Heritage Oaks Bancorp (“Heritage Oaks” or the “Company”)
(NASDAQ:HEOP), a bank holding company and parent of Heritage Oaks
Bank (the “Bank”), reported net income available to common
shareholders of $4.6 million, or $0.13 per diluted common share,
for the fourth quarter of 2016 compared to net income available to
common shareholders of $3.5 million, or $0.10 per diluted common
share, for the fourth quarter of 2015, and net income available to
common shareholders of $4.2 million, or $0.12 per diluted common
share for the third quarter of 2016. For the year ended December
31, 2016, net income available to common shareholders was $16.9
million, or $0.49 per diluted common share compared with net income
available to common shareholders of $15.3 million, or $0.44 per
diluted common share for the year ended December 31, 2015.
Fourth Quarter and Year End 2016
Highlights
- Gross loans increased by $138.2 million, or 11.1%, to $1.39
billion at December 31, 2016 compared to $1.25 billion a year
earlier, and increased by $42.8 million, or 3.2%, compared to $1.34
billion at September 30, 2016. New loan production totaled
$124.8 million for the fourth quarter of 2016, an increase of 10.3%
compared to the linked quarter.
- Total deposits increased by $118.9 million, or 7.6%, to $1.68
billion at December 31, 2016 compared with $1.56 billion a year
earlier, and increased by $52.5 million, or 3.2%, during the fourth
quarter of 2016. Non-interest bearing demand deposits grew by
11.5% during the last year and by 0.7% over the last quarter to
$574.0 million, and represent 34.1% of total deposits at December
31, 2016.
- Credit quality remains strong with non-accrual loans
representing 0.49% of total gross loans at December 31, 2016, down
from 0.63% a year ago, and up from 0.36% for the linked
quarter. Net recoveries for the fourth quarter of 2016 were
$0.1 million compared to $0.2 million for the linked quarter and
$0.2 million for the fourth quarter of 2015. Loans delinquent
30 to 89 days as a percentage of gross loans increased to 0.02%
from 0.00% for the linked quarter, and remained the same relative
to 0.02% at December 31, 2015.
- Regulatory capital ratios for the Bank at December 31, 2016
were 9.47% for Tier 1 Leverage Capital, 13.35% for Total Risk Based
Capital, and 12.19% for Common Equity Tier One Capital.
- On January 25th, 2017 the Company’s board of directors declared
a dividend of $0.06 per common share for shareholders of record as
of February 15th, 2017, which is payable to our common shareholders
on February 28th, 2017.
- As previously announced, the Company entered into a definitive
agreement to be acquired by Pacific Premier Bancorp, Inc.
(NASDAQ:PPBI) for an aggregate purchase price of $405.6 million, or
$11.68 per share based on the closing price for Pacific Premier
Bancorp, Inc.’s common stock of $33.65 as of December 12,
2016. Under the terms of the definitive agreement, upon
consummation of the transaction, holders of Heritage Oaks Bancorp
common stock will have the right to receive 0.3471 shares of
Pacific Premier common stock for each share of Heritage Oaks common
stock they own. The acquisition remains subject to regulatory and
shareholder approvals. This acquisition will provide the
Company’s customers with an expanded product set and services and
Heritage Oaks Bank customers will continue to receive the same
excellent customer service. The acquisition also increases
the combined entity’s geographic footprint to cover the coast of
California from San Diego to Paso Robles.
“2016 marked a year of multiple successes for
the Company, which should provide many long-term benefits for its
shareholders, customers, and employees,” stated Simone Lagomarsino,
President and Chief Executive Officer of Heritage Oaks Bancorp.
“We achieved double-digit growth in loans and non-interest
bearing demand deposits during 2016, and we also introduced our new
interest rate swap product, which generated over $1.2 million in
fee income. We successfully terminated the Bank Secrecy Act
Consent Order, which should result in lower costs and improve our
efficiency going forward. Finally, we announced our strategic
merger with Pacific Premier Bancorp, Inc., which we believe will
create a more attractive commercial banking franchise. Once
the two organizations are combined we will offer a broader array of
products and services, increased lending capacity, and an expanded
geographic footprint. All of this should position us to
better serve our customers and provide stronger returns to our
shareholders,” stated Ms. Lagomarsino.
Net Income Available to Common Shareholders
Net income available to common shareholders for
the fourth quarter of 2016 was $4.6 million, or $0.13 per diluted
common share, compared with $3.5 million, or $0.10 per diluted
common share, for the fourth quarter of 2015. Net income
available to common shareholders for the quarter ended September
30, 2016 was $4.2 million, or $0.12 per diluted common share.
Compared to the linked quarter, an increase in net interest income
after reversal of provision for loan and lease losses of $1.7
million, more than offset a decline in non-interest income of $0.5
million, and an increase in non-interest expense of $0.2 million,
and resulted in a $0.4 million increase in net income available to
common shareholders. Comparing the fourth quarter of 2016 to
the fourth quarter of 2015, increases in net interest income, after
reversal of provision for loan and lease losses of $1.8 million,
and non-interest income of $0.8 million, offset a slight increase
in non-interest expense of $0.1 million, resulting in a $1.1
million increase in net income available to common
shareholders.
Net income available to common shareholders for
the year ended December 31, 2016 was $16.9 million, or $0.49 per
diluted common share, compared to $15.3 million, or $0.44 per
diluted common share, for the year ended December 31, 2015.
Compared to the year ended December 31, 2015, net interest income,
after reversal of provision for loan and lease losses, increased by
$4.9 million, and non-interest income increased by $2.1 million,
which more than offset a $3.1 million increase in non-interest
expense, and resulted in a $1.7 million increase in net income
available to common shareholders.
Net Interest Income
Net interest income before reversal of provision
for loan and lease losses was $17.5 million, or 3.71% of average
interest earning assets (“net interest margin”), for the fourth
quarter of 2016 compared with $16.1 million, or a 3.67% net
interest margin, for the same period a year earlier, and $16.2
million, or a 3.50% net interest margin, for the quarter ended
September 30, 2016. Net interest income increased $1.3
million compared to the same prior year period due to increases in
average loans, a special dividend paid by the Federal Home Loan
Bank (“FHLB”) on November 14th, 2016 of $0.3 million, and a greater
amount of accelerated purchased loan discount accretion. Net
interest income increased $1.2 million compared to the linked
quarter primarily due to increases in average loans, accelerated
purchased loan discount accretion, other non-recurring loan fee
income, and the special dividend paid by the FHLB.
The net interest margin was 3.71% for the fourth
quarter of 2016 compared to 3.67% for the same prior year period,
and 3.50% for the linked quarter ended September 30, 2016.
The year-over-year 4 basis point increase in net interest margin is
attributable to an increase in average loan balances, and
investment securities yields, and other investment yields, due to
the special dividend paid by the FHLB. Compared to the linked
quarter, the net interest margin increased by 21 basis points due
primarily to an increase in purchased loan discount accretion, and
the previously mentioned special dividend paid by the FHLB.
Net interest income before reversal of provision
for loan and lease losses was $65.6 million for the year ended
December 31, 2016, and increased by $3.3 million, or 5.4%, during
2016 compared to $62.3 million for 2015. The net interest
margin declined by 10 basis points from 3.70% in 2015 to 3.60% in
2016. The increase in annual net interest income was due
primarily to increased interest income from the loan portfolio
attributable to a 9.3% year over year increase in average loans
outstanding.
Loan yields declined by 21 basis points to 4.71%
for the fourth quarter of 2016 from 4.92% for the fourth quarter of
2015, and increased by 16 basis points compared to 4.55% for the
third quarter of 2016. The decline in loan yields for the
current quarter as compared to the fourth quarter of 2015 was due
to the impact of originating new loans at lower yields than our
average loan portfolio yield due to the historically low interest
rate environment. Compared to the linked quarter, an increase
in accelerated loan discount accretion was the primary driver of
the rise in loan yields. Purchased loan discount accretion
contributed 24 basis points to loan yields during the fourth
quarter of 2016 compared to 10 basis points during the linked
quarter, and 23 basis points during the fourth quarter of 2015.
The cost of deposits for the fourth quarter of
2016, linked quarter, and fourth quarter of 2015 was unchanged at
0.22%. The cost of funds was unchanged at 0.33% for the
fourth quarter of 2016 and the linked quarter, and increased by 1
basis point as compared to the fourth quarter of 2015.
Provision for Loan and Lease
Losses
The Company recorded a $0.5 million reversal of
provision for loan and lease losses during the quarter ended
December 31, 2016. The reversal of provision for loan and
lease losses was attributable to continual improvement in our loan
credit quality profile. No provisions for loan and lease
losses were recorded for the quarters ended September 30, 2016 or
December 31, 2015. For the year ended December 31, 2016 the
Company recorded a reversal of provision for loan and lease losses
of $1.5 million. The reversal was attributable to the
continued improvement in the credit quality of the loan
portfolio. There was no provision for loan and lease losses
recorded during 2015.
Non-Interest Income
Non-interest income for the fourth quarter of
2016 was $2.9 million compared to $3.3 million for the linked
quarter, and $2.1 million for the same period a year earlier.
Non-interest income increased by $0.8 million for the current
quarter as compared to the same prior year period due to increases
in mortgage banking revenue, customer swap fee income, and earnings
on bank owned life insurance. Compared to the linked quarter,
non-interest income decreased by $0.5 million, primarily due to
decreases in gains on the sale of investment securities, and
customer swap fee income.
Non-interest income for the year ended December
31, 2016 was $12.2 million compared to $10.1 million for 2015,
representing an increase of $2.1 million. The increase in
annual non-interest income was primarily attributable to a $1.2
million increase in swap fee income, and a $0.9 million increase in
mortgage banking revenue.
Non-Interest Expense
Non-interest expense increased by $0.1 million,
or 1.0%, to $12.9 million for the quarter ended December 31, 2016
compared to $12.8 million for the quarter ended December 31,
2015. Non-interest expense for the fourth quarter of 2016
increased by $0.2 million, or 1.4%, from $12.7 million for the
linked quarter.
The following table illustrates the components
of professional services costs for the periods indicated:
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Heritage Oaks Bancorp |
Professional Services |
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For the Three Months Ended |
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For the Twelve Months Ended |
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12/31/2016 |
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9/30/2016 |
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12/31/2015 |
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12/31/2016 |
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12/31/2015 |
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(dollars in thousands) |
Professional
Services |
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BSA/AML
related costs |
$ |
193 |
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$ |
631 |
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$ |
993 |
|
$ |
2,100 |
|
$ |
2,355 |
Audit and
tax costs |
|
261 |
|
|
321 |
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|
272 |
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|
1,333 |
|
|
1,160 |
Information technology services and consulting |
|
330 |
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312 |
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330 |
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1,273 |
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|
1,427 |
Legal
costs |
|
76 |
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73 |
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395 |
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228 |
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1,133 |
All other
costs |
|
407 |
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439 |
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458 |
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1,967 |
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1,715 |
Total
professional services |
$ |
1,267 |
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$ |
1,776 |
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$ |
2,448 |
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$ |
6,901 |
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$ |
7,790 |
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Non-interest expense increased on a linked
quarter basis due to $0.8 million of merger related costs, and a
$0.3 million increase in salaries and benefits costs, which were
offset primarily by a decrease of $0.5 million of professional
services expense. Compared to the fourth quarter of 2015,
non-interest expense increased primarily due to a $0.9 million
increase in merger related costs, and a $0.8 million increase in
salaries and benefits costs, which were offset primarily by a $1.2
million decrease of professional services expense. The merger
related costs recorded in the fourth quarter of 2016 is
attributable to the previously announced acquisition of the Company
by Pacific Premier Bancorp, Inc. The increase in salaries and
benefits costs, as compared to the linked quarter, is due to an
increase in incentive plan expense; and compared to the fourth
quarter of 2015 is attributable to increases in incentive plan
expense, base compensation, and mortgage commissions. The
decline in professional services expense as compared to both the
linked quarter and the fourth quarter of 2015 is attributable
primarily to a decline in consulting and audit costs related to
Bank Secrecy Act and Anti-Money Laundering Program (“BSA/AML
Program”) remediation efforts, related to the BSA Consent Order,
which was terminated during the fourth quarter of 2016. A
secondary contributor to the decline in professional services
expense as compared to the fourth quarter of 2015 was a decrease in
legal expense attributable to ongoing litigation in the fourth
quarter of 2015.
The $3.1 million increase in annual non-interest
expense for 2016 as compared to 2015 was attributable primarily to
a $2.8 million increase in salaries and benefits costs. The
increase in salaries and benefits costs for the year 2016 as
compared to the prior year can primarily be attributed to increases
in base compensation, incentive plan expense, and mortgage
commissions. A secondary contributor to the annual increase in
non-interest expense is $0.9 million of merger related costs
attributable to the previously announced acquisition of the Company
by Pacific Premier Bancorp, Inc. These increases were offset
by a $0.9 million decline in professional services expense
attributable to ongoing litigation during 2015.
Operating Efficiency
The Company’s operating efficiency ratio
decreased to 62.42% for the fourth quarter of 2016 as compared to
68.58% for the fourth quarter of 2015, and 64.44% for the linked
quarter. Total non-interest expense as a percentage of
average assets, another measure of the Company’s efficiency, was
2.57% for the fourth quarter of 2016 compared to 2.70% for fourth
quarter of 2015, and 2.56% for the quarter ended September 30,
2016.
Income Taxes
Income tax expense was $3.4 million for the
quarter ended December 31, 2016 compared with $1.9 million for the
same period a year earlier. For the linked quarter ended
September 30, 2016 income tax expense was $2.7 million. The
Company’s effective tax rate for the fourth quarter of 2016 was
42.7% compared with 35.7% for the same period a year ago, and 38.9%
for the quarter ended September 30, 2016. Income tax expense
was $11.1 million for the year ended December 31, 2016 compared to
$8.9 million for the prior year. The effective tax rate for
2016 was 39.6% compared to 36.7% for 2015. The increase in
income tax expense and the effective tax rate for the fourth
quarter of 2016 as compared to the linked quarter, and the fourth
quarter of 2015 is attributed to an increase in pre-tax net income,
and an increase in non-deductible merger related costs. The
increase in annual income tax expense for 2016 as compared to the
prior year is attributable to an increase in pre-tax net income, an
increase in non-deductible merger related costs, and a proportional
decline in the amount of tax-exempt municipal bond interest income
relative to pre-tax net income.
Balance Sheet
Total assets increased by $125.2 million, or
6.6%, to $2.0 billion at December 31, 2016 compared to December 31,
2015, and by $36.6 million, or 1.9%, compared to September 30,
2016. Cash and cash equivalents decreased by $19.0 million,
or 27.2%, to $50.9 million at December 31, 2016 compared to
December 31, 2015, and by $14.4 million, or 22.0%, compared to
September 30, 2016. The decrease in the Company’s cash
position over the last year is primarily the result of deployment
of cash inflows from new deposits into the loan portfolio.
Investment securities increased by $7.9 million,
or 1.7%, to $458.8 million at December 31, 2016 compared to $450.9
million at December 31, 2015, and by $2.4 million, or 0.5%,
compared to $456.5 million at September 30, 2016. At December
31, 2016, the effective duration of the securities portfolio was
3.34 years, up from 2.86 years at September 30, 2016, and above our
target of a 2.75 to 3.25 year effective duration for the securities
portfolio. The increase in effective duration since the end
of the linked quarter is primarily due to the impact of the recent
rise in long-term interest rates and related decline in projected
prepayment speeds primarily in the Agency CMO and municipal bond
sectors of our investment securities portfolio.
Total gross loans increased by $138.2 million,
or 11.1%, to $1.39 billion at December 31, 2016 compared to
December 31, 2015, and by $42.8 million, or 3.2%, compared to
September 30, 2016. Loan production was $124.8 million during
the fourth quarter, increasing on a linked-quarter basis by $11.6
million. The increase was entirely attributable to portfolio loan
production, which increased by $12.3 million, or 20.3%, to $72.9
million as compared to the prior quarter. Production of mortgage
loans originated for sale declined nominally by $0.7 million or
1.3% as compared to the linked quarter.
Total deposits increased by $118.9 million, or
7.6%, to $1.68 billion as of December 31, 2016 from $1.56 billion
at December 31, 2015, and by $52.5 million, or 3.2%, from $1.63
billion at September 30, 2016. Non-interest bearing deposits
increased by $3.7 million, or 0.7%, during the fourth quarter of
2016, and increased by $59.4 million, or 11.5%, since December 31,
2015.
Total shareholders’ equity was $212.9 million at
December 31, 2016, an increase of $6.4 million, or 3.1%, compared
to December 31, 2015, and a decrease of $2.4 million, or 1.1%,
compared to September 30, 2016. The change in shareholder’s
equity for the linked quarter and the year is due primarily to
period earnings, net of shareholder dividend payments, as well as
to the change in the unrealized (loss) gain on the investment
securities portfolio. The change in the unrealized (loss)
gain in the investment securities portfolio led to a decline in
equity of $6.0 million and $2.6 million during the past quarter and
year, respectively. The unrealized loss, net of deferred tax
assets, of the investment securities portfolio was $2.1 million at
December 31, 2016, representing 0.45% of the amortized cost basis
of the investment securities portfolio.
Classified assets at December 31, 2016 totaled
$41.2 million, a decrease of $4.2 million, or 9.1%, compared to
$45.4 million at September 30, 2016, and a decrease of $4.1
million, or 8.9%, from $45.3 million at December 31, 2015.
Non-performing assets were $6.9 million at December 31, 2016,
increasing by $1.8 million, or 36.5%, since the prior quarter, and
decreasing by $1.2 million, representing a 15.1% decline, since
December 31, 2015. Non-performing assets remain at one of the
lowest levels reached in the last several years, at 0.34% of total
assets at December 31, 2016, down from 0.43% at December 31, 2015,
and up from 0.25% at September 30, 2016.
Allowance for Loan and Lease
Losses
The allowance for loan and lease losses (“ALLL”)
as a percentage of gross loans declined from 1.40% at December 31,
2015 to 1.24% at December 31, 2016. The decline in the level
of our ALLL as a percentage of gross loans over the last twelve
months is due to the continued improvement in the loan credit
quality profile of the Company, which is evidenced by the
consistent trend of net loan recoveries and improvement in asset
quality ratios.
As of December 31, 2016, the portion of the ALLL
allocated to loans acquired in the Mission Community Bancorp
(“MISN”) merger was $0.1 million or 0.10% of the remaining acquired
MISN loan portfolio. The remaining un-accreted fair market
value discount on MISN loans was $3.7 million at December 31, 2016
and represents 2.65% of the remaining balance of acquired MISN
loans.
Due to continued heightened concerns regarding
the effects of the California drought upon our agribusiness loan
customers and related businesses, the Bank has provided a $1.9
million qualitative allocation in its ALLL to address these
concerns, which accounts for 11.0% of the total ALLL at December
31, 2016. Management will continue to monitor the drought as
it relates to our agribusiness customers and the local economy.
Regulatory Capital
The Bank’s regulatory capital ratios exceeded
the ratios generally required to be considered a “well capitalized”
financial institution for regulatory purposes. The Tier I
Leverage Ratios for the Company and the Bank were 9.88% and 9.47%,
respectively, at December 31, 2016 compared with the requirement of
5.00% to generally be considered a “well capitalized” financial
institution for regulatory purposes. The Total Risk-Based
Capital Ratios for the Company and the Bank were 13.87% and 13.35%,
respectively, at December 31, 2016 compared with the requirement of
10.00% to generally be considered a “well capitalized” financial
institution for regulatory purposes. The Common Equity Tier 1
Capital Ratio for the Company and the Bank were 12.16% and 12.19%,
respectively, at December 31, 2016 compared with the requirement of
6.5% to generally be considered a "well capitalized" financial
institution for regulatory purposes.
BSA Consent Order
On November 29, 2016, the Bank announced the
termination by the Federal Deposit Insurance Corporation (“FDIC”)
and California Department of Business Oversight (“DBO”) of the
Consent Order issued on October 29, 2014 relating to the Bank’s
Bank Secrecy Act compliance program.
Termination of Mortgage Banking
Business
The Company’s Board of Directors has decided to
exit the consumer mortgage business. This decision is
primarily attributable to current market conditions, such as rising
interest rates, and increasing housing prices. The
discontinuation of the consumer mortgage business will not involve
the sale of existing mortgage assets, rather it will entail the
termination of certain business activities such as originating and
selling consumer mortgage loans. The Company will, however,
continue to offer home equity lines of credit and home equity
loans. The Company will cease accepting new applications on
February 1, 2017, and will terminate all mortgage origination
related operations on or about April 30, 2017, other than servicing
existing consumer mortgage loans within the Company’s loan
portfolio. In order to ensure that Heritage Oaks Bank
customers continue to have access to consumer mortgage products,
the Company is currently working to finalize a referral arrangement
with another bank that has a strategic focus on the consumer
mortgage business, and which is not a competitor in terms of
deposit gathering and their branch geographic footprint. The
Company anticipates that many of our existing consumer mortgage
team members will be joining this other bank effective February 1,
2017. The Company will continue to serve the needs of
mortgage customers with loans that are in process of origination
prior to February 1, 2017, and will continue to service all loans
remaining in the Company’s portfolio indefinitely. The
Company will honor all contractual commitments to both customers
and investors that are in process prior to February 1, 2017.
Management expects that the majority of existing loan applications
in process prior to February 1, 2017 will close within 90 days.
Conference Call
The Company will host a conference call to
discuss the fourth quarter 2016 results at 8:00 a.m. PST on January
31, 2017. Media representatives, analysts and the public are
invited to listen to this discussion by calling (877) 363-5052
(International Dial-In Number (914) 495-8600) and entering the
conference ID 47727352, or via on-demand webcast. A link to
the webcast will be available on Heritage Oaks Bancorp’s website at
www.heritageoaksbancorp.com. A replay of the call will be
available on Heritage Oaks Bancorp's website later that day and
will remain on its site for up to 14 calendar days. By
including the foregoing website address, Heritage Oaks Bancorp does
not intend to and shall not be deemed to incorporate by reference
any material contained therein.
Report on Form 10-K
The Company intends to file with the U.S.
Securities and Exchange Commission its Annual Report on Form 10-K
for the year ended December 31, 2016 on or before March 15,
2017. Once filed, this report can be accessed at the U.S.
Securities and Exchange Commission’s website www.sec.gov.
Shortly after filing, it is also available free of charge at the
Company’s website www.heritageoaksbancorp.com or by contacting
Jason Castle, Chief Financial Officer. By including the
foregoing website addresses, Heritage Oaks Bancorp does not intend
to, and shall not be deemed to incorporate by reference any
material contained therein.
About Heritage Oaks Bancorp and Heritage
Oaks Bank
With $2.0 billion in assets, Heritage Oaks
Bancorp is headquartered in Paso Robles, California and is the
holding company for Heritage Oaks Bank. Heritage Oaks Bank
operates two branch offices each in Paso Robles and San Luis
Obispo; single branch offices in Atascadero, Templeton, Cambria,
Morro Bay, Arroyo Grande, Santa Maria, Goleta and Santa Barbara; as
well as a single loan production office in Ventura/Oxnard.
Heritage Oaks Bank conducts commercial banking business in San Luis
Obispo, Santa Barbara, and Ventura counties. Visit Heritage Oaks
Bank on the Web at www.heritageoaksbank.com. By including the
foregoing website address, Heritage Oaks Bancorp does not intend
to, and shall not be deemed to incorporate by reference any
material contained therein.
Forward Looking Statements
This press release contains “forward looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The Company intends such forward looking
statements to be covered by the safe harbor provisions for forward
looking statements. All statements other than statements of
historical fact are “forward looking statements” for purposes of
federal and state securities laws, including, but not limited to,
statements about anticipated future operating and financial
performance, financial position and liquidity, business prospects,
strategic alternatives, regulatory and competitive outlook,
investment and expenditure plans, capital and financing needs,
plans and objectives of management for future operations, and other
similar forecasts and statements of expectation and statements of
assumptions underlying any of the foregoing. Words such as “will
likely result,” “aims,” “anticipates,” “believes,” “could,”
“estimates,” “expects,” “hopes,” “intends,” “may,” “plans,”
“projects,” “seeks,” “should,” “will,” and variations of these
words and similar expressions are intended to help identify forward
looking statements. Forward looking statements are based on the
Company’s current expectations and assumptions regarding its
business, the regulatory environment, the economy and other future
conditions, which expectations and assumptions could prove wrong.
Forward looking statements are subject to a number of risks and
uncertainties that could cause the Company’s actual results to
differ materially and adversely from those contemplated by the
forward looking statements. The Company cautions you against
relying on any of these forward looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance. Important factors that could cause actual
results to differ materially from those in the forward looking
statements, include the following: renewed softness in the overall
economy, including the California real estate market; the effect of
the current low interest rate environment or recent changes in
interest rates on our net interest margin; our ability to complete
the announced merger with Pacific Premier Bancorp, Inc. (“PPBI”) in
a timely manner, if at all, and the possibility that the
anticipated benefits of the merger with PPBI are not realized when
expected or at all; our ability to attract and retain
qualified employees; a failure or breach of our operational
security systems or infrastructure or those of our customers, our
third party vendors or other service providers, including as a
result of a cyber-attack; any compromise in the secured
transmission of personal, financial and/or confidential information
over public networks; environmental conditions, including the
prolonged drought in California, natural disasters such as
earthquakes, landslides, and wildfires that may disrupt business,
impede operations, or negatively impact the ability of certain
borrowers to repay their loans and/or the values of collateral
securing loans; and the possibility of an unfavorable ruling in a
legal matter, and the potential impact that it may have on
earnings, reputation, or the Bank’s operations.
Additional information on these risks and other
factors that could affect operating results and financial condition
are detailed in reports filed by the Company with the U.S.
Securities and Exchange Commission, including the Company’s Annual
Report on Form 10-K for the year ended December 31, 2015,
filed by the Company with the U.S. Securities and Exchange
Commission on March 4, 2016.
Forward looking statements speak only as of the
date they are made, and the Company does not undertake to update
forward looking statements to reflect circumstances or events that
occur after the date the forward looking statements are made,
whether as a result of new information, future developments or
otherwise, and specifically disclaims any obligation to revise or
update such forward looking statements for any reason, except as
may be required by law.
Use of Non-GAAP Financial
Information
The Company provides all information required in
accordance with generally accepted accounting principles (GAAP),
but it believes that evaluating its ongoing operating results and
in particular, making comparisons to similar companies, may be
enhanced by providing additional non-GAAP measures used by
management to assess operating results. Therefore, included
at the end of the tables below is a schedule reconciling book value
to tangible common book value per share. We believe that
tangible common book value per share is a useful measure because it
is widely used in the financial services industry to compare the
relative market value of one financial institution against another,
and we analyze our net income as a percentage of tangible common
book value internally because we feel that this return metric is
more representative of the return to our shareholders relative to
the their investment in our Company.
Additional Information About the Merger
and Where to Find It
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities or a
solicitation of any vote or approval.
In connection with the announced acquisition
transaction, a registration statement on Form S-4 will be filed
with the SEC by PPBI. The registration statement will contain a
joint proxy statement/prospectus to be distributed to the
shareholders of the Company and PPBI in connection with their vote
on the acquisition.
SHAREHOLDERS OF THE COMPANY AND PPBI ARE
ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE JOINT PROXY
STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION
STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE ANNOUNCED ACQUISITION.
The final joint proxy statement/prospectus will
be mailed to shareholders of the Company and PPBI. Investors and
security holders will be able to obtain the documents, and any
other documents the Company and PPBI have filed with the SEC, free
of charge at the SEC's website, www.sec.gov. In addition, documents
filed with the SEC by the Company and PPBI will be available free
of charge by (1) accessing the Company’s website at
www.heritageoaksbank.com under the “Investor Relations” link
and then under the heading “SEC Filings,” (2) accessing PPBI’s
website at www.ppbi.com under the “Investor Relations” link
and then under the heading “SEC Filings,” (3) writing the Company
at 1222 Vine Street, Paso Robles, CA 93446, Attention: Corporate
Secretary or (4) writing PPBI at 17901 Von Karman Avenue, Suite
1200, Irvine, CA 92614, Attention: Investor Relations.
The directors, executive officers and certain
other members of management and employees of the Company may be
deemed to be participants in the solicitation of proxies in favor
of the announced acquisition. Information about the directors
and executive officers of the Company is included in the proxy
statement for the Company’s 2016 annual meeting of the Company’s
shareholders, which was filed with the SEC on April 26, 2016. The
directors, executive officers and certain other members of
management and employees of PPBI may be deemed to be participants
in the solicitation of proxies in respect of the announced
acquisition. Information about the directors and executive officers
of PPBI is included in the proxy statement for PPBI’s 2016 annual
meeting of PPBI’s shareholders, which was filed with the SEC on
April 27, 2016. Additional information regarding the interests of
those participants and other persons who may be deemed participants
in the transaction may be obtained by reading the joint proxy
statement/prospectus regarding the announced acquisition when it
becomes available. Free copies of this document may be obtained as
described in the preceding paragraph.
Heritage Oaks Bancorp |
Consolidated Balance
Sheets |
(unaudited) |
|
|
|
|
|
|
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
Assets |
|
|
|
|
|
Cash and
due from banks |
$ |
18,904 |
|
|
$ |
23,893 |
|
|
$ |
15,610 |
|
Interest
earning deposits in other banks |
|
31,970 |
|
|
|
41,357 |
|
|
|
54,313 |
|
Total
cash and cash equivalents |
|
50,874 |
|
|
|
65,250 |
|
|
|
69,923 |
|
Investment securities available for sale, at fair value |
|
458,817 |
|
|
|
456,464 |
|
|
|
450,935 |
|
Loans
held for sale, at lower of cost or fair value |
|
10,055 |
|
|
|
7,975 |
|
|
|
9,755 |
|
Gross
loans held for investment |
|
1,385,462 |
|
|
|
1,342,701 |
|
|
|
1,247,280 |
|
Net
deferred loan fees |
|
(1,183 |
) |
|
|
(1,146 |
) |
|
|
(1,132 |
) |
Allowance
for loan and lease losses |
|
(17,237 |
) |
|
|
(17,643 |
) |
|
|
(17,452 |
) |
Net loans
held for investment |
|
1,367,042 |
|
|
|
1,323,912 |
|
|
|
1,228,696 |
|
Premises
and equipment, net |
|
36,065 |
|
|
|
36,360 |
|
|
|
37,342 |
|
Bank-owned life insurance |
|
33,715 |
|
|
|
33,500 |
|
|
|
32,850 |
|
Goodwill |
|
24,885 |
|
|
|
24,885 |
|
|
|
24,885 |
|
Deferred
tax assets, net |
|
19,145 |
|
|
|
15,663 |
|
|
|
21,272 |
|
Federal
Home Loan Bank stock |
|
7,853 |
|
|
|
7,853 |
|
|
|
7,853 |
|
Other
intangible assets |
|
3,354 |
|
|
|
3,568 |
|
|
|
4,298 |
|
Other
assets |
|
13,085 |
|
|
|
12,877 |
|
|
|
11,930 |
|
Total
assets |
$ |
2,024,890 |
|
|
$ |
1,988,307 |
|
|
$ |
1,899,739 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Deposits |
|
|
|
|
|
Non-interest bearing deposits |
$ |
573,957 |
|
|
$ |
570,243 |
|
|
$ |
514,559 |
|
Interest
bearing deposits |
|
1,109,938 |
|
|
|
1,061,105 |
|
|
|
1,050,402 |
|
Total
deposits |
|
1,683,895 |
|
|
|
1,631,348 |
|
|
|
1,564,961 |
|
Short
term FHLB borrowing |
|
43,500 |
|
|
|
49,000 |
|
|
|
38,500 |
|
Long term
FHLB borrowing |
|
64,000 |
|
|
|
71,000 |
|
|
|
65,021 |
|
Junior
subordinated debentures |
|
10,612 |
|
|
|
10,572 |
|
|
|
10,438 |
|
Other
liabilities |
|
10,033 |
|
|
|
11,104 |
|
|
|
14,385 |
|
Total
liabilities |
|
1,812,040 |
|
|
|
1,773,024 |
|
|
|
1,693,305 |
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
Common stock, no par
value; authorized: 100,000,000 shares; |
|
|
|
|
|
issued
and outstanding: 34,345,073, 34,249,804, and 34,353,014 shares as
of |
|
|
|
|
|
December
31, 2016, September 30, 2016, and December 31, 2015,
respectively |
|
164,708 |
|
|
|
164,009 |
|
|
|
165,517 |
|
Additional paid in
capital |
|
9,310 |
|
|
|
8,971 |
|
|
|
8,251 |
|
Retained earnings |
|
40,916 |
|
|
|
38,424 |
|
|
|
32,200 |
|
Accumulated other
comprehensive (loss) income |
|
(2,084 |
) |
|
|
3,879 |
|
|
|
466 |
|
Total
shareholders' equity |
|
212,850 |
|
|
|
215,283 |
|
|
|
206,434 |
|
Total
liabilities and shareholders' equity |
$ |
2,024,890 |
|
|
$ |
1,988,307 |
|
|
$ |
1,899,739 |
|
|
|
|
|
|
|
Book value per common
share |
$ |
6.20 |
|
|
$ |
6.29 |
|
|
$ |
6.01 |
|
|
|
|
|
|
|
Tangible book value per
common share |
$ |
5.38 |
|
|
$ |
5.45 |
|
|
$ |
5.16 |
|
|
|
|
|
|
|
Heritage Oaks Bancorp |
Consolidated Statements of
Income |
(unaudited) |
|
For the Three Months Ended |
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
Interest
Income |
|
|
|
|
|
Loans,
including fees |
$ |
16,123 |
|
|
$ |
15,222 |
|
$ |
15,145 |
|
Investment securities |
|
2,300 |
|
|
|
2,215 |
|
|
2,118 |
|
Other
interest-earning assets |
|
497 |
|
|
|
232 |
|
|
201 |
|
Total
interest income |
|
18,920 |
|
|
|
17,669 |
|
|
17,464 |
|
Interest
Expense |
|
|
|
|
|
Deposits |
|
908 |
|
|
|
898 |
|
|
867 |
|
Other
borrowings |
|
549 |
|
|
|
541 |
|
|
474 |
|
Total
interest expense |
|
1,457 |
|
|
|
1,439 |
|
|
1,341 |
|
Net interest income
before (reversal of) provision for loan and lease losses |
|
17,463 |
|
|
|
16,230 |
|
|
16,123 |
|
(Reversal
of) provision for loan and lease losses |
|
(500 |
) |
|
|
- |
|
|
- |
|
Net interest income
after (reversal of) provision for loan and lease losses |
|
17,963 |
|
|
|
16,230 |
|
|
16,123 |
|
Non-Interest
Income |
|
|
|
|
|
Fees and
service charges |
|
1,345 |
|
|
|
1,276 |
|
|
1,320 |
|
Net gain
on sale of mortgage loans |
|
669 |
|
|
|
708 |
|
|
325 |
|
Earnings
on BOLI |
|
293 |
|
|
|
289 |
|
|
215 |
|
Gain on
derivative instruments |
|
200 |
|
|
|
415 |
|
|
- |
|
Other
mortgage fee income |
|
193 |
|
|
|
199 |
|
|
104 |
|
(Loss)
gain on sale of investment securities |
|
(18 |
) |
|
|
271 |
|
|
- |
|
Other
income |
|
198 |
|
|
|
186 |
|
|
97 |
|
Total
non-interest income |
|
2,880 |
|
|
|
3,344 |
|
|
2,061 |
|
Non-Interest
Expense |
|
|
|
|
|
Salaries
and employee benefits |
|
7,015 |
|
|
|
6,686 |
|
|
6,171 |
|
Occupancy
and equipment |
|
1,597 |
|
|
|
1,657 |
|
|
1,659 |
|
Professional services |
|
1,267 |
|
|
|
1,776 |
|
|
2,448 |
|
Merger,
restructure and integration |
|
840 |
|
|
|
- |
|
|
(10 |
) |
Information technology |
|
625 |
|
|
|
591 |
|
|
545 |
|
Loan
department expense |
|
254 |
|
|
|
284 |
|
|
254 |
|
Sales and
marketing |
|
228 |
|
|
|
317 |
|
|
165 |
|
Amortization of intangible assets |
|
214 |
|
|
|
244 |
|
|
262 |
|
Regulatory assessments |
|
172 |
|
|
|
222 |
|
|
317 |
|
Communication costs |
|
120 |
|
|
|
122 |
|
|
127 |
|
Other
expense |
|
574 |
|
|
|
824 |
|
|
836 |
|
Total
non-interest expense |
|
12,906 |
|
|
|
12,723 |
|
|
12,774 |
|
Income before income
taxes |
|
7,937 |
|
|
|
6,851 |
|
|
5,410 |
|
Income
tax expense |
|
3,387 |
|
|
|
2,668 |
|
|
1,932 |
|
Net
income |
$ |
4,550 |
|
|
$ |
4,183 |
|
$ |
3,478 |
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
|
|
|
Basic |
|
34,072,329 |
|
|
|
34,037,252 |
|
|
34,186,007 |
|
Diluted |
|
34,303,295 |
|
|
|
34,183,200 |
|
|
34,326,702 |
|
Earnings Per Common
Share |
|
|
|
|
|
Basic |
$ |
0.13 |
|
|
$ |
0.12 |
|
$ |
0.10 |
|
Diluted |
$ |
0.13 |
|
|
$ |
0.12 |
|
$ |
0.10 |
|
Dividends Declared Per
Common Share |
$ |
0.06 |
|
|
$ |
0.06 |
|
$ |
0.06 |
|
|
|
|
|
|
|
Heritage Oaks Bancorp |
Consolidated Statements of Income |
(unaudited) |
|
For the Twelve Months Ended |
|
12/31/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
Interest
Income |
|
|
|
Loans,
including fees |
$ |
61,275 |
|
|
$ |
59,599 |
|
Investment securities |
|
8,904 |
|
|
|
7,311 |
|
Other
interest-earning assets |
|
1,168 |
|
|
|
1,180 |
|
Total
interest income |
|
71,347 |
|
|
|
68,090 |
|
Interest
Expense |
|
|
|
Deposits |
|
3,576 |
|
|
|
3,615 |
|
Other
borrowings |
|
2,161 |
|
|
|
2,216 |
|
Total
interest expense |
|
5,737 |
|
|
|
5,831 |
|
Net interest income
before (reversal of) provision for loan and lease losses |
|
65,610 |
|
|
|
62,259 |
|
(Reversal
of) provision for loan and lease losses |
|
(1,500 |
) |
|
|
- |
|
Net interest income
after (reversal of) provision for loan and lease losses |
|
67,110 |
|
|
|
62,259 |
|
Non-Interest
Income |
|
|
|
Fees and
service charges |
|
5,165 |
|
|
|
5,158 |
|
Net gain
on sale of mortgage loans |
|
2,365 |
|
|
|
1,602 |
|
Gain on
derivative instruments |
|
1,212 |
|
|
|
- |
|
Earnings
on BOLI |
|
1,158 |
|
|
|
855 |
|
Gain on
sale of investment securities |
|
891 |
|
|
|
641 |
|
Other
mortgage fee income |
|
631 |
|
|
|
452 |
|
Gain on
extinguishment of debt |
|
- |
|
|
|
552 |
|
Other
income |
|
792 |
|
|
|
879 |
|
Total
non-interest income |
|
12,214 |
|
|
|
10,139 |
|
Non-Interest
Expense |
|
|
|
Salaries
and employee benefits |
|
26,626 |
|
|
|
23,814 |
|
Professional services |
|
6,901 |
|
|
|
7,790 |
|
Occupancy
and equipment |
|
6,530 |
|
|
|
6,682 |
|
Information technology |
|
2,446 |
|
|
|
2,298 |
|
Sales and
marketing |
|
1,035 |
|
|
|
1,017 |
|
Loan
department expense |
|
1,024 |
|
|
|
1,030 |
|
Regulatory assessments |
|
1,019 |
|
|
|
1,212 |
|
Amortization of intangible assets |
|
944 |
|
|
|
1,049 |
|
Merger,
restructure and integration |
|
826 |
|
|
|
(77 |
) |
Communication costs |
|
492 |
|
|
|
562 |
|
OREO
write-downs |
|
217 |
|
|
|
- |
|
Other
expense |
|
3,254 |
|
|
|
2,790 |
|
Total
non-interest expense |
|
51,314 |
|
|
|
48,167 |
|
Income before income
taxes |
|
28,010 |
|
|
|
24,231 |
|
Income
tax expense |
|
11,077 |
|
|
|
8,882 |
|
Net
income |
|
16,933 |
|
|
|
15,349 |
|
Accretion
on preferred stock |
|
- |
|
|
|
70 |
|
Net income
available to common shareholders |
$ |
16,933 |
|
|
$ |
15,279 |
|
|
|
|
|
Weighted Average Shares
Outstanding |
|
|
|
Basic |
|
34,051,171 |
|
|
|
34,129,930 |
|
Diluted |
|
34,187,521 |
|
|
|
34,274,902 |
|
Earnings Per Common
Share |
|
|
|
Basic |
$ |
0.49 |
|
|
$ |
0.45 |
|
Diluted |
$ |
0.49 |
|
|
$ |
0.44 |
|
Dividends Declared Per
Common Share |
$ |
0.24 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heritage Oaks Bancorp |
Key Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Twelve Months Ended |
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
12/31/2016 |
|
12/31/2015 |
Profitability /
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
Net
interest margin |
3.71 |
% |
|
3.50 |
% |
|
3.67 |
% |
|
|
3.60 |
% |
|
3.70 |
% |
Return on
average equity |
8.42 |
% |
|
7.74 |
% |
|
6.67 |
% |
|
|
7.97 |
% |
|
7.55 |
% |
Return on
average common equity |
8.42 |
% |
|
7.74 |
% |
|
6.67 |
% |
|
|
7.97 |
% |
|
7.53 |
% |
Return on
average tangible common equity |
9.69 |
% |
|
8.93 |
% |
|
7.77 |
% |
|
|
9.22 |
% |
|
8.83 |
% |
Return on
average assets |
0.90 |
% |
|
0.84 |
% |
|
0.73 |
% |
|
|
0.87 |
% |
|
0.85 |
% |
Non-interest income to total net revenue |
14.16 |
% |
|
17.08 |
% |
|
11.33 |
% |
|
|
15.69 |
% |
|
14.00 |
% |
Yield on
interest earning assets |
4.02 |
% |
|
3.81 |
% |
|
3.98 |
% |
|
|
3.92 |
% |
|
4.05 |
% |
Cost of
interest bearing liabilities |
0.49 |
% |
|
0.48 |
% |
|
0.47 |
% |
|
|
0.48 |
% |
|
0.53 |
% |
Cost of
funds |
0.33 |
% |
|
0.33 |
% |
|
0.32 |
% |
|
|
0.33 |
% |
|
0.36 |
% |
Operating
efficiency ratio (1) |
62.42 |
% |
|
64.44 |
% |
|
68.58 |
% |
|
|
65.09 |
% |
|
66.15 |
% |
Non-interest expense to average assets, annualized |
2.57 |
% |
|
2.56 |
% |
|
2.70 |
% |
|
|
2.63 |
% |
|
2.65 |
% |
Gross
loans to total deposits |
82.28 |
% |
|
82.31 |
% |
|
79.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
Non-performing loans to total gross loans |
0.49 |
% |
|
0.36 |
% |
|
0.63 |
% |
|
|
|
|
|
Non-performing loans to equity |
3.21 |
% |
|
2.27 |
% |
|
3.79 |
% |
|
|
|
|
|
Non-performing assets to total assets |
0.34 |
% |
|
0.25 |
% |
|
0.43 |
% |
|
|
|
|
|
Allowance
for loan and lease losses to total gross loans |
1.24 |
% |
|
1.31 |
% |
|
1.40 |
% |
|
|
|
|
|
Net
recoveries to average loans outstanding, annualized |
0.03 |
% |
|
0.06 |
% |
|
0.05 |
% |
|
|
0.10 |
% |
|
0.05 |
% |
Classified assets to Tier I + ALLL |
19.48 |
% |
|
21.81 |
% |
|
22.67 |
% |
|
|
|
|
|
30-89 day
delinquency rate |
0.02 |
% |
|
0.00 |
% |
|
0.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
|
|
|
|
|
|
Common
Equity Tier I Capital Ratio |
12.16 |
% |
|
12.30 |
% |
|
12.61 |
% |
|
|
|
|
|
Leverage
ratio |
9.88 |
% |
|
9.83 |
% |
|
9.90 |
% |
|
|
|
|
|
Tier I
Risk-Based Capital Ratio |
12.71 |
% |
|
12.87 |
% |
|
13.01 |
% |
|
|
|
|
|
Total
Risk-Based Capital Ratio |
13.87 |
% |
|
14.09 |
% |
|
14.26 |
% |
|
|
|
|
|
Bank |
|
|
|
|
|
|
|
|
|
|
Common
Equity Tier I Capital Ratio |
12.19 |
% |
|
12.23 |
% |
|
12.48 |
% |
|
|
|
|
|
Leverage
ratio |
9.47 |
% |
|
9.35 |
% |
|
9.50 |
% |
|
|
|
|
|
Tier I
Risk-Based Capital Ratio |
12.19 |
% |
|
12.23 |
% |
|
12.48 |
% |
|
|
|
|
|
Total
Risk-Based Capital Ratio |
13.35 |
% |
|
13.46 |
% |
|
13.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The
efficiency ratio is defined as total non-interest expense as a
percentage of the combined: net interest income, non-interest
income, excluding gains and losses on the sale of securities, gains
and losses on the sale of other real estate owned (“OREO”),
write-downs on OREO, OREO related costs, gains and losses on the
sale of fixed assets, gains on extinguishment of debt, and
amortization of intangible assets. |
Heritage Oaks Bancorp |
Average Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended |
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
Balance |
|
Yield /
Rate (4) |
|
Income /
Expense |
|
Balance |
|
Yield /
Rate (4) |
|
Income /
Expense |
|
Balance |
|
Yield /
Rate (4) |
|
Income /
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Interest
Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
Loans (1)
(2) |
$ |
1,360,571 |
|
4.71 |
% |
|
$ |
16,123 |
|
$ |
1,330,224 |
|
4.55 |
% |
|
$ |
15,222 |
|
$ |
1,221,144 |
|
4.92 |
% |
|
$ |
15,145 |
Investment securities |
|
461,954 |
|
1.98 |
% |
|
|
2,300 |
|
|
456,175 |
|
1.93 |
% |
|
|
2,215 |
|
|
444,644 |
|
1.89 |
% |
|
|
2,118 |
Interest
earning deposits in other banks |
|
42,183 |
|
0.33 |
% |
|
|
35 |
|
|
47,007 |
|
0.29 |
% |
|
|
34 |
|
|
67,231 |
|
0.24 |
% |
|
|
40 |
Other
investments |
|
9,739 |
|
18.87 |
% |
|
|
462 |
|
|
9,739 |
|
8.09 |
% |
|
|
198 |
|
|
9,739 |
|
6.56 |
% |
|
|
161 |
Total
earning assets |
|
1,874,447 |
|
4.02 |
% |
|
|
18,920 |
|
|
1,843,145 |
|
3.81 |
% |
|
|
17,669 |
|
|
1,742,758 |
|
3.98 |
% |
|
|
17,464 |
Allowance
for loan and lease losses |
|
(17,684 |
) |
|
|
|
|
(17,561 |
) |
|
|
|
|
(17,451 |
) |
|
|
Other
assets |
|
144,641 |
|
|
|
|
|
149,769 |
|
|
|
|
|
152,605 |
|
|
|
Total
assets |
$ |
2,001,404 |
|
|
|
|
$ |
1,975,353 |
|
|
|
|
$ |
1,877,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Money
market |
$ |
588,125 |
|
0.28 |
% |
|
$ |
418 |
|
$ |
586,612 |
|
0.28 |
% |
|
$ |
409 |
|
$ |
552,791 |
|
0.27 |
% |
|
$ |
377 |
Time
deposits |
|
239,567 |
|
0.71 |
% |
|
|
426 |
|
|
241,942 |
|
0.70 |
% |
|
|
427 |
|
|
249,133 |
|
0.68 |
% |
|
|
430 |
Interest
bearing demand |
|
132,931 |
|
0.10 |
% |
|
|
35 |
|
|
128,073 |
|
0.11 |
% |
|
|
34 |
|
|
123,529 |
|
0.11 |
% |
|
|
33 |
Savings |
|
115,472 |
|
0.10 |
% |
|
|
29 |
|
|
114,068 |
|
0.10 |
% |
|
|
28 |
|
|
107,049 |
|
0.10 |
% |
|
|
27 |
Total
interest bearing deposits |
|
1,076,095 |
|
0.34 |
% |
|
|
908 |
|
|
1,070,695 |
|
0.33 |
% |
|
|
898 |
|
|
1,032,502 |
|
0.33 |
% |
|
|
867 |
Federal
Home Loan Bank borrowing |
|
105,707 |
|
1.55 |
% |
|
|
413 |
|
|
99,691 |
|
1.64 |
% |
|
|
410 |
|
|
81,204 |
|
1.70 |
% |
|
|
347 |
Junior
subordinated debentures |
|
10,587 |
|
5.11 |
% |
|
|
136 |
|
|
10,545 |
|
4.94 |
% |
|
|
131 |
|
|
10,407 |
|
4.84 |
% |
|
|
127 |
Other
borrowed funds |
|
- |
|
0.00 |
% |
|
|
- |
|
|
- |
|
0.00 |
% |
|
|
- |
|
|
33 |
|
0.90 |
% |
|
|
- |
Total
borrowed funds |
|
116,294 |
|
1.88 |
% |
|
|
549 |
|
|
110,236 |
|
1.95 |
% |
|
|
541 |
|
|
91,644 |
|
2.05 |
% |
|
|
474 |
Total interest bearing
liabilities |
|
1,192,389 |
|
0.49 |
% |
|
|
1,457 |
|
|
1,180,931 |
|
0.48 |
% |
|
|
1,439 |
|
|
1,124,146 |
|
0.47 |
% |
|
|
1,341 |
Non
interest bearing demand |
|
582,337 |
|
|
|
|
|
568,453 |
|
|
|
|
|
537,364 |
|
|
|
Total
funding |
|
1,774,726 |
|
0.33 |
% |
|
|
1,457 |
|
|
1,749,384 |
|
0.33 |
% |
|
|
1,439 |
|
|
1,661,510 |
|
0.32 |
% |
|
|
1,341 |
Other
liabilities |
|
11,587 |
|
|
|
|
|
10,930 |
|
|
|
|
|
9,556 |
|
|
|
Total
liabilities |
|
1,786,313 |
|
|
|
|
|
1,760,314 |
|
|
|
|
|
1,671,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
215,091 |
|
|
|
|
|
215,039 |
|
|
|
|
|
206,846 |
|
|
|
Total
liabilities and shareholders' equity |
$ |
2,001,404 |
|
|
|
|
$ |
1,975,353 |
|
|
|
|
$ |
1,877,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (3) |
|
3.71 |
% |
|
$ |
17,463 |
|
|
3.50 |
% |
|
$ |
16,230 |
|
|
3.67 |
% |
|
$ |
16,123 |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
rate spread |
|
3.53 |
% |
|
|
|
3.33 |
% |
|
|
|
3.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
deposits |
|
0.22 |
% |
|
|
|
0.22 |
% |
|
|
|
0.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Non-accrual loans have been included in total loans. |
(2)
Interest income includes fees on loans. |
(3) Net
interest margin represents net interest income as a percentage of
average interest earning assets. |
(4)
Annualized using actual number of days during the period. |
|
|
|
|
|
|
|
|
|
|
|
|
Heritage Oaks Bancorp |
Average Balances |
|
|
|
|
|
|
|
|
|
For The Twelve Months Ended |
|
12/31/2016 |
|
12/31/2015 |
|
Balance |
Yield /
Rate |
Income / Expense |
|
Balance |
Yield /
Rate |
Income / Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Interest
Earning Assets |
|
|
|
|
|
|
|
Loans (1)
(2) |
$ |
1,314,935 |
|
4.66 |
% |
$ |
61,275 |
|
$ |
1,203,620 |
|
4.95 |
% |
$ |
59,599 |
Investment securities |
|
452,629 |
|
1.97 |
% |
|
8,904 |
|
|
395,791 |
|
1.85 |
% |
|
7,311 |
Interest
earning deposits in other banks |
|
45,082 |
|
0.32 |
% |
|
145 |
|
|
71,693 |
|
0.21 |
% |
|
152 |
Other
investments |
|
9,739 |
|
10.50 |
% |
|
1,023 |
|
|
9,739 |
|
10.56 |
% |
|
1,028 |
Total
earning assets |
|
1,822,385 |
|
3.92 |
% |
|
71,347 |
|
|
1,680,843 |
|
4.05 |
% |
|
68,090 |
Allowance
for loan and lease losses |
|
(17,641 |
) |
|
|
|
|
(17,143 |
) |
|
|
Other
assets |
|
147,768 |
|
|
|
|
|
151,697 |
|
|
|
Total
assets |
$ |
1,952,512 |
|
|
|
|
$ |
1,815,397 |
|
|
|
|
|
|
|
|
|
|
|
Interest
Bearing Liabilities |
|
|
|
|
|
|
|
Money
market |
$ |
581,795 |
|
0.28 |
% |
$ |
1,627 |
|
$ |
512,825 |
|
0.27 |
% |
$ |
1,404 |
Time
deposits |
|
241,368 |
|
0.70 |
% |
|
1,701 |
|
|
263,553 |
|
0.75 |
% |
|
1,981 |
Interest
bearing demand |
|
128,336 |
|
0.11 |
% |
|
136 |
|
|
119,166 |
|
0.11 |
% |
|
130 |
Savings |
|
112,396 |
|
0.10 |
% |
|
112 |
|
|
100,387 |
|
0.10 |
% |
|
100 |
Total
interest bearing deposits |
|
1,063,895 |
|
0.34 |
% |
|
3,576 |
|
|
995,931 |
|
0.36 |
% |
|
3,615 |
Federal
Home Loan Bank borrowing |
|
109,001 |
|
1.49 |
% |
|
1,629 |
|
|
90,174 |
|
1.86 |
% |
|
1,675 |
Junior
subordinated debentures |
|
10,522 |
|
5.04 |
% |
|
530 |
|
|
12,164 |
|
4.45 |
% |
|
541 |
Other
borrowed funds |
|
55 |
|
3.64 |
% |
|
2 |
|
|
8 |
|
0.90 |
% |
|
- |
Total
borrowed funds |
|
119,578 |
|
1.81 |
% |
|
2,161 |
|
|
102,346 |
|
2.17 |
% |
|
2,216 |
Total interest bearing
liabilities |
|
1,183,473 |
|
0.48 |
% |
|
5,737 |
|
|
1,098,277 |
|
0.53 |
% |
|
5,831 |
Non
interest bearing demand |
|
545,879 |
|
|
|
|
|
504,516 |
|
|
|
Total
funding |
|
1,729,352 |
|
0.33 |
% |
|
5,737 |
|
|
1,602,793 |
|
0.36 |
% |
|
5,831 |
Other
liabilities |
|
10,718 |
|
|
|
|
|
9,283 |
|
|
|
Total
liabilities |
|
1,740,070 |
|
|
|
|
|
1,612,076 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Total
shareholders' equity |
|
212,442 |
|
|
|
|
|
203,321 |
|
|
|
Total
liabilities and shareholders' equity |
$ |
1,952,512 |
|
|
|
|
$ |
1,815,397 |
|
|
|
|
|
|
|
|
|
|
|
Net
interest margin (3) |
|
3.60 |
% |
$ |
65,610 |
|
|
3.70 |
% |
$ |
62,259 |
|
|
|
|
|
|
|
|
Interest
rate spread |
|
3.44 |
% |
|
|
|
3.52 |
% |
|
|
|
|
|
|
|
|
|
Cost of
deposits |
|
0.22 |
% |
|
|
|
0.24 |
% |
|
|
|
|
|
|
|
|
|
(1)
Non-accrual loans have been included in total loans. |
(2)
Interest income includes fees on loans. |
(3) Net
interest margin represents net interest income as a percentage of
average interest earning assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heritage Oaks Bancorp |
Loans and Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Loans |
|
|
|
|
|
Real Estate Secured |
|
|
|
|
|
Commercial |
$ |
643,691 |
|
|
$ |
635,846 |
|
|
$ |
579,244 |
|
Residential 1 to 4 family |
|
205,999 |
|
|
|
195,453 |
|
|
|
165,829 |
|
Farmland |
|
155,771 |
|
|
|
132,723 |
|
|
|
120,566 |
|
Multi-family residential |
|
77,941 |
|
|
|
81,536 |
|
|
|
79,381 |
|
Home
equity lines of credit |
|
24,796 |
|
|
|
24,910 |
|
|
|
31,387 |
|
Construction and land |
|
21,866 |
|
|
|
26,836 |
|
|
|
35,669 |
|
Total
real estate secured |
|
1,130,064 |
|
|
|
1,097,304 |
|
|
|
1,012,076 |
|
Commercial |
|
|
|
|
|
Commercial and industrial |
|
182,637 |
|
|
|
185,199 |
|
|
|
164,808 |
|
Agriculture |
|
68,565 |
|
|
|
55,728 |
|
|
|
64,363 |
|
Total
commercial |
|
251,202 |
|
|
|
240,927 |
|
|
|
229,171 |
|
Consumer |
|
4,196 |
|
|
|
4,470 |
|
|
|
6,033 |
|
Total
loans held for investment |
|
1,385,462 |
|
|
|
1,342,701 |
|
|
|
1,247,280 |
|
Deferred
loan fees |
|
(1,183 |
) |
|
|
(1,146 |
) |
|
|
(1,132 |
) |
Allowance
for loan and lease losses |
|
(17,237 |
) |
|
|
(17,643 |
) |
|
|
(17,452 |
) |
Total net
loans held for investment |
$ |
1,367,042 |
|
|
$ |
1,323,912 |
|
|
$ |
1,228,696 |
|
|
|
|
|
|
|
Loans
held for sale |
$ |
10,055 |
|
|
$ |
7,975 |
|
|
$ |
9,755 |
|
Remaining
discount on acquired loans |
$ |
3,715 |
|
|
$ |
4,438 |
|
|
$ |
5,500 |
|
|
|
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Deposits |
|
|
|
|
|
Non-interest bearing deposits |
$ |
573,957 |
|
|
$ |
570,243 |
|
|
$ |
514,559 |
|
Interest
bearing deposits: |
|
|
|
|
|
Money
market deposits |
|
615,328 |
|
|
|
571,357 |
|
|
|
565,060 |
|
Time
deposits |
|
238,283 |
|
|
|
241,580 |
|
|
|
245,742 |
|
NOW
accounts |
|
136,746 |
|
|
|
134,465 |
|
|
|
129,254 |
|
Other
savings deposits |
|
119,581 |
|
|
|
113,703 |
|
|
|
110,346 |
|
Total
deposits |
$ |
1,683,895 |
|
|
$ |
1,631,348 |
|
|
$ |
1,564,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Heritage Oaks Bancorp |
Allowance for Loan and Lease Losses,
Non-Performing and Classified Assets |
|
|
|
|
|
|
|
For the Three Months Ended |
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Allowance for
Loan and Lease Losses |
|
|
|
|
|
Balance,
beginning of period |
$ |
17,643 |
|
|
$ |
17,448 |
|
|
$ |
17,296 |
|
(Reversal
of) provision for loan and lease losses |
|
(500 |
) |
|
|
- |
|
|
|
- |
|
Charge-offs: |
|
|
|
|
|
Residential 1 to 4 family |
|
- |
|
|
|
- |
|
|
|
(82 |
) |
Commercial real estate |
|
- |
|
|
|
- |
|
|
|
(81 |
) |
Agriculture |
|
- |
|
|
|
- |
|
|
|
(3 |
) |
Commercial and industrial |
|
(21 |
) |
|
|
(5 |
) |
|
|
- |
|
Consumer |
|
- |
|
|
|
(20 |
) |
|
|
(1 |
) |
Total
charge-offs |
|
(21 |
) |
|
|
(25 |
) |
|
|
(167 |
) |
Recoveries |
|
115 |
|
|
|
220 |
|
|
|
323 |
|
Balance,
end of period |
$ |
17,237 |
|
|
$ |
17,643 |
|
|
$ |
17,452 |
|
|
|
|
|
|
|
Net
recoveries |
$ |
94 |
|
|
$ |
195 |
|
|
$ |
156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Non-Performing
Assets |
|
|
|
|
|
Loans on
non-accrual status: |
|
|
|
|
|
Construction and land |
$ |
3,154 |
|
|
$ |
3,443 |
|
|
$ |
3,968 |
|
Commercial and industrial |
|
3,198 |
|
|
|
970 |
|
|
|
1,630 |
|
Commercial real estate |
|
346 |
|
|
|
284 |
|
|
|
1,940 |
|
Farmland |
|
72 |
|
|
|
75 |
|
|
|
83 |
|
Home
equity lines of credit |
|
46 |
|
|
|
84 |
|
|
|
84 |
|
Consumer |
|
26 |
|
|
|
28 |
|
|
|
33 |
|
Residential 1 to 4 family |
|
- |
|
|
|
- |
|
|
|
80 |
|
Total
non-accruing loans |
|
6,842 |
|
|
|
4,884 |
|
|
|
7,818 |
|
Other
real estate owned (OREO) |
|
- |
|
|
|
111 |
|
|
|
328 |
|
Other
repossessed assets |
|
70 |
|
|
|
70 |
|
|
|
- |
|
Total
non-performing assets |
$ |
6,912 |
|
|
$ |
5,065 |
|
|
$ |
8,146 |
|
|
|
|
|
|
|
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Classified
Assets |
|
|
|
|
|
Loans |
$ |
41,159 |
|
|
$ |
45,171 |
|
|
$ |
44,950 |
|
Other
real estate owned (OREO) |
|
- |
|
|
|
111 |
|
|
|
328 |
|
Other
repossessed assets |
|
70 |
|
|
|
70 |
|
|
|
- |
|
Total
classified assets |
$ |
41,229 |
|
|
$ |
45,352 |
|
|
$ |
45,278 |
|
|
|
|
|
|
|
Classified assets to
Tier I + ALLL |
|
19.48 |
% |
|
|
21.81 |
% |
|
|
22.67 |
% |
|
|
|
|
|
|
Note:
Classified assets consist of substandard and non-performing loans,
OREO assets, and other repossessed assets. |
|
|
|
|
|
|
Heritage Oaks Bancorp |
Quarter to Date Non-Performing Loan
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance |
|
|
|
|
|
Returns to |
|
|
|
Balance |
|
September 30, |
|
|
|
Net |
|
Accrual |
|
|
|
December 31, |
|
2016 |
|
Additions |
|
Paydowns |
|
Status |
|
Charge-offs |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Real Estate
Secured |
|
|
|
|
|
|
|
|
|
|
|
Construction and land |
$ |
3,443 |
|
$ |
- |
|
$ |
(289 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,154 |
Commercial |
|
284 |
|
|
90 |
|
|
(28 |
) |
|
|
- |
|
|
|
- |
|
|
|
346 |
Farmland |
|
75 |
|
|
- |
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
72 |
Home
equity lines of credit |
|
84 |
|
|
- |
|
|
(38 |
) |
|
|
- |
|
|
|
- |
|
|
|
46 |
Commercial |
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
970 |
|
|
2,589 |
|
|
(64 |
) |
|
|
(276 |
) |
|
|
(21 |
) |
|
|
3,198 |
Consumer |
|
28 |
|
|
- |
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
26 |
Total |
$ |
4,884 |
|
$ |
2,679 |
|
$ |
(424 |
) |
|
$ |
(276 |
) |
|
$ |
(21 |
) |
|
$ |
6,842 |
|
|
|
|
|
|
|
|
|
|
|
|
Heritage Oaks Bancorp |
Year to Date Non-Performing Loan
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance |
|
|
|
|
|
Transfers |
|
Returns to |
|
|
|
Balance |
|
December 31, |
|
|
|
Net |
|
to Foreclosed |
|
Accrual |
|
|
|
December 31, |
|
2015 |
|
Additions |
|
Paydowns |
|
Collateral |
|
Status |
|
Charge-offs |
|
2016 |
|
|
|
(dollars in thousands) |
Real Estate
Secured |
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land |
$ |
3,968 |
|
$ |
349 |
|
$ |
(1,163 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
3,154 |
Commercial |
|
1,940 |
|
|
139 |
|
|
(1,443 |
) |
|
|
- |
|
|
|
(290 |
) |
|
|
- |
|
|
|
346 |
Farmland |
|
83 |
|
|
- |
|
|
(11 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
72 |
Home
equity lines of credit |
|
84 |
|
|
38 |
|
|
(38 |
) |
|
|
- |
|
|
|
(38 |
) |
|
|
- |
|
|
|
46 |
Residential 1 to 4 family |
|
80 |
|
|
- |
|
|
(3 |
) |
|
|
- |
|
|
|
(77 |
) |
|
|
- |
|
|
|
- |
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
1,630 |
|
|
4,543 |
|
|
(390 |
) |
|
|
- |
|
|
|
(2,547 |
) |
|
|
(38 |
) |
|
|
3,198 |
Agriculture |
|
- |
|
|
400 |
|
|
(59 |
) |
|
|
- |
|
|
|
(341 |
) |
|
|
- |
|
|
|
- |
Consumer |
|
33 |
|
|
94 |
|
|
(7 |
) |
|
|
(70 |
) |
|
|
- |
|
|
|
(24 |
) |
|
|
26 |
Total |
$ |
7,818 |
|
$ |
5,563 |
|
$ |
(3,114 |
) |
|
$ |
(70 |
) |
|
$ |
(3,293 |
) |
|
$ |
(62 |
) |
|
$ |
6,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heritage Oaks Bancorp |
Reconciliation of Tangible Common Equity and
Tangible Common Book Value per Share |
|
|
|
|
|
|
|
|
|
|
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands, except per share data) |
|
|
|
|
Period End
Balances: |
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
$ |
212,850 |
|
|
$ |
215,283 |
|
|
$ |
206,434 |
|
|
|
|
|
Less
intangibles: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
(24,885 |
) |
|
|
(24,885 |
) |
|
|
(24,885 |
) |
|
|
|
|
Other
intangible assets |
|
(3,354 |
) |
|
|
(3,568 |
) |
|
|
(4,298 |
) |
|
|
|
|
Tangible
common equity (non-U.S. GAAP) |
$ |
184,611 |
|
|
$ |
186,830 |
|
|
$ |
177,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares |
|
34,345,073 |
|
|
|
34,249,804 |
|
|
|
34,353,014 |
|
|
|
|
|
Tangible book value per
share (non-U.S. GAAP) |
$ |
5.38 |
|
|
$ |
5.45 |
|
|
$ |
5.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months
Ended |
|
For The Twelve Months
Ended |
|
12/31/2016 |
|
9/30/2016 |
|
12/31/2015 |
|
12/31/2016 |
|
12/31/2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Average
Balances: |
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
$ |
215,091 |
|
|
$ |
215,039 |
|
|
$ |
206,846 |
|
|
$ |
212,442 |
|
|
$ |
203,321 |
|
Less:
preferred stock |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(446 |
) |
Less
intangibles: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
(24,885 |
) |
|
|
(24,885 |
) |
|
|
(24,885 |
) |
|
|
(24,885 |
) |
|
|
(24,885 |
) |
Other
intangible assets |
|
(3,466 |
) |
|
|
(3,730 |
) |
|
|
(4,475 |
) |
|
|
(3,830 |
) |
|
|
(4,873 |
) |
Tangible
common equity (non-U.S. GAAP) |
$ |
186,740 |
|
|
$ |
186,424 |
|
|
$ |
177,486 |
|
|
$ |
183,727 |
|
|
$ |
173,117 |
|
|
|
|
|
|
|
|
|
|
|
Return on tangible
common equity (non-U.S. GAAP) |
|
9.69 |
% |
|
|
8.93 |
% |
|
|
7.77 |
% |
|
|
9.22 |
% |
|
|
8.83 |
% |
|
|
|
|
|
|
|
|
|
|
Contacts
Simone Lagomarsino, President & Chief Executive Officer
1222 Vine Street
Paso Robles, California 93446
805.369.5260
slagomarsino@heritageoaksbank.com
Jason Castle, Executive Vice President & Chief Financial Officer
1222 Vine Street
Paso Robles, California 93446
805.369.5294
jcastle@heritageoaksbank.com
Heritage Oaks Bancorp (NASDAQ:HEOP)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Heritage Oaks Bancorp (NASDAQ:HEOP)
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De Juil 2023 à Juil 2024