BWC Financial Corp. Announces Third Quarter & Year-to-Date 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)--Oct. 28, 2002 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. and its subsidiaries Bank of Walnut Creek and BWC Mortgage Services, announced third quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings. Net income for the Corporation for the nine months ending September 30, 2002 was $3,246,000 or $0.90 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 $4,070,000 or $1.07 diluted earnings per share for the same period in 2001. Earnings for the first nine months of 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 1.07% 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 11.09%, compared to an ROA of 1.48% and ROE of 15.06% for the same period last year. Third Quarter 2002 income was $1,104,000 or $0.31 diluted earnings per share compared to Third Quarter 2001 income of $1,473,000 or $0.39 diluted earnings per share. Earnings for Third Quarter 2002 represent a return on average assets (ROA) of 1.07% and return on average equity (ROE) of 11.02%, compared to 1.55% ROA and 18.32% ROE for Third Quarter 2001. Total assets of the Corporation at September 30, 2002 were $410,228,000, compared to assets of $406,658,000 for the same period in 2001. Additional details may be found in the Summary of Consolidated Financial Results for Third Quarter and Year to Date 2002:
BWC Financial Corp.
Consolidated Financial Results
In thousands except share and per share amounts
SUMMARY INCOME STATEMENT
Quarter Ended Year to Date
September 30, September 30,
2002 2001 2002 2001
Interest Income $ 6,249 $ 7,652 $ 19,120 $ 23,688
Interest Expense 1,242 2,098 3,892 6,981
--------- --------- --------- ---------
Net Interest Income 5,007 5,554 15,228 16,707
Provision for
Credit Losses 300 400 900 1,150
Non-interest Income 2,944 2,128 7,712 6,266
Non-interest Expenses 5,664 4,819 16,302 14,905
Minority Interest 274 153 635 455
--------- --------- --------- ---------
EBIT 1,713 2,310 5,103 6,463
Income Taxes 609 837 1,857 2,393
--------- --------- --------- ---------
Net Income $ 1,104 $ 1,473 $ 3,246 $ 4,070
Basic EPS $ 0.32 $ 0.43 $ 0.95 $ 1.18
Diluted EPS $ 0.31 $ 0.39 $ 0.90 $ 1.07
SELECTED PERFORMANCE RATIOS
Return on Average
Assets 1.07% 1.55% 1.07% 1.48%
Return on Average Equity 11.02% 18.32% 11.09% 15.06%
Net Interest Margin to
Earning Assets 5.21% 6.21% 5.44% 6.54%
Efficiency Ratio
(Bank only) 67.47% 57.17% 66.75% 59.95%
SUMMARY BALANCE SHEET
In thousands September 30,
Assets: 2002 2001
Cash and Equivalents $ 23,486 $ 57,843
Investments 99,587 68,384
Loans 281,489 273,835
Allowance for Credit Losses -5,910 -4,936
Other Assets 11,576 11,532
--------- ---------
Total Assets $410,228 $406,658
Deposits $346,395 $357,931
Other Borrowings 20,551 6,548
Other Liabilities 2,614 3,967
--------- ---------
Total Liabilities 369,560 368,446
Equity 40,668 38,212
--------- ---------
Total Liabilities and Equity $410,228 $406,658
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:
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. Nasdaq: BWCF BWCF Battered Women's Clemency Fund http://www.bowc.com |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion