BWC Financial Corp. Announces Fourth Quarter & Year End 2002 Earnings.Business Editors 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)--Jan. 29, 2003 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
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 Fourth Quarter and Year End 2002 earnings. Net income for the Corporation for the year ending December December: see month. 31, 2002 was $4,588,000 or $1.27 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 net income of $5,464,000 or $1.45 diluted earnings per share at Year End 2001. Earnings for the Year 2002 represent a return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) of 1.13% and a 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 11.59%, compared to an ROA of 1.45% and an ROE of 14.97% for the Year 2001. Fourth Quarter 2002 income was $1,342,000 or $0.37 diluted earnings per share compared to Fourth Quarter 2001 income of $1,394,000 or $0.37 diluted earnings per share. Earnings for Fourth Quarter 2002 represent a return on average assets (ROA) of 1.31% and a return on average equity (ROE) of 13.03%, compared to a 1.37 % ROA and a 14.64% ROE for Fourth Quarter 2001. Total assets of the Corporation at December 31, 2002 were $409,466,000, compared to total assets of $395,057,000 at Year End 2001. Additional details may be found in the Summary of Consolidated Financial Results for Year End and Fourth Quarter 2002:
BWC Financial Corp.
Consolidated Financial Results
In thousands except share and per share amounts
Quarter Ended Year to Date
SUMMARY INCOME STATEMENT December 31, December 31,
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2002 2001 2002 2001
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Interest Income $6,295 $7,191 $25,416 $30,879
Interest Expense 1,110 1,610 5,003 8,591
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Net Interest Income 5,185 5,581 20,413 22,288
Provision for Credit Losses 300 450 1,200 1,600
Non-interest Income 3,980 2,788 11,692 9,054
Non-interest Expenses 6,443 5,481 22,745 20,386
Minority Interest 335 240 970 695
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EBIT 2,087 2,198 7,190 8,661
Income Taxes 745 804 2,602 3,197
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Net Income $1,342 $1,394 $4,588 $5,464
Basic EPS $0.38 $0.41 $1.33 $1.59
Diluted EPS $0.37 $0.37 $1.27 $1.45
Quarter Ended Year to Date
December 31, December 31,
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SELECTED PERFORMANCE RATIOS 2002 2001 2002 2001
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Return on Average Assets 1.31% 1.37% 1.13% 1.45%
Return on Average Equity 13.03% 14.64% 11.59% 14.97%
Net Interest Margin to Earning Assets 5.38% 5.87% 5.43% 6.36%
Common Stock Book Value
Efficiency Ratio (Bank only) 65.28% 60.51% 66.37% 60.08%
SUMMARY BALANCE SHEET
In thousands
December 31, December 31,
Assets: 2002 2001
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Cash and Equivalents $23,029 $21,049
Investments 71,105 86,709
Loans 309,560 281,467
Allowance for Credit Losses -5,977 -5,403
Other Assets 11,749 11,235
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Total Assets $409,466 $395,057
Deposits $340,953 $340,469
Other Borrowings 23,622 12,955
Other Liabilities 2,892 3,381
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Total Liabilities $367,467 $356,805
Equity 41,999 38,252
Total Liabilities and Equity $409,466 $395,057
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, and Livermore, with Regional Business Centers in Fremont and 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. . BWC Mortgage Services, with headquarters in San Ramon, has mortgage consultants in each of the Bank's branch offices. |
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