8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) January 23, 2007

Heritage Oaks Bancorp 

(Exact Name of Registrant as Specified in Its Charter) 

California 

(State or Other Jurisdictionof Incorporation) 

000-05020	77-0388249
(Commission File Number)	(IRS Employer Identification No.)
545 12th Street, Paso Robles CA	93446
(Address of Principal Executive Offices)	(Zip Code)

(805) 239-5200 

(Registrant’s Telephone Number, Including Area Code) 

(Former Name or Former Address, if Changed Since Last Report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECTION 8 - OTHER EVENTS

Item 8.01 - Other Events.

On January 19, 2007, at its regular meeting of the Board of Directors of Heritage Oaks Bancorp, the Board declared an $0.08 per-share dividend for all shareholders of record on February 2, 2007, payable on February 16, 2007.

Please refer to the Press Release dated January 23, 2007 attached hereto and made part of.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01 - Financial Statements and Exhibits.

(d)Exhibits

Exhibit No.	Description
99	99.1 Press Release dated January 23, 2007.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 23, 2007

Heritage Oaks Bancorp
By:	/s/ Margaret Torres
Margaret Torres
Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated January 23, 2007.

EX-99.1

   

Exhibit 99.1

NEWS RELEASE

Contacts:	Lawrence P. Ward, CEO
	Margaret Torres, CFO
	805-239-5200

HERITAGE OAKS BANCORP DECLARES $.08 PER SHARE QUARTERLY CASH DIVIDEND

Paso Robles, CA - January 23, 2007 — Heritage Oaks Bancorp (Nasdaq: HEOP), parent company of Heritage Oaks Bank, today announced its Board of Directors has declared its $0.08 per share regular quarterly cash dividend. The cash dividend will be paid February 17, 2007, to shareholders of record February 3, 2007. This payment will be the company’s third regular quarterly cash dividend to shareholders.

“We continue to build the Heritage Oaks franchise through excellent customer service, product offerings and de novo branches. The significant growth and prosperity we are generating is a direct result of shareholders investments, customer loyalty, employee dedication and solid leadership from the management team. This dividend is one way to share this increased franchise value with our shareholders,” said Dr. B. R. Bryant, Chairman.

On January 22, 2007, Heritage Oaks Bancorp reported profits and exceptional loan growth for the fourth quarter and full year of 2006. Fourth quarter 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 a year ago. Net income for the year was $6.7 million, or $1.01 per diluted share, even with earnings in 2005.

Heritage Oaks Bancorp is the holding company for Heritage Oaks Bank. Heritage Oaks Bank has its headquarters plus one branch office 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.

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 the Company’s Securities and Exchange Commission filings.

When used in this release, the words or phrases such as "will likely result in", "management expects that", "will continue", "is anticipated", "estimate", "projected", or similar expressions, are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. This statement is included for the express purpose of protecting Heritage Oaks Bancorp within PSLRA's safe harbor provisions.

NOTE: Transmitted on Primezone on January 23, 2007, at 3:30 a.m. PST.