SANTA ROSA – AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, announced today that its board of directors has authorized the repurchase of up to $1 million of outstanding common shares through April 30 of next year.
The Santa Rosa-based business bank made that announcement along with a report of its earnings during the first three months of 2012, with a net income of $74,000 after merger-related expenses following the acquisition of Stellar Business Bank in February.
The share repurchase will be conducted either on the open market or in privately negotiated transactions, according to a release from the bank.
“The primary role of the repurchase program is to provide a tool to assist with the management of the company’s capital position, while also providing liquidity for shareholders,” said Charles Hall, president and CEO.
Excluding ongoing merger and integration costs, pretax income for the quarter totaled $274,000. Including those costs, net income was 26 percent lower than the prior quarter and 25 percent lower than during the same period in 2011.
Assets totaled $211.2 million as of March 31, rising 83 percent during those three months and 153.6 percent during the year. Net loans totaled $106 million, including $55.6 million in originated loans, $51.5 million in loans obtained through the merger and an allowance for loan losses that remained unchanged from the prior quarter at $1.3 million.
The total risk-based capital ratio for AltaPacific was 28 percent as of March 31, a level that the bank noted is among the highest of any commercial bank operating in California.