AltaPacific Bancorp fka ABNK

[FD2you]

AltaPacific Bank reports jump in income for year

Friday, October 24, 2014, 5:04 pm

SANTA ROSA — AltaPacific Bancorp, parent company of AltaPacific Bank, reported year-to-date net income of $2 million, more than double 2013, and quarterly net income of $834,000 for the period ending Sept. 30.

Assets for the company, which earlier this year acquired Southern California-based Mission Oaks Bancorp, totaled $352.4 million representing an increase of $4.6 million over June 30 and an increase of $113.5 million or 47.5 percent over December 2013.

Allowance for loan losses was $2 million or 1.5 percent of loans.

The company’s share repurchase program initiated in 2012 has resulted in the buyback and retirement of 401,308 shares at an average cost of $9.06.

“It has been wonderful to see the continued growth and success of AltaPacific following the completion of our merger with Mission Oaks in May,” said AltaPacific President and Chief Executive Officer Charles Hall. “With our second merger completed, we are now ready and able to seek out additional growth opportunities.”

http://www.northbaybusinessjournal.com/101636/altapacific-bank-reports-jump-in-q3-2014-income/