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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, 1997
REDWOOD EMPIRE BANCORP
(Exact number of Registrant as specified in its charter)
California File No. 0-19231 68-0166366
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(State or other jurisdiction of (Commission File Number) (IRS Employer)
Incorporated or organization) Identification No.)
111 Santa Rosa Avenue, Santa Rosa, California 95404-4905
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(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 (article attached):
Redwood Empire Bancorp declares quarterly dividend on preferred stock.
Redwood Empire Bancorp reports first quarter 1997 financial results.
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.
4-30-97
Date: -------------- REDWOOD EMPIRE BANCORP
(Registrant)
/s/ James E. Beckwith
By: ---------------------
James E. Beckwith
Executive Vice President and
Chief Financial Officer
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FOR: REDWOOD EMPIRE BANCORP
APPROVED BY: James Beckwith
Chief Financial Officer
(707) 522-5215
CONTACT: Morgen-Walke Associates, Inc.
John Swenson, David Gennarelli, Doug Sherk
(415) 296-7383
FOR IMMEDIATE RELEASE David Sasso, Joshua Passman
(212) 850-5600
REDWOOD EMPIRE BANCORP DECLARES QUARTERLY
DIVIDEND ON PREFERRED STOCK
SANTA ROSA, Calif. (April 21, 1997) -- Redwood Empire Bancorp (AMEX: REB) today
announced that the Board of Directors declared a quarterly dividend on the
Company's 7.8% Noncumulative Convertible Perpetual Preferred Stock of 19.5 cents
per share. The dividend is payable on May 15, 1997 to shareholders of record on
April 30, 1997.
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 institution. 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) 522-5215
CONTACT: Morgen-Walke Associates, Inc.
John Swenson, David Gennarelli, Doug Sherk
(415) 296-7383
FOR IMMEDIATE RELEASE David Sasso, Joshua Passman
(212) 850-5600
REDWOOD EMPIRE BANCORP REPORTS FIRST
QUARTER 1997 FINANCIAL RESULTS
SANTA ROSA, Calif. (April 23, 1997) -- Redwood Empire Bancorp (AMEX: REB) today
reported financial results for the first quarter ended March 31, 1997.
Net income for the first quarter was $580,000, or $0.16 per share on a
fully-diluted basis. This compares with net income of $886,000, or $0.27 per
share, in the first quarter of 1996 and a net loss of $1,606,000, or $0.63 per
share, in the fourth quarter of 1996.
"With last quarter's restructuring behind us, we are working diligently to
improve our operating results," stated Tom Whitaker, Chairman of Redwood Empire
Bancorp.
Consolidated net interest income decreased 7.5% in the first quarter of
1997, compared to the same period in 1996. The decrease is largely due to
decreased loan volume, primarily A paper mortgage loans held for sale. The net
interest margin increased 37 basis points to 4.69% in the recent first quarter,
compared to 4.32% in the first quarter of 1996.
The loan loss provision totaled $585,000 for the recent first quarter
versus $1,515,000 in the same period last year. Net chargeoffs were $540,000,
or .64% of average portfolio loans. Nonperforming assets at March 31, 1997
amounted to $15,570,000 or 3.38% of total assets, as compared to non-performing
assets of 2.64% as of December 31, 1996.
The increase in our non-performing assets of $2,389,000 is due primarily
from mortgage loan repurchases from investors, an increase in restructured loans
and other real estate owned. First quarter repurchases amounted to $588,000,
while loans restructured occurring in the first quarter amounted to $1,067,000.
Other assets and other real estate owned increased $733,000 in the first quarter
of 1997.
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Due to the effect of the downsizing for the Company's wholesale A paper
mortgage banking operations and the fourth quarter for 1996 restructuring, non
interest expense of $6,513,000 declined 19.5% from the same quarter one year ago
and 41.3% from the fourth quarter of 1996. Non interest income of $3,009,000
also declined 46.7% from the same quarter one year ago and 46.6% from the fourth
quarter of 1996. Non interest income of $5,645,000 in the fourth quarter of
1996 included $2,000,000 in net revenue related to a bulk sale of mortgage loan
servicing.
Total assets were $461 million at quarter-end. Common book value per share
was $8.80. Tier 1 capital to risk-based assets was approximately 8.41% and
total capital to risk-based assets was approximately 13.15% at March 31, 1997.
In an unrelated matter, Leslie Dawson, 45, will join the National Bank of
the Redwoods as President of Allied Diversified Credit, the Bank's sub-prime
mortgage lending unit. Dawson replaces Steve Bowman, 35, who resigned to pursue
other interests.
Redwood Empire Bancorp is the holding company for National Bank of the
Redwoods, a commercial bank. The Company operates through branches and loan
production offices in various northern California locations.
The statements contained in this release which are not historical facts are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth in or
implied by forward-looking statements. These risks are described in the
Company's Securities and Exchange Commission filings.
(Tables to follow)
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REDWOOD EMPIRE BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(DOLLARS IN THOUSANDS EXCEPT FOR EARNINGS PER SHARE AND SHARE DATA)
Three Months Ended
March 31 March 31
1997 1996
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Interest income $ 9,738 $ 11,493
Interest expense 4,649 5,994
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Net interest income 5,089 5,499
Provision for loan losses 585 1,515
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Net interest income after loan loss provision 4,504 3,984
Other income 3,009 5,585
Other expense 6,513 8,091
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Income before taxes 1,000 1,478
Income tax expense 420 592
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NET INCOME 580 886
Preferred dividends 112 112
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Net income available for common $ 468 $ 774
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Earnings per common and common equivalent share:
Primary:
Net income $.16 $.29
Weighted average shares 2,861,000 2,706,000
Fully diluted:
Net income $.16 $.27
Weighted average shares 2,861,000 3,244,000
SELECTED RATIOS
Return on Average Common Equity 7.71 % 11.79 %
Return on Average Total Equity 7.73 % 11.07 %
Return on Average Assets .49 % .65 %
SELECTED BALANCE SHEET DATA
(IN THOUSANDS)
March 31 March 31
1997 1996
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Total Loans, including Mortgage Loans Held for Sale $ 354,147 $ 446,610
Allowance for Loan Loss 7,085 6,380
Total Assets 460,990 560,843
Total Deposits 404,807 474,692
Equity Capital 30,119 32,104
Nonperforming Assets 15,570 9,564
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