ABNK - AltaPacific Bancorp Reports Earnings for Second Quarter 2019

AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, today reported year-to-date net income totaling $2,371,000, or $0.40 per diluted share, and quarterly net income totaling $1,255,000, or $0.21 per diluted share, for the period ending June 30, 2019, respectively.

Assets for the Company totaled $435,945,000 at June 30, 2019, representing an increase of $1.2 million (0.3%) over March 31, 2019 and an increase of $21.4 million (5.2%) over December 31, 2018. At June 30, 2019, gross loans totaled $338,594,000 representing an increase of $1.7 million (0.5%) over March 31, 2019 and an increase of $10.3 million (3.1%) over December 31, 2018. Deposits totaled $307,039,000 at June 30, 2019, representing a decrease of $19.6 million (6.0%) over March 31, 2019 and a decrease of $15.9 million (4.9%) over December 31, 2018. At June 30, 2019 the Allowance for Loan and Lease Losses totaled $4,216,000, representing 1.4% of gross loans originated. In addition, at June 30, 2019 nonaccrual loans totaled $27,000 and there were no other loans past due in excess of 30 days.

The Company’s Share Repurchase Program, which was adopted in 2012, resulted in the repurchase of 152,507 shares of Company stock at a total cost of approximately $2.3 million, or $15.14 per share during the first quarter of 2019. Subsequent to the end of the first quarter and through the date of this release, the Company did not repurchase any shares of its common stock. As of June 30, 2019, there were 5,765,373 shares of AltaPacific Bancorp stock issued and outstanding.

“On July 10^th of this year we celebrated the 13^th anniversary of the opening of AltaPacific Bank. I am so proud of all that we’ve been able to accomplish and continue to be impressed by the excellent service our banking professionals offer our clients,” reported Charles O. Hall, President and Chief Executive Officer. Continuing, Mr. Hall stated, “The Board of Directors and executive officers are grateful to all who have dedicated so much time, energy and effort into building this successful franchise.”

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 June 30, 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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