AltaPacific Bancorp Reports Earnings for First Quarter 2019

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported net income for the first quarter of 2019 totaling $1,116,000 or $0.19 per diluted share. The earnings level represents an increase of $67,000 (6.4%) over the same period last year.

Assets totaled $434,700,000 at March 31, 2019, representing an increase of $16.8 million (4.0%) over March 31, 2018 and an increase of $20.1 million (4.9%) over December 31, 2018. At March 31, 2019, gross loans totaled $336,881,000 representing an increase of $26.3 million (8.5%) over March 31, 2018 and an increase of $8.6 million (2.6%) over December 31, 2018. Deposits totaled $326,653,000 at March 31, 2019, representing a decrease of $9.2 million (2.7%) over March 31, 2018 and a $3.7 million (1.2%) increase over December 31, 2018. The decrease in deposits, when compared to the same date last year, was primarily the results of an $8.6 million decrease in Certificates of Deposit, which included a $4.8 million decrease in Brokered Deposits. At March 31, 2019, the Allowance for Loan and Lease Losses totaled $4,186,000, representing 1.4% of Gross Loans originated, nonaccrual loans totaled $32,000 and no loans were past due in excess of 30 days and still accruing interest.

The Company’s Share Repurchase Program, which was adopted in 2012, has resulted in the repurchase of 152,507 shares of Company stock at a total cost of $2,309,000, or $15.14 per share, during the three-month period ending March 31, 2019. During the twelve-month period ending March 31, 2019, the Company repurchased 560,891 shares of Company stock at a total cost of $8,593,000, or $15.32 per share. As of March 31, 2019, AltaPacific Bancorp had 5,765,373 shares of common stock issued and outstanding.

“The Company experienced solid growth and earnings performance during this past quarter,” reported Charles O. Hall, Chief Executive Officer. Continuing, Mr. Hall stated, “We continue to focus our efforts on strategic growth and expansion opportunities, particularly in the markets served by our new branches in Riverside and San Bernardino as well as our newly relocated branch in Glendora.”

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 Glendora, 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.