ABNK - 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 (707) 236-1500 or online at www.apbconnect.com.

The following is a summary of the company’s financial performance (unaudited) as of March 31, 2019:

Forward-Looking Statements

This press release may contain forward-looking statements about AltaPacific Bancorp and its subsidiaries, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond AltaPacific’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which AltaPacific is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than AltaPacific; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, AltaPacific does not undertake to update forward-looking statements to reflect subsequent circumstances or events.

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