trending Market Intelligence /marketintelligence/en/news-insights/trending/ykm9nFxqJ2t2R3r9M8n2fw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Heritage Oaks Bancorp exits consumer mortgage biz

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory

Heritage Oaks Bancorp exits consumer mortgage biz

Heritage Oaks Bancorp has exited the consumer mortgage business, citing market conditions, rising interest rates and increasing housing prices.

The Paso Robles, Calif.-based company said in its Jan. 30 earnings release that it will stop certain business activities such as originating and selling consumer mortgage loans beginning Feb. 1, with all mortgage origination-related operations expected to terminate on or about April 30. Home equity lines of credit and home equity loans will continue to be offered and the company will still service existing consumer mortgage loans that are within its loan portfolio, as well as mortgage customers with loans that are in process of origination prior to Feb. 1.

The move does not involve the sale of existing mortgage assets.

In addition, the company is in the process of making a referral arrangement for Heritage Oaks Bank customers to continue to have access to consumer mortgage products through another bank, where Heritage expects many of its current consumer mortgage team members will join effective Feb. 1.

In addition, all contractual commitments to customers and investors that are in process prior to Feb. 1 will be honored, and the company expects the majority of existing loan applications in process prior to Feb. 1 to close within 90 days.

Heritage Oaks Bancorp reported fourth-quarter 2016 net income available to common shareholders of $4.6 million, or 13 cents per share, compared to $3.5 million or 10 cents per share for the same period a year ago, and $4.2 million or 12 cents per share for the third quarter of 2016. For the full year 2016, net income available to common shareholders was $16.9 million, or 49 cents per share, compared to $15.3 million, or 44 cents per share, for the full year 2015.