Heritage Oaks Bancorp (HEOP) Misses Q1 EPS by 7c; Termination of the Bank's Consent Order California DFI
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Price: $13.35 --0%
Financial Fact:
Earnings on bank owned life insurance: 289K
Today's EPS Names:
SVBT, ZEO, OTLK, More
Financial Fact:
Earnings on bank owned life insurance: 289K
Today's EPS Names:
SVBT, ZEO, OTLK, More
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Heritage Oaks Bancorp (NASDAQ: HEOP) reported Q1 EPS of $0.05, $0.07 worse than the analyst estimate of $0.12.
Effective April 16, 2012, the FDIC and California Department of Financial Institutions ("DFI") terminated the Joint Consent Order ("Order") issued March 4, 2010. In connection with the termination of the Order, the Bank's Board of Directors executed a Memorandum of Understanding ("MOU") with the FDIC and DFI. Under the MOU, the Bank committed to continue to: maintain a minimum Tier 1 Leverage Ratio of 10%; obtain regulatory approval for any dividend payments from the Bank; obtain regulatory approval for the opening of new branch locations; and continue to make progress in improving credit quality and processes. The lifting of the Order reflects the progress the Bank has made in improving credit quality, strengthening capital, enhancing oversight and hiring qualified management as stated in the terms of the Order. "The removal of the Order is testament to the hard work of the entire Heritage Oaks Bank team in addressing the requirements of the Order. Our capital position has been strengthened, the Bank's profitability has improved, and we will continue to focus on improving credit quality and operating efficiency," said Simone Lagomarsino, CEO and President.
For earnings history and earnings-related data on Heritage Oaks Bancorp (HEOP) click here.
Effective April 16, 2012, the FDIC and California Department of Financial Institutions ("DFI") terminated the Joint Consent Order ("Order") issued March 4, 2010. In connection with the termination of the Order, the Bank's Board of Directors executed a Memorandum of Understanding ("MOU") with the FDIC and DFI. Under the MOU, the Bank committed to continue to: maintain a minimum Tier 1 Leverage Ratio of 10%; obtain regulatory approval for any dividend payments from the Bank; obtain regulatory approval for the opening of new branch locations; and continue to make progress in improving credit quality and processes. The lifting of the Order reflects the progress the Bank has made in improving credit quality, strengthening capital, enhancing oversight and hiring qualified management as stated in the terms of the Order. "The removal of the Order is testament to the hard work of the entire Heritage Oaks Bank team in addressing the requirements of the Order. Our capital position has been strengthened, the Bank's profitability has improved, and we will continue to focus on improving credit quality and operating efficiency," said Simone Lagomarsino, CEO and President.
For earnings history and earnings-related data on Heritage Oaks Bancorp (HEOP) click here.
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