Bank of San Francisco Reports $1,505,000 Third Quarter 1998 Earnings.SAN FRANCISCO--(BUSINESS WIRE)--Oct. 2, 1998--The San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden Company, parent of the Bank of San Francisco, today announced third quarter 1998 net income of $1,505,000 compared with net income of $358,000 for the same period in 1997, and 1998 year to date net income of $2,389,000 compared with net income of $727,000 for the same period in 1997. 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. E. Gilleran, Chairman and Chief Executive Officer of the Company and the Bank, said: "We are pleased with the improvement of asset quality and an improving trend in earnings. Our continuing credit quality improvement efforts resulted in a reduction of the loan loss allowance to $1.8 million in the third quarter 1998. Our cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. and loan growth efforts resulted in an increase in third quarter 1998 core earnings of 27% compared to the same period in 1997". -0-
Gilleran also cited the following 1998 financial highlights:
-- Total assets increased $15.4 million, or 14%, to $127.3 million
as of September 30, 1998 compared to $111.9 million as of
September 30, 1997. The increase in total assets results from
funds provided by increases in other borrowings, short-term
escrow related core deposits, and earnings.
-- The loan to deposit ratio increased to 64% as of September 30,
1998 compared to 39% as of the same period in 1997.
-- Non-performing assets declined $1.8 million, or 97%, to $58,000
as of September 30, 1998 compared to $1.9 million as of September
30, 1997.
-- The $1,147,000 increase in the third quarter 1998 earnings
compared to the earnings for the same period in 1997 was largely
the result of an adjustment for loan losses of $1,075,000. Core
operating earnings improved by $87,000.
-- The third quarter 1998 non-interest income decreased 18% compared
to the same period in 1997 as a result of a decline in brokerage
and option exercise fees which management believes is related to
the recent developments in the equity markets.
-- The third quarter 1998 non-interest expense decreased 15%
compared to the same period in 1997 as a result of a decline in
professional fees, salary and benefits expense and other
operating expenses including certain other real estate owned
holding costs.
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The Bank specializes in providing private and commercial banking services to businesses and their owners in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay . The Bank also provides specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services including discount brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. services, stock options exercise and loan services to over 7,000 customers including employees of over 75 publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. located in over 30 countries, business escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. services in over 225 transactions annually, and specialized banking services to more than 400 homeowners' associations A homeowners' association (abbrev. HOA) is the legal entity created by a real estate developer for the purpose of developing, managing and selling a community of homes. in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . In addition to the traditional bank products and services, the Bank provides brokered certificate of deposit placement services for customers who must hold certificates of deposits in multiple financial institutions to maintain the maximum $100,000 FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insurance. The Bank also provides non-deposit investments and services that are not FDIC insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. , including annuities, mutual funds, investment management, insurance, and pension and retirement plans. This earning report and other material of interest can be found on the Bank's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the web-site at www.banksf.com. Van Kasper KASPER Kentucky All Schedule Prescription Electronic Reporting KASPER Kansas Adult Supervised Population Electronic Repository & Company, 600 California Street, Suite 1700, San Francisco, California “San Francisco” redirects here. For other uses, see San Francisco (disambiguation). The City and County of San Francisco (EN IPA: [sænfrənˈsɪskoʊ] , makes a market in the Company's Common Stock. Interested Investors can contact Jack Block, of Van Kasper & Company, at 1-800-652-1747 to obtain market information. Certain statements in this release are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and are subject to uncertainties that could cause actual results to differ materially. Investors are cautioned not to place undue reliance on these 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. . Additional information is disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). in the Company's annual report on Form 10K and quarterly reports on Form 10Q. The Company and the Bank undertake no obligation to revise these forward-looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . -0-
SELECTED FINANCIAL DATA
(Dollars in Thousands except per share data)
For the nine For the three For the
months ended months ended year ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30, Dec. 31,
1998 1997 1998 1997 1997
FINANCIAL
CONDITION DATA:
Total assets $127,343 $111,868 $116,617
Total loans 60,942 37,308 51,924
Allowance for
possible loan
losses 1,775 5,991 3,200
Total securities
held-to-maturity 4,315 6,225 5,864
Total securities
available-for-sale 32,769 34,295 32,669
Total deposits 95,099 96,717 86,519
Other borrowings 10,000 -- 10,000
Shareholders'
equity 20,130 12,892 17,570
OPERATING DATA:
Total interest
income $ 6,468 $6,016 $ 2,315 $ 2,197 $ 8,026
Total interest
expense 2,530 2,113 932 755 2,890
Net interest
income 3,938 3,903 1,383 1,442 5,136
Adjustment for
loan losses (1,477) -- (1,075) -- (2,820)
Net interest
income after
adjustment for
loan losses 5,415 3,903 2,458 1,442 7,956
Total non-interest
income 2,204 2,518 731 888 3,502
Total non-interest
expense 5,219 5,690 1,678 1,975 7,509
Income before taxes 2,400 731 1,511 355 3,949
Provision (benefit)
for income taxes 11 4 6 (3) (1,494)
Net income $2,389 $ 727 $ 1,505 $ 358 $ 5,443
Other comprehensive
income (a) 174 101 171 112 61
Comprehensive
income $2,563 $ 828 $ 1,676 $ 470 $ 5,504
OTHER DATA:
Return on average
assets
(annualized) 2.6% 0.9% 4.5% 1.2% 5.0%
Return on average
equity
(annualized) 17.5 8.3 31.9 11.1 45.2
Average equity to
average assets 14.8 10.6 14.2 10.9 11.0
Equity to assets
at period end 15.8 11.5 15.8 11.5 15.1
Leverage capital
ratio 13.9 11.0 13.9 11.0 14.4
Net yield on
average earning
assets
(annualized) 4.7 5.2 4.5 5.3 5.1
Loan to deposit
ratio 64.1 38.6 64.1 38.6 60.0
Non-performing
assets to total
assets 0.1 1.9 0.1 1.9 0.5
Non-interest
expenses to
average assets
(annualized) 5.6 6.9 5.1 6.7 6.8
Net loan
(recoveries)
charge-offs as
a percent of
average loans (0.1) (0.1) 0.0 (0.0) (0.8)
Allowance for loan
losses as a
percent of loans 2.9 16.1 2.9 16.1 6.2
PER SHARE DATA:
Common shares
outstanding, end
of period 31,728,782 31,717,171 31,723,782
Preferred shares
outstanding, end
of period 15,869 15,869 15,869
Common Shares:
Bookvalue per
common share $0.63 $0.40 $0.55
Income per
weighted average
common share
Basic $0.08 $0.02 $0.05 $0.01 $0.18
Diluted $0.07 $0.02 $0.05 $0.01 $0.17
(a) Other comprehensive income is the net unrealized gain on
securities available for sale.
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