-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EqSb4JAomtLYImTdpBqBD/A0/epq0kKWlmldmb3MRDO2HTLSMZcXI858sQYP1WTA gTyAi28HJwUVn38LSPdYVQ== 0000950149-00-000865.txt : 20000420 0000950149-00-000865.hdr.sgml : 20000420 ACCESSION NUMBER: 0000950149-00-000865 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000419 ITEM INFORMATION: FILED AS OF DATE: 20000419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REDDING BANCORP CENTRAL INDEX KEY: 0000702513 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 942772599 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-25135 FILM NUMBER: 604507 BUSINESS ADDRESS: STREET 1: 1951 CHURN CREEK ROAD CITY: REDDING STATE: CA ZIP: 96002 BUSINESS PHONE: 5302243333 MAIL ADDRESS: STREET 1: 1951 CHURN CREEK ROAD CITY: REDDING STATE: CA ZIP: 96002 8-K 1 FORM 8-K DATED 4-19-2000 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K (Mark One) CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report April 19, 2000 Commission file number 0-25135 REDDING BANCORP (Exact name of Registrant as specified in its charter) California 94-2823865 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1951 Churn Creek Road Redding, Bancorp 96002 (Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (530) 224-3333 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Common Stock, no par value per share Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate the number of shares outstanding of each of the issuer's class of common stock, as of the latest practicable date. March 31, 2000: 2,618,553 2 Item 5. Other Events Press release for the following (article attached): Redding Bancorp, Parent Company of Redding Bank of Commerce Announces 2000 First quarter earnings SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. /s/ Linda J. Miles BY: Linda J. Miles Executive Vice President & Chief Financial Officer Redding Bancorp (RDDB) Company Press Release For information contact: Russell L. Duclos, President & CEO Phone (530) 224-7326, or Linda J. Miles, Chief Financial Officer Phone (530) 224-7318 www.reddingbankofcommerce.com For immediate release: Redding Bancorp, Parent Company of Redding Bank of Commerce Announces First Quarter 2000 Earnings - -------------------------------------------------------------------------------- REDDING, California, April 14, 2000/ PRNewswire -- Russell L. Duclos, President & CEO of Redding Bancorp, Parent Company of Redding Bank of Commerce today announced net income of $1,165,000 or $0.41 per diluted share, for the first quarter ended March 31, 2000, a 30% increase over 1999 net income of $899,000 or $0.31 per diluted share. Net interest income of $2,878,000 for the quarter ended March 31, 2000 reflected an 11% increase, compared with $2,589,000 for the same period in the prior year. The increase in net interest income was $215 million compared to $203 million for the comparable period a year ago. The improvement reflects both a volume and rate increase in loans partially offset by higher cost funding, reflecting growth in the construction and commercial real estate portfolio. Russell L. Duclos, President & CEO of Redding Bank of Commerce, announced "Our loan growth continues to be very strong with an increase of $28 2 3 million (18.8 percent) over the prior year. This success has prompted us to expand our current loan production office in Roseville, California to a full service banking facility. Regulatory approval was effective on April 10, 2000. We anticipate full operation of our Roseville Banking Center in July of this year." Total assets increased approximately 3.7% to $241,018,000 at March 31, 2000, compared with $232,519,000 at December 31, 1999. Total deposits increased to $205,600,000 at March 31, 2000, compared with $198,323,000 at December 31, 1999. Redding Bancorp's return on average equity was 18.13% at March 31, 2000, compared with 14.79% at March 31, 1999. Return on average assets was 1.99% at March 31, 2000, compared to 1.63% at March 31, 1999. Redding Bancorp, located in Redding California is a bank holding company that owns Redding Bank of Commerce, a federally insured California banking corporation, which opened on October 22, 1982. Redding Bank of Commerce has two full service offices in Redding, California and operates a loan production office in the community of Roseville, California. Redding Bancorp Selected Financial Data (Dollar Amounts in Thousands, Except per Share amounts, Unaudited) At Three Months Ended
- -------------------------------------------------------------------------------- 3/31/00 3/31/99 - -------------------------------------------------------------------------------- Interest Income: Net Interest Income $ 2,878 $ 2,589 Provision for Loan Losses $ 0 $ 25 ------- ------- Net Interest Income after Provision for Loan Losses $ 2,878 $ 2,564 Noninterest Income: Service Charges $ 53 $ 73 Credit Card Income, net $ 470 $ 415 Other Income $ 212 $ 193 Gain(loss) on sale of $ (59) $ 0 ------- ------- Investment securities Total Operating Income $ 676 $ 681 Noninterest Expense: Compensation & benefits $ 900 $ 963 Occupancy & Equipment $ 268 $ 229 Data Processing & $ 134 $ 223 Professional Fees Other Expenses $ 350 $ 341 ------- ------- Total Other Expenses $ 1,652 $ 1,756 Income from Operations $ 1,902 $ 1,489 Income Tax Provision $ 737 $ 590 ------- ------- Net Income $ 1,165 $ 899 ======= ======= - --------------------------------------------------------------------------------
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At or for the three months ended At or for the three months ended - ------------------------------------------------------------------------------------------------------------------------------------ Key Financial Ratios 03/31/00 03/31/99 12/31/99 12/31/98 - ------------------------------------------------------------------------------------------------------------------------------------ Net income per share- basic $0.44 $0.33 $ 1.64 $ 1.51 Net income per share- diluted $0.41 $0.31 $ 1.52 $ 1.42 Net Interest Margin 5.35% 5.10% 5.15% 5.57% Return on Average Equity 18.13% 14.79% 17.60% 18.04% Return on Average Assets 1.99% 1.63% 1.91% 1.98% Total Assets $241,018,000 $223,372,000 $232,519,000 $216,085,000 Loans Receivable, net $173,893,000 $147,733,000 169,845,000 144,967,000 Deposits $205,600,000 $195,080,000 198,323,000 188,621,000 Shareholders' Equity $26,439,000 $25,476,000 26,059,000 24,654,000 Book Value per share $11.23 $10.66 $ 10.99 $ 10.37 - ------------------------------------------------------------------------------------------------------------------------------------
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