,983
| | |
48,852
| | |
48,008
|
|
| |
| |
(Dollars in thousands, except per share amounts) | | Three Month Period Ending | | Nine Month Period Ending |
| June 30, 2014 |
| September 30, 2014 | | September 30, 2013 |
| September 30, 2014 |
Interest Income
| |
$
|
4,292
| | |
$
|
4,657
| | |
$
|
8,032
| | |
$
|
11,999
| |
Interest Expense
| | |
301
| | | |
364
| | | |
674
| | | |
882
| |
Net Interest Income
| | |
3,991
| | | |
4,293
| | | |
7,358
| | | |
11,117
| |
Provision for Loan Losses
| | |
--
| | | |
100
| | | |
100
| | | |
195
| |
Noninterest Income
| | |
280
| | | |
524
| | | |
346
| | | |
915
| |
Noninterest Expense
| | |
2,929
| | | |
3,420
| | | |
6,227
| | | |
8,390
| |
Pretax Income
| | |
1,342
| | | |
1,297
| | | |
1,377
| | | |
3,447
| |
Provision for Income Taxes
| | |
636
| | | |
463
| | | |
636
| | | |
1,442
| |
Net Income
| | |
706
| | | |
834
| | | |
741
| | | |
2,005
| |
| | | | | | | |
|
Return on Average Assets
| | |
0.96
|
%
| | |
1.13
|
%
| | |
0.43
|
%
| | |
0.85
|
%
|
Return on Average Equity
| | |
5.83
|
%
| | |
6.95
|
%
| | |
2.09
|
%
| | |
5.54
|
%
|
Efficiency Ratio
| | |
68.58
|
%
| | |
71.00
|
%
| | |
80.83
|
%
| | |
69.73
|
%
|
EPS Basic
| |
$
|
0.13
| | |
$
|
0.15
| | |
$
|
0.13
| | |
$
|
0.36
| |
EPS Diluted
| |
$
|
0.13
| | |
$
|
0.15
| | |
$
|
0.13
| | |
$
|
0.36
| |
Book Value Per Common Share
| |
$
|
8.92
| | |
$
|
8.97
| | |
$
|
8.49
| | |
$
|
8.97
| |
Forward-Looking Statements
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.
Contacts:
AltaPacific Bancorp
Charles O. Hall, 707-236-1500
President &
CEO
Source: AltaPacific Bancorp
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