AltaPacific Bancorp Reports Earnings for Third Quarter 2018

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $3,797,000, or $0.63 per diluted share, and quarterly net income totaling $1,387,000, or $0.23 per diluted share, for the period ending September 30, 2018, respectively.

Assets for the Company totaled $431,106,000 at September 30, 2018, representing a decrease of $3.1 million (0.7%) over June 30, 2018 and an increase of $12.5 million (3.0%) over December 31, 2017. At September 30, 2018, gross loans totaled $322,313,000 representing a decrease of $6.0 million (1.8%) over June 30, 2018 and an increase of $26.6 million (9.0%) over December 31, 2017. Deposits totaled $339,573,000 at September 30, 2018, representing an increase of $1.4 million (0.4%) over June 30, 2018 and an increase of $4.4 million (1.3%) over December 31, 2017. At September 30, 2018 the Allowance for Loan and Lease Losses totaled $4,126,000, representing 1.45% of gross loans originated. In addition, at September 30, 2018 nonaccrual loans totaled $44,000 and there were no other loans past due in excess of 30 days.

The Company’s Share Repurchase Program resulted in the repurchase of 244,000 shares of Company stock at a total cost of approximately $3.9 million, or $16.11 per share, during the three-month period ending September 30, 2018. During the nine-month period ending September 30, 2018, the Company repurchased approximately 550,000 shares of Company stock at a total cost of approximately $8.2 million, or $14.91 per share. As of September 30, 2018, there were 5,698,103 shares of AltaPacific Bancorp stock issued and outstanding.

“We continue to expand our market presence, particularly among our newest branches in Southern California,” reported Charles O. Hall, Chief Executive Officer. Continuing, Mr. Hall stated, “Our two newest branches – Riverside and San Bernardino – have experienced a 29% increase in loans and a 19% increase in deposits during the first nine months of this year.”

AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. AltaPacific Bank is an independent business bank headquartered in Santa Rosa, California and has additional banking offices in Covina, Ontario, Riverside, San Bernardino and Temecula, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. For additional information, please contact us at [phone] or online at www.apbconnect.com.