BWC Financial Corp. Announces Fourth Quarter & Year End 2004 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 Fourth Quarter and Year End 2004 earnings. Net income for the Corporation for the year ending December 31, 2004 was $5,713,000 or $1.32 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 $4,799,000 or $1.11 diluted earnings per share at Year End 2003. Earnings for the Year 2004 represent a return on average assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) of 1.15% 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 12.39%, compared to an ROA of 1.09% and an ROE of 11.14% for the Year 2003. Fourth Quarter 2004 income was $1,855,000 or $0.43 diluted earnings per share compared to Fourth Quarter 2003 income of $1,183,000 or $0.27 diluted earnings per share. Earnings for Fourth Quarter 2004 represent a return on average assets (ROA) of 1.44% and a return on average equity (ROE) of 15.82% compared to a 1.03% ROA and a 10.69% ROE for Fourth Quarter 2003. Total assets of the Corporation at December 31, 2004 were $501,358,000, compared to total assets of $457,156,000 at Year End 2003. 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 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. , Tahoe City, Reno 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 Year End and Fourth Quarter 2004. Selected Financial Data-Summary: The following table provides certain selected consolidated financial data as of and for the three month and twelve-month periods ended December 31, 2004 and 2003.
Quarter Ended Year to Date
SUMMARY INCOME STATEMENT December 31, December 31,
---------------------------------
(Unaudited in thousands except share
data) 2004 2003 2004 2003
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Interest Income $8,204 $6,657 $29,541 $26,312
Interest Expense 1,600 971 5,280 4,252
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Net Interest Income 6,604 5,686 24,261 22,060
Provision for Credit Losses 0 450 975 1,500
Non-interest Income 3,713 3,649 15,327 17,377
Non-interest Expenses 7,135 6,968 28,443 29,128
Minority Interest 239 112 1,013 1,172
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EBIT 2,943 1,805 9,157 7,637
Income Taxes 1,088 622 3,444 2,838
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Net Income $1,855 $1,183 $5,713 $4,799
Quarter Ended Year to Date
December 31, December 31,
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SELECTED PERFORMANCE RATIOS 2004 2003 2004 2003
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Return on Average Assets 1.44% 1.03% 1.15% 1.09%
Return on Average Equity 15.82% 10.69% 12.39% 11.14%
Net Interest Margin to Earning Assets 5.42% 5.24% 5.16% 5.30%
Net loan losses (recoveries) to avg.
loans 0.04% (0.02%) 0.00% 0.24%
Efficiency Ratio (Bank only) 58.10% 65.25% 62.80% 66.30%
SUMMARY BALANCE SHEET
December December
In thousands 31, 31,
Assets: 2004 2003
--------- ---------
Cash and Equivalents $18,988 $21,500
Investments 80,066 86,655
Loans 380,682 337,119
Allowance for Credit Losses -7,670 -6,692
BWC Mortgage Services, Loans Held-
for-Sale 14,729 5,142
Other Assets 14,563 13,432
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Total Assets $501,358 $457,156
Deposits $392,939 $370,165
Other Borrowings 57,824 38,423
Other Liabilities 3,314 3,745
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Total Liabilities $454,077 $412,333
Equity 47,281 44,823
Total Liabilities and Equity $501,358 $457,156
Nasdaq: BWCF http://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 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. 1/24/05 |
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