SANTA ROSA - Atlantic Pacific Bank reported net income for the quarter ending June 30 of $101,000, up from $70,000 in the first quarter, as it prepares for its Aug. 3 name change to AltaPacific Bank.
President and Chief Executive Officer Charles Hall said "this has been a very difficult time for many individuals and businesses. As a result, we have taken a very disciplined and patient approach to the growth and development of our bank. We are quite fortunate to not have experienced any loan losses since our inception."
Total assets were at $72.7 million at June 30, 2009 a 39.7 percent increase from the same quarter last year. At June 30, the bank's net loans totaled $55.5 million, a 50.7 percent increase over June 30, 2008. Deposits totaled $48.2 million at June 30, 2009 representing a 100 percent increase over June 30, 2008.
Loan and lease losses totaled $974,000 or 1.72 percent of the gross loans. The bank had zero nonperforming loans at quarter end.
The bank plans to implement the new name, AltaPacific Bank on Aug. 3. As part of the change, the bank will be required to change the stock's ticker symbol and CUSIP number. The bank's Chief Financial Officer Allen Christenson said shareholders will not be required to take any action as a result of the name change or change in the bank's ticker symbol.
Atlantic Pacific Bank stock was trading today at $8.00 a share. Its 52-week high was $10.75.