BWC Announces Record First Quarter Earnings.WALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif.--(BUSINESS WIRE)--April 19, 1999-- James L. Ryan, Chief Executive Officer and Chairman of the Board of BWC BWC Biological Weapons Convention BWC Bureau of Workers Compensation BWC Best Workplaces for Commuters (EPA/DOT program promoting commuting efficiency) BWC Beauty Without Cruelty (skin care product company) Financial Corp. (Nasdaq: BWCF BWCF Battered Women's Clemency Fund ) and its subsidiaries Bank of Walnut Creek and BWC Mortgage Services, announced record net income for the period ending March 31, 1999. First Quarter 1999 income of $1,120,000 or $0.38 per diluted share increased 16% over First Quarter 1998 income of $966,000 or $0.33 per diluted share. Earnings for First Quarter 1999 represent a return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) of 1.69% and return on average equity (ROE) of 18.09%, compared to 1.72% ROA and 19.37% ROE for First Quarter 1998. Total assets of the Corporation at March 31, 1999 were $274,262,000, 19% higher than First Quarter 1998 assets of $230,125,000. Loan volume increased significantly during First Quarter 1999 to $189,195,000, 15% greater than total loans of $163,841,000 for the same period last year. Deposit totals on March 31, 1999 were at $243,799,000, an 18% increase over deposits for First Quarter 1998. Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $25,558,000 at March 31, 1999, a 25% increase over the same period last year when Shareholders' Equity was at $20,445,000. Commenting on the results for First Quarter 1999, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ryan said, "Both Bank of Walnut Creek and BWC Mortgage Services continue their growth, reflecting the strength of business, construction and real estate in our area. Clients appreciate the quality financial products and genuine personal service we can deliver as an independent community bank." Bank of Walnut Creek, now in its nineteenth year of business, has been cited as "The East Bay's Most Business Friendly Bank." The Bank's headquarters and main office are at 1400 Civic Drive, Walnut Creek. Additional branch offices are in Orinda, San Ramon San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
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