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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: April 30, 1996
REDWOOD EMPIRE BANCORP
(Exact number of Registrant as specified in its charter)
California File No. 0-19231 68-0166366
(State or other jurisdiction of (Commision File Number) (IRS Employer
Incorporated or organization) Identification No.)
111 Santa Rosa Avenue, Santa Rosa, California 95404-4905
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (707) 545-9611
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Item 5. Other Events
Press release for the following (articles attached):
1. Redwood Empire Bancorp declares quarterly dividend on its preferred stock.
2. Redwood Empire Bancorp names Martin McCormick as President of Allied Bank
subsidiary. 3. Redwood Empire Bancorp reports first quarter results for period
ended March 31, 1996.
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.
4-30-96
Date: ___________________ REDWOOD EMPIRE BANCORP
(Registrant)
/s/ Gale D. Bridgeman
By:__________________________
Gale D. Bridgeman
Vice President/Controller and
Principal Accounting Officer
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FOR: REDWOOD EMPIRE BANCORP
APPROVED BY: James Beckwith
Chief Financial Officer
(707) 573-4988
CONTACT: Morgen-Walke Associates
Doug Sherk, Jenifer Kirtland
(415) 296-7383
Jill Ruja, Elissa Grabowski
(212) 850-5600
For Immediate Release
REDWOOD EMPIRE BANCORP DECLARES
QUARTERLY DIVIDEND ON PREFERRED STOCK
SANTA ROSA, CA (April 17, 1996) -- Redwood Empire Bancorp (AMEX:REB) today
announced that at its meeting yesterday, the Board of Directors declared a
quarterly dividend on the Company's 7.80% Noncumulative Convertible
Perpetual Preferred Stock of 19.5 cents per share. The dividend is payable
on May 15, 1996 to shareholders of record on April 30, 1996. Redwood Empire
Bancorp is the holding company for two operating subsidiaries: National
Bank of the Redwoods, a commercial bank, and Allied Bank, F.S.B., a savings
bank. The Company operates through branches and loan production offices in
various California locations, as well as Portland, Oregon.
# # #
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FOR: REDWOOD EMPIRE BANCORP
APPROVED BY: Patrick W. Kilkenny
President and Chief Executive Officer
(707) 573-4911
CONTACT: Morgen-Walke Associates, Inc.
Doug Sherk, Jenifer Kirtland, David Gennarelli
(415) 296-7383
Jill Ruja, Elissa Grabowski
(212) 850-5600
For Immediate Release
REDWOOD EMPIRE BANCORP NAMES MARTIN MCCORMICK
AS PRESIDENT OF ALLIED BANK SUBSIDIARY
SANTA ROSA, CA (April 18, 1996) -- Redwood Empire Bancorp (AMEX: REB) today
announced that the Board of Directors of its Allied Bank subsidiary has
appointed Martin B. McCormick, 38, as the president of Allied Bank. He will
retain his current title of chief operating officer. Patrick W. Kilkenny,
49, was named vice chairman and chief executive officer of Allied. William
B. Stevenson, 65, was named chairman. The positions of chairman, president,
and chief executive officer were formerly held by Terance O'Mahoney, 58,
who resigned from Allied Bank earlier this month to pursue other interests.
Mr. McCormick will also fill Mr. O'Mahoney's unexpired term as a director
on Allied's Board. "Martin has been with Allied Bank since the early stages
of its organization and operations," said Patrick Kilkenny, president and
chief executive officer of Redwood Empire Bancorp. "He has made significant
contributions to the Bank since the beginning and knows its operations
thoroughly. With his industry knowledge, experience, and management skills,
Martin will be an excellent president and addition to Allied's Board." Mr.
McCormick has spent twenty years in the mortgage business. He joined Allied
Bank at its inception in 1986, serving as senior vice president and chief
operating officer since that time. Mr. McCormick established Allied's
savings activities in Ukiah, California. He developed the Company's initial
lending and savings policies, procedures and operations, including site
acquisition and back-office support systems.
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As chief operating officer, Mr. McCormick's responsibilities include all
phases of residential lending, including loan production, originations,
underwriting, funding, servicing and sales to the secondary mortgage
market. He has been instrumental in developing Allied's presence in
Northern California and Portland. Redwood Empire Bancorp is the holding
company for two operating subsidiaries: Allied Bank, F.S.B., a savings
institution, and National Bank of the Redwoods, a commercial bank. The
Company operates through branches and loan production offices in various
California locations, as well as Portland, Oregon.
# # #
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FOR: REDWOOD EMPIRE BANCORP
APPROVED BY: James Beckwith Chief Financial Officer (707) 573-4988
CONTACT: Morgen-Walke Associates, Inc.
Doug Sherk, Jenifer Kirtland, David Gennarelli (415) 296-7383
Jill Ruja, Elissa Grabowski
(212) 850-5600
For Immediate Release
REDWOOD EMPIRE BANCORP REPORTS FIRST QUARTER RESULTS
SANTA ROSA, CA (April 19, 1996) -- Redwood Empire Bancorp (AMEX: REB) today
announced financial results for the first quarter ended March 31, 1996. Net
income for the first quarter was $886,000, or $0.27 per share on a
fully-diluted basis. This compares with net income of $911,000, or $0.29
per share, in the first quarter of 1995, which included the effect of an
improvement in the market value of loans held for sale at the company's
Allied Bank subsidiary, totalling $1,500,000 pre-tax and the positive
impact of adopting Statement of Financial Accounting Standards (SFAS) #122
for Mortgage Servicing Rights of $288,000 on a pre-tax basis. "This was a
strong quarter for the company with a solid financial performance from both
our commercial and savings bank subsidiaries, despite a company-wide loan
loss provision of $1.5 million," said Patrick W. Kilkenny, president and
chief executive officer. "This provision includes a conservative response
to $1.4 million in outstanding leases purchased by National Bank of the
Redwoods from Bennett Financial, which recently declared bankruptcy."
"Despite the higher than normal loan loss provision, our commercial bank
continues to do well, benefitting from higher net interest income and
increased fee income," Mr. Kilkenny continued. "Our fee-generating service
businesses, including SBA lending, merchant bank card and electronic
banking, will continue to expand as we broaden our marketing efforts." "At
Allied Bank, our savings subsidiary, mortgage originations grew
significantly from the first quarter of 1995 to $483 million in the recent
quarter from $84 million last year, reflecting the lower interest rate
environment," added Mr. Kilkenny.
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Consolidated net interest income for the company grew 19% in the first
quarter of 1996, due to increased loan volume, primarily mortgages, and a
higher net interest margin. The net interest margin increased 121 basis
points to 4.32% from 3.11% in the first quarter of 1995. Noninterest income
increased 26%, reflecting growth in fee income and gains on the sale of
mortgages. The loan loss provision was $1,515,000 for the recent first
quarter compared with $300,000 last year. Net chargeoffs totalled $172,000,
or 0.21% of average portfolio loans annualized. Nonperforming assets at
March 31, 1996 were 1.69% of total assets. Reserves to portfolio loans were
1.90%. Total assets were $561 million at quarter-end. Common book value per
share was $9.81. Tier 1 capital to risk-based assets was approximately
7.46% and total capital to risk-based assets was approximately 11.89% at
March 31, 1996. Redwood Empire Bancorp is the holding company for two
operating subsidiaries: Allied Bank, F.S.B., a savings institution, and
National Bank of the Redwoods, a commercial bank. The Company operates
through branches and loan production offices in various California
locations, as well as Portland, Oregon.
(Table to follow)
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<TABLE>
REDWOOD EMPIRE BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in thousands except for earnings per share and share data)
Three Months Ended
<CAPTION>
March 31 March 31
1996 1995
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<S> <C> <C>
Interest income $ 11,493 $ 12,074
Interest expense 5,994 7,462
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Net interest income 5,499 4,612
Provision for loan losses 1,515 300
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Net interest income after loan loss provision 3,984 4,312
Other income 5,585 4,433
Other expense 8,091 7,197
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Income before taxes 1,478 1,548
Income tax expense 592 637
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Net income 886 911
Preferred dividends 112 112
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Net income available for common $ 774 $ 799
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Earnings per common and common equivalent share:
Primary:
Net income $.29 $.30
Weighted average shares 2,706,000 2,667,000
Fully diluted:
Net income $.27 $.29
Weighted average shares 3,244,000 3,166,000
Selected Ratios
Return on Average Common Equity 11.79 % 14.13 %
Return on Average Total Equity 11.07 % 12.84 %
Return on Average Assets .65 % .58 %
Selected Balance Sheet Data
(In Thousands)
March 31 March 31
1996 1995
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<S> <C> <C>
Total Loans, including Mortgage Loans Held for Sale $ 446,610 $ 486,354
Allowance for Loan Loss 6,380 6,003
Total Assets 560,843 577,445
Total Deposits 474,692 525,474
Equity Capital 32,104 28,932
Nonperforming Assets 9,498 8,720
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