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Monday, May 4, 2009, 10:37 am

Banking & Finance: Atlantic Pacific Bank to present new name for shareholder approval

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    Jenna LoceffAtlantic Pacific Bank is proposing to change its name to AltaPacific Bank, and will present the name for approval to shareholders at its May 16 meeting.

    “We believe the name AltaPacific Bank provides a clearer vision of our commitment to help our customers and shareholders achieve their growth objectives while reaching to new heights,” said President and Chief Executive Officer Charles Hall.

    The Santa Rosa-based bank opened in July 2006 and just reported its third consecutive profitable quarter with net income of $70,000 for the first quarter of 2009.

    Total assets were $63 million at quarter end, representing an increase of 34.2 percent over the same period last year.

    At quarter end, loans were at $38.8 million, representing an 18 percent increase over March 31, 2008. Deposits totaled $38.1 million, representing an 80.2 percent increase over last year.

    ***

    Exchange Bank announced a loss of $10.3 million for the first quarter of 2009, up from a $7.5 million loss for fourth quarter 2008.

    The bank took a charge of $20 million as a provision for loan losses, which was reflected in the statement for the quarter. Net interest income at $16.2 million and non-interest income at $4.7 million represented 99 percent and 96 percent of the prior year amounts, respectively.

    “Our first priority is to return Exchange Bank to sustained profitability,” said William Reinking, the bank’s chairman and CEO. “The board has approved management’s recommendation to deal swiftly and aggressively with distressed loans, to put them behind us and thereby more quickly deliver a return to operating profitability.”

    Total deposits were reported at $1.375 billion, slightly higher than the $1.372 billion in same period of last year. Total loans were $1.152 billion, down from $1.195 billion at the same time last year. Commercial loans increased nearly 11 percent year over year to $304 million.

    “While the impact of the severe economic conditions around us is clearly visible in our results this quarter, there is significant strength in our business and in the confidence expressed by our customers and our community,” said William Schrader, president of the bank.

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    Summit State Bank reported earnings up more than 100 percent from the first quarter of 2008.

    The bank reported net income of $847,000, or $0.16 per diluted common share, for the first quarter of 2009, up from $230,000, or $0.05 per diluted common share, in 2008.

    First quarter expenses in 2008 included $189,000 in employee severance expense and $140,000 in expenses related to a core data processor conversion. Net income adjusted for these expenses increased by 101 percent year over year.

    Summit State also declared a dividend of $0.09 per share on common stock.

    The provision for loan losses was $450,000 for the first quarter ended March 31, compared with $155,000 in the first quarter of 2008. The bank had $24,000 in loan charge-offs during the first quarter of 2009. Total assets were at $362.1 million at the end of the first quarter, compared with $334.2 million at the end of the same quarter last year.

    Deposits totaled $250 million, up from $234 million at the same time last year.

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    Tamalpais Bancorp, the holding company for Tamalpais Bank and Tamalpais Wealth Advisors, reported a net loss of $42,000 for the first quarter, compared with the $1.2 million income reported at quarter-end 2008.

    The company reported total assets at $698.6 million, up from $601.6 million at the end of the first quarter 2008.

    Total deposits were $463.9 million, up from $395.7 million.

    The company increased its loan loss provision, which totaled $3.38 million, compared with $350,000 last year.

    “We took a conservative approach by increasing the allowance for loan losses at a faster rate than the increase in nonperforming assets,” said Mark Garwood, president and CEO.

    Although the holding company showed negative earnings, Tamalpais Bank had net income of $239,000 for the quarter.

    ***

    Circle Bancorp reported net income of $364,000 for the first quarter of 2009, down from $430,000 at the same time last year.

    Total assets were at $244 million, up 4 percent from the same time last year. Loans were $230 million, up 6 percent over the prior year. Deposits held nearly even at $166 million, up from $165 million in the first quarter of 2008.

    ***

    North Valley Bancorp, parent company of North Valley Bank with $904 million in assets, reported results for the first quarter of 2009.

    The bank reported a net loss for the quarter of $3.1 million, or $0.41 per diluted share, compared with net income for the same quarter last year of $280,000, or $0.04 per diluted share.

    There was a provision for loan and lease losses in the amount of $7 million for the first quarter compared with a provision for loan and lease losses of $2.4 million for the same quarter last year.

    When compared to Dec. 31, 2008, total assets increased $24.2 million from $879.5 million, driven by an increase in deposits of $31.8 million from $754.9 million, while loans decreased by $32.7 million from $693.4 million.

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    Submit items for this column to Jenna V. Loceff at jloceff@busjrnl.com, 707-521-4259 or fax 707-521-5292.

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