AltaPacific Bancorp Reports Earnings for Second Quarter 2018

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific
Bank, today reported year-to-date net income totaling $2,410,000, or
$0.39 per diluted share, and quarterly net income totaling $1,361,000,
or $0.22 per diluted share, for the period ending June 30, 2018,
respectively.

Assets for the Company totaled $434,211,000 at June 30, 2018,
representing an increase of $16.3 million (3.9%) over March 31, 2018 and
an increase of $15.6 million (3.7%) over December 31, 2017. At June 30,
2018, gross loans totaled $328,319,000 representing an increase of $17.7
million (5.7%) over March 31, 2018 and an increase of $32.6 million
(11.0%) over December 31, 2017. Deposits totaled $338,189,000 at June
30, 2018, representing an increase of $2.3 million (0.7%) over March 31,
2018 and an increase of $3.0 million (0.9%) over December 31, 2017. At
June 30, 2018 the Allowance for Loan and Lease Losses totaled
$4,126,000, representing 1.4% of gross loans originated. In addition, at
June 30, 2018 nonaccrual loans totaled $49,000 and there were no other
loans past due in excess of 30 days.

The Company’s Share Repurchase Program, which was adopted in 2012,
resulted in the repurchase of 106,000 shares of Company stock at a total
cost of approximately $1.5 million, or $14.56 per share, during the
three-month period ending June 30, 2018. During the six-month period
ending June 30, 2018, the Company repurchased approximately 306,000
shares of Company stock at a total cost of approximately $4.3 million,
or $13.95 per share. As of June 30, 2018, there were 5,936,160 shares of
AltaPacific Bancorp stock issued and outstanding.

“The business development efforts of our banking professionals have
resulted in solid loan growth during this past year,” reported Charles
O. Hall, Chief Executive Officer. Continuing, Mr. Hall stated, “While we
continue to expand our market presence in targeted areas in Northern
California, the majority of our growth during 2018 has occurred among
our Southern California branches.”

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 additional banking offices in Covina, Ontario,
Riverside, San Bernardino and Temecula, 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 (707) 236-1500 or online at www.apbconnect.com.

The following is a summary of the company’s financial performance
(unaudited) as of June 30, 2018:

except per share amounts)

2018

2018

2017

2018

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.

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