BWC Financial Corp. Announces 2005 Third Quarter & First Nine Months 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. -- 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 net income for the period ending September 30, 2005. Ryan reported net income of $5,991,000 or $1.41 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the nine months ended September 30, 2005, a 55% increase over income of $3,858,000 or $0.89 diluted earnings per share for the same period in 2004. Earnings for first nine months in 2005 represent 1.47% return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) and 16.51% return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ), compared to 1.05% return on average assets (ROA) and 11.20% return on average equity for first nine months 2004. For third quarter 2005, net income was $2,329,000 or $0.55 diluted earnings per share, compared to net income of $1,568,000 or $0.36 diluted earnings per share for the same period in 2004. Return on average assets for third quarter 2005 was 1.71% and return on average equity was 18.89% compared to third quarter 2004 return on average assets of 1.26% and return on average equity of 13.46%. Total assets of the Corporation at September 30, 2005 were $557,560,000, compared to total assets of $516,613,000, at September 30, 2004. Founded in 1980 and celebrating its 25th Anniversary Year in 2005, Bank of Walnut walnut, common name for some members of the Juglandaceae, a family of chiefly deciduous, resinous trees characterized by large and aromatic compound leaves. Species of the walnut family are indigenous mostly to the north temperate zone, but also range from Central Creek'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:
San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. . BWC Mortgage Services, with headquarters at 3130 Crow Canyon Place in San Ramon, has mortgage consultants in each of the Bank's branch offices and additional offices in Tahoe City, Reno, Concord Concord, cities, United States Concord (kŏng`kərd, kŏn`kôrd'). 1 city (1990 pop. 111,348), Contra Costa co., W central Calif.; settled c.1852, inc. 1906. , Manteca, Redding Redding, city (1990 pop. 66,462), seat of Shasta co., N central Calif., on the Sacramento River; inc. 1872. A principal tourist center for a mountain and lake region, it also has lumbering, food-processing, and diverse manufacturing. and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . Additional details may be found in the Summary of Consolidated Financial Results for third quarter and first nine months 2005:
Selected Financial Data - Summary:
The following table provides certain selected consolidated financial
data as of and for the three month and nine-month periods ended
September 30, 2005 and 2004.
Quarter Ended Year to Date
SUMMARY INCOME STATEMENT September 30, September 30,
---------------------------------
(Unaudited in thousands except share
data) 2005 2004 2005 2004
---------------------------------
Interest Income $ 9,754 $ 7,341 $26,427 $21,337
Interest Expense 2,376 1,191 5,745 3,680
---------------------------------
Net Interest Income 7,378 6,150 20,682 17,657
Provision for Credit Losses - 150 - 975
Non-interest Income 6,086 3,654 13,712 11,615
Non-interest Expense 9,189 6,896 23,756 21,308
Minority Interest 551 211 892 775
---------------------------------
EBIT 3,724 2,547 9,746 6,214
Income Taxes 1,395 979 3,755 2,356
---------------------------------
Net Income $ 2,329 $ 1,568 $ 5,991 $ 3,858
Selected Financial Data - Summary (cont):
(Share and share equivalents have been adjusted for the stock
dividend granted in December 2004)
Per share:
(Share and share
equivalents have been
adjusted for the stock Quarter Ended Year to Date
dividend granted in September 30, September 30,
December 2004) 2005 2004 2005 2004
--------------------------------------------
Basic EPS $ 0.56 $ 0.36 $ 1.43 $ 0.90
Diluted EPS $ 0.55 $ 0.36 $ 1.41 $ 0.89
Weighted Average Basic
shares 4,170,176 4,301,890 4,198,935 4,301,233
Weighted Average Diluted
Shares 4,231,206 4,333,146 4,257,038 4,337,384
Cash dividends $ 0.09 $ 0.06 $ 0.25 $ 0.18
Book value at period end $ 11.94 $ 11.00
Ending shares (adjusted
for stock dividend in
December 2004) 4,147,199 4,293,374
Financial Ratios:
Return on Average Assets 1.71% 1.26% 1.47% 1.05%
Return on Average Equity 18.89% 13.46% 16.51% 11.20%
Net Interest Margin to
Earning Assets 5.38% 5.26% 5.35% 5.08%
Net loan losses
(recoveries) to avg.
loans 0.00% -0.01% -0.05% -0.05%
Efficiency Ratio (Bank
only) 56.52% 61.30% 57.49% 64.49%
Summary Balance Sheet:
(Unaudited; In thousands) September 30,
Assets: 2005 2004
--------------------
Cash and Equivalents $ 53,171 $ 17,086
Investments 81,185 84,887
Loans 393,073 379,363
Allowance for Credit Losses (7,486) (7,827)
BWC Mortgage Services, Loans Held-for-Sale 21,440 28,424
Other Assets 16,177 14,680
--------------------
Total Assets $557,560 $516,613
Liabilities:
Deposits $431,048 $393,376
Other Borrowings 70,737 72,463
Other Liabilities 6,238 3,539
--------------------
Total Liabilities 508,023 469,378
Equity 49,537 47,235
--------------------
Total Liabilities and Equity $557,560 $516,613
This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to the financial condition, results of operation and business of BWC Financial Corp. (BWC). These include statements that relate to or are dependent on estimates or assumptions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the prospects of continued loan and deposit growth, improved credit quality, the operating characteristics of the Company's income tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. programs and the economic conditions within its markets. These forward-looking statements involve certain risks and uncertainties, many of which are beyond the Company's control. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) increased competitive pressure among financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies; (2) changes in the interest rate environment reducing interest margins or increasing interest rate risk; (3) deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in general economic conditions, internationally, nationally or in the State of California; (4) the occurrence of future terrorist acts or impact of military actions;and (5) legislative or regulatory changes adversely affecting the business in which BWC engages. Forward-looking statements speak only as of the date they are made, and BWC does not undertake to update forward-looking statements to reflect circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or events that occur after the date the forward-looking statements are made. 10/13/05 Nasdaq: BWCF http://www.bowc.com |
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