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UNITED STATES
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 28, 1999
REDWOOD EMPIRE BANCORP
(Exact number of Registrant as specified in its charter)
California File No. 0-19231 68-0166366
(State or other jurisdiction of (Commission 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) 573-4800
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Item 5. Other Events
Press releases for the following (article attached):
Redwood Empire Bancorp reports first quarter 1999 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.
4/28/99
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
(415) 296-7383
For Immediate Release Mark Owen
(212) 850-5600
REDWOOD EMPIRE BANCORP REPORTS IMPROVED
FIRST QUARTER 1999 OPERATING RESULTS
SANTA ROSA, Calif. (April 28, 1999) -- Redwood Empire Bancorp (Nasdaq: REBC)
today reported financial results for the first quarter ended March 31, 1999.
First quarter income before an extraordinary item was $1,294,000, or $0.37
diluted per share. Net income after the extraordinary item, which relates to the
write-off of $276,000 of unamortized debt issuance costs, net of tax, amounted
to $1,018,000 or $0.29 per diluted share. This compares with net income of
$1,107,000, or $0.32 diluted per share, in the first quarter of 1998. On a
comparable basis, return on equity before the extraordinary item was 13.24% in
the first quarter, compared with 13.11% a year ago.
"We are very pleased with our financial performance this quarter," stated
Tom Whitaker, Chairman of Redwood Empire Bancorp. "These results show consistent
improvement over the year ago period, and illustrate that our efforts to enhance
revenue and increase operating efficiencies are paying off. In addition, during
the quarter we completed the redemption of our subordinated debt, which we view
as part of our ongoing commitment to improve shareholder value."
Consolidated net interest income increased $253,000 to $4,827,000 in the
first quarter of 1999, compared to $4,574,000 in the first quarter of 1998,
primarily due to an increase in net interest margin. Net interest margin for the
quarter was 5.00%, compared to 4.73% in 1998. Non interest income or fee income
increased by $59,000 to $3,386,000 compared to $3,327,000 in the same quarter
one year ago. Non interest expense for the first quarter of 1999 increased by
$160,000 to $5,809,000 when compared to the same quarter one year ago.
The loan loss provision totaled $300,000 for the first quarter versus
$510,000 in the same period last year. Net chargeoffs were $100,000 or .14% of
average portfolio loans. Nonperforming assets at March 31, 1999 amounted to
$9,720,000 or 2.24% of total assets, compared to nonperforming assets of
$8,911,000 or 2.11% of total assets at December 31, 1998. As of March 31, 1999,
non accrual loans amounted to $6,982,000, restructured loans totaled $1,045,000
and other real estate owned and other assets owned equaled $1,693,000.
Total assets were $433,638,000 at quarter-end. Common book value per share
was $11.70. The Company's Tier 1 capital to average assets ratio was 9.08% as of
March 31, 1999.
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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<TABLE>
REDWOOD EMPIRE BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Dollars in thousands except for earnings per share and share data)
<CAPTION>
Three Months Ended
March 31 March 31
1999 1998
---------------- ----------------
<S> <C> <C>
Interest income $7,743 $8,306
Interest expense 2,916 3,732
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Net interest income 4,827 4,574
Provision for loan losses 300 510
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Net interest income after loan loss provision 4,527 4,064
Other income 3,386 3,327
Other expense 5,810 5,649
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Income before taxes 2,103 1,742
Income tax expense 809 635
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Income before extraordinary item 1,294 1,107
Extraordinary item, net of tax 276 0
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Net income 1,018 1,107
Preferred dividends 0 112
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Net income available for common shareholders $1,018 $995
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Income per share before extraordinary item:
Basic $.38 $.36
Weighted average shares-Basic 3,372,000 2,793,000
Income per share before extraordinary item:
Diluted $.37 $.32
Weighted average shares-Diluted 3,469,000 3,445,000
Basic earnings per share:
Net income $.30 $.36
Weighted average shares 3,372,000 2,793,000
Diluted earnings per share:
Net income $.29 $.32
Weighted average shares 3,469,000 3,445,000
Selected Ratios
Return on Average Total Equity 13.24 % 13.11 %
Return on Average Assets 1.22 % 1.04 %
</TABLE>
<TABLE>
Selected Balance Sheet Data
(In Thousands)
<CAPTION> March 31 March 31
1999 1998
---------------- ----------------
<S> <C> <C>
Total Loans, including Mortgage Loans Held for Sale $311,551 $290,439
Allowance for Loan Loss 8,242 7,649
Total Assets 433,638 443,891
Total Deposits 373,954 385,013
Equity Capital 39,544 34,333
Nonperforming Assets 9,720 14,705
</TABLE>
