SANTA ROSA -- AltaPacific Bancorp (OTCBB:ABNK), the parent company of AltaPacific Bank, today reported net income for the quarter of $243,000 and year-to-date earnings of $902,000 for the period ending Dec. 31.
The company declared a 5 percent stock dividend to be distributed Feb. 18 to shareholders of record as of Feb. 4.
"As a result of the adverse economic conditions, we have been very cautious in our lending strategy," said Allen R. Christensen, the company's chief financial officer.
Charles O. Hall, the company's president and CEO, said "our business strategy has continued to focus on attracting clients who have been successful in managing their businesses."
Mr. Hall said the bank's cautious approach leaves the "company well positioned as it looks for potential acquisition opportunities."
The bancorp's assets as of Dec. 31 were $79.8 million.