-----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, JvGdWLAsqDw6uF0i2IUQxbhrwA4RDHjyTbOhsqSzabsmoapC8SOWCaoCDmLm8vjx wenVuO86RIjfxXm3PHdXMg== 0000950149-03-001831.txt : 20030805 0000950149-03-001831.hdr.sgml : 20030805 20030805170545 ACCESSION NUMBER: 0000950149-03-001831 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030805 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REDDING BANCORP CENTRAL INDEX KEY: 0000702513 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 942823865 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25135 FILM NUMBER: 03824311 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 f92114e8vk.txt FORM 8-K 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 August 5, 2003 Commission file number 0-25135 [REDDING LOGO] 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 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. July 31, 2003: 2,704,801 1 Item 5. Other Events Press release for the following (article attached): Redding Bancorp, parent company of Redding Bank of Commerce Announces Second Quarter Operating Results. Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit 99.1 Redding Bancorp press release dated August 5, 2003. 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 Principal Accounting Officer 2 EX-99.1 3 f92114exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 FOR IMMEDIATE RELEASE: REDDING BANCORP, PARENT COMPANY OF REDDING BANK OF COMMERCE ANNOUNCES SECOND QUARTER OPERATING RESULTS REDDING, CALIFORNIA, AUGUST 5, 2003/ PRNEWSWIRE -- Redding Bancorp (OTCBB: RDDB), a $386.8 million financial services holding company, and parent company of Redding Bank of Commerce and RBC Mortgage Services today announced operating results for the second quarter 2003. Redding Bancorp's net income for the second quarter 2003 was $885,000 or $0.32 per diluted share, an increase of 4.5% compared to $847,000 or $0.30 per diluted share for the second quarter 2002. The Company reports earnings of $1,811,000 for the six-month period ended June 30, 2003 up 14.1% from the $1,588,000 reported for the same six-month period in 2002. Diluted earnings per share for the six-month period 2003 was $0.65 compared with $0.56 for the same period in 2002, a 16.1% increase. The increase in earnings is primarily attributed to the volume of loan activity over the prior year, coupled with growth in core deposits and a reduction in cost of funds. The net effect of the increase in volume of earning assets and decrease in yield on earning assets, resulted in an increase of $1,382,000 in net interest income for the six-month period ended June 30, 2003 over the same period in 2002. Net interest margin increased 15 basis points to 4.11% from 3.96% for the same six-month period a year ago. Yields on earning assets dropped to 5.54% compared with 6.10% a year ago. Funding costs have dropped to 1.74% from 2.55% a year ago. The loan portfolio has had solid growth increasing 12.7% or $32.1 million over a year ago. Net loans outstanding at June 30, 2003 were $284,668,000 compared with $280,087,000 at December 31, 2002 and $252,586,000 at June 30, 2002. Loan growth is funded by federal funds sold, increases in core deposit relationships and short-term Federal Home Loan Bank borrowings. Redding Bancorp's annualized return on average equity was 12.01% for the quarter ended June 30, 2003, compared to 15.04% for the quarter ended December 31, 2002 and 12.94% for the quarter ended June 30, 2002. Return on average assets was 0.95%, compared to 1.09% at December 31, 2002 and 1.05% for the quarter ended June 30, 2002. 3 Provision for loan losses were $375,000 for the six months ended June 30, 2003 compared with $190,000 for the same six-month period of 2002. Redding Bancorp's allowance for loan losses was 1.44% of total loans at June 30, 2003 and 1.31% at June 30, 2002. Year-to-date net charge-offs of $0 compare favorably to net charge-offs of $11,000 for the same six-month period last year. The Company's consolidated liquidity position remains adequate to meet expected short and long term future contingencies. At June 30, 2003, the Company had overnight investments of $13.0 million and available lines of credit of approximately $89.0 million. The available-for-sale security portfolio totaled $43.5 million at June 30, 2003. Total shareholder equity increased from December 31, 2002 by $2.1 to $29.8 million at June 30, 2003. The increase was a result of earnings of $1.8 million, $296,090 from exercises of stock options and an increase in accumulated other comprehensive income of approximately $8,000. Redding Bancorp, with administrative offices in Redding, California is a financial service holding company that owns Redding Bank of Commerce, Roseville Bank of Commerce, a division of Redding Bank of Commerce and RBC Mortgage Services, an affiliate of Redding Bank of Commerce and Roseville Bank of Commerce. The Company is a federally insured California banking corporation and opened on October 22, 1982. This quarterly press release includes forward-looking information, which is subject to the "safe harbor" created by the Securities Act of 1933, and Securities Act of 1934. The forward-looking statements (which involve the Company's plans, beliefs and goals, refer to estimates or use similar terms) involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the following factors: - - Competitive pressure in the banking industry and changes in the regulatory environment. - - Changes in the interest rate environment and volatility of rate sensitive deposits. - - The health of the economy declines nationally or regionally which could reduce the demand for loans or reduce the value of real estate collateral securing most of the Company's loans. - - Credit quality deteriorates which could cause an increase in the provision for loan losses. - - Losses in the Company's merchant credit card processing business. - - Asset/Liability matching risks and liquidity risks. - - Changes in the securities markets. For additional information concerning risks and uncertainties related to the Company and its operations please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2002 under the heading "Risk factors that may affect results". Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 4 REDDING BANCORP QUARTERLY FINANCIAL CONDITION DATA (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) (UNAUDITED) FOR THE QUARTER ENDED
June 30, March 31, Dec 31, Sept 30, June 30, 2003 2003 2002 2002 2002 ---- ---- ---- ---- ---- Cash and due from banks $ 27,737 $ 19,499 $ 23,832 $ 18,315 $ 25,414 Federal funds sold 13,060 22,380 10,760 25,190 7,500 Securities available-for-sale 43,520 26,096 32,328 52,584 28,084 Securities held to maturity 1,812 2,138 2,405 2,722 3,394 Loans, net of allowance for loan losses 284,668 284,445 280,087 270,498 252,586 Bank premises and equipment, net 5,479 5,331 5,366 5,402 5,370 Other assets 10,489 10,385 12,656 10,075 8,837 -------- -------- -------- -------- -------- TOTAL ASSETS $386,765 $370,274 $367,434 $384,786 $331,185 ======== ======== ======== ======== ======== Liabilities: Demand - noninterest bearing $ 63,498 $ 55,694 $ 55,170 $ 52,784 $ 51,102 Demand - interest bearing 98,344 89,945 88,251 89,855 83,873 Savings 22,577 22,174 20,797 20,918 17,615 Certificates of deposit 146,060 147,697 150,229 155,544 141,727 -------- -------- -------- -------- -------- Total Deposits 330,479 315,510 314,447 319,101 294,317 Securities sold under agreement to repurchase 3,484 3,783 3,704 4,665 4,947 Federal Home Loan Bank borrowings 13,000 13,000 18,000 28,000 0 Other Liabilities 5,010 4,283 3,616 4,244 3,396 Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Debentures (Trust Preferred Securities) 5,000 5,000 0 0 0 -------- -------- -------- -------- -------- Total Liabilities 356,973 341,576 339,767 356,010 302,659 Stockholders' Equity: Common Stock 8,809 8,764 8,715 8,720 8,820 Retained Earnings 20,837 19,805 18,814 19,727 19,552 Accumulated other comprehensive income (loss), net 146 129 138 329 154 -------- -------- -------- -------- -------- Total stockholders' equity 29,792 28,698 27,667 28,776 28,526 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $386,765 $370,274 $367,434 $384,786 $331,185 ======== ======== ======== ======== ======== Interest Income: Net interest income $ 3,570 $ 3,506 $ 3,493 $ 3,364 $ 3,044 Provision for loan losses 200 175 325 105 125 -------- -------- -------- -------- -------- Net interest income after provision for loan losses 3,370 3,331 3,168 3,259 2,919 Noninterest Income: Service Charges 88 68 72 69 76 Merchant Credit Card service income, net 100 95 108 108 102 Other Income 300 233 231 234 253 Net gain on sale of securities available for sale 51 22 150 123 3 Mortgage brokerage fee income 59 53 64 31 24 -------- -------- -------- -------- -------- Total noninterest income 598 471 625 565 458 Noninterest Expense: Salaries and related benefits 1,355 1,299 1,285 1,282 1,120 Net occupancy and equipment expense 341 372 390 377 343 Data processing and professional fees 268 209 173 126 111 Other expenses 523 436 299 443 433 -------- -------- -------- -------- -------- Total noninterest expense 2,487 2,316 2,147 2,228 2,007 Income before taxes 1,481 1,486 1,646 1,596 1,370 Provision for income taxes 596 560 651 483 523 -------- -------- -------- -------- -------- Net Income $ 885 $ 926 $ 995 $ 1,113 $ 847 ======== ======== ======== ======== ========
5 FOR THE QUARTER ENDED
KEY FINANCIAL INFORMATION JUNE 30, MARCH 31, DEC 31, SEPT 30, JUNE 30, (UNAUDITED) 2003 2003 2002 2002 2002 - ----------- ---- ---- ---- ---- ---- Net earnings per share- basic $ 0.33 $ 0.35 $ 0.38 $ 0.42 $ 0.32 Net earnings per share- diluted $ 0.32 $ 0.33 $ 0.35 $ 0.39 $ 0.30 Dividends per share $ 0.00 $ 0.00 $ 0.65 $ 0.00 $ 0.00 Net Interest Margin 4.11% 4.14% 4.81% 4.07% 4.20% Average Equity $ 29,468 $ 27,617 $ 26,460 $ 26,573 $ 26,174 Return on Average Equity 12.01% 13.41% 15.04% 13.55% 12.94% Average Assets $ 372,346 $ 368,356 $ 376,714 $ 326,530 $ 321,803 Return on Average Assets 0.95% 1.01% 1.09% 1.10% 1.05% Efficiency Ratio 62.68% 60.89% 56.60% 60.03% 59.43% Total Assets $ 386,765 $ 370,274 $ 367,434 $ 384,786 $ 331,185 Loans Receivable, net of allowances $ 284,668 $ 284,445 $ 280,087 $ 270,498 $ 252,586 Deposits $ 330,479 $ 315,510 $ 314,447 $ 319,101 $ 294,317 Shareholder's Equity $ 29,792 $ 28,698 $ 27,668 $ 28,776 $ 28,526 Total shares outstanding 2,684 2,654 2,641 2,648 2,684 Book Value per share $ 11.17 $ 10.81 $ 10.48 $ 12.18 $ 10.63 Loan to deposit ratio 87.40% 91.41% 83.32% 85.85% 85.82% Non-performing assets to total assets 0.77% 2.12% 0.10% 0.09% 0.00% Non-performing loans to total loans 1.02% 1.36% 0.00% 0.01% 0.00% Allowance for loans losses to total loans 1.44% 1.37% 1.34% 1.26% 1.31% Leverage capital 9.18% 9.07% 8.05% 8.67% 8.87% Tier 1 risk based capital 11.14% 10.96% 9.32% 9.44% 10.23% Total risk based capital 12.39% 12.21% 10.57% 10.69% 11.48%
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