Alterola Biotech, Inc. (ALTA) Tops Q4 EPS by 5c

Alterola Biotech, Inc. (NASDAQ: ALTA) reported Q4 EPS of $0.58, $0.05 better than the analyst estimate of $0.53.

“2020 was a challenging year for our organization, our associates, and our clients as we collectively managed the negative effects of the COVID-19 pandemic,” said Len Williams, President and Chief Executive Officer of AltabancorpTM. “Many of our associates have been working from home since March 2020. Most of our branch lobbies have been available by appointment only for most of the year, while our drive-up windows have remained open. We have provided substantial financial relief to our clients through participation in government programs as well as our own payment relief programs. We provided payment accommodations to almost twenty percent of our clients, and we offered first round Small Business Administration Paycheck Protection Program Loans (“SBA PPP”) to over 300 clients. We are offering additional funding for the second round of SBA PPP loans. We will continue to work together with our clients to ensure that we can provide financial solutions to assist them on their path to recovery as we all work to overcome the pandemic.”

Mr. Williams continued, “Our strong balance sheet continues to provide safety and security to our stakeholders. We believe our balance sheet strength is reflected in the level of allowance for credit losses held by us, and our strong regulatory capital position. In addition, our focus to reduce loan concentrations in our ADC and commercial real estate portfolios and the tightening of our overall underwriting standards over the last several years will help to mitigate the potential negative effects the economic shutdown from the pandemic may have on our loan portfolio. Lastly, our strong liquidity position provides us the flexibility to aggressively grow our loan portfolio as the economy begins to recover.”

For earnings history and earnings-related data on Alterola Biotech, Inc. (ALTA) click here.

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