Bank of Alameda Announces Third 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)--Oct. 20, 2000 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 third quarter of 2000. Net income for the three months ended September September: see month. 30, 2000 was $193,000, or $0.24 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 $146,000, or $0.18 per diluted share, in the third quarter of 1999. For the nine months ended September 30, 2000, the Bank's net income was $574,000, or $0.70 per diluted share, compared to net income of $74,000 or $.09 per share per diluted share, for the same period in 1999. At September 30, 2000, Bank of Alameda's total assets were $104.9 million, an increase of $35.2 million, or 51%, compared to September 30, 1999. Total loans were $53.5 million at September 30, 2000, an increase of $14.5 million, or 37%, compared to September 30, 1999. Total deposits were $96.7 million at September 30, 2000, an increase of $33.5 million, or 53%, compared to September 30, 1999. "We are pleased with our third quarter results," 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. "The Board of Directors and management believe that these financial results represent solid growth." Bank of Alameda recently opened its third branch, located at 883-A Island Drive in the Harbor harbor: see port. Bay Landing Shopping Center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Alameda, CA. The Bank of Alameda, which commenced operations on March 23, 1998, 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 Nine Months Ended
------------------- ------------------
Sept. 30 Sept. 30 Sept. 30 Sept. 30
FOR THE PERIOD: 2000 1999 2000 1999
-------- -------- ------- -------
Net interest income $ 1,237 $ 878 $ 3,542 $ 1,960
Provision for loan losses 115 210 195 416
Noninterest income 57 44 161 119
Noninterest expense 849 566 2,526 1,587
-------- -------- ------- -------
Income before provision
for income taxes 330 146 982 76
Provision for income taxes 137 -- 408 2
-------- -------- ------- -------
Net income $ 193 $ 146 $ 574 $ 74
======== ======== ======= =======
Net income per basic share $ 0.25 $ 0.19 $ 0.75 $ 0.10
Net income per diluted share $ 0.24 $ 0.18 $ 0.70 $ 0.09
SELECTED FINANCIAL RATIOS
(Annualized):
Return on average assets 0.74% 0.87% 0.83% 0.18%
Return on average equity 10.48% 9.14% 11.03% 1.51%
Average shareholders' equity
to average assets 7.07% 9.56% 7.49% 11.70%
Net interest margin 5.01% 5.57% 5.39% 4.96%
AT PERIOD END:
Loans $ 53,519 $ 39,033
Allowance for loan losses $ 816 $ 561
Assets $104,870 $ 69,655
Shareholders' equity $ 7,463 $ 6,299
Deposits $ 96,685 $ 63,220
Total risk-based
capital ratio 12.00% 14.68%
Allowance for loan losses
to total loans 1.53% 1.44%
Shares outstanding 766,330 765,330
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