EX-99.1 3 v063076_ex99-1.htm
 
BANNER  
HERITAGE OAKS BANCORP EARNS $1.6 MILLION IN FOURTH QUARTER,
WITH LOAN PORTFOLIO INCREASING 21%

Paso Robles, CA - January 22, 2007 — Heritage Oaks Bancorp (Nasdaq: HEOP), the parent company of Heritage Oaks Bank, today reported preliminary fourth quarter profits highlighting outstanding loan growth on a year over year basis. Net income for the year was $6.7 million, or $1.01 per diluted share, even with earnings in 2005. For the fourth quarter of 2006, net income was $1.6 million, or $0.25 per diluted share, compared to $1.8 million, or $0.27 per diluted share, in the fourth quarter of 2005.

“The past year was marked by tremendous loan growth for Heritage Oaks Bank,” said Lawrence P. Ward, President and CEO. “Throughout 2006, we invested significant time and resources putting the infrastructure in place to support a strategy of aggressive growth in future years. At a considerable up-front expense, we put a branding initiative in place providing the foundation for our growth strategy. We also worked with consultants to develop and enhance our branching strategy as well as our compensation programs. We believe these initiatives will cease being expense items early this year and will begin to contribute to future profitability, build our franchise value and enhance shareholder value.

“The California Central Coast economy continues to flourish, and demand for commercial loans remains strong,” continued Ward. “We have sustained our loan growth momentum while maintaining exceptional credit quality. We will continue to focus on our customers’ needs in order to expand our existing relationships while looking to add new, profitable customers. Not unlike most banks in 2006, we found deposit growth to be very challenging. However ,a number of bank mergers have left the Central Coast with few true community banks and we believe this presents an excellent opportunity for us in 2007.”

2006 Highlights:
 
·
Net income was $6.7 million, or $1.01 per diluted share.
 
·
Revenues increased 6% to $32.0 million.
·
Return on average equity was 14.10 % and return on average assets was 1.32%.
 
·
Net interest margin was 5.94%.
 
·
Net loans increased 21% to $439 million.
 
·
Asset quality remained strong, non-performing assets were just 0.01% of total assets.
 
·
Initiated regular quarterly cash dividends.

In 2006, Heritage Oaks’ board of directors initiated a regular quarterly cash dividend program and also paid a special cash dividend of $0.25 per share in May. The board also authorized a repurchase plan of up to 100,000 shares of common stock. “We have already repurchased 40,000 shares, and will continue to look for ways to manage our capital while benefiting shareholders,” Ward added.

Operating Results

Total revenues, consisting of net interest income before the provision for loan losses and non-interest income, increased 6% to $32.0 million in 2006 compared to $30.2 million a year ago. Fourth quarter revenues grew 4% to $8.3 million from $8.0 million in the same quarter of 2005. Net interest income increased 8% to $27.1 million in 2006 compared to $25.2 million in 2005. In the fourth quarter, net interest income increased 2% to $7.0 million, from $6.8 million a year ago. “Our healthy net interest income reflects the strong loan growth we have generated over the past year and continues to produce a very healthy net interest margin given the negative impact of the continued high costs associated with borrowed funds needed to support the loan growth,” said Ward. Interest and fees on loans increased 24% from the fourth quarter as well as for the 12 months last year while interest expense increased by 91% and 86% for that same 3 month and 12 month time frame.

Non-interest income increased 6% to $1.3 million in the fourth quarter of 2006, compared to $1.2 million in the fourth quarter of 2005. The Company received a recovery from a 2001 operational loss in the amount of approximately $200,000. This recovery is included in other non-interest income during the fourth quarter of 2006. For 2006, non-interest income was $5.0 million, unchanged from last year.
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HEOP 4Q06 results
January 22, 2007
Page 2

“In the fourth quarter, our net interest margin came under pressure as deposit costs, as well as costs associated with borrowing from the FHLB and the issuance of $8 million in additional Trust Preferred Securities, increased faster than loan yields,” said Ward. “We expect to see some continued pressure on the net interest margin in future quarters given the current interest rate and yield curve environment.” Net interest margin for the year was 5.94%, compared to 5.78% in 2005. Fourth quarter margin was 5.77%, compared to 6.06% in the fourth quarter a year ago.

Heritage Oaks’ non-interest expense increased in 2006 primarily as a result of increased expenses related to the branding project, consulting fees associated with revisions to the compensation programs, SOX 404 compliance implementation, a branch expansion study, the addition of an EVP / Human Resources and EVP Client Delivery, and the addition of a full service branch office within the bank’s existing footprint in Templeton, California. In addition, two long running legal issues were resolved during the fourth quarter of 2006, resulting in settlement and associated legal costs of approximately $100,000, which are included in other operating expense. Total non-interest expense increased 12% to $21.0 million from $18.8 million in 2005. In the fourth quarter, non-interest expenses were $5.5 million compared to $4.9 million in the fourth quarter a year ago. “We have invested significant resources in these new initiatives in 2006 and are already seeing improvements in our service delivery. 2006 was an unusual year with respect to our operating expenses, and we are expecting our expenses to return to more normal levels this year,” said Ward.

As a result of the increase in expenses, the efficiency ratio increased to 65.5% in 2006 compared to 62.0% in 2005. For the fourth quarter the efficiency ratio was 67.1% compared to 60.6% for the fourth quarter of 2005. The efficiency ratio measures operating expenses as a percent of revenues.

Heritage Oaks generated a return on average equity of 14.1% in 2006 and 13.6% in the fourth quarter, compared to 16.1% and 16.4% during the same periods of 2005. The decline was a result of higher capital balances and earnings even with those reported the prior year. Return on average assets was 1.32% in 2006 compared to 1.38% in 2005, and was 1.24% in the fourth quarter of 2006 from 1.47% in the fourth quarter a year ago.

Balance Sheet

Net loans increased 21% to $439 million at December 31, 2006, compared to $363 million a year earlier. “Loan production for the quarter was strong and the major components of the loan portfolio showed significant growth over the prior year’s balances,” said Ward. “Compared to a year ago, we increased commercial, financial and agricultural loans 42%, real estate construction and land loans 37% and other real estate loans 13%. In addition, our credit quality has remained exceptional.”

Total assets increased 11% to $542 million as of December 31, 2006, compared to $489 million a year earlier. Total deposits were $421 million, compared to $418 million at December 31, 2005. “Our focus and our biggest challenge in 2007 continues to be attracting low cost deposits to fund our loans. Our core deposit base remains very strong as we still have 36% of our deposits in non-interest bearing accounts and an additional 35% of deposits in savings, money market and NOW accounts. Not unlike most banks in 2006 we experienced disintermediation of low or no-cost deposits into higher yielding certificate of deposits. Still, over 71% of our deposits are no or low-cost, providing us with a very efficient funding source to support our loan growth,” said Ward.

Asset quality remains exceptional with non-performing assets at $55,000, or 0.01% of total assets at December 31, 2006. The allowance for loan losses was $4.1 million, or 0.92% of net loans held for investment at year-end compared to $3.9 million or 1.05% of net loans outstanding at the end of 2005. The bank recovered $100,000 from a previously charged off loan and took an additional $120,000 provision in the fourth quarter of 2006. Net charged off loans were $400,000 in 2006.

Book value per share was $7.76 at December 31, 2006, compared to $7.20 per share a year earlier. Tangible book per share was $6.81 at December 31, 2006, compared to $6.18 a year earlier. Shareholders’ equity increased 10% to $49.2 million compared to $44.8 million a year ago.

Heritage Oaks Bancorp is the holding company for Heritage Oaks Bank. Heritage Oaks Bank has its headquarters plus two branch offices in Paso Robles, two branch offices in San Luis Obispo, single branch offices in Cambria, Arroyo Grande, Atascadero, Templeton and Morro Bay and three branch offices in Santa Maria. Heritage conducts commercial banking business in San Luis Obispo County and Northern Santa Barbara County. Visit Heritage Oaks Bancorp on the Web at www.heritageoaksbancorp.com.

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HEOP 4Q06 results
January 22, 2007
Page 3

Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, increased profitability, continued growth, the Bank’s beliefs as to the adequacy of its existing and anticipated allowances for loan losses, beliefs and expectations regarding actions that may be taken by regulatory authorities having oversight of the Bank’s operations, interest rates and financial policies of the United States government, general economic conditions and California’s energy crisis. Additional information on these and other factors that could affect financial results are included in Heritage Oaks Bancorp’s Securities and Exchange Commission filings. If any of these risks or uncertainties materialize or if any of the assumptions underlying such forward-looking statements proves to be incorrect, Heritage Oaks Bancorp’s results could differ materially from those expressed in, implied or projected by such forward-looking statements. Heritage Oaks Bancorp assumes no obligation to update such forward-looking statements.

(tables follow)

 
 
 
HEOP 4Q06 results
January 22, 2007
Page 4

HERITAGE OAKS BANCORP
CONSOLIDATED BALANCE SHEETS
(in thousands )
                   
Assets
  
2006
  
2005
          
Cash and due from banks
  
$
19,164
  
$
18,279
  
$
885
    
5
%
Federal funds sold
    
3,870
   
26,280
   
(22,410
)
  
-85
%
Total Cash and Cash Equivalents
    
23,034
   
44,559
   
(21,525
)
  
-48
%
Interest-bearing deposits in other financial institutions
    
318
   
298
   
20
   
7
%
Investment securities, available-for-sale
    
38,445
   
44,402
   
(5,957
)
  
-13
%
Federal Home Loan Bank and Federal Reserve Bank Stock, at cost
    
2,350
   
1,885
   
465
   
25
%
Loans held for sale
    
1,764
   
3,392
   
(1,628
)
  
-48
%
Loans, net of deferred fees of $1,625 and $1,617 and allowance for
                          
loan loss of $4,081 and $3,881 at December 31, 2006
                          
and 2005, respectively
    
439,277
   
362,635
   
76,642
   
21
%
Property premises and equipment, net
    
14,581
   
11,905
   
2,676
   
22
%
Net deferred tax asset
    
2,414
   
2,358
   
56
   
2
%
Cash surrender value of life insurance
    
9,435
   
7,706
   
1,729
   
22
%
Goodwill
    
4,864
   
4,864
   
-
   
0
%
Intangible assets
    
1,148
   
1,448
   
(300
)
  
-21
%
Other assets
    
4,144
   
3,049
   
1,095
   
36
%
Total Assets
  
$
541,774
  
$
488,501
  
$
53,273
    
11
%
                           
Liabilities and Stockholders' Equity
                          
Deposits
                          
Demand non-interest bearing
  
$
153,005
  
$
164,014
  
$
(11,009
)
  
-7
%
Savings, NOW and money market deposits
    
146,110
   
170,106
   
(23,996
)
  
-14
%
Time deposits of $100 or more
    
30,630
   
17,414
   
13,216
   
76
%
Time deposits under $100
    
90,776
   
66,263
   
24,513
   
37
%
Total Deposits
    
420,521
   
417,797
   
2,724
   
1
%
FHLB advances and other borrowings
    
50,000
   
10,000
   
40,000
   
400
%
Securities sold under agreement to repurchase
    
1,364
   
3,847
   
(2,483
)
  
-65
%
Junior subordinated debentures
    
16,496
   
8,248
   
8,248
   
100
%
Other liabilities
    
4,144
   
3,764
   
380
   
10
%
Total Liabilities
    
492,525
   
443,656
   
48,869
   
11
%
                           
COMMITMENTS AND CONTINGENCIES (Notes #5 and #10)
    
-
   
-
             
                           
Stockholders' Equity
                          
Common stock, no par value; 20,000,000 shares authorized;
                          
6,345,639 and 6,231,982 shares issued and
                          
outstanding for 2006 and 2005, respectively
    
29,360
   
29,255
   
105
   
0
%
Retained earnings
   
19,809
   
15,748
   
4,061
   
26
%
Accumulated other comprehensive income
    
80
   
(158
)
  
238
   
-151
%
Total Stockholders' Equity
    
49,249
   
44,845
   
4,404
   
10
%
Total Liabilities and Stockholders' Equity
  
$
541,774
  
$
488,501
  
$
53,273
    
11
%
 
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HEOP 4Q06 results
January 22, 2007
Page 5

HERITAGE OAKS BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share date)
                                   
   
For the three months
 
For the year
                 
   
ended December 31,
  
ended December 31,
                  
   
2006
  
2005
  
2006
  
2005
  
Variance
  
Variance
  
   
(Unaudited)
  
(Unaudited)
  
(Unaudited)
  
(Unaudited)
  
3 months
  
12 months
  
Interest Income:
                  
$
  
%
  
$
  
%
  
                                   
Interest and fees on loans
 
$
9,423
  
$
7,605
  
$
33,897
  
$
27,399
  
$
1,818
    
24
%
$
6,498
    
24
%
Investment securities
   
426
   
515
   
1,785
   
2,101
   
(89
)
  
-17
%
  
(316
)
  
-15
%
Federal funds sold and commercial paper
    
35
   
227
   
539
   
667
   
(192
)
  
-85
%
  
(128
)
  
-19
%
Time certificates of deposit
    
48
   
2
   
151
   
9
   
46
   
2300
%
  
142
   
1597
%
Total interest income
    
9,932
   
8,349
   
36,372
   
30,175
   
1,583
   
19
%
  
6,197
   
21
%
                                                   
Interest Expense:
                                                  
                                                   
Now accounts
    
20
   
22
   
86
   
89
   
(2
)
  
-9
%
  
(3
)
  
-4
%
MMDA accounts
    
622
   
521
   
2,309
   
1,504
   
101
   
19
%
  
805
   
54
%
Savings accounts
    
24
   
31
   
102
   
102
   
(7
)
  
-22
%
  
-
   
0
%
Time deposits of $100 or more
    
199
   
137
   
626
   
413
   
62
   
45
%
  
213
   
52
%
Other time deposits
    
1,174
   
515
   
3,845
   
1,371
   
659
   
128
%
  
2,474
   
180
%
Other borrowed funds
    
942
   
336
   
2,348
   
1,537
   
606
   
180
%
  
811
   
53
%
Total interest expense
    
2,981
   
1,562
   
9,316
   
5,017
   
1,419
   
91
%
  
4,299
   
86
%
                                                   
Net Interest Income Before Prov. for Possible Loan Losses
    
6,951
   
6,787
   
27,056
   
25,158
   
164
   
2
%
  
1,898
   
8
%
Provision for loan losses
   
120
   
180
   
600
   
710
   
(60
)
  
-33
%
  
(110
)
  
-15
%
Net interest income after provision for loan losses
    
6,831
   
6,607
   
26,456
   
24,448
   
224
   
3
%
  
2,008
   
8
%
                                                   
Non-interest Income:
                                                  
Service charges on deposit accounts
    
581
   
605
   
2,427
   
2,430
   
(24
)
  
-4
%
  
(3
)
  
0
%
Gain of Sale of Securities
    
-
   
-
   
-
   
88
   
-
   
0
%
  
(88
)
  
-100
%
Other income
    
720
   
617
   
2,525
   
2,490
   
103
   
17
%
  
35
   
1
%
Total Non-interest Income
    
1,301
   
1,222
   
4,952
   
5,009
   
79
   
6
%
  
(57
)
  
-1
%
                                                   
Non-interest Expense:
                                                  
Salaries and employee benefits
    
3,039
   
2,558
   
11,573
   
9,746
   
481
   
19
%
  
1,828
   
19
%
Occupancy and equipment
    
706
   
638
   
2,607
   
2,491
   
68
   
11
%
  
116
   
5
%
Other expenses
    
1,794
   
1,661
   
6,775
   
6,481
   
133
   
8
%
  
294
   
5
%
Total Noninterest Expenses
    
5,539
   
4,857
   
20,955
   
18,717
   
682
   
14
%
  
2,238
   
12
%
Income before provision for income taxes
    
2,593
   
2,972
   
10,453
   
10,740
   
(379
)
  
-13
%
  
(287
)
  
-3
%
Provision for applicable income taxes
    
944
   
1,163
   
3,791
   
4,103
   
(219
)
  
-19
%
  
(312
)
  
-8
%
Net Income
  
$
1,649
  
$
1,809
  
$
6,662
  
$
6,637
  
$
(160
)
  
-9
%
$
25
    
0
%
                                                   
Earnings per share:
                                                  
Basic
  
$
0.26
  
$
0.29
  
$
1.05
  
$
1.08
  
$
(0.03
)
  
-11
%
$
(0.03
)
  
-3
%
Diluted
  
$
0.25
  
$
0.27
  
$
1.01
  
$
1.01
  
$
(0.02
)
  
-7
%
$
0.00
    
0
%
See notes to condensed financial statements
                                                  
Shares Outstanding:
                                                  
Basic
    
6,355,466
         
6,333,924
                               
Diluted
    
6,598,355
         
6,595,793
                               

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HEOP 4Q06 results
January 22, 2007
Page 6

ADDITIONAL FINANCIAL INFORMATION
                       
( Dollars in thousands )
  
  
  
Quarters Ended
  
 
  
Percent Change from
 
                        
   
 Date
  
Linked Q
  
Prior Yr Q
  
Linked Q
  
Prior Yr Q
  
   
 31-Dec-06
  
30-Sep-06
  
31-Dec-05
          
LOANS ( including loans held for sale ):
                       
Commercial, financial and agricultural
  
$
84,976
  
$
75,627
  
$
60,050
    
12
%
  
42
%
Real Estate- construction/land
    
105,713
   
101,665
   
76,981
   
4
%
  
37
%
Real Estate- other
    
237,401
   
229,070
   
210,690
   
4
%
  
13
%
Home equity lines of credit
    
10,792
   
11,777
   
14,398
   
-8
%
  
-25
%
Installment loans to individuals
    
5,597
   
5,660
   
5,620
   
-1
%
  
0
%
All other loans (including overdrafts)
   
504
   
867
   
394
   
-42
%
  
28
%
 Total loans outstanding
  
$
444,983
  
$
424,666
  
$
368,133
    
5
%
  
15
%

NON-PERFORMING ASSETS:
  
 Date
  
Linked Q
  
Prior Yr Q
  
Linked Q
  
Prior Yr Q
  
                        
Loans on non-accrual status
  
$
55
  
$
183
  
$
54
    
-70
%
  
239
%
Loans more than 90 days delinquent, still on accrual
    
-
   
- -
   
- -
   
0
%
  
0
%
Total non-performing loans
    
55
   
183
   
54
   
-70
%
  
239
%
Real estate owned ( REO ) / Repossessed assets
    
-
   
- -
   
- -
   
0
%
  
0
%
 Total non-performing assets
  
$
55
  
$
183
  
$
54
    
-70
%
  
239
%
Total non-performing assets / Total assets
    
0.01
%
  
0.03
%
  
0.01
%
  
-70
%
  
211
%

                
Percent Change from
  
CHANGE IN THE
  
 Date
  
Linked Q
  
Prior Yr Q
  
Linked Q
  
Prior Yr Q
  
ALLOWANCE FOR LOAN LOSSES:
  
 31-Dec-06
  
30-Sep-06
  
31-Dec-05
          
                        
Balance, beginning of period
 
$
3,881
  
$
3,881
  
$
3,247
  
$
0
%
  
20
%
Provision
    
600
   
480
   
710
   
25
%
  
-32
%
                                 
Recoveries of loans previously charged off
    
161
   
21
   
24
   
667
%
  
-13
%
Loans charged-off
    
(561
)
  
(519
)
  
(100
)
  
8
%
  
419
%
 Net ( charge-offs ) recoveries
    
(400
)
  
(498
)
  
(76
)
  
-20
%
  
555
%
                           
Balance, end of period
 
$
4,081
  
$
3,863
  
$
3,881
    
6
%
  
0
%
                                 
Net charge-offs / Average loans outstanding
    
0.10
%
  
0.12
%
  
0.02
%
        
Allowance for loan losses / Total loans outstanding
    
0.92
%
  
0.91
%
  
1.05
%
        

                
Percent Change from
  
   
 Date
  
Linked Q
  
Prior Yr Q
  
Linked Q
  
Prior Yr Q
  
DEPOSITS
  
 31-Dec-06
  
30-Sep-06
  
31-Dec-05
          
                        
Non-interest-bearing
  
$
153,005
  
$
157,180
  
$
164,014
    
-3
%
  
-7
%
Interest-bearing checking
    
45,164
   
46,100
   
50,598
   
-2
%
  
-11
%
Regular savings accounts
    
23,406
   
24,755
   
29,386
   
-5
%
  
-20
%
Money market accounts
    
77,540
   
81,178
   
90,122
   
-4
%
  
-14
%
Interest-bearing transaction & savings accounts
    
299,115
   
309,213
   
334,120
   
-3
%
  
-10
%
Time Deposits under $100,000
    
90,776
   
89,277
   
66,263
   
2
%
  
37
%
Time Deposits of $100,000 or more
    
30,630
   
31,782
   
17,414
   
-4
%
  
76
%
Interest-bearing certificates
    
121,406
   
121,059
   
83,677
   
0
%
  
45
%
 Total deposits
  
$
420,521
  
$
430,272
  
$
417,797
    
-2
%
  
1
%
                                 
Included in other borrowings
                                
                                 
FHLB Borrowing
  
$
50,000
  
$
40,000
  
$
10,000
    
25
%
  
400
%
Retail repurchase agreements / "Sweep accounts"
  
$
1,364
  
$
1,219
  
$
3,847
    
12
%
  
-65
%
                         
 
(more)

 
 
 
HEOP 4Q06 results
January 22, 2007
Page 7


ADDITIONAL FINANCIAL INFORMATION
( Dollars in thousands )
( Rates / Ratios Annualized )
   
 
  
Quarters Ended
  
 
  
Percent Change from
 
                       
OPERATING PERFORMANCE:
  
31-Dec-06
  
30-Sep-06
  
31-Dec-05
  
30-Sep-06
  
31-Dec-05
  
   
 
  
 
  
 
          
Average loans
  
$
437,623
  
$
409,897
  
$
376,095
    
7
%
  
16
%
Average securities and deposits w/other fin. Inst.
    
44,515
   
53,117
   
71,709
   
-16
%
  
-38
%
Average non-interest-earning assets
    
48,691
   
52,306
   
44,500
   
-7
%
  
9
%
Total average assets
  
$
530,829
  
$
515,320
  
$
492,304
    
3
%
  
8
%
                                 
Average deposits
  
$
416,663
  
$
421,916
  
$
418,619
    
-1
%
  
0
%
Average borrowings
    
60,638
   
41,095
   
25,336
   
48
%
  
139
%
Average non-interest-earning liabilities
    
5,186
   
4,646
   
4,210
   
12
%
  
23
%
Total average liabilities
    
482,487
   
467,657
   
448,165
   
3
%
  
8
%
                                 
Total average stockholders' equity
    
48,342
   
47,663
   
44,139
   
1
%
  
10
%
Total average liabilities and equity
  
$
530,829
  
$
515,320
  
$
492,304
    
3
%
  
8
%
                                 
Interest rate yield on loans
    
8.61
%
  
8.75
%
  
8.09
%
  
-2
%
  
6
%
Interest rate yield on securities and deposits w/ other fin inst
    
4.57
%
  
4.52
%
  
4.15
%
  
1
%
  
10
%
Interest rate yield on interest-earning assets
    
8.24
%
  
8.27
%
  
7.46
%
  
0
%
  
10
%
                           
Interest rate expense on deposits
    
1.96
%
  
1.82
%
  
1.17
%
  
8
%
  
67
%
Interest rate expense on borrowings
    
6.22
%
  
6.11
%
  
5.32
%
  
2
%
  
17
%
Interest rate expense on interest-bearing liabilities
    
3.56
%
  
3.24
%
  
2.30
%
  
10
%
  
55
%
                                 
Interest rate spread
    
4.68
%
  
5.03
%
  
5.16
%
  
-7
%
  
-9
%
                           
Net interest margin
    
5.77
%
  
6.07
%
  
6.06
%
  
-5
%
  
-5
%
                           
                                 
Other operating income / Average assets
    
0.98
%
  
0.95
%
  
0.99
%
  
3
%
  
-1
%
                                 
Other operating expense / Average assets
    
4.17
%
  
4.18
%
  
3.95
%
  
0
%
  
6
%
                                 
Efficiency ratio ( other operating expense / revenue )
    
67.12
%
  
65.31
%
  
60.64
%
  
3
%
  
11
%
                                 
Return on average assets
    
1.24
%
  
1.35
%
  
1.47
%
  
-8
%
  
-15
%
                                 
Return on average equity
    
13.64
%
  
14.54
%
  
16.39
%
  
-6
%
  
-17
%
                                 
Average equity / Average assets
    
9.11
%
  
9.25
%
  
8.97
%
  
-2
%
  
2
%
 

NOTE: Transmitted on Prime Zone on Monday, January 22, 2007 at 3:30 a.m. PST.