BWC Financial Corp. Announces First Quarter 2006 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. -- Headline of release dated April 26, 2006 should read: 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. Announces First Quarter 2006 Earnings (sted ...First Quarter 2005 Earnings). In the SUMMARY BALANCE SHEET, Deposits should read: $431,292 (sted $431,666) and Other Liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. should read: $4,955 (sted $4,581). The corrected release reads: BWC FINANCIAL CORP. ANNOUNCES FIRST QUARTER 2006 EARNINGS James L. Ryan, Chief Executive Officer and Chairman of the Board of BWC Financial Corp. (Nasdaq:BWCF BWCF Battered Women's Clemency Fund ) and its subsidiaries Bank of Walnut Creek and BWC Mortgage Services, announced First Quarter 2006 income of $2,076,000 or $0.50 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 , compared to First Quarter 2005 income of $1,680,000 or $0.39 diluted earnings per share. Earnings for First Quarter 2006 represent a return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) of 1.55% and 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. ) of 16.24%, compared to a 1.40% ROA and 14.33% ROE for the same period last year. Total assets of the Corporation at March 31, 2006 were $564,239,000 compared to total assets of $521,715,000 at the end of the First Quarter 2005. Additional details may be found in the Summary of Consolidated Financial Results for First Quarter 2006:
Selected Financial Data -- Summary:
The following table provides certain selected consolidated financial
data as of and for the three month periods ended March 31, 2006 and
2005.
Quarter Ended
SUMMARY INCOME STATEMENT March 31,
(Unaudited in thousands except share data) 2006 2005
-----------------------
Interest Income (not taxable equivalent) $ 9,995 $ 8,020
Interest Expense 2,498 1,512
-----------------------
Net Interest Income 7,497 6,508
Allowance for Credit Losses - -
-----------------------
Net Interest Income after allowance for credit
losses 7,497 6,508
Non-interest Income 4,135 3,402
Non-interest Expenses 8,242 7,015
Minority Interest 63 104
-----------------------
Income before income taxes 3,327 2,791
Provision for income taxes 1,251 1,111
-----------------------
Net Income $ 2,076 $ 1,680
Per share:
Net Income -- basic $ 0.50 $ 0.40
Net Income -- diluted $ 0.50 $ 0.39
Weighted avg. shares used in Basic E.P.S.
calculation 4,128,868 4,228,838
Weighted avg. shares used in Diluted E.P.S.
calculation 4,182,253 4,284,146
Cash dividends $ 0.10 $ 0.08
Book value at periodend $ 12.76 $ 11.41
Ending Shares 4,129,029 4,224,705
Financial Ratios: 2006 2005
-----------------------
Return on Average Assets 1.55% 1.40%
Return on Average Equity 16.24% 14.33%
Net Interest Margin (taxable equivalent yield) 5.89% 5.59%
Net loan losses (recoveries) to avg. loans 0.00 (0.00)
Efficiency Ratio (Bank only) 57.70% 59.29%
SUMMARY BALANCE SHEET
In thousands
Assets: 2006 2005
-----------------------
Cash and Equivalents $ 23,238 $ 52,268
Investments 102,446 66,250
Loans 424,391 385,377
Allowance for Credit Losses (7,511) (7,694)
BWC Mortgage Services
Loans Held-for-Sale 5,473 10,899
Other Assets 16,202 14,615
-----------------------
Total Assets $ 564,239 $ 521,715
Deposits $ 431,292 $ 408,926
REPO Sweeps $ 6,309 $ -
FHLB Borrowings 63,710 49,778
BWC Mortgage Services Borrowings 5,303 10,695
Other Liabilities 4,955 4,114
-----------------------
Total Liabilities 511,569 473,513
Equity 52,670 48,202
-----------------------
Total Liabilities and Equity $ 564,239 $ 521,715
Founded in 1980, Bank of Walnut 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. . NASDAQ: BWCF www.bowc.com 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 Bank A. 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 Bank A engages. Forward-looking statements speak only as of the date they are made, and Bank A does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. |
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