SANTA ROSA - AltaPacific Bancorp, parent company of AltaPacific Bank, announced earnings and a new branch opening in the Inland Empire region of Southern California.
“We recently filed applications with our regulators and hope to have a new branch operating in Southern California within the next few weeks,” said Charles Hall, president and chief executive officer of the bank said.
The bank reported net income for the first quarter of 2011 of $113,000 compared to the $189,000 in the same quarter of last year.
Total assets were reported to be $83.2 million at the end of the first quarter, a decrease of 4.2 percent over March 31, 2010.
Deposits totaled $50.5 million, a 12.0 percent decrease over March 31 of last year.
Net loans totaled $55.4 million, 14.2 percent decrease over the same period last year.
The allowance for loan and lease losses totaled $1.4 million and represented 2.5 percent of gross loans. In addition, as of March 31, all of the company’s loans were performing and there were no loans past due in excess of 30 days. The Total Risk-Based Capital Ratio for AltaPacific Bank totaled 40.7 percent exceeding the 10 percent minimum ratio for a well capitalized institution.
AltaPacific hired Russ Scranton to serve as senior vice president and regional manager of the Inland Empire Region operation.