Absence of one-time gain drags earnings; loans up 44.9 percent
SANTA ROSA — AltaPacific Bancorp (OTCBB: ABNK), parent company of AltaPacific Bank, grew its loan volume by 45 percent over the course of 2013, the company announced.
The company saw net income of $1.4 million in 2013, a 19.3 percent decrease from the prior year largely attributable to the absence of a one-time, merger-related gain realized in 2012.
Loans totaled $143.2 million as of Dec. 31. Net interest income was up 4.8 percent, at $10.2 million.
“The company experienced very solid loan growth this past year,” said Charles Hall, president and chief executive, in a statement. “We continue to see signs of improvement in the economy, and that has certainly helped our business customers.”
Putting aside the one-time gain AltaPacific reported after the completed merger with Covina, Calif.-based Stellar Business Bank in Feb. 2012, the bank’s net income rose by 60.6 percent in 2013. That merger gave Santa Rosa-based AltaPacific a greater presence in Southern California, as well as an office dedicated to lending backed by the U.S. Small Business Administration.
The bank realized a 0.63 percent return on assets in 2013, compared to a 0.41 percent return excluding the benefit of the one-time $886,000 gain in 2012.
The bank set aside more as a provision for loan losses in 2013 — $410,000, versus $300,000 in 2012. Non-accruing loans totaled $110,000 at the end of 2013, with no loans past due in excess of 30 days.
Shares in AltaPacific were trading down 2.17 percent at the end of trading on Monday, at $9.00. The company also announced board of director approval of a 5 percent stock dividend per common share, payable on Feb. 21 to shareholders of record as of Feb. 7.
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