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)
JANUARY 16, 2003
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 January 16, 2003, Lawrence P. Ward, President and Chief Executive Officer of
Heritage Oaks Bancorp, announced the results of operations through the end of
the forth quarter ended December 31, 2002.
ITEM 7. FINANCIAL STATEMENT AND EXHIBITS
(c) Exhibits
99.1 A press release relating to results of operations through the end of the
fourth quarter ended December 31, 2002.
[GRAPHIC OMITTED]
HERITAGE OAKS BANCORP
PRESS RELEASE
Contact: Lawrence P Ward FOR IMMEDIATE RELEASE
Phone: 805-239-5200 ext 260 4:00 PM PT, JANUARY 16, 2003
Year End and 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 unaudited results
of operations through the end of the fourth quarter December 31,2002. Mr. Ward
stated "for the twelve months ending December 31, 2002, the Company reported
earnings of $2,739,220 or $0.91 per share on a fully diluted basis. This
represents a 16.75% increase in net income and a 15% improvement in earnings per
share over the $2,346,283 or $0.79 per share on a fully diluted basis for 2001.
Earnings for the three months ending December 31, 2002 were $864,005 or $0.29
per share fully diluted. This represents a 45% increase in earnings over the
three months ending December 31, 2001 of $606,670 or $0.20 per share fully
diluted. For the twelve months ending December 31, 2002 and 2001, the Company
reported Return on Average Assets ( ROAA) of .98% and 1.22%, respectively and
Return On Beginning Equity (ROE) of 17.09% and 17.26%, respectively".
Mr. Ward went on to say that at December 31, 2002, "the Company reported growth
in assets of 57%, growth in loans net of reserves of 22%, growth in deposits of
35% and growth in equity capital of 25% 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
by nearly 200% over the levels at the same period in 2001".
Below is a summary UN-AUDITED balance sheet for the periods ending December 31:
(amounts in thousands)
2002 2001
Total Assets $337,363 $214,885
Loans, net of reserves $195,477 $160,232
Deposits $264,179 $195,585
Equity Capital $ 19,813 $ 15,877
Below is a summary UN-AUDITED income statement for the twelve months ending
December 31: (amounts in dollars)
2002 2001
Net Interest Income $12,544,248 $11,031,213
Non-Interest Income $ 3,463,012 $ 4,680,575
Non-Interest Expense $11,073,575 $11,386,136
Income Tax Expense $ 1,649,468 $ 1,379,369
Net After Tax Income $ 2,739,220 $ 2,346,283
Below is a summary UN-AUDITED income statement for the three months ending
December 31: (amounts in dollars)
2002 2001
Net Interest Income $3,545,064 $2,908,210
Non-Interest Income $ 974,615 $ 783,007
Non-Interest Expense $2,962,101 $2,554,818
Income Tax Expense $ 583,573 $ 379,729
Net After Tax Income $ 864,005 $ 606,670
Information regarding Heritage Oaks Bancorp stock may be acquired using the
trading symbol of HEOP or accessed on line at www.heritageoaksbank.com.
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Information may also be acquired by calling our market makers, Hoefer and Arnett
at 1-800-346-5544; The Seidler Companies at 1-800-288-2811; Wedbush Morgan
Securities at 1-800-234-0480; 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: January 15,, 2003
/s/ Lawrence P. Ward
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Lawrence P. Ward
President and Chief Executive Officer
(Principal Executive Officer)
Date: January 15,, 2003 /s/ Margaret Torres
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Margaret Torres
Chief Financial Officer
(Principal Financial Officer)