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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
(Mark One)
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report April 19, 2000
Commission file number 0-25135
REDDING BANCORP
(Exact name of Registrant as specified in its charter)
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California 94-2823865
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1951 Churn Creek Road
Redding, Bancorp 96002
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (530) 224-3333
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section
12(g) of the Act:
Common Stock, no par value per share
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes [X] No [ ]
Indicate the number of shares outstanding of each of the issuer's class of
common stock, as of the latest practicable date. March 31, 2000: 2,618,553
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Item 5. Other Events
Press release for the following (article attached):
Redding Bancorp, Parent Company of Redding Bank of Commerce Announces
2000 First quarter earnings
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 hereunto duly authorized.
/s/ Linda J. Miles
BY: Linda J. Miles
Executive Vice President & Chief
Financial Officer
Redding Bancorp (RDDB)
Company Press Release
For information contact:
Russell L. Duclos, President & CEO
Phone (530) 224-7326, or
Linda J. Miles, Chief Financial Officer
Phone (530) 224-7318
www.reddingbankofcommerce.com
For immediate release:
Redding Bancorp, Parent Company of Redding Bank of Commerce
Announces First Quarter 2000 Earnings
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REDDING, California, April 14, 2000/ PRNewswire -- Russell L. Duclos, President
& CEO of Redding Bancorp, Parent Company of Redding Bank of Commerce today
announced net income of $1,165,000 or $0.41 per diluted share, for the first
quarter ended March 31, 2000, a 30% increase over 1999 net income of $899,000 or
$0.31 per diluted share.
Net interest income of $2,878,000 for the quarter ended March 31, 2000 reflected
an 11% increase, compared with $2,589,000 for the same period in the prior year.
The increase in net interest income was $215 million compared to $203 million
for the comparable period a year ago. The improvement reflects both a volume and
rate increase in loans partially offset by higher cost funding, reflecting
growth in the construction and commercial real estate portfolio.
Russell L. Duclos, President & CEO of Redding Bank of Commerce, announced "Our
loan growth continues to be very strong with an increase of $28
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million (18.8 percent) over the prior year. This success has prompted us to
expand our current loan production office in Roseville, California to a full
service banking facility. Regulatory approval was effective on April 10, 2000.
We anticipate full operation of our Roseville Banking Center in July of this
year."
Total assets increased approximately 3.7% to $241,018,000 at March 31, 2000,
compared with $232,519,000 at December 31, 1999. Total deposits increased to
$205,600,000 at March 31, 2000, compared with $198,323,000 at December 31, 1999.
Redding Bancorp's return on average equity was 18.13% at March 31, 2000,
compared with 14.79% at March 31, 1999. Return on average assets was 1.99% at
March 31, 2000, compared to 1.63% at March 31, 1999.
Redding Bancorp, located in Redding California is a bank holding company that
owns Redding Bank of Commerce, a federally insured California banking
corporation, which opened on October 22, 1982. Redding Bank of Commerce has two
full service offices in Redding, California and operates a loan production
office in the community of Roseville, California.
Redding Bancorp
Selected Financial Data
(Dollar Amounts in Thousands, Except per Share amounts, Unaudited)
At
Three Months Ended
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3/31/00 3/31/99
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Interest Income:
Net Interest Income $ 2,878 $ 2,589
Provision for Loan Losses $ 0 $ 25
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Net Interest Income after
Provision for Loan Losses $ 2,878 $ 2,564
Noninterest Income:
Service Charges $ 53 $ 73
Credit Card Income, net $ 470 $ 415
Other Income $ 212 $ 193
Gain(loss) on sale of $ (59) $ 0
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Investment securities
Total Operating Income $ 676 $ 681
Noninterest Expense:
Compensation & benefits $ 900 $ 963
Occupancy & Equipment $ 268 $ 229
Data Processing & $ 134 $ 223
Professional Fees
Other Expenses $ 350 $ 341
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Total Other Expenses $ 1,652 $ 1,756
Income from Operations $ 1,902 $ 1,489
Income Tax Provision $ 737 $ 590
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Net Income $ 1,165 $ 899
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At or for the three months ended At or for the three months ended
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Key Financial Ratios 03/31/00 03/31/99 12/31/99 12/31/98
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Net income per share- basic $0.44 $0.33 $ 1.64 $ 1.51
Net income per share- diluted $0.41 $0.31 $ 1.52 $ 1.42
Net Interest Margin 5.35% 5.10% 5.15% 5.57%
Return on Average Equity 18.13% 14.79% 17.60% 18.04%
Return on Average Assets 1.99% 1.63% 1.91% 1.98%
Total Assets $241,018,000 $223,372,000 $232,519,000 $216,085,000
Loans Receivable, net $173,893,000 $147,733,000 169,845,000 144,967,000
Deposits $205,600,000 $195,080,000 198,323,000 188,621,000
Shareholders' Equity $26,439,000 $25,476,000 26,059,000 24,654,000
Book Value per share $11.23 $10.66 $ 10.99 $ 10.37
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