SANTA ROSA -- AltaPacific Bank today reported its ninth consecutive quarter of increased earnings. The bank reported net income for the quarter totaling $260,000 and year-to-date net income totaling $658,000 for the period ending Sept. 30.
Total assets were reported at $78.97 million, an increase of 2.4 percent over the same period last year.
Total loans are $55.28 million representing a 1.1 percent from the third quarter last year.. Deposits were $51.84 million, roughly the same as last year.
The allowance for loan and lease losses totaled $1.32 million, 2.34 percent of gross loans. The total Risk-Based Capital Ratio totaled 40.7 percent substantially exceeding the 10 percent minimum ratio for a well capitalized institution.
“Many of our real estate clients have been able to successfully complete and sell their projects,” said Allen Christenson, chief financial officer of AltaPacific. “With the prolonged difficulties in our economy, clients are electing to delay new construction projects.”
“We continue to exercise discipline and patience in implementing our business strategy,” said Charles Hall, the bank’s president and chief executive officer. “We feel we are well positioned for potential opportunities as we plan for our future and continue our search for appropriate acquisition targets.”
The company recently received final regulatory approval regarding the formation of AltaPacific Bancorp. The formation process is expected to be completed within the next 30 days. Furthermore, on Oct. 15, the bank received approval to become a member of the Federal Reserve System.