AltaPacific Bancorp Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
For the year, interest income was $10.8 million against $5.7 million last year. Net interest income was $9.8 million against $5.2 million last year. Pretax income was $2.5 million against $0.7 million last year. Net income was $1.8 million against $0.3 million last year. In February 2012, the company merged with Stellar Business Bank. In connection with the merger, the company recorded a one time bargain purchase gain totaling $936,000. Excluding the effect of this one time event, year-to-date net income for the company would have totaled $895,000.