IE Business Daily Business news for the Inland Empire.
AltaPacific Bancorp, the parent company of AltaPacific Bank, Tuesday announced a year-to-date income of $4.3 million and earnings-per-share of 74 cents.
The company, which is based in Santa Rosa but maintains a strong presence in the Inland Empire, also reported a $1 million income – or 17 cents per share – for the quarter that ended Dec. 31, according to a statement.
The bank’s assets totaled $351,389 as of Dec. 31. That represented a quarterly drop of 8.5 percent but a 1.6 percent increase compared with Dec. 31, 2015. Deposits totaled $2.7 million at the end of last year, a quarterly drop of 6.4 percent but a 5.4 percent increase year over year.
AltaPacific opened a branch in Riverside during the first quarter of last year, and the company is currently preparing to open a full-service branch in San Bernardino, said Charles O. Hall, the company’s chief executive officer.
It also has branch offices in Ontario and Temecula, and it’s working on a previously announced merger with Commerce Bank of Temecula Valley, according to the statement.
