SANTA ROSA – AltaPacific Bancorp (OTCBB: ABNK), parent company of AltaPacific Bank, reported net income of $300,000 for the three months ended June 30 and increased the earnings reported following the completion of its first-quarter merger with Stellar Business Bank.
The company completed its purchase accounting following the merger, adding an additional $487,000 gain for the first three months of 2012. First quarter income now totals $561,000, with year-to-date income of $861,000.
Assets totaled $212.8 million as of June 30, a 5 percent increase over the prior quarter. Including assets acquired in the merger, the total has increased 84.5 percent since the end of 2011. Gross loans totaled $114.4 million, a 6.6 percent increase over the prior quarter and a 91 percent increase over the prior six months.
Net interest income was $2.7 million for the quarter, compared to $1.8 million as of March 31. Interest income for the first six months totaled $4.48 million, a 45 percent increase over the first six months of 2011.
Deposits totaled $156.3 million at the end of the second quarter, a 2.9 percent decrease since March 31 and a 104.5 percent increase since the end of last year.
The allowance for loan and lease losses was $1.5 million, 2.3 percent of gross loans originated. Non-accruing loans totaled $425,000, with none past due in excess of 30 days.
“The merger with Stellar Business Bank has gone exceptionally well,” said Charles Hall, president and CEO of AltaPacific Bancorp.