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Harbor National Bank Reports 2003 Results.
Business Editors
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Jan. 30, 2004
Harbor National Bank (OTCBB:HNTB), Orange County's premier business bank with offices in Dana Point, Newport Beach and Anaheim, today announced operating results for the year ended Dec. 31, 2003.
At Dec. 31, 2003, Harbor National reported total assets of $182.6 million, an increase of $63.8 million, or 53.7% from total assets of $118.8 million at the end of 2002. Deposits grew by 57.0%, to $166.2 million, while net loans increased by 42.6%, to $118.8 million. Net income for the year was $1.1 million or $0.43 per share on a diluted basis, compared to net income of $501,000 or $0.29 per share for 2002. The 121.8% increase in net income is primarily attributed to greater interest income as a result of continued loan growth.
On Dec. 1, 2003, First Community Bancorp (NASDAQ:FCBP) announced the signing of a definitive agreement and plan of merger to acquire all of the outstanding common stock and options of Harbor National Bank for $35.5 million in cash or, depending on the number of stock options outstanding at closing, approximately $13.28 per share after all outstanding stock options are cashed-out.
The merger is subject to customary conditions, including the approval of Harbor's shareholders and bank regulatory authorities, and is expected to close early in the second quarter of 2004. Immediately following the completion of the acquisition, it is anticipated that Harbor will be merged into Pacific Western National Bank, a wholly owned subsidiary of First Community.
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Source: HighBeam Research, Harbor National Bank Reports 2003 Results.