AltaPacific Bancorp fka ABNK

[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.”