Paso Robles-based Heritage Oaks Bank surpassed analyst estimates on both earnings per share and revenue in its second quarter earnings.
The bank reported net income of $4.2 million, or 12 cents per diluted share, for the second quarter of 2016 compared to $3.7 million, or 11 cents per share, in the second quarter of 2015. It beat estimates by a cent. Heritage Oaks reported revenue of $18.88 million, up 7.8 percent on the year, surpassing projections by $260,000.
Gross loans increased by $142.6 million, or 12 percent, to $1.33 billion for the second quarter compared to $1.19 billion last year.
“Loan growth remained strong during the second quarter, and our asset mix continued to improve. This helped us to maintain our net interest margin despite the continued decline in intermediate and long term interest rates. This quarter also marks the third consecutive quarter in which we have achieved quarterly loan growth of over three percent,” President and CEO Simone Lagomarsino said in a press release.
Total deposits increased by $95.5 million, or 6.3 percent, to $1.61 billion for the second quarter compared to $1.51 billion a year earlier.
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