This Day On The Street
Continue to site
ADVERTISEMENT
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

Heritage Oaks Bancorp Reports Third Quarter 2013 Results

Net Interest Income

Net interest income was $10.5 million, or 4.04% of average interest earning assets ("net interest margin"), for the third quarter of 2013 compared with $10.6 million, or a 4.36% net interest margin, for the same period a year earlier. For the first nine months of 2013, net interest income was $30.8 million, or a 4.07% net interest margin, compared with $31.7 million, or a 4.49% net interest margin for the same period a year ago. The decline in net interest income is largely the result of the decline in yields on our loan and investment portfolios due to the historically low interest rate environment resulting from the slowdown in the economy, despite strong year-over-year growth in the Company's loan portfolio.

Provision for Loan Losses

No provisions for loan losses were recorded for the third quarter or the first nine months of 2013 compared with $1.3 million and $7.7 million recorded in the same respective periods a year earlier. The lack of provisions for loan losses during the three and nine months ended September 30, 2013, was largely driven by continued improvements in the overall credit quality of the loan portfolio, continued improvement in our historical loan loss experience and a shift in the loan portfolio to products with lower credit risks, which favorable trends more than offset the impacts of the growth in the overall loan balance. Net charge-offs declined $1.0 million, or 67.8%, to $0.5 million for the third quarter of 2013 compared with net charge-offs of $1.5 million for the same period a year earlier. For the first nine months of 2013, net charge-offs declined $8.3 million, or 92.2%, to $0.7 million compared with $9.0 million for the same period in 2012. Annualized net loan charge-offs to total gross loans for the third quarter of 2013 declined 61 basis points to 0.24% compared with 0.85% for the third quarter of 2012. For the first nine months of 2013, annualized net loan charge-offs to total gross loans declined 169 basis points to 0.12% compared with 1.81% for the same period a year earlier.

3 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs