During the corresponding time, Heritage Oaks Bancorp recorded a revenue increase by 43.77 % year on year, sequentially revenue grew by 4.98 %. While revenue at the Heritage Oaks Bancorp's corporate clients
Heritage Oaks Bancorp's Comment on Sales, Marketing and Customers
The economy in the Company's primary market area (San Luis Obispo, Santa Barbara
and Ventura Counties) is based primarily on agriculture, hospitality, light industry,
oil and retail trade. Additionally, the local economy in San Luis Obispo County
and to a lesser degree Santa Barbara County is dependent on the level of employment
generated by state and local government agencies. Services supporting these industries
have also developed in the areas of medical, financial and educational services.
The populations of San Luis Obispo County, the City of Santa Maria (in Northern
Santa Barbara County), and the City of Santa Barbara totaled approximately 279,000,
103,000, and 91,000 respectively, according to the most recent data provided by
the U.S. Census Bureau.
The moderate climate allows a year round growing season in the local economy's
agricultural sector. Vineyards in production have grown significantly over the
past several years throughout the Company's service area. Additionally, fruit,
nut, and vegetable farming, as well as cattle ranching, represent major parts
of the agriculture industry in the Company's market area. Furthermore, access
to numerous recreational activities and destinations including beaches, mountains,
lakes, and wineries provide a relatively stable tourism industry from many areas
including the Los Angeles/Orange County basin, the San Francisco Bay area and
the San Joaquin Valley.
