FORM 8K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SPECIAL REPORT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NUMBER 33-77504
HERITAGE OAKS BANCORP
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
OCTOBER 8, 2002
STATE OF INCORPORATION: California
I.R.S. EMPLOYER IDENTIFICATION NO.: 77-0388249
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: 545 12th Street
Paso Robles, California 93446
REGISTRANT'S TELEPHONE NUMBER: (805) 239-5200
ITEM 5. OTHER EVENT AND REGULATION FD DISCLOSURE
On October 8, 2002, Lawrence P. Ward, President and Chief Executive Officer of
Heritage Oaks Bancorp, announced the results of operations through the end of
the third quarter ended September 30, 2002.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS
(c) Exhibits
99.1 A press release relating to results of operations through the end of the
third quarter ended September 30, 2002.
[GRAPHIC OMITTED]
HERITAGE OAKS BANCORP
PRESS RELEASE
Contact: Lawrence P Ward FOR IMMEDIATE RELEASE
Phone: 805-239-5200 ext 260 10:00 AM PT, OCTOBER 8, 2002
Quarterly Earnings Press Release
Lawrence P. Ward, President and CEO of Heritage Oaks Bancorp (the Company) and
its subsidiary, Heritage Oaks Bank (the Bank), announced the results of
operations through the end of the third quarter September 30,2002. Mr. Ward
stated "for the nine months ending September 30, 2002, the Company reported
earnings of $1,875,215 or $0.63 per share on a fully diluted basis. This
represents a 7.8% improvement in earnings of $1,739,614 or $0.59 per share on a
fully diluted basis for the same period in 2001. Earnings for the three months
ending September 30, 2002 were $675,574 or $0.23 per share fully diluted. This
represents an 8.2% increase in earnings over the three months ending September
30, 2001 of $624,502 or $0.21 per share fully diluted. For the nine months
ending September 30, 2002, the Company reported Return on Average Assets ( ROAA)
and Return On Beginning Equity (ROE) of .96% and 15.74%, respectively".
Mr. Ward went on to say that at September 30, 2002, "the Company reported growth
in assets of 69%, growth in loans net of reserves of 18%, growth in deposits of
48% and growth in equity capital of 20% over the levels at the same period in
2001. On April 10, 2002 the Company completed the issuance of an $8 million
Trust Preferred offering. As a part of that transaction, the Company was able to
down stream to the Bank $5.2 million in new capital. This new capital at the
Bank level allowed the Bank and the Company to increase the investment portfolio
by373% over the levels at the same period in 2001".
Below is a summary un-audited balance sheet for the periods ending September 30:
(amounts in thousands)
2002 2001
Total Assets $333,136 $197,542
Loans, net of reserves $173,867 $147,552
Deposits $265,662 $179,308
Equity Capital $ 18,624 $ 15,516
Below is a summary un-audited income statement for the nine months ending
September 30: (amounts in dollars)
2002 2001
Net Interest Income $8,564,184 $7,673,003
Non-Interest Income $2,488,397 $3,897,568
Non-Interest Expense $8,111,471 $8,831,318
Income Tax Expense $1,065,895 $ 999,639
Net After Tax Income $1,875,215 $1,739,614
Below is a summary un-audited income statement for the three months ending
September 30: (amounts in dollars)
2002 2001
Net Interest Income $2,949,944 $2,684,195
Non-Interest Income $ 908,396 $ 936,367
Non-Interest Expense $2,755,541 $2,595,339
Income Tax Expense $ 427,225 $ 400,721
Net After Tax Income $ 675,574 $ 624,502
Information regarding Heritage Oaks Bancorp stock may be acquired using the call
sign of HEOP or accessed on line at www.heritageoaksbank.com. Information may
------------------------
also be acquired by calling our market makers, Hoefer and Arnett at
1-800-346-5544; Sutro & Co at 1-800-288-2811; Maguire Investments at
1-800-244-4183 or by Contacting Tana Eade-Davis AVP, Shareholder Relations
Officer at Heritage Oaks Bank.
Statements concerning future performance, developments or events, expectations
for growth and income forecasts, and any other guidance on future periods,
constitute forward-looking statements that are subject to a number of risks and
uncertainties. Actual results may differ materially from stated expectations.
Specific factors include, but are not limited to, increased profitability,
continued growth, the Company's beliefs as to the adequacy of its existing and
anticipated allowances for loan losses, beliefs and expectations regarding
actions that may be taken by regulatory authorities having oversight of the
Company's operations, interest rates and financial policies of the United States
government and general economic conditions. Additional information on these and
other factors that could affect financial results are included in its Securities
and Exchange Commission filings.
-End
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 thereunto duly authorized.
Heritage Oaks Bancorp
---------------------
(Registrant)
Date: October 8, 2002
/s/ Lawrence P. Ward
Lawrence P. Ward
President and Chief Executive Officer
(Principal Executive Officer)
Date: October 8, 2002
/s/ Margaret Torres
Margaret Torres
Chief Financial Officer
(Principal Financial Officer)