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Heritage Oaks Bancorp Q1 Profit Rises

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Heritage Oaks Bancorp (HEOP: Quote), the parent company of Heritage Oaks Bank, reported first-quarter net income available to common shareholders of $1.2 million or $0.05 per share, up from $157,000 or $0.01 per share last year.

On average, 3 analysts polled by Thomson Reuters expected earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter rose to $10.75 million from $10.72 million a year ago. Net interest margin dropped one basis point to 4.72 percent from 4.73 percent last year. Non-interest income for the quarter rose to $2.5 million from $1.9 million a year ago. Provision for loan losses increased to $3.3 million from $2.0 million last year.

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by RTT Staff Writer

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