<PAGE> 1
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 October 17, 2000
Commission file number 0-25135
REDDING BANCORP
(Exact name of Registrant as specified in its charter)
<TABLE>
<S> <C>
California 94-2823865
(State or other jurisdiction of incorporation (I.R.S. Employer
or organization) Identification No.)
1951 Churn Creek Road 96002
Redding, Bancorp (Zip Code)
(Address of principal executive offices)
</TABLE>
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.
September 30, 2000: 2,614,851 shares.
<PAGE> 2
Item 5. Other Events
Press release for the following (article attached):
Redding Bancorp, parent company of Redding Bank of Commerce announces 3rd
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
<PAGE> 3
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 THIRD QUARTER 2000 EARNINGS
REDDING, CALIFORNIA, OCTOBER 13, 2000/ PRNEWSWIRE-- Russell L. Duclos, President
& CEO of Redding Bancorp, parent company of Redding Bank of Commerce today
announced net income of $3,630,000 or $1.31 per diluted share, for the nine
months ended September 30, 2000, a 14% increase over 1999 net income of
$3,190,000 or $1.10 per diluted share, for the prior year's comparable period.
Results for the three months ending September 30, 2000 were net income of
$1,225,000 or $0.45 per diluted share versus $1,157,000 or $0.40 per diluted
share for the prior year's comparable period.
Net interest income of $8,526,000 for the nine months ended September 30, 2000
reflected a $514,000 increase or 6%, compared with $8,012,000 for the same
period in the prior year. The net interest income improvement is primarily
attributable to growth in loan volume during the quarter. The effects on
interest income of volume and rate increases in loans are partially offset by
the higher cost of funding. Loans are up $14,198,000 since December 31, 1999, an
8.4% increase and is centered in the construction and commercial real estate
portfolio. Deposits are up $21,298,000 since December 31, 1999, a 10.7%
increase. The deposit growth is centered in higher yielding certificates of
deposit, money market and savings accounts, which is reflected in the increased
cost of funding.
Total assets increased approximately 10.2% to $256,270,000 at September 30,
2000, compared with $232,519,000 at December 31, 1999.
Redding Bancorp's return on average equity was 21.08% at September 30, 2000,
compared with 17.04% at September 30, 1999. Return on average assets was 2.01%
at September 30, 2000, compared to 1.89% at September 30, 1999.
Redding Bancorp, located in Redding, California, converted from a bank holding
company to a financial services holding company in April 2000. The status change
allows the company to pursue opportunities in the brokerage, insurance and other
related financial services. Redding Bancorp owns Redding Bank of Commerce, a
federally insured California banking corporation, which opened on
<PAGE> 4
October 22, 1982. Redding Bank of Commerce has three full service offices, two
in Redding, and one in Roseville, California.
REDDING BANCORP
SELECTED FINANCIAL DATA
(DOLLAR AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS, UNAUDITED)
<TABLE>
<CAPTION>
AT
THREE MONTHS ENDED NINE MONTHS ENDED
------------------------------------------------------------------------------------
9/30/00 9/30/99 9/30/00 9/30/99
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Interest Income:
Net Interest Income $ 2,829 $ 2,702 $ 8,526 $ 8,012
Provision for Loan Losses $ 0 $ 10 $ 56 $ 50
------- ------- ------- -------
Net Interest Income after
Provision for Loan Losses $ 2,829 $ 2,692 $ 8,470 $ 7,962
Noninterest Income:
Service Charges $ 56 $ 55 $ 166 $ 200
Credit Card Income, net $ 482 $ 510 $ 1,406 $ 1,396
Other Income $ 192 $ 132 $ 608 $ 550
Loss on sale of
Investment securities $ 0 $ 0 $ (59) $ 0
------- ------- ------- -------
Total Noninterest Income $ 730 $ 697 $ 2,121 $ 2,146
Noninterest Expense:
Compensation & benefits $ 972 $ 1,030 $ 2,794 $ 2,885
Occupancy & Equipment $ 246 $ 238 $ 735 $ 686
Data Processing & $ 126 $ 127 $ 394 $ 286
Professional Fees
Other Expenses $ 295 $ 99 $ 908 $ 1,063
------- ------- ------- -------
Total Noninterest Expense $ 1,639 $ 1,494 $ 4,831 $ 4,920
Income from Operations $ 1,920 $ 1,895 $ 5,760 $ 5,188
Income Tax Provision $ 695 $ 738 $ 2,130 $ 1,998
------- ------- ------- -------
Net Income $ 1,225 $ 1,157 $ 3,630 $ 3,190
======= ======= ======= =======
------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
AT OR FOR THE AT OR FOR THE NINE
THREE MONTHS ENDED MONTHS ENDED
------------------------------------------------------------------------------------
Key Financial Ratios 09/30/00 09/30/99 09/30/00 09/30/99
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net income per share- basic $ 0.47 $ 0.44 $ 1.38 $ 1.19
Net income per share- diluted $ 0.45 $ 0.40 $ 1.31 $ 1.10
Net Interest Margin 4.95% 5.23% 5.11% 5.14%
Return on Average Equity 17.52% 18.62% 21.08% 17.04%
Return on Average Assets 1.99% 2.07% 2.01% 1.89%
Total Assets $256,270 $239,806 $256,270 $239,806
Loans Receivable, net $184,043 $168,265 $184,043 $168,265
------------------------------------------------------------------------------------
</TABLE>
<PAGE> 5
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Deposits $219,621 $205,337 $219,621 $205,337
Shareholders' Equity $ 28,968 $ 24,912 $ 28,968 $ 24,912
Book Value per share $ 12.26 $ 10.99 $ 12.26 $ 10.99
---------------------------------------------------------------------------
</TABLE>
