-----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, FfXahiJSH3FDgHsj056CluW7K6mgRjtcPfHclvUQMs9n7NSoymloAh2BRj0RlIQj LxZdPEFrbsGxxjBWLSHuxA== /in/edgar/work/20000717/0000950149-00-001533/0000950149-00-001533.txt : 20000920 0000950149-00-001533.hdr.sgml : 20000920 ACCESSION NUMBER: 0000950149-00-001533 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000717 ITEM INFORMATION: FILED AS OF DATE: 20000717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REDDING BANCORP CENTRAL INDEX KEY: 0000702513 STANDARD INDUSTRIAL CLASSIFICATION: [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: 673700 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 e8-k.txt FORM 8-K DATED JULY 17,2000 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 July 17, 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 (I.R.S. Employer Identification No.) incorporation or organization) 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. June 30, 2000 2,615,923 1 2 Item 5. Other Events Press release for the following (article attached): Redding Bancorp, parent company of Redding Bank of Commerce announces second 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 2 3 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 SECOND QUARTER 2000 EARNINGS - -------------------------------------------------------------------------------- REDDING, CALIFORNIA, JULY 14, 2000/ PRNEWSWIRE -- Russell L. Duclos, President & CEO of Redding Bancorp, Parent Company of Redding Bank of Commerce today announced net income of $2,405,000 or $0.86 per diluted share, for the six months ended June 30, 2000, an 18% increase over 1999 net income of $2,033,000 or $0.71 per diluted share, for the prior years comparable period. Results for the three months ending June 30, 2000 were net income of $1,240,000 or $0.45 per diluted share versus $1,134,000 or $0.40 per diluted share for the prior years comparable period. Net interest income of $5,697,000 for the six months ended June 30, 2000 reflected a 7% increase, compared with $5,310,000 for the same period in the prior year. The increase in net interest income was $387,000 compared to $269,000 for the comparable period a year ago. The net interest income improvement is primarily attributable to growth in loan volume during the quarter. Variable rate increases in loans are partially offset by higher cost of funding. Loans are up $11,175,000 since December 31, 1999, a 6.5% increase and is centered in the construction and commercial real estate portfolio, coupled with two prime rate increases during the period. Deposits are up $8,004,000 since December 31, 1999, a 4% increase. The growth in deposits is centered in higher yielding certificates of deposit reflected in the increased cost of funding. Total assets increased approximately 4.4% to $242,694,000 at June 30, 2000, compared with $232,519,000 at December 31, 1999. Redding Bancorp's return on average equity was 18.20% at June 30, 2000, compared with 16.56% at June 30, 1999. Return on average assets was 2.03% at June 30, 2000, compared to 1.83% at June 30, 1999. For the quarter, return on average equity was 18.28% at June 30, 2000 compared with 18.31% for the prior years quarterly results. Redding Bancorp, located in Redding, California, converted from a banking holding company to a financial services holding company in April 2000. The 3 4 status change allows the company to pursue opportunities in the brokerage, insurance and other related financial services. Redding Bancorp owns Redding Bank of Commerce, a federally insured California banking corporation, which opened on October 22, 1982. Redding Bank of Commerce has three full service offices, two in Redding, and one in Roseville, California. REDDING BANCORP SELECTED FINANCIAL DATA (DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED) AT THREE MONTHS ENDED SIX MONTHS ENDED
- -------------------------------------------------------------------------------- 6/30/00 6/30/99 6/30/00 6/30/99 - -------------------------------------------------------------------------------- Interest Income: Net Interest Income $ 2,819 $ 2,721 $ 5,697 $ 5,310 Provision for Loan Losses $ 56 $ 15 $ 56 $ 40 ------- ------- ------- ------- Net Interest Income after Provision for Loan Losses $ 2,763 $ 2,706 $ 5,641 $ 5,270 Noninterest Income: Service Charges $ 57 $ 72 $ 110 $ 145 Credit Card Income, net $ 454 $ 471 $ 924 $ 886 Other Income $ 204 $ 225 $ 416 $ 418 Loss on sale of Investment securities $ 0 $ 0 $ (59) $ 0 ------- ------- ------- ------- Total Noninterest Income $ 715 $ 768 $ 1,391 $ 1,449 Noninterest Expense: Compensation & benefits $ 922 $ 892 $ 1,822 $ 1,855 Occupancy & Equipment $ 221 $ 219 $ 489 $ 448 Data Processing & Professional Fees $ 134 $ 142 $ 268 $ 365 Other Expenses $ 263 $ 417 $ 613 $ 758 ------- ------- ------- ------- Total Noninterest Expense $ 1,540 $ 1,670 $ 3,192 $ 3,426 Income from Operations $ 1,938 $ 1,804 $ 3,840 $ 3,293 Income Tax Provision $ 698 $ 670 $ 1,435 $ 1,260 ------- ------- ------- ------- Net Income $ 1,240 $ 1,134 $ 2,405 $ 2,033 ======= ======= ======= =======
- -------------------------------------------------------------------------------- AT OR FOR THE THREE AT OR FOR THE SIX MONTHS MONTHS ENDED ENDED - -------------------------------------------------------------------------------- Key Financial Ratios 06/30/00 06/30/99 6/30/00 06/30/99 - -------------------------------------------------------------------------------- Net income per share- basic $ 0.47 $ 0.43 $ 0.92 $ 0.77 Net income per share- diluted $ 0.45 $ 0.40 $ 0.86 $ 0.71 Net Interest Margin 5.06% 5.25% 5.20% 5.18% Return on Average Equity 18.28% 18.31% 18.20% 16.56% Return on Average Assets 2.06% 2.03% 2.03% 1.83% - --------------------------------------------------------------------------------
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Total Assets $242,694 $224,330 $242,694 $224,330 Loans Receivable, net $180,958 $157,185 $180,958 $157,185 Deposits $206,327 $195,896 $206,327 $195,896 Shareholders' Equity $ 27,661 $ 25,590 $ 27,661 $ 25,590 Book Value per share $ 11.73 $ 10.89 $ 11.73 $ 10.89
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