SANTA ROSA -- AltaPacific Bancorp (OTCBB: ABNK), parent company of AltaPacific Bank, on Monday reported net income of $465,000 for the three-month period ended March 31.
That income had decreased 33.2 percent from the prior quarter, but was up 192.5 percent compared to first-quarter income in 2013, according to the bank. Earnings were equivalent to 8 cents per diluted share.
AltaPacific announced its results days ahead of the planned merger with Temecula, Calif.-based Mission Oaks Bancorp, parent company of Mission Oaks National Bank. The merger is expected to complete on May 2, following the April 25 approval by shareholders of Mission Oaks.
"AltaPacific has been going through a tremendous period of growth and we are very pleased with all aspects of our company. To complete this merger while continuing to grow and expand our core operations serves as a great testament of the commitment and dedication of our entire team," said Charles Hall, president and CEO.
The bank's loan portfolio has grown by 33.1 percent since March 31 of 2013, to $158.1 million. Net interest income was up 24.8 percent over the same period, to $2.8 million.
The allowance for loan losses totaled $2.2 million at quarter-end, up from $2.1 million during the prior quarter and $1.7 million one year prior. That provision represented 1.6 percent of gross loans. Nonaccrual loans totaled $103,000 as of March 31, according to the bank.
Deposits totaled $196.9 million at the end of the quarter, up 18.5 percent from the same period in 2013.
AltaPacific had a 0.73 percent return on assets for the quarter, compared to 0.29 percent during the same quarter in 2013. Its net interest margin, incorporating the spread for interest income and expenses as well as the overall portfolio of loans, was 1.8 percent for the quarter versus 1.9 percent at the same time last year.
The $2 million in non-interest expenses were higher for the quarter, up $367,000 from the prior three-month period.
AltaPacific has purchased and retired a total of 215,309 shares as part of its repurchase program at an average cost of $7.76 since the program began in 2012. There were 28,000 shares repurchased during the first quarter, at an average cost of $9.52.
Shares in the company were trading at $10 at the close of markets on Monday, up 50 cents from opening.