BWC Financial Corp. Announces 2006 Second Quarter & First Half 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. -- In the Selected Financial Data table of release dated July July: see month. 18, 2006, under Summary Income Statement, Financial ratios, the ratios of Net Interest Margin to Earnings Assets were stated incorrectly and should have excluded the results from 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) Mortgage Services - a discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: subsidiary. For the quarter ending 6/30/06, the ratio is 5.71% instead of 4.44%. For the quarter ending 6/30/05, the ratio is 5.45% instead of 5.52%. For year to date 6/30/06, the ratio is 5.74% instead of 5.82%. For year to date 6/30/05, the ratio is 5.50%, not 5.56%. The corrected release reads: BWC FINANCIAL CORP. ANNOUNCES 2006 SECOND QUARTER & FIRST HALF EARNINGS James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. L. Ryan Ryan may refer to: Places
The Corporation reported net income of $4,214,000 or $1.01 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 six months ended June 30, 2006, compared to income of $3,662,000 or $0.86 diluted earnings per share for the same period in 2005. Earnings for first half of 2006 represent 1.52% return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) and 15.96% 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 1.45% return on average assets (ROA) and 15.30% return on average equity for first half of 2005. For second quarter 2006, net income was $2,138,000 or $0.51 diluted earnings per share, compared to net income of $1,982,000 or $0.46 diluted earnings per share for the same period in 2005. Return on average assets for second quarter 2006 was 1.52% and return on average equity was 15.92% compared to second quarter 2005 return on average assets of 1.54% and return on average equity of 16.50%. The Corporation's second quarter earnings were adversely affected by expenses of approximately $350,000 related to merger activities. In conjunction with the proposed merger of Bank of Walnut Creek and First Republic Bank, BWC Financial Corp. sold its majority interest in BWC Mortgage to the minority partner, resulting in the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of this subsidiary. Total assets of the Corporation at June 30, 2006 were $569,966,000, compared to total assets of $551,688,000, at June 30, 2005. Founded in 1980, 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:
1 City (1990 pop. 33,828), seat of Vermilion co., E Ill., on the Vermilion River at the Ind. line; inc. 1839. It is a commercial and industrial center in a dairy, farm, and coal area. , Pleasanton Pleasanton, city (1990 pop. 50,553), Alameda co., W Calif., a suburb of the San Francisco–Oakland area, in a vineyard and dairy region; inc. 1894. Wine and cheese are produced, and there are publishing and stone-quarrying industries. , and Livermore Livermore, city (1990 pop. 56,741), Alameda co., W central Calif.; inc. 1876. Nursery stock is grown, and there is light manufacturing, but the major sources of employment are wineries and the Lawrence Livermore National Laboratory (see Lawrence Berkeley National , with a regional commercial banking office in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. . Additional details may be found in the Summary of Consolidated Financial Results for second quarter and first half of 2006:
Selected Financial Data - Summary:
The following table provides certain selected consolidated financial
data as of and for the three month and six-month periods ended June
30, 2006 and 2005.
Quarter Ended Year to Date
SUMMARY INCOME STATEMENT June 30, June 30,
---------- ----------
(Unaudited in thousands except share
data) 2006 2005 2006 2005
--------------------------------
Interest Income $10,551 $ 8,232 $20,258 $15,904
Interest Expense 2,912 1,722 5,332 3,092
--------------------------------
Net Interest Income 7,639 6,510 14,926 12,812
Non-interest Income 594 603 1,154 1,170
Non-interest Expense 4,819 4,117 9,402 8,300
Income from Continuing Operations
Before Income Taxes 3,414 2,996 6,678 5,682
Income Taxes 1,287 1,159 2,514 2,231
--------------------------------
Net Income from Continuing
Operations $ 2,127 $ 1,837 $ 4,164 $ 3,451
Income from Operations of Discontinued
Subsidiary, net of tax $ 11 $ 145 $ 50 $ 211
--------------------------------
Total Net Income $ 2,138 $ 1,982 $ 4,214 $ 3,662
================================
Quarter Ended Year to Date
SUMMARY INCOME STATEMENT June 30, June 30,
---------- ----------
(Unaudited in thousands
except share data) 2006 2005 2006 2005
--------------------------------------------
Per share:
Basic EPS - Continuing
Operations $ 0.51 $ 0.44 $ 1.01 $ 0.82
--------------------------------------------
Diluted EPS - Continuing
Operations $ 0.51 $ 0.43 $ 1.00 $ 0.81
--------------------------------------------
Basic EPS - Discontinued
Operations $ 0.00 $ 0.03 $ 0.01 $ 0.05
--------------------------------------------
Diluted EPS - Discontinued
Operations $ 0.00 $ 0.03 $ 0.01 $ 0.05
--------------------------------------------
Weighted Average Basic
shares 4,137,935 4,197,791 4,133,402 4,213,315
--------------------------------------------
Weighted Average Diluted
Shares 4,179,895 4,255,761 4,181,074 4,269,954
--------------------------------------------
Cash dividends $ 0.10 $ 0.08 $ 0.20 $ 0.16
--------------------------------------------
Book value at period-end $ 13.21 $ 11.25
--------------------------------------------
Ending shares 4,152,306 4,309,874
--------------------------------------------
Quarter Ended Year to Date
--------------------------------------------
June 30, June 30,
--------------------------------------------
Financial Ratios: 2006 2005 2006 2005
--------------------------------------------
Return on Average Assets 1.52% 1.54% 1.52% 1.45%
--------------------------------------------
Return on Average Equity 15.92% 16.50% 15.96% 15.30%
--------------------------------------------
Net Interest Margin to
Earning Assets(a) 5.71% 5.45% 5.74% 5.50%
--------------------------------------------
Net loan losses
(recoveries) to avg.
loans 0.01% 0.06% 0.02% 0.05%
--------------------------------------------
Efficiency Ratio (Bank
only) 54.21% 56.74% 55.90% 58.00%
--------------------------------------------
SUMMARY BALANCE SHEET
--------------------------------------------
(Unaudited in thousands) June 30, June 30,
--------------------------------------------
Assets: 2006 2005
--------------------------------------------
Cash and Equivalents $ 28,992 $ 57,878
--------------------------------------------
Investments 89,891 63,476
--------------------------------------------
Loans 442,634 392,403
--------------------------------------------
Allowance for Credit
Losses (7,428) (7,475)
--------------------------------------------
BWC Mortgage Services,
Loans Held-for-Sale - 30,027
--------------------------------------------
Other Assets 15,877 15,379
--------------------------------------------
Total Assets $ 569,966 $ 551,688
--------------------------------------------
Deposits: $ 422,038 $ 415,478
--------------------------------------------
Other Borrowings 90,705 84,105
--------------------------------------------
Other Liabilities 2,387 3,606
--------------------------------------------
Total Liabilities 515,130 503,189
--------------------------------------------
Equity 54,836 48,499
--------------------------------------------
Total Liabilities and
Equity $ 569,966 $ 551,688
--------------------------------------------
(a) Net Interest Margin Ratios exclude interest income/expense from
the Corporation's discontinued subsidiary, BWC Mortgage Services.
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 California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ; (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. |
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