AltaPacific, Sonoma Valley, Charter Oak, Summit, Bank of Marin, Exchange
NORTH BAY – Many North Bay banks are maintaining strength in their income statements even in the down economy that executives said is extremely challenging.
That strength comes despite an additional assessment on banks in the third quarter for Federal Deposit Insurance Corp. insurance.
The results are:
AltaPacific Bank, formerly Atlantic Pacific, reported an increase in net income in its fifth consecutive profitable quarter. The bank reported net income for the quarter totaling $114,000.
Assets totaled $77.1 million at the end of the third quarter, an increase of 55 percent over the same time last year.
Net loans totaled $54.7 million, a 69 percent increase from the same time next year.
Deposits totaled $51.5 million at Sept. 30, representing a 111 percent increase over Sept. 30, 2008.
At Sept. 30, the bank’s allowance for loan and lease losses totaled $1.17 million and represented 2.09 percent of gross loans.
The bank’s total risk-based capital ratio totaled 38.8 percent at Sept. 30, exceeding the 10 percent minimum ratio for a well-capitalized institution.
Charles Hall, the bank's president and chief executive officer said, “We are very pleased that our bank has continued to succeed during these difficult economic times. Our disciplined approach has truly benefited our customers and shareholders.”
Sonoma Valley Bancorp
Sonoma Valley Bancorp, the holding company for Sonoma Valley Bank, showed a net loss of $358,245 for the third quarter.
Sean Cutting, Sonoma Valley Bank president and chief executive officer, reported that prior to the loan loss provision and payment of taxes, the company showed net income of $1.757 million in the third quarter compared with $1.675 million during the same period last year.
“We continued to add to the loan loss reserve account during the quarter, with an allocation of $2.55 million versus $300,000 during the same period last year," he said.
"The increased allocation was responsible and necessary in light of the current challenges in the banking and real estate environments. While the increase in the reserve allocation negatively impacts the profit and loss statement, the bank has strong liquidity and is well-capitalized by regulatory standards.”
The bank posted record total assets of $354 million at Sept. 30. That is an increase of 11.6 percent from the same quarter last year.
Total risk-based capital ratio is 12.8 percent, up from 11.5 percent one year ago.
Mr. Cutting further noted, “The reduction in the level of non-performing assets during the quarter was due to the charge off of several non-performing loans. The bank, however, continues its aggressive collection efforts on these loans.”
Charter Oak BankCharter Oak reported a third quarter net income before tax of $185,000, compared with net income before tax of $186,000 in the third quarter of 2008.
The nine-month net income before tax was $52,000, including a $1.13 million increase in the loan loss provision. In comparison, the 2008 year-to-date net income before tax was $542,000, including a $442,000 loan loss provision. The difference in the loan loss provisions from 2008 to 2009 was $689,000.