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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 July 17, 2000
Commission file number 0-25135
REDDING BANCORP
(Exact name of Registrant as specified in its charter)
California 94-2823865
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1951 Churn Creek Road
Redding, Bancorp 96002
(Address of principal executive offices) (Zip Code)
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. June 30, 2000 2,615,923
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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
second 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
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By: Linda J. Miles
Executive Vice President & Chief Financial Officer
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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 SECOND QUARTER 2000 EARNINGS
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REDDING, CALIFORNIA, JULY 14, 2000/ PRNEWSWIRE -- Russell L. Duclos, President &
CEO of Redding Bancorp, Parent Company of Redding Bank of Commerce today
announced net income of $2,405,000 or $0.86 per diluted share, for the six
months ended June 30, 2000, an 18% increase over 1999 net income of $2,033,000
or $0.71 per diluted share, for the prior years comparable period. Results for
the three months ending June 30, 2000 were net income of $1,240,000 or $0.45 per
diluted share versus $1,134,000 or $0.40 per diluted share for the prior years
comparable period.
Net interest income of $5,697,000 for the six months ended June 30, 2000
reflected a 7% increase, compared with $5,310,000 for the same period in the
prior year. The increase in net interest income was $387,000 compared to
$269,000 for the comparable period a year ago. The net interest income
improvement is primarily attributable to growth in loan volume during the
quarter. Variable rate increases in loans are partially offset by higher cost of
funding. Loans are up $11,175,000 since December 31, 1999, a 6.5% increase and
is centered in the construction and commercial real estate portfolio, coupled
with two prime rate increases during the period. Deposits are up $8,004,000
since December 31, 1999, a 4% increase. The growth in deposits is centered in
higher yielding certificates of deposit reflected in the increased cost of
funding.
Total assets increased approximately 4.4% to $242,694,000 at June 30, 2000,
compared with $232,519,000 at December 31, 1999.
Redding Bancorp's return on average equity was 18.20% at June 30, 2000, compared
with 16.56% at June 30, 1999. Return on average assets was 2.03% at June 30,
2000, compared to 1.83% at June 30, 1999. For the quarter, return on average
equity was 18.28% at June 30, 2000 compared with 18.31% for the prior years
quarterly results.
Redding Bancorp, located in Redding, California, converted from a banking
holding company to a financial services holding company in April 2000. The
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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 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)
AT
THREE MONTHS ENDED SIX MONTHS ENDED
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6/30/00 6/30/99 6/30/00 6/30/99
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<S> <C> <C> <C> <C>
Interest Income:
Net Interest Income $ 2,819 $ 2,721 $ 5,697 $ 5,310
Provision for Loan Losses $ 56 $ 15 $ 56 $ 40
------- ------- ------- -------
Net Interest Income after
Provision for Loan Losses $ 2,763 $ 2,706 $ 5,641 $ 5,270
Noninterest Income:
Service Charges $ 57 $ 72 $ 110 $ 145
Credit Card Income, net $ 454 $ 471 $ 924 $ 886
Other Income $ 204 $ 225 $ 416 $ 418
Loss on sale of
Investment securities $ 0 $ 0 $ (59) $ 0
------- ------- ------- -------
Total Noninterest Income $ 715 $ 768 $ 1,391 $ 1,449
Noninterest Expense:
Compensation & benefits $ 922 $ 892 $ 1,822 $ 1,855
Occupancy & Equipment $ 221 $ 219 $ 489 $ 448
Data Processing &
Professional Fees $ 134 $ 142 $ 268 $ 365
Other Expenses $ 263 $ 417 $ 613 $ 758
------- ------- ------- -------
Total Noninterest Expense $ 1,540 $ 1,670 $ 3,192 $ 3,426
Income from Operations $ 1,938 $ 1,804 $ 3,840 $ 3,293
Income Tax Provision $ 698 $ 670 $ 1,435 $ 1,260
------- ------- ------- -------
Net Income $ 1,240 $ 1,134 $ 2,405 $ 2,033
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AT OR FOR THE THREE AT OR FOR THE SIX MONTHS
MONTHS ENDED ENDED
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Key Financial Ratios 06/30/00 06/30/99 6/30/00 06/30/99
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<S> <C> <C> <C> <C>
Net income per share- basic $ 0.47 $ 0.43 $ 0.92 $ 0.77
Net income per share- diluted $ 0.45 $ 0.40 $ 0.86 $ 0.71
Net Interest Margin 5.06% 5.25% 5.20% 5.18%
Return on Average Equity 18.28% 18.31% 18.20% 16.56%
Return on Average Assets 2.06% 2.03% 2.03% 1.83%
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<CAPTION>
<S> <C> <C> <C> <C>
Total Assets $242,694 $224,330 $242,694 $224,330
Loans Receivable, net $180,958 $157,185 $180,958 $157,185
Deposits $206,327 $195,896 $206,327 $195,896
Shareholders' Equity $ 27,661 $ 25,590 $ 27,661 $ 25,590
Book Value per share $ 11.73 $ 10.89 $ 11.73 $ 10.89
</TABLE>
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