Bank of Alameda Announces Second Quarter Results.Business Editors ALAMEDA Alameda (ăləmē`də, –mā`də), city (1990 pop. 76,459), Alameda co., W central Calif., on an island just off the eastern shore of San Francisco Bay; settled 1850, inc. as a city 1884. , Calif.--(BUSINESS WIRE)--July 20, 2001 Bank of Alameda (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :BALM.OB) today announced results for the second quarter of 2001. Net income for the three months ended June June: see month. 30, 2001 was $137,000, or $0.11 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $191,000, or $0.16 per diluted share, in the second quarter of 2000. Net income for the first six months of 2001 was $256,000, or $0.21 per diluted share, compared to $381,000, or $0.31 per diluted share, for the same period in 2000. At June 30, 2001, Bank of Alameda's total assets were $112.9 million, an increase of $15.0 million or 15% compared to June 30, 2000. Total loans were $68.9 million at June 30, 2001, an increase of $19.7 million or 40% compared to June 30, 2000. Total deposits were $103.8 million at June 30, 2001, an increase of $13.5 million or 15% compared to June 30, 2000. "Due to dramatic Federal Reserve Board rate cuts seen this year, the Bank's net interest margin has been reduced, which directly affects our earnings," stated Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and G. Andrews Noun 1. Andrews - United States naturalist who contributed to paleontology and geology (1884-1960) Roy Chapman Andrews , President and Chief Executive Officer of the Bank of Alameda. Other factors, including the Bank's expansion and increased provisions for possible loan losses, have also affected this year's profits. Andrews stated, "The Bank has grown its loan portfolio by over 40% between June 30, 2000 and June 30, 2001. Increasing the Bank's allowance for loan losses is a safe and prudent business decision." "We are excited about the growth of the Bank of Alameda since we opened our doors three years ago and take great pride in fulfilling the financial needs of our community," said Andrews. Bank of Alameda currently offers telephone and online banking service, which is available 24 hours a day, and has recently added lockbox Lockbox A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. services for our business clients' benefit and mortgage lending for individual client needs. The Bank of Alameda is the only locally owned, independent bank located in the City of Alameda. For additional information about the Bank of Alameda and its products and services please visit our Web site at www.bankofalameda.com. Forward-Looking Statement 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. Disclosure Statements made in this release may constitute Forward-Looking Statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and any such statements are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include those related to the economic environment, particularly in the region where Bank of Alameda operates, competitive products and pricing, general interest rate changes and the fiscal and monetary policies of the US Government, credit risk management, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. actions, and other risks and uncertainties.
BANK OF ALAMEDA
FINANCIAL HIGHLIGHTS
(Dollar amounts in thousands, except share and per-share data)
(Unaudited)
Three Months Ended Six Months Ended
------------------- -----------------
June 30, June 30, June 30, June 30,
FOR THE PERIOD: 2001 2000(1) 2001 2000(1)
-------- ------- ------- -------
Net interest income $ 1,302 $ 1,180 $ 2,654 $ 2,305
Provision for loan losses 120 70 315 50
Noninterest income 81 62 175 104
Noninterest expense 1,032 845 2,078 1,677
-------- ------- ------- -------
Income before provision
for income taxes 231 327 436 652
Provision for income taxes 94 136 180 271
-------- ------- ------- -------
Net income $ 137 $ 191 $ 256 $ 381
======== ======= ======= =======
Net income per basic share $ 0.12 $ 0.17 $ 0.22 $ 0.33
Net income per diluted share $ 0.11 $ 0.16 $ 0.21 $ 0.31
SELECTED FINANCIAL RATIOS
(Annualized):
Return on average assets 0.50% 0.83% 0.47% 0.88%
Return on average equity 6.66% 11.01% 6.32% 11.31%
Average shareholders'
equity to average assets 7.55% 7.51% 7.50% 7.75%
Net interest margin 4.99% 5.43% 5.16% 5.61%
AT PERIOD END:
Loans $ 68,931 $49,189
Allowance for loan losses $ 1,151 $ 772
Assets $112,927 $97,935
Shareholders' equity $ 8,388 $ 7,113
Deposits $103,774 $90,310
Total risk-based
capital ratio 10.91% 12.46%
Allowance for loan losses
to total loans 1.67% 1.57%
Shares outstanding 1,149,493 1,147,995
(1) All share and per-share data have been retroactively restated to
reflect a 3-for-2 stock split paid on February 26, 2001.
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