SANTA ROSA -- AltaPacific Bank assets have grown steadily in the year since completing its merger with a Southern California-based bank, ending the first quarter 4.1 percent higher.

AltaPacific Bancorp (OTCBB: ABNK), parent company of the bank, today announced net assets of $221.3 million as of March 31. Net loans were $117 million, up 10.6 percent from the prior year, and deposits increased 3.4 percent to $116 million.

The bank had a loss allowance of $1.66 million, representing 1.9 percent of loans originated and up 27.6 percent from the prior year. Nonaccruing loans totaled $132,000 at the end of the first quarter, with no loans more than 30 days past due.

The bank announced a large amount of liquidity, including a 19.8 percent tier 1 capital ratio of 19.8 percent, and continues to seek acquisition opportunities after the merger with Stellar Business Bank last year, according to the announcement.

AltaPacific has been embarking on a stock repurchase program, having repurchased 12,500 shares at an average price of $6.85 in the first quarter, according to the announcement. Earnings were equivalent to 3 cents per diluted share for the first quarter.

The bancorp's stock price was unchanged Monday at $7.30 a share.