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AltaPacific Bancorp reports strong year

AltaPacific Bancorp had assets of $418.6 million at the end of 2017, a year-over-year increase of 19.1 percent, the financial institution has reported.

The company, the parent company of AltaPacific Bank, also reported gross loans of $295.6 million for the year, a 26.8 percent increase compared with the end of 2016, according to AltaPacific’s most recent quarterly report.

Deposits totaled $335.1 million at the end of last year, a 21.1 percent hike year-over-year.

Net income for the year was $3.9 million, or 65 cents per diluted share.  Alta Pacific’s board of directors has approved a five percent stock dividend, payable next month, to all shareholders of record as of Feb. 9.

Based in Santa Rosa, AltaPacific Bank has a strong presence in the Inland Empire, with branch offices in Ontario, Riverside, Temecula and San Bernardino. Its specialty is working with small to medium-sized businesses in California, according to the report, which was released Friday.

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