Bank of San Francisco Reports $5.4 Million Profit for 1997.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 12, 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 1997 net income of $5.4 million compared with net income of $702,000 for 1996. The Company's twelfth straight quarter of net income in the fourth quarter of 1997 was $4.7 million compared with a net income of $95,000 for the same period in 1996. The Company's Chairman and Chief Executive Officer 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 said: "We are extremely pleased with the result of our efforts to improve asset quality and core earnings. These trends culminated in the fourth quarter with a reduction in the loan loss reserve totaling $2.8 million and the recognition of the deferred tax benefit totaling $1.5 million. Gilleran cited the following financial highlights: -- Total assets increased 12% to $116.6 million as of December December: see month. 31, 1997 from $104.0 million as of December 31, 1996. -- Total earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin increased to 97% of total assets as of December 31, 1997 compared to 92% of total assets as of December 31, 1996. -- Total non-performing assets declined by $8.0 million to less than 1% of total assets as of December 31, 1997 compared to over 8% of total assets as of the end of 1996. -- Total adversely classified assets have declined 90% to $2.0 million or less than 2% of total assets as of December 31, 1997 compared to $19.0 million or 18% of total assets as of December 31, 1996. -- The loan to deposit ratio increased to 60% as of December 31, 1997 compared to 48% as of December 31, 1996. -- Net interest income totaled $5.1 million for the full year ended December 31, 1997 compared to $4.1 million for the same period in 1996. -- Non-interest income increased 5% to $3.5 million in 1997 from $3.3 million in 1996. -- 100% of the Bank's unused office space has been subleased reducing operating costs operating costs npl → gastos mpl operacionales . -- Total equity to total assets increased to 15.1% at December 31, 1997 from 10.6% at the end of 1996. All of these factors provide a foundation for continuation of growth and success for the Bank in 1998. 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 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 option exercise and loan services to over 7,000 customers including employees of 75 major companies located in 30 countries, business transaction 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 with almost 300 transactions processed in 1997, and specialized banking services to over 350 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). . The Bank also provides non-deposit investments and services, which are not FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured, including insurance, annuities, mutual funds, investment management, and pension and retirement plans. 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 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-
BANK OF SAN FRANCISCO
SELECTED FINANCIAL DATA:
(Dollars in Thousands except per share data)
For the three For the nine
months ended months ended
December 31, December 31,
1997 1996 1997 1996
FINANCIAL CONDITION DATA:
Total assets $116,617 $104,001
Total loans 51,924 43,762
Allowance for possible loan
losses 3,200 5,663
Total securities
held-to-maturity 5,864 6,943
Total securities
available-for-sale 32,669 28,348
Total deposits 86,519 91,166
Federal Home Loan Bank
borrowings 10,000 --
Shareholders' equity 17,570 11,064
OPERATING DATA:
Total interest income $ 2,010 $ 1,809 $ 8,026 $ 7,242
Total interest expense 685 732 2,890 3,127
Net interest income 1,325 1,077 5,136 4,115
Provision for loan losses (2,820) -- (2,820) --
Net interest income after
provision for loan losses 4,145 1,077 7,956 4,115
Total non-interest income 984 706 3,502 3,327
Total non-interest expense 1,911 1,685 7,509 6,998
Income before taxes 3,218 98 3,949 444
Provision (benefit/refund)
for income taxes (1,498) 3 (1,494) (258)
Net income $ 4,716 $ 95 $ 5,443 $ 702
OTHER DATA:
Return on average assets
(annualized) 17.1% 0.4% 5.0% 0.7%
Return on average equity
(annualized) 143.7 3.5 45.2 7.9
Equity to assets at
period end 15.1 10.6 15.1 10.6
Net yield on average
earning assets
(annualized) 5.1 4.6 5.1 4.4
Efficiency ratio 37.3 94.5 65.5 94.0
Net loan (recoveries)
charge-offs as a percent
of average loans (0.1) (1.3) (0.8) 0.6
Loan to deposit ratio -- -- 60.0 48.0
Non-performing assets
to total assets -- -- 0.5 8.2
Allowance for loan losses
as a percent of loans -- -- 6.2 12.9
PER SHARE DATA:
Common shares outstanding,
end of period -- -- 31,723,782 28,775,995
Preferred shares outstanding,
end of period -- -- 15,869 15,869
Common Shares:
Book value per
common share -- -- $ 0.55 $ 0.38
Income per weighted
average common share
Basic $ 0.15 $ 0.02 $ 0.18 $ 0.12
Diluted $ 0.14 $ 0.02 $ 0.17 $ 0.03
CONTACT: Bank of San Francisco Keary L. Colwell Colwell can refer to two places:
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