Altabancorp (Nasdaq: ALTA) has authorized a new share repurchase program of up to 940,000 shares, equivalent to approximately 5% of its outstanding shares as of November 15, 2020. This program is a renewal of a previous plan that expired on September 30, 2020, and is set to continue until November 30, 2021. Repurchases will occur through various methods, including open market purchases and privately negotiated transactions, depending on market conditions and the Company's financial performance.
Altabancorp (Nasdaq: ALTA) reported significant growth in total assets, which increased by $731 million, or 30%, year-over-year, reaching $3.18 billion as of September 30, 2020. Total deposits also rose 29% to $2.72 billion. Net income for Q3 2020 was $11.3 million, up from $10.3 million in Q2 2020, while diluted earnings per share increased to $0.60 from $0.55. The mortgage banking division excelled, seeing a 67% revenue growth year-over-year. A quarterly dividend of $0.15 per common share was declared. The company noted improved asset quality, but anticipates a potential rise in credit losses in the future.
Altabancorp (Nasdaq: ALTA) will release its third quarter 2020 financial results on October 28, 2020, post-market. A conference call for discussing the results will be conducted on October 29, 2020, at 10:00 a.m. MDT. Interested investment professionals must register by October 28 to participate. The company’s earnings release and investor presentation will be available on its investor relations website before the call. Altabancorp operates Altabank, the largest community bank in Utah with $3.1 billion in total assets, serving clients from 26 branches across Utah and southern Idaho.
Altabancorp (Nasdaq: ALTA) reported a net income of $10.3 million for Q2 2020, down from $11.0 million YoY. Total assets rose 33% to $3.1 billion, while deposits increased 32% to $2.6 billion. Loans declined 0.8%, impacted by tightened underwriting standards, offset by $84.6 million in PPP loans. Tangible equity reached $364 million, equating to 22% of total loans. The quarterly dividend remains at $0.13 per share. Despite offering payment relief to $327 million in loans, the company anticipates credit quality to decline as relief programs end. Non-interest income surged nearly 70% from mortgage banking.