This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Heritage Oaks Bancorp Reports Third Quarter 2013 Results

Excluding the impact of the valuation allowance reversal in 2012, the Company's effective tax rate for the third quarter of 2013 was 36.6% compared with 33.4% for the same period a year ago, and 38.2% for the first nine months of 2013 compared with 32.8% for the same period in 2012. The year-over-year increase in the effective tax rates primarily reflects the higher tax benefits from tax exempt municipal interest relative to pre-tax income in 2012 as compared with 2013, as overall earnings improved in 2013.

Balance Sheet

Total assets increased $95.2 million, or 9.0%, to $1.2 billion at September 30, 2013 compared with a year earlier. The increase in total assets was primarily the result of growth in the investment security and loan portfolios. Total stockholders' equity was $125.1 million at September 30, 2013, a decrease of $17.2 million or 12.1%, compared with a year earlier, primarily due to the repurchase of the Series A Preferred Stock and related warrants from UST, and to a lesser degree declines in accumulated other comprehensive income due to erosion in the fair value of the investment securities portfolio as interest rates have recently risen causing a steepening of interest rate yield curves. These declines in stockholders' equity were partially offset by an increase in retained earnings attributable to the continued positive earnings results during 2013.

Total gross loans increased $98.8 million, or 14.6%, to $777.2 million at September 30, 2013 from $678.3 million at September 30, 2012, resulting from strong growth in commercial, residential, and agriculture lending relationships. Total new loan production, including mortgage loans originated for sale, increased $8.4 million, or 7.6%, to $119.2 million during the three months ended September 30, 2013 compared with $110.8 million a year earlier. Total deposits grew $101.9 million, or 11.9%, to $957.0 million at September 30, 2013 from $855.0 million a year earlier as we continue to build on our existing strong customer relationships and establish new customer relationships.

6 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,069.48 -133.89 -0.74%
S&P 500 2,094.71 -13.07 -0.62%
NASDAQ 4,959.4750 -20.4260 -0.41%

Partners Compare Online Brokers

Free Reports

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