SANTA ROSA -- Net loan volume grew by 37.5 percent for Santa Rosa's AltaPacific Bank in the first three quarters of 2013.
Gross loans were $135.9 million as of Sept. 30, the bank's parent company announced.
"We are hopeful the improvements seen in the market areas we serve will continue," said Charles Hall, president and chief executive officer, in the announcement. "Most of the recent lending activity has been generated from our real estate lending unit and our SBA unit is also experiencing increased activity."
Assets for AltaPacific Bancorp (OTCBB: ABNK) totaled $238.9 million in the third quarter, up 5.9 percent from the second quarter and 10.5 percent since the beginning of the year. Deposits totaled $184.6 million, up 14 percent from last year.
Quarterly net income of $344,000 was level with a year before. Year-to-date income of $741,000 was up 3.2 percent from the prior year, excluding the impact of a one-time financial benefit last year connected to the acquisition of Southern California's Stellar Business Bank.
Net interest income of $7.4 million for the nine-month period was up slightly -- around half a percent -- from the prior year. The bank had a $1.8 million allowance for loan losses as of Sept. 30, representing 1.6 percent of gross loans. The bank had $122,000 in nonaccrual loans at that time.
AltaPacific adopted a share-repurchase program in 2012. The bank repurchased 93,900 shares at an average cost of $8.16 each so far this year. Shares for the bancorp last traded at $9 each on Friday.
The bank earned 6 cents per common share for the recent quarter, and 14 cents per share for the first nine months of the year.
AltaPacific has offices in Rancho Cucamonga and Covina.
