Earnings boosted by February acquisition
SANTA ROSA — In a year that included an acquisition and expansion of services, AltaPacific Bancorp (OTCBB: ABNK), parent company of AltaPacific Bank, today reported net income of $1.83 million for all of 2012.
Excluding a one-time gain of $936,000 related to the merger with Stellar Business Bank in February, but including the impact of acquired assets, net income for 2012 increased 194 percent versus 2011. The company’s board of directors approved a 5 percent stock dividend per common share, payable on March 1 to shareholders of record as of Feb. 15.
AltaPacific announced $216.7 million in assets as of Dec. 31, 2012. The bank had $97 million in loans at the end of the year, and $161.94 million in deposits.
The bank had an allowance for loan losses of $1.66 million at the end of the year, representing 2.6 percent of gross loans originated. Nonaccrual loans totaled $157,000 at the end of 2012, with no loans past due in excess of 30 days.
The bank had a 0.84 percent return on assets by the end of 2012 — 0.41 percent excluding the one-time merger-related gain — compared to a 0.26 percent return at the end of 2011. The bank also had an efficiency ratio of 70 percent as of Dec. 31, compared to 79.4 percent at the end of the prior year.
“Our disciplined approach to banking these past few years has continually resulted in excellent asset quality and consistent earnings. The quality of our balance sheet combined with a total risk-based capital ratio in excess of 26 percent places us in an excellent position for future growth,” said Charles Hall, AltaPacific president and CEO.
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