This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Heritage Oaks Bancorp Reports Third Quarter 2013 Results

"We are also pleased to have repurchased all of the Series A Preferred Stock and related warrants held by UST as part of the TARP CPP," said Ms. Lagomarsino. "Our ability to both repurchase the Series A Preferred Stock and related warrants with internal resources, and terminate our MOU with the Federal Reserve during the third quarter mark significant milestones in our return to financial health. The repurchase of the Preferred Stock and related warrants also eliminates the dilutive effect these instruments had on our common shareholders."

"We are extremely excited about the recently announced acquisition of Mission Community Bank," said Ms. Lagomarsino. "This is an exceptional opportunity to combine two well- respected banks that share a deep commitment to our local communities. With our combined operations and increased assets, we can expand product offerings to our customers while continuing to provide outstanding service and retaining the community focus that is at the core of our two banks. We are firmly committed to making this merger a success for our employees, customers, shareholders and communities."

Net Income Available to Common Shareholders

Net income available to common shareholders for the third quarter of 2013 declined to $2.6 million, or $0.10 per diluted common share, compared with $6.1 million, or $0.23 per diluted common share, for the third quarter of 2012. For the first nine months of 2013, net income available to common shareholders declined by $0.5 million, or $0.02 per diluted common share, from $8.8 million, or $0.33 per diluted common share, for the same period a year earlier, to $8.3 million, or $0.31 per diluted common share. The key component of the change in net income available to common shareholders for the three and nine month periods was the reversal of the remaining deferred tax valuation allowance in 2012, for which there was no corresponding reversals in 2013. The other factors impacting the year over year change in net income available to common shareholders are discussed below.

2 of 11

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,115.57 +44.35 0.26%
S&P 500 1,980.41 +2.61 0.13%
NASDAQ 4,513.2420 +7.39 0.16%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs