8-K 1 f66371e8-k.txt FORM 8-K FOR REPORT DATED 10-17-2000 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 October 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 incorporation (I.R.S. Employer or organization) Identification No.) 1951 Churn Creek Road 96002 Redding, Bancorp (Zip Code) (Address of principal executive offices)
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. September 30, 2000: 2,614,851 shares. 2 Item 5. Other Events Press release for the following (article attached): Redding Bancorp, parent company of Redding Bank of Commerce announces 3rd 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 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 THIRD QUARTER 2000 EARNINGS REDDING, CALIFORNIA, OCTOBER 13, 2000/ PRNEWSWIRE-- Russell L. Duclos, President & CEO of Redding Bancorp, parent company of Redding Bank of Commerce today announced net income of $3,630,000 or $1.31 per diluted share, for the nine months ended September 30, 2000, a 14% increase over 1999 net income of $3,190,000 or $1.10 per diluted share, for the prior year's comparable period. Results for the three months ending September 30, 2000 were net income of $1,225,000 or $0.45 per diluted share versus $1,157,000 or $0.40 per diluted share for the prior year's comparable period. Net interest income of $8,526,000 for the nine months ended September 30, 2000 reflected a $514,000 increase or 6%, compared with $8,012,000 for the same period in the prior year. The net interest income improvement is primarily attributable to growth in loan volume during the quarter. The effects on interest income of volume and rate increases in loans are partially offset by the higher cost of funding. Loans are up $14,198,000 since December 31, 1999, an 8.4% increase and is centered in the construction and commercial real estate portfolio. Deposits are up $21,298,000 since December 31, 1999, a 10.7% increase. The deposit growth is centered in higher yielding certificates of deposit, money market and savings accounts, which is reflected in the increased cost of funding. Total assets increased approximately 10.2% to $256,270,000 at September 30, 2000, compared with $232,519,000 at December 31, 1999. Redding Bancorp's return on average equity was 21.08% at September 30, 2000, compared with 17.04% at September 30, 1999. Return on average assets was 2.01% at September 30, 2000, compared to 1.89% at September 30, 1999. Redding Bancorp, located in Redding, California, converted from a bank holding company to a financial services holding company in April 2000. The 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 4 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 NINE MONTHS ENDED ------------------------------------------------------------------------------------ 9/30/00 9/30/99 9/30/00 9/30/99 ------------------------------------------------------------------------------------ Interest Income: Net Interest Income $ 2,829 $ 2,702 $ 8,526 $ 8,012 Provision for Loan Losses $ 0 $ 10 $ 56 $ 50 ------- ------- ------- ------- Net Interest Income after Provision for Loan Losses $ 2,829 $ 2,692 $ 8,470 $ 7,962 Noninterest Income: Service Charges $ 56 $ 55 $ 166 $ 200 Credit Card Income, net $ 482 $ 510 $ 1,406 $ 1,396 Other Income $ 192 $ 132 $ 608 $ 550 Loss on sale of Investment securities $ 0 $ 0 $ (59) $ 0 ------- ------- ------- ------- Total Noninterest Income $ 730 $ 697 $ 2,121 $ 2,146 Noninterest Expense: Compensation & benefits $ 972 $ 1,030 $ 2,794 $ 2,885 Occupancy & Equipment $ 246 $ 238 $ 735 $ 686 Data Processing & $ 126 $ 127 $ 394 $ 286 Professional Fees Other Expenses $ 295 $ 99 $ 908 $ 1,063 ------- ------- ------- ------- Total Noninterest Expense $ 1,639 $ 1,494 $ 4,831 $ 4,920 Income from Operations $ 1,920 $ 1,895 $ 5,760 $ 5,188 Income Tax Provision $ 695 $ 738 $ 2,130 $ 1,998 ------- ------- ------- ------- Net Income $ 1,225 $ 1,157 $ 3,630 $ 3,190 ======= ======= ======= ======= ------------------------------------------------------------------------------------
AT OR FOR THE AT OR FOR THE NINE THREE MONTHS ENDED MONTHS ENDED ------------------------------------------------------------------------------------ Key Financial Ratios 09/30/00 09/30/99 09/30/00 09/30/99 ------------------------------------------------------------------------------------ Net income per share- basic $ 0.47 $ 0.44 $ 1.38 $ 1.19 Net income per share- diluted $ 0.45 $ 0.40 $ 1.31 $ 1.10 Net Interest Margin 4.95% 5.23% 5.11% 5.14% Return on Average Equity 17.52% 18.62% 21.08% 17.04% Return on Average Assets 1.99% 2.07% 2.01% 1.89% Total Assets $256,270 $239,806 $256,270 $239,806 Loans Receivable, net $184,043 $168,265 $184,043 $168,265 ------------------------------------------------------------------------------------
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--------------------------------------------------------------------------- Deposits $219,621 $205,337 $219,621 $205,337 Shareholders' Equity $ 28,968 $ 24,912 $ 28,968 $ 24,912 Book Value per share $ 12.26 $ 10.99 $ 12.26 $ 10.99 ---------------------------------------------------------------------------