AltaPacific Bancorp fka ABNK

[Renee]

ABNK: effective Nov. 4,2019: Merged with Banner Corporation (BANR); Shareholders will receive 0.2712 shares of BANR for each 1 share held.

https://otce.finra.org/otce/dailyList?viewType=Deletions

[FD2you]

ABNK $2 M more shares to be bought back!

"In May, 2017, the Company’s Board of Directors authorized an extension of the share repurchase program for an additional $2.0 million of the Company’s common stock through April 30, 2018. During 2017, the Company repurchased and retired 87,500 shares at an average cost of $10.57."

http://www.marketwatch.com/story/altapacific-bancorp-reports-earnings-for-second-quarter-2017-2017-07-20

[FD2you]

AltaPacific Bancorp Announces 2015 Year End Performance Results and Declares 5% Stock Dividend

January 27, 2016

SANTA ROSA, Calif.--(BUSINESS WIRE)--AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $5,271,000, and quarterly net income totaling $1,344,000 for the period ending December 31, 2015, respectively. The Net income reported represents a year-over-year increase of $1,844,000 (53.8%) over 2014. The Company also reported that the Board of Directors recently approved the payment of a 5% stock dividend per common share payable on February 19, 2016 to shareholders of record as of February 5, 2016.

“We recently filed an application to open a full service branch in Riverside California and are excited for the opportunity to serve the business owners and individuals in that market area.”


Assets totaled $345,747,000 at December 31, 2015, representing an increase of $0.8 million (0.2%) over September 30, 2015 and an increase of $5.1 million (1.5%) over December 31, 2014. At December 31, 2015, gross loans totaled $225,465,000 representing an increase of $7,000 (0.0%) over September 30, 2015 and an increase of $.2 million (0.1%) over December 31, 2014. Deposits totaled $262,433,000 at December 31, 2015 representing an increase of $9.9 million (3.9%) over September 30, 2015 and a decrease of $78,000 (0.0%) over December 31, 2014. During 2015, the bank reduced reliance on wholesale funded Certificates of Deposit as those deposits decreased $20.1 million (41.1%). The decreased reliance on wholesale funding resulted from a corresponding increase in core deposits.

At December 31, 2015, the Allowance for Loan and Lease Losses totaled $3,235,000, representing 1.8% of Gross Loans originated and nonaccrual loans totaled $533,000. The Total Risk-Based Capital ratio for AltaPacific Bank totaled 20.3% at December 31, 2015, which substantially exceeds the 10% minimum ratio for a well capitalized institution. The bank’s Tier 1 Leverage ratio totaled 15.0% at December 31, 2015, which also substantially exceeds the 5% minimum for a well capitalized institution.

The Company’s Share Repurchase Program, which was adopted in 2012, has resulted in the repurchase and retirement of 614,220 shares of company stock at an average cost of $9.40. During 2015, the Company repurchased and retired 160,375 shares at an average cost of $10.10.

“This past year reflects the first full year of operations following the May 2014 merger with Mission Oaks Bancorp. The earnings performance of AltaPacific Bancorp following the merger has truly been exceptional. It certainly provides confirmation of our decision to merge with Mission Oaks,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “We recently filed an application to open a full service branch in Riverside California and are excited for the opportunity to serve the business owners and individuals in that market area.”

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 and Covina, 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 [phone] or online at www.apbconnect.com.

The following is a summary of the Company’s financial performance (unaudited) as of December 31, 2015:

(Dollars in thousands) December 31, 2014 September 30, 2015 December 31, 2015
Gross Loans $ 225,281 $ 225,458 $ 225,465
Allowance for Loan Losses 2,746 2,994 3,235
Net Loans 222,534 222,464 222,230
Total Assets 340,672 344,908 345,747
Total Deposits 262,511 252,535 262,433
Shareholders’ Equity 48,841 51,156 52,302


(Dollars in thousands,

except per share amounts)
Three Month Period Ending Year-to-Date
September 30,

2015
December 31,

2015
December 31,

2014
December 31,

2015
Interest Income $ 5,062 $ 4,634 $ 17,469 $ 20,607
Interest Expense 333 342 1,265 1,330
Net Interest Income 4,729 4,292 16,204 19,277
Provision for Loan Losses 205 185 625 390
Noninterest Income 250 385 1,516 1,129
Noninterest Expense 2,606 2,381 11,308 11,218
Pretax Income 2,168 2,111 5,787 8,798
Provision for Income Taxes 893 767 2,360 3,527
Net Income 1,275 1,344 3,427 5,271

Return on Average Assets 1.50 % 1.56 % 1.10 % 1.53 %
Return on Average Equity 9.99 % 10.39 % 7.10 % 10.38 %
Efficiency Ratio 52.34 % 50.91 % 63.81 % 54.97 %
EPS Basic $ 0.23 $ 0.25 $ 0.60 $ 0.96
EPS Diluted $ 0.23 $ 0.24 $ 0.58 $ 0.93
Book Value Per Common Share $ 9.48 $ 9.69 $ 8.80 $ 9.69


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

[FD2you]

AltaPacific Bancorp Reports Earnings for Third Quarter 2015

SANTA ROSA, Calif., Oct 22, 2015 (BUSINESS WIRE) -- AltaPacific Bancorp ABNK, -0.50% the parent company of AltaPacific Bank, today reported year-to-date net income totaling $3,927,000, or $0.69 per diluted share, and quarterly net income totaling $1,275,000, or $0.23 per diluted share, for the period ending September 30, 2015, respectively.

Assets for the Company totaled $344,908,000 at September 30, 2015, representing an increase of $9.6 million (2.8%) over June 30, 2015 and an increase of $4.2 million (1.2%) over December 31, 2014. At September 30, 2015, gross loans totaled $225,458,000 representing an increase of $21.3 million (10.4%) over June 30, 2015 and an increase of $177,000 (0.1%) over December 31, 2014. Deposits totaled $252,535,000 at September 30, 2015, representing an increase of $8.4 million (3.5%) over June 30, 2015 and a decrease of $10.0 million (3.8%) over December 31, 2014. During the three and nine month periods ending September 30, 2015, the Company reduced wholesale funded certificates of deposit by $2.2 million and $27.5 million, respectively.

At September 30, 2015, the Allowance for Loan and Lease Losses totaled $2,994,000, 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 September 30, 2015. For the nine month period ending September 30, 2015, the Company’s recoveries, net of charged-off loans totaled $43,000 and the Provision for Loan Losses totaled $205,000.

The Company’s Share Repurchase Program, which was adopted in 2012, has resulted in the repurchase and retirement of 614,220 shares of Company stock at an average cost of $9.40. During 2015, the Company repurchased and retired 160,375 shares at an average cost of $10.10. 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.

“The earnings for the Company are a true indicator of the success we have experienced in all of our operating areas,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “We have been quite successful in seeking out new opportunities for organic growth and expansion while continuing to look for appropriate merger and acquisition candidates.”

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, Rancho Cucamonga, Covina and Temecula, 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 [phone] or online at www.apbconnect.com.

The following is a summary of the Company’s financial performance (unaudited) as of September 30, 2015:


(Dollars in thousands) December 31, 2014 June 30, 2015 September 30, 2015
Gross Loans $ 225,281 $ 204,147 $ 225,458
Allowance for Loan Losses 2,746 2,776 2,994
Net Loans 222,534 201,371 222,464
Total Assets 340,672 335,355 344,908
Total Deposits 262,511 244,110 252,535
Shareholders’ Equity 48,841 50,909 51,156


(Dollars in thousands,
except per share amounts)

Three Month Period Ending Nine Month Period Ending
June 30,
2015


September 30,
2015

September 30,
2014


September 30,
2015

Interest Income $ 5,547 $ 5,062 $ 11,999 $ 15,973
Interest Expense 324 333 882 988
Net Interest Income 5,223 4,729 11,117 14,985
Provision for Loan Losses -- 205 195 205
Noninterest Income 201 250 915 744
Noninterest Expense 3,195 2,606 8,390 8,837
Pretax Income 2,229 2,168 3,447 6,687
Provision for Income Taxes 928 893 1,442 2,760
Net Income 1,301 1,275 2,005 3,927

Return on Average Assets 1.55 % 1.50 % 0.85 % 1.54 %
Return on Average Equity 10.31 % 9.99 % 5.54 % 10.41 %
Efficiency Ratio 58.90 % 52.34 % 69.73 % 56.18 %
EPS Basic $ 0.24 $ 0.23 $ 0.34 $ 0.71
EPS Diluted $ 0.23 $ 0.23 $ 0.34 $ 0.69
Book Value Per Common Share $ 9.26 $ 9.48 $ 8.54 $ 9.48

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151022006365/en/

SOURCE: AltaPacific Bancorp

AltaPacific Bancorp
Charles O. Hall, 707-236-1500
President & CEO

[FD2you]

AltaPacific Bancorp Reports Earnings for Second Quarter 2015

July 24, 2015 04:00 PM Eastern Daylight Time

SANTA ROSA, Calif.--(BUSINESS WIRE)--AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $2,652,000, or $0.47 per diluted share, and quarterly net income totaling $1,301,000, or $0.23 per diluted share, for the period ending June 30, 2015, respectively.

“On July 10th of this year we celebrated the 9th anniversary of the opening of AltaPacific Bank. It has been amazing to look back and reflect on all that has been accomplished, particularly with regard to the merger with Stellar Business Bank in 2012 and Mission Oaks Bancorp in 2014”

Assets for the Company totaled $335,355,000 at June 30, 2015, representing an increase of $244,000 (0.1%) over March 31, 2015 and a decrease of $5.3 million (1.6%) over December 31, 2014. At June 30, 2015, gross loans totaled $204,147,000 representing a decrease of $8.7 million (4.1%) over March 31, 2015 and a decrease of $21.1 million (9.4%) over December 31, 2014. Deposits totaled $244,110,000 at June 30, 2015, representing an increase of $3.4 million (1.4%) over March 31, 2015 and a decrease of $18.4 million (7.0%) over December 31, 2014. During 2015, the Company reduced its reliance on wholesale funded certificates of deposit. Certificates of deposit decreased $2.2 million (8.0%) and $25.3 million (50.3%) during the three and six month periods ending June 30, 2015.

At June 30, 2015, the Allowance for Loan and Lease Losses totaled $2,776,000, representing 1.8% 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, 2015. In addition, at June 30, 2015 nonaccrual loans totaled $1.1 million and there were no loans past due in excess of 30 days.

In April, 2015, the Company’s Board of Directors authorized an extension of the share repurchase program for an additional $2.0 million of the Company’s common stock through April 30, 2016. During 2015, the Company repurchased and retired 63,000 shares at an average cost of $10.15.

“On July 10th of this year we celebrated the 9th anniversary of the opening of AltaPacific Bank. It has been amazing to look back and reflect on all that has been accomplished, particularly with regard to the merger with Stellar Business Bank in 2012 and Mission Oaks Bancorp in 2014,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “The Board and management are grateful to all who have dedicated so much effort and energy into building this successful franchise. The Company is certainly well positioned for future growth and expansion.”

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, Rancho Cucamonga, Covina and Temecula, 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 [phone] or online at www.apbconnect.com.

The following is a summary of the company’s financial performance (unaudited) as of June 30, 2015:

(Dollars in thousands)
December 31, 2014
March 31, 2015 June 30, 2015
Gross Loans $ 225,281 $ 212,894 $ 204,147
Allowance for Loan Losses 2,746 2,761 2,776
Net Loans 222,534 210,133 201,371
Total Assets 340,672 335,111 335,355
Total Deposits 262,511 240,710 244,110
Shareholders’ Equity 48,841 50,082 50,909


(Dollars in thousands,
except per share amounts)
Three Month Period Ending Six Month Period Ending

March 31,

2015
June 30,
2015
June 30,
2014
June 30,
2015

Interest Income $ 5,364 $ 5,547 $ 7,342 $ 10,911
Interest Expense 331 324 518 655
Net Interest Income 5,033 5,223 6,824 10,256
Provision for Loan Losses -- -- 95 --
Noninterest Income 293 201 391 494
Noninterest Expense 3,036 3,195 4,970 6,231
Pretax Income 2,290 2,229 2,150 4,519
Provision for Income Taxes 939 928 979 1,867
Net Income 1,351 1,301 1,171 2,652

Return on Average Assets 1.60 % 1.55 % 0.82 % 1.57 %
Return on Average Equity 10.93 % 10.31 % 4.84 % 10.62 %
Efficiency Ratio 57.00 % 58.90 % 68.88 % 57.96 %
EPS Basic $ 0.24 $ 0.24 $ 0.20 $ 0.48
EPS Diluted $ 0.23 $ 0.23 $ 0.20 $ 0.47
Book Value Per Common Share $ 9.07 $ 9.26 $ 8.50 $ 9.26


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

[FD2you]

AltaPacific Bancorp Reports Earnings for First Quarter 2015

SANTA ROSA, Calif., Apr 29, 2015 (BUSINESS WIRE) -- AltaPacific Bancorp ABNK, +0.30% the parent company of AltaPacific Bank, today reported net income for the first quarter of 2015 totaling $1,351,000 or $0.23 per diluted share. The earnings represent an increase of $886,000 (190.5%) over the same period last year and a decrease of $71,000 over the quarter ending December 31, 2014.

Assets for the Company totaled $335,111,000 at March 31, 2015, representing an increase of $67.7 million (25.3%) over March 31, 2014 and a decrease of $5.6 million (1.6%) over December 31, 2014. At March 31, 2015, gross loans totaled $212,894,000 representing an increase of $54.8 million (34.7%) over March 31, 2014 and a decrease of $12.4 million (5.5%) over December 31, 2014. Deposits totaled $240,710,000 at March 31, 2015, representing an increase of $43.8 million (22.2%) over March 31, 2014 and a $21.8 million (8.3%) decrease over December 31, 2014. The decrease in loans during the first quarter of 2015 resulted principally from bank customers successfully completing the sale of construction projects and continued aggressive resolution to problem loans assumed through our recent merger. Regarding the decrease in deposits, during the first quarter of 2015 the bank reduced its reliance on certificates of deposit by $23.2 million. These certificates of deposits had been obtained through various wholesale funding sources.

At March 31, 2015, the Allowance for Loan and Lease Losses totaled $2,761,000, representing 1.8% of Gross Loans originated. At March 31, 2015, nonaccrual loans totaled $1,084,000 and loans past due in excess of 30 days totaled $3,000.

The Company’s Share Repurchase Program, which was adopted in 2012, has resulted in the repurchase and retirement of 487,719 shares of Company stock at an average cost of $9.22. During 2015, the Company repurchased and retired 114,172 shares at an average cost of $10.16.

“AltaPacific continues to be a strong performer,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated “The Company’s earnings reflect one of the many positive benefits the mergers have had for all stakeholders. Seeing our strategic plan become a reality has been a tremendous pleasure. The Board of Directors and management are grateful for the loyalty of our customers and the dedication 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 [phone] or online at www.apbconnect.com.

The following is a summary of the company’s financial performance (unaudited) as of March 31, 2015
(Dollars in thousands) March 31, 2014 December 31, 2014 March 31, 2015
Gross Loans $ 158,089 $ 225,281 $ 212,894
Allowance for Loan Losses 2,166 2,746 2,761
Net Loans 155,923 222,534 210,133
Total Assets 267,455 340,672 335,111
Total Deposits 196,929 262,511 240,710
Shareholders’ Equity 48,425 48,841 50,082

(Dollars in thousands, except per share amounts) Three Month Period Ended
March 31,

2014
December 31,

2014


March 31,

2015
Interest Income $ 3,050 $ 5,470 $ 5,364
Interest Expense 217 383 331
Net Interest Income 2,833 5,087 5,033
Provision for Loan Losses 95 430 -
Noninterest Income 111 601 293
Noninterest Expense 2,041 2,918 3,036
Pretax Income 808 2,340 2,290
Income Tax Expense 343 918 939
Net Income 465 1,422 1,351

Return on Average Assets 0.73 % 1.96 % 1.60 %
Return on Average Equity 3.86 % 11.75 % 10.93 %
Efficiency Ratio 69.33 % 51.30 % 57.00 %
EPS Basic $ 0.08 $ 0.26 $ 0.24
EPS Diluted $ 0.08 $ 0.25 $ 0.23
Book Value Per Common Share $ 8.35 $ 8.80 $ 9.07


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.

SOURCE: AltaPacific Bancorp

AltaPacific Bancorp
Charles O. Hall, 707-236-1500
President & CEO

Copyright Business Wire 2015

[FD2you]

AltaPacific Bancorp Announces 2014 Year End Performance Results and Declares 5% Stock Dividend

January 28, 2015

SANTA ROSA, Calif. — AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $3,427,000, and quarterly net income totaling $1,422,000 for the period ending December 31, 2014, respectively. The Net income reported represents a year-over-year increase of $1,990,000 (138.5%) over 2013. The Company also reported that the Board of Directors recently approved the payment of a 5% stock dividend per common share payable on February 20, 2015 to shareholders of record as of February 6, 2015.

Assets totaled $340,672,000 at December 31, 2014, representing a decrease of $11.8 million (3.3%) over September 30, 2014 and an increase of $101.8 million (42.6%) over December 31, 2013. At December 31, 2014, gross loans totaled $225,281,000 representing an increase of $4.2 million (1.9%) over September 30, 2014 and an increase of $82.0 million (57.3%) over December 31, 2013. Deposits totaled $262,511,000 at December 31, 2014 representing a decrease of $23.6 million (8.2%) over September 30, 2014 and a $93.5 million (55.3%) increase over December 31, 2013. At December 31, 2014, the Allowance for Loan and Lease Losses totaled $2,746,000, 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 December 31, 2014.

The Company’s Share Repurchase Program, which was adopted in 2012, has resulted in the repurchase and retirement of 453,845 shares of Company stock at an average cost of $9.15. During 2014, the Company repurchased and retired 266,536 shares at an average cost of $10.32.

“Certainly the highlight for our Company this past year has been the opportunity to merge with Mission Oaks Bancorp. Our past experience served to make this a very efficient process and the financial results certainly are positive as our year-over-year net income has more than doubled. The ability to combine the resources of AltaPacific and Mission Oaks has proved to be a great benefit to our customers, staff and shareholders,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “Fortunately, the bank continues to remain in a very strong financial position. With regard to future merger opportunities, we continue to look for merger candidates who will complement the Company’s existing asset quality and high capital levels.”

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 [phone] or online at www.apbconnect.com.

The following is a summary of the company’s financial performance (unaudited) as of December 31, 2014:


(Dollars in thousands) December 31, 2013 September 30, 2014 December 31, 2014
Gross Loans $ 143,232 $ 221,124 $ 225,281
Allowance for Loan Losses 2,070 2,301 2,746
Net Loans 141,162 218,823 222,534
Total Assets 238,900 352,444 340,672
Total Deposits 168,995 286,107 262,511
Shareholders’ Equity 47,983 48,008 48,841



(Dollars in thousands,

except per share amounts)
Three Month Period Ending Year-to-Date
September 30,

2014
December 31,

2014
December 31,

2013
December 31,

2014
Interest Income $ 4,657 $ 5,470 $ 11,140 $ 17,469
Interest Expense 364 383 905 1,265
Net Interest Income 4,293 5,087 10,235 16,204
Provision for Loan Losses 100 430 410 625
Noninterest Income 524 601 428 1,516
Noninterest Expense 3,420 2,918 7,901 11,308
Pretax Income 1,297 2,340 2,352 5,787
Provision for Income Taxes 463 918 915 2,360
Net Income 834 1,422 1,437 3,427

Return on Average Assets 1.13% 1.96% 0.63% 1.10%
Return on Average Equity 6.95% 11.75% 3.01% 7.10%
Efficiency Ratio 71.00% 51.30% 74.10% 63.81%
EPS Basic $ 0.15 $ 0.27 $ 0.26 $ 0.63
EPS Diluted $ 0.15 $ 0.26 $ 0.26 $ 0.61
Book Value Per Common Share $ 8.97 $ 9.24 $ 8.65 $ 9.24

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.

http://www.heraldonline.com/2015/01/28/6745283/altapacific-bancorp-announces.html#storylink=cpy

[FD2you]

ABNK is still trading...woo hoo.

[FD2you]

...in other news today ABNK traded zero shares. woo hoo.

[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/

[FD2you]

AltaPacific Bancorp Reports Earnings for Third Quarter 2014 and Expansion of Share Repurchase Program

Altapacific Bancorp (QB) (USOTC:ABNK)

Today : Thursday 23 October 2014

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 [phone] 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.

AltaPacific Bancorp
Charles O. Hall, 707-236-1500
President & CEO

[FD2you]

AltaPacific Bancorp Reports Earnings for Third Quarter 2014 and Expansion of Share Repurchase Program

Altapacific Bancorp (QB) (USOTC:ABNK)

Today : Thursday 23 October 2014

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 [phone] 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.

AltaPacific Bancorp
Charles O. Hall, 707-236-1500
President & CEO

[FD2you]

AltaPacific Bancorp Board Appoints Two New Directors May 9, 2014

https://www.apbconnect.com/documents/AltaPacific%20Bancorp%20-%20Appointment%20of%20Two%20New%20Directors%20-%20Final.pdf

[FD2you]

AltaPacific Bancorp Announces Completed Merger with Mission Oaks Bancorp May 2, 2014

https://www.apbconnect.com/documents/AltaPacific%20Bancorp%20-%20Announces%20Completed%20Merger%20with%20Mission%20Oaks%20Bancorp%20May%2002%202014%20FINAL.pdf

[FD2you]

ABNK has repurchased and retired 73,000 shares averaging $10.07 in 2014 as of 6/30 reporting.

[FD2you]

ABNK Book Value now 8.92 as of 6/30 report.

[56Chevy]

Book Value Per Common Share: $8.77 (as of Q1 2014)

Market Value Per Common Share: $10.35

FD: I do not own shares of ABNK at this time...banks selling below BV have more upside potential in M&A.

[Steve2036]

Anyone getting in on this Monday?

[56Chevy]

AltaPacific Bancorp and Mission Oaks Bancorp Sign Definitive Agreement to Merge

Date : 01/31/2014 @ 4:05PM
Source : Business Wire
Stock : Altapacific Bancorp (QB) (ABNK)
Quote : $9.05 0.0 (0.00%) @ 4:26PM

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, and Mission Oaks Bancorp (OTCBB: MOKB), the parent company of Mission Oaks National Bank, announced the signing of a definitive agreement to merge. Under the terms of the agreement AltaPacific Bancorp will acquire Mission Oaks Bancorp for $0.30 per share in an all-cash transaction valued at approximately $3.5 million. The operations of Mission Oaks National Bank will be combined into AltaPacific Bank. Completion of the merger is subject to regulatory and Mission Oaks Bancorp’s shareholders’ approval as well as other customary closing conditions, and the amount of cash consideration per share is subject to potential adjustment.

The transaction is expected to be completed in the second quarter of 2014. The combined company will have approximately $335 million in assets, $213 million in gross loans and $254 million in total deposits. AltaPacific Bank operates branch locations in Santa Rosa, Rancho Cucamonga and Covina, Calif., and Mission Oaks National Bank operates two branches in Temecula and Fallbrook, Calif. At the completion of the merger, the Mission Oaks National Bank branches will be operated as branches of AltaPacific Bank.

This is the second merger for AltaPacific Bancorp. The company completed a merger with Covina, Calif. based Stellar Business Bank in February 2012.

[....]

http://ih.advfn.com/p.php?pid=nmona&article=60880896&symbol=ABNK

*Note: The TBV of MOKB at the time of this deal was a minus -.02...LTM EPS was .01

[vpagano]

ABNK has been on a nice run since we took a look at it.

[vpagano]

First quarter earnings:

http://finance.yahoo.com/news/altapacific-bancorp-reports-earnings-first-234400492.html

Follow the link for some financial tables.

AltaPacific Bancorp (ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2013 totaling $159,000. Net income for the quarter on a pretax basis totaled $296,000, representing an increase of 23% over the prior quarter.

Assets totaled $221,331,000 at March 31, 2013, representing an increase of 2.3% over December 31, 2012 and an increase of 4.1% over March 31, 2012. At March 31, 2013, the Company’s net loans totaled $117,158,000, representing an increase of 20.6% over December 31, 2012 and an increase of 10.6% over March 31, 2012. Deposits totaled $166,239,000 at March 31, 2013 representing a 2.7% increase over December 31, 2012 and a 3.4% increase over March 31, 2012. At March 31, 2013, the Company’s Allowance for Loan and Lease Losses totaled $1,659,000, representing 1.9% of Gross Loans Originated. Nonaccrual loans at March 31, 2013 totaled $132,000 and there were no other loans past due in excess of 30 days.

The Total Risk-Based Capital Ratio for AltaPacific Bank was 25.4% and the Tier 1 Leverage Ratio totaled 19.8% at March 31, 2013, respectively. These ratios substantially exceed the regulatory minimums for a well capitalized institution. Regarding the Company’s stock repurchase program, during the quarter ending March 31, 2013, the Company repurchased 12,500 shares of Company stock at an average per share price of $6.85. During the twelve month period ending March 31, 2013, the Company repurchased 94,500 shares at an average per share price of $6.56.

Charles O. Hall, President and Chief Executive Officer stated, “It has been a year since we completed the merger with Stellar Business Bank. Our growth during this past year is certainly a positive sign of what can happen when you combine the efforts of dedicated banking professionals.” Continuing, Mr. Hall stated, “Our management team also remains focused on seeking out appropriate acquisition candidates who will help us achieve our growth and expansion plans.”

[vpagano]

AltaPacific Bancorp Extends Share Repurchase Program

http://finance.yahoo.com/news/altapacific-bancorp-extends-share-repurchase-150000552.html

AltaPacific Bancorp (ABNK), the parent company of AltaPacific Bank, today announced that its Board of Directors has authorized an extension of the Company’s share repurchase program for an additional $1.5 million of the Company’s common stock through April 30, 2014. The Company’s repurchase program was originally announced on May 4, 2012. Since that date, the Company has invested approximately $620,000 to repurchase and retire 94,500 shares of its common stock at an average price of $6.56 per share.

Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchase will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The Company has no obligation to repurchase any shares under this program and the program may be suspended or discontinued at any time.

Charles O. Hall, President and Chief Executive Officer, commented, "The Board’s decision to extend the repurchase program reflects their ongoing confidence in the Company’s future prospects. Management and the Board of Directors believe the repurchase program is an attractive opportunity to enhance shareholder value, while also providing liquidity for shareholders."

About AltaPacific Bancorp and AltaPacific Bank:

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, Rancho Cucamonga and Covina, 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 [phone] or online at www.apbconnect.com.

[vpagano]

Thanks for the quick DD, interesting response. Probably will still keep an eye on it.

[56Chevy]

We have some answers -

Hmm maybe they A) believe the illusion of stock dividends create value or B) know they don't, yet hope the market doesn't realize that.

I sent the banks' CFO an e-mail Pagz. Below is what I sent and below that is his response.

From: 56Chevy
Sent: Tuesday, February 19, 2013 3:41 PM
To: Allen Christenson
Subject: IR questions

HI Mr. Christenson,

I’m a recent stockholder of ABNK and I have a couple questions.

What is the share structure of the bank – primarily the number of shares outstanding?

Do you have the most recent earnings per share (EPS) number?

I really like that the bank has a program to buy back shares …that’s great news for shareholders but what I find counter-productive is to offer a stock dividend (especially one paid in the form of new shares). To be honest Allen, I have to question the BoD rationality on this. The Bank is buying back shares and issuing more at the same time.

Why is that? If I had a choice I’d want the bank to continue buying back shares ..or paying down the debt.. but nix the stock dividend program altogether.

Any other thoughts or info you’d like to share would be most appreciated.

Sincerely,

56Chevy

==========================

56Chevy, thanks for your support of and interest in AltaPacific Bancorp and AltaPacific Bank.

In response to your questions, as of December 31, 2012 there were 5,135,869 shares issued and outstanding. Please note that that number will increase by approximately 5% following the recently announced stock dividend. Our unaudited EPS number for 2012 totals $0.37 which also has not been adjusted for the effect of the 5% stock dividend.

With respect to the 5% stock dividend, your question is appropriate and was discussed in great length by the Board of Directors. If desired, I would be happy to discuss this by phone. For now, I will do my best to try and offer some background to the decision of the Board and Management.

In short, it is our opinion that each activity – Stock Repurchase and Stock Dividend – are to be treated as separate events and are not to be connected. That said, our opinion is also based upon our knowledge of our shareholders and is not a universal opinion that applies to all companies.

Most of our shareholders are long term investors. They are not traders looking for short term profits. Their horizon is out 5-10 years. Please note that our opinions on these matters have been formed based upon constant feedback from institutional investors, market makers and other brokers as well as our individual contacts with many of our shareholders. In each case, the vast majority of professional and large individual investors have encouraged us to continue to maintain a repurchase program and they support the stock dividend. They perceive the repurchase program as accretive to the remaining shareholders while providing liquidity to those who want out or need liquidity. Additionally, the majority of the feedback we receive suggests that the stock dividend provides value to shareholders without diluting the Company’s equity capital. What the professionals have seen is consistent with my opening remark - most of our shareholders are not looking for short term profits. What they are looking for is a growth stock.

Regarding the repurchase program, as our stock is trading below book value, any shares repurchased by the Company increases the per share value for the remaining shareholders. With respect to the thought that we will soon be issuing 5% more shares and then potentially repurchasing those shares, there are a couple of comments. First, the Company is not obligated to repurchase ANY shares. We function as any buyer of stock. Management and the Board of Directors control the decision as to when we will repurchase shares. Second, it is our belief that very few shares, relatively speaking, will trade as a result of the stock dividend. We all want a certain amount of liquidity in our stock, and we feel the dividend will provide that. It does sound like you follow our stock and as such, you have probably noted that this dividend will be our 4th annual stock dividend. As we have analyzed the historic trading activity, both pre- and post-merger with Stellar Business Bank, we do not find evidence that the issuance of a stock dividend has resulted in a significant increase in trading volume.

As I mentioned above, if you would like to discuss this further, I would be happy to speak by phone. It is an excellent topic to discuss.
Regards,
Allen R. Christenson
Executive Vice President
Chief Financial Officer
AltaPacific Bank
3725 Westwind Blvd., Suite 100
Santa Rosa, CA 95403
Ph [phone]
Fax [phone]

[56Chevy]

Within the 2012 Year End Performance Results recently put out by the company was a one time Bargain Purchase Gain totaling $936K. It was the result of, and in connection with, the merger with Stellar Business Bank.

Merging with, or acquiring other banks, is a good strategic things for a bank(s) to do (economies of scale / more assets/ more customers/ deposits/ loans/etc. etc.) but there is also the possibility of an immediate windfall on the acquiring banks' net income for the year.

Re: Bargain Purchase Gain in general - If the seller is not distressed and the acquisition is orderly, a bargain purchase gain would be a rare occurrence. An example of a transaction that could result in a bargain purchase gain is the purchase of a bank with assistance from the Federal Deposit Insurance Corporation (FDIC). In this case, the seller, which is the FDIC, has a limited period of time to find a buyer and often makes decisions based on the safety and soundness of the overall banking system rather than on maximizing the value of the individual transaction. This contrasts with the purchase of an entity that is in Chapter 11 bankruptcy proceedings. In this case, the bankruptcy court has an obligation to try to maximize the recovery for the entity’s creditors, so the acquisition would normally comprise an orderly transaction.

http://www.grantthornton.com/portal/site/gtcom/menuitem.8f5399f6096d695263012d28633841ca/?vgnextoid=59dffbe07b5d8210VgnVCM1000003a8314acRCRD

[Enterprising Investor]

Buy backs are hugely information.

The future must look brighter.

In many cases, market prices react purely on the announcement, which makes it hard to buy shares cheaply. I like it when the company has authority to buy back shares, but prefer for management to purchase long term versus short term.

[vpagano]

It is a head scratcher the more I think about it definitely. At first glance, one might think their goal was add some liquidity to the stock, but of course we know that's dumb. They themselves said about the buyback anyway:

Charles O. Hall, President and Chief Executive Officer, commented, “The primary role of the repurchase program is to provide a tool to assist with the management of the Company's capital position, while also providing liquidity for shareholders.” Continuing, Mr. Hall stated, “This announcement also demonstrates the Board's confidence in the Company's strategy, growth opportunities and financial strength.”

If that discount to book we talked about is valid there is no reason to not buy back all the shares they can.

Hmm maybe they A) believe the illusion of stock dividends create value or B) know they don't, yet hope the market doesn't realize that.

Of course we know better, just wondering what earnings potential we are looking at hmmmm.

[Enterprising Investor]

Cash dividends represent a return of capital.

Stock dividends are just a way to increase the number of shares outstanding.

[56Chevy]

I hadn't looked at it that way but that does make more sense EI.

ABNK isn't the only one. Perhaps bankings' BoD's in general cannot resist the pre-recession business model of paying dividends. Old model's die hard.

Bank dividends peaked between mid-2007 and mid-2008, just months before the financial crisis boiled over with Lehman Brothers Inc's Chapter 11 bankruptcy filing in September 2008.

[Enterprising Investor]

Board members need to have their heads examined.

The company is buying back shares while still paying out stock dividends? I would love to be the firm's stock transfer agent. Fees, fees and more fees.

Stop the insanity. Eliminate the stock dividend. Focus on buying back shares.

[vpagano]

All valid points.

I guess the traditional appeal of a stock dividend as I've been taught is choice. Ex-dividend the stock will trade lower be it stock or cash, but in this case the investor isn't simply receiving cash but has the option of selling their additional shares at a future time when enterprise value may be higher.

Otherwise the investor needs to buy additional shares with their cash dividend and a DRIP program locks you into those at set prices.

Now you got me hungry EI, time to order a large supreme haha.

[Enterprising Investor]

Stock dividends can be deceptive.

If you receive a 5 percent dividend, what do you actually receive? One share for every 20 owned. The number of shares goes up, but the enterprise value has not changed.

Think pizza. If you buy a personal-sized pizza, how many slices would to have if you eat the whole thing? It does not matter. You ate one pizza.

[56Chevy]

So far to date the bank has repurchased 82,000 shares in the buy-back program which represents approx $500K of the $1MM they allocated to the program. Based on that we should see approx 160,000 shares less O/S once they complete the program.

[56Chevy]

This is our guy to ask Pagz.

Investor Relations

For additional investor information, please contact our Chief Financial Officer Allen R. Christenson.

Allen R. Christenson
Executive Vice President and Chief Financial Officer
707.543.2704

[e-mail]

[vpagano]

Since that merger was a stock-for-stock transaction I didn't know if that was taken into consideration at all or the timing of that S/O number I saw.

[56Chevy]

I believe that O/S is right...I was trying to verify that as well and haven't found any contrary numbers.

Today is the last day of record to be a holder for the March dividend.

This bank was never in serious trouble during the 08/09 crisis..which I found amazing and speaks highly for the management team. They have approx. $20MM over what they need to be considered well capitalized so I would expect them to do some shopping for other bank(s) in 2013. We'll see.

p.s. I have a request into Ihub to fix our board...the charts don't show price/bid/ask/etc...hopefully that will be up soon.

[vpagano]

Haven't dug, but Bloomberg has the S/O as 3.34 MM, is that right?

If so then at $6.60 a share we have a market cap of $22 MM vs. shareholder's equity of $47.8 MM or 46%.

Enough on the surface to interest me w/ that stock dividend to boot.

[56Chevy]

In May 2012, the company announced a Share Repurchase Program. Since that announcement, the company has repurchased 82,000 shares of common stock.

http://www.apbconnect.com/documents/AltaPacific%20Bancorp%20-%20Financial%20Results%20for%20Quarter%20Ending%20December%2031%202012%20-%20Final.pdf

[56Chevy]

How healthy is this bank? VERY.

http://banktracker.investigativereportingworkshop.org/banks/california/santa-rosa/altapacific-bank/

AltaPacific did not particiapte in the TARP program.

PPS as of 2/14/2013 $6.60

*This bank is extremely well capitlaized and should have no problem acquiring other bank(s) in 2013.

I had forgotten this bank...too many great little banks to keep up with..ugh.

[56Chevy]

AltaPacific Bancorp Announces 2012 Year End Performance Results and Declares 5% Stock Dividend...

http://www.apbconnect.com/news_pressreleases.aspx

[56Chevy]

AltaPacific Bancorp Announces Performance Results for Second Quarter 2012 and Restatement of First Quarter 2012

http://www.apbconnect.com/news_pressreleases.aspx

[56Chevy]

AltaPacific Bancorp Announces Share Repurchase Program

AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific Bank, today announced that its Board of Directors has authorized the repurchase of up to $1 million dollars of its outstanding common shares through April 30, 2013.

Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchase will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time.

Charles O. Hall, President and Chief Executive Officer, commented, “The primary role of the repurchase program is to provide a tool to assist with the management of the Company's capital position, while also providing liquidity for shareholders.” Continuing, Mr. Hall stated, “This announcement also demonstrates the Board's confidence in the Company's strategy, growth opportunities and financial strength.”

About AltaPacific Bancorp and AltaPacific Bank:

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, Rancho Cucamonga and Covina, 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 [phone] or online at www.apbconnect.com.

http://ih.advfn.com/p.php?pid=nmona&article=52295968

* I do not own shares of ABNK at this time.

[56Chevy]

AltaPacific Bancorp Announces 5% Stock Dividend

The Board of Directors of AltaPacific Bancorp (OTC Bulletin Board:ABNK), the parent company of AltaPacific Bank, has announced today that it has declared a 5% stock dividend per common share payable on April 20, 2012, to shareholders of record as of April 6, 2012.

http://ih.advfn.com/p.php?pid=nmona&article=51792537

* I do not own shares of AltaPacific Bancorp nor do I plan to at this point in time.

[56Chevy]

AltaPacific Bancorp Announces Performance Results for Third Quarter 2011

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter totaling $76,000 and year-to-date net income totaling $249,000 for the period ending September 30, 2011, respectively.

Assets totaled $113,245,000 at September 30, 2011, representing an increase of 22.0% over June 30, 2011 and an increase of 41.9% over December 31, 2010. At September 30, 2011, the bank’s net loans totaled $55,297,000 representing a 2.6% increase over June 30, 2011 and an 8.0% decrease over December 31, 2010. Deposits totaled $80,647,000 at September 30, 2011 representing a 34.3% increase over June 30, 2011 and a 71.1% increase over December 31, 2010. Increases in deposits resulted principally from growth in core deposits as Certificates of Deposit decreased 12.4% since June 30, 2011 and decreased 6.7% since December 31, 2010.

At September 30, 2011, the company’s Allowance for Loan and Lease Losses totaled $1,423,000 and represented 2.51% of Gross Loans. At September 30, 2011, all of the company’s loans were performing and there were no loans past due in excess of 30 days. In addition, the company has not experienced any loan charge-offs during the year. The Total Risk-Based Capital Ratio for AltaPacific Bank totaled 30.67% at September 30, 2011, which substantially exceeds the 10% minimum ratio for a well capitalized institution. The bank’s regulatory capital ratios have continued to be among the highest of any commercial bank operating in California.

http://ih.advfn.com/p.php?pid=nmona&article=49719644

[56Chevy]

Continuing a wave of consolidation among California community banks, AltaPacific Bancorp in Santa Rosa said late Wednesday that it is buying Stellar Business Bank in Covina for $17.4 million in stock.

The deal would be at least the 15th announced in California this year, by far the most in any state. In a news release, AltaPacific President and Chief Executive Officer Charles O. Hall hinted that his company, still flush with capital from when it was organized in 2006, is on the lookout for more acquisitions.

"We believe that this merger will be the first of many in the growth and development of AltaPacific Bancorp," Hall said.

Like AltaPacific, the $85 million-asset Stellar Business Bank is a startup (it was founded in 2007) that caters to small-business customers. Under terms of the deal, Stellar would be merged into AltaPacific, creating a $190 million-asset bank with branches in Santa Rosa, Rancho Cucamonga and Covina.

AltaPacific said that Stellar's President and CEO Timothy Walbridge and Chairman Rich Jett would join the boards of the company and its subsidiary bank and that Walbridge would join the company's management team.

The sale is expected to close in the fourth quarter.


http://www.americanbanker.com/issues/176_180/altapacific-deal-stellar-business-1042217-1.html?CMP=OTC-RSS

[56Chevy]

AltaPacific Bancorp and Stellar Business Bank Sign Definitive Agreement to Merge

http://ih.advfn.com/p.php?pid=nmona&article=49180712