The parent company of Heritage Oaks Bank, which has three locations in Santa Maria, reported a net loss of $5.8 million for the second quarter of 2010. The figure compares to a net income of $500,000 the company made in the second quarter of 2009.
Heritage Oaks Bancorp, headquartered in Paso Robles, had reported a net loss of $1.3 million for the first six months of 2010. The total loss of $7.2 million for the year compares to a net income of $1.6 million for the same period a year ago.
In a press release, company officials attributed the second quarter numbers to a $16.1 million provision for loan losses and $12.5 million of quarterly net charge-offs, as the company continued to work through problem loans.
For more information, visit heritageoaksbancorp.com.
This article appears in Aug 19-26, 2010.
