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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: January 28, 1998
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 releases for the following (article attached):
Redwood Empire Bancorp declares quarterly dividend on preferred stock.
Redwood Empire Bancorp announces fourth quarter and full year 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.
Date: 1/28/98 REDWOOD EMPIRE BANCORP
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(Registrant)
/s/ James E. Beckwith
By:
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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, Micah Epps
(415) 296-7383
FOR IMMEDIATE RELEASE Sandra Badurina, Deborah Szajngarten
(212) 850-5600
REDWOOD EMPIRE BANCORP DECLARES QUARTERLY
DIVIDEND ON PREFERRED STOCK
SANTA ROSA, Calif. (January 22, 1998) -- Redwood Empire Bancorp (AMEX: REB)
today announced that its Board of Directors has declared a quarterly dividend of
19.5 cents per share on the Company's 7.8% Noncumulative Convertible Perpetual
Preferred Stock. The dividend is payable on February 13, 1998 to shareholders
of record on January 30, 1998.
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 California locations.
# # #
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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, Micah Epps
(415) 296-7383
FOR IMMEDIATE RELEASE Deborah Szajngarten
(212) 850-5600
REDWOOD EMPIRE BANCORP REPORTS FOURTH QUARTER
AND FULL YEAR 1997 FINANCIAL RESULTS
SANTA ROSA, Calif. (January 23, 1998) -- Redwood Empire Bancorp (AMEX: REB)
today announced financial results for the fourth quarter and full year ended
December 31, 1997.
Net income for the fourth quarter was $1,052,000, or $0.31 diluted per
share. This compares with a consolidated net loss of $1,606,000, or loss per
share of ($0.63), for the fourth quarter a year ago and to net income of
$925,000, or $0.27 diluted per share in the third quarter of 1997. Return on
equity was 12.84% in the fourth quarter, compared with a negative return a year
ago and 11.67% for the third quarter of 1997.
"We had another strong quarter," noted Tom Whitaker, Chairman of Redwood
Empire Bancorp. "Net income continued to improve and our performance for the
fourth quarter and the momentum over the past three quarters reflect our ongoing
strategy to build a solid base business and improve asset quality, which we
believe are catalysts for further earnings growth in coming quarters. We enter
1998 with renewed enthusiasm. In our annual planning process, the Company's
strategic business units were evaluated for growth, return and resource
allocation. We believe our current SBU's are well positioned in the markets
they serve. Our SBU managers have taken on the responsibility of achieving the
Company's 1998 objectives of improved asset quality, revenue enhancement, and
increased efficiencies."
(-more-)
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For the full year 1997, net income was $3,441,000, or $1.02 diluted per
share. In 1996, the Company recorded a net loss of $1,486,000, or ($0.71) per
share. Consolidated net interest income was $20,519,000 in 1997, compared to
$23,141,000 in 1996. The loan loss provision for the year totaled $2,100,000,
versus $6,262,000 last year. 1997 net chargeoffs were $1,495,000, or 0.46% of
average portfolio loans. Non-performing assets were $16,621,000, or 3.71% of
total assets at December 31, 1997.
As of December 31, 1997, non accrual loans amounted $8,618,000,
restructured loans totaled $1,109,000 and other real estate owned and other
assets owned equaled $6,894,000. From December 31, 1996, non accrual loans
declined $1,164,000, restructured loans increased by $510,000 and other real
estate owned increased $4,094,000 in 1997.
Total assets were $447.8 million at year-end. Common book value per share
was $9.91. The Company's Tier 1 capital to average assets ratio was 7.19% as of
December 31, 1997.
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.
Actual results may 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 TWELVE MONTHS ENDED
DECEMBER 31 DECEMBER 31 DECEMBER 31 DECEMBER 31
1997 1996 1997 1996
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<S> <C> <C> <C> <C>
Interest income 8,881 $10,989 $37,306 $45,784
Interest expense 3,921 5,327 16,787 22,643
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Net interest income 4,960 5,662 20,519 23,141
Provision for loan losses 465 2,887 2,100 6,262
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Net interest income after loan loss provision 4,495 2,775 18,419 16,879
Other income 2,707 5,645 10,143 19,570
Other expense 5,548 11,107 22,855 38,946
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Income before taxes 1,654 (2,687) 5,707 (2,497)
Income tax expense 602 (1,081) 2,266 (1,011)
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NET INCOME 1,052 (1,606) 3,441 (1,486)
Preferred dividends 112 113 448 449
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Net income available for common $940 ($1,719) $2,993 ($1,935 )
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Basic earnings per share:
Net income $.32 ($.63) $1.08 ($.71)
Weighted average shares 2,785,000 2,747,000 2,776,000 2,721,000
Diluted:
Net income $.31 ($.63) $1.02 ($.71)
Weighted average shares 3,419,000 2,747,000 3,378,000 2,721,000
SELECTED RATIOS
Return on Average Common Equity 13.91 % (27.16%) 11.68 % (7.43%)
Return on Average Total Equity 12.84 % (20.69%) 10.97 % (4.67%)
Return on Average Assets .93 % (1.23%) .75 % (.28%)
SELECTED BALANCE SHEET DATA
(IN THOUSANDS)
December 31 December 31
1997 1996
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Total Loans, including Mortgage Loans Held for Sale $299,325 $376,901
Allowance for Loan Loss 7,645 7,040
Total Assets 447,794 499,466
Total Deposits 392,384 436,450
Equity Capital 33,355 29,732
Nonperforming Assets 16,621 13,181
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