Thursday , March 28 2024
Breaking News

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.

Check Also

CVB Financial reports earnings drop

CVB Financial reports earnings drop

CVB Financial Corp. has reported net earnings of $48.5 million for the fourth quarter of …