Bank of San Francisco Reports Third Quarter 1999 Earnings.SAN FRANCISCO--(BUSINESS WIRE)--Oct. 29, 1999-- 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 1999 net income of $913,000 compared with net income of $1,505,000 for the same period in 1998. The third quarter 1998 included a reversal of $1,075,000 of loan loss reserves related to a reduction in estimated loan losses. Net income for the nine months ended September 30, 1999 was $2.2 million compared to $2.4 million for the same period in 1998. Mr. James E. Gilleran, Chairman and Chief Executive Officer of the Company and the Bank cited the following financial highlights: -0-
-- Year to date 1999 net income, excluding loan provisions and
adjustments, increased $1.4 million, or 151%, compared to the
same period in 1998.
-- Total assets increased $29.9 million, or 23%, to $157.2 million
as of September 30, 1999 compared to $127.3 million as of
September 30, 1998.
-- Total loans increased $26.0 million, or 43%, to $86.9 million as
of September 30, 1999 compared to $60.9 million as of September
30, 1998.
-- The loan to deposit ratio increased to 82% as of September 30,
1999 compared to 64% as of the same period in 1998.
-0- In keeping with the Company's commitment to the community, Mr. Gilleran was recently elected Chairman of the American Red Cross American Red Cross: see Red Cross. - Bay Area Chapter. The Company announced it has appointed American Securities Transfer & Trust, Inc. (the "AST (AST Computer, Irvine, CA) A PC manufacturer founded in 1980 by Albert Wong, Safi Quershey and Tom Yuen (A, S and T). It offered a complete line of PCs that sold through its dealer channel. ") as its new transfer agent for the Company's Class A Common Stock and Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . AST's address is 12039 West 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. Parkway, Lakewood, Colorado The City of Lakewood is a home rule municipality located in Jefferson County, Colorado, United States. Lakewood is the fourth most populous city in the State of Colorado and the 164th most populous city in the United States. , 80228, or they can be reached by phone at (303)986-5400. 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 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 and stock option exercise services to over 20,000 customers including employees located in more than 30 countries from over 80 major 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. . Other bank services include 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, and specialized banking services to more than 500 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, including annuities, mutual funds, investment management, insurance, and pension and retirement plans. The Bank recently began offering on-line banking services allowing customers automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. access to their banking information by phone, on-line either directly or through the internet. First Security Van Kasper, 600 Market 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 stock. Interested investors can contact Mr. Jack Mr. Jack was a funny animals comic strip by Jimmy Swinnerton which ran from about 1903 until 1935. History When Jimmy Swinnerton moved from the San Francisco Examiner to the New York Journal in 1896, he changed his The Little Bears to Block at 1-800-652-1747 to obtain market information. This earnings report and other material of interest can be found on the Bank's web-site at www.banksf.com. Certain statements in this press release, including the amount of estimated loan losses and required loss reserves, are forward-looking and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially. Among other risks and uncertainties, the ability of the Company and the Bank to implement their respective long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. business plan, the economy in general, the real estate market in California, the stock markets, retention of key executives and managers, and Year 2000 remediation may impact financial performance and condition. Investors are cautioned not to place undue reliance on any 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-
SELECTED FINANCIAL DATA
(Dollars in Thousands except per share data)
Unaudited
For the Nine months ended
September 30,
1999 1998
OPERATING DATA:
Total interest
income $ 7,704 $ 6,468
Total interest
expense 2,896 2,530
Net interest income 4,808 3,938
Provision
(adjustment) for
loan losses 100 (1,477)
Net interest income
after provision
(adjustment) for
loan losses 4,708 5,415
Total non-interest
income 3,464 2,204
Total non-interest
expense 5,945 5,219
Income before taxes 2,227 2,400
Provision (benefit)
for income taxes 40 11
Net income $ 2,187 $ 2,389
OTHER DATA:
Return on average
assets (annualized) 2.0% 2.6%
Return on average
equity (annualized) 12.4 17.5
Average equity to
average assets 15.7 14.8
Leverage capital
ratio 15.3 13.9
Net yield on average
earning assets
(annualized) 4.5 4.7
Loan to deposit
ratio 78.2 64.1
Non-performing
assets to total
assets 0.0 0.1
Non-interest
expenses to average
assets (annualized) 5.3 5.6
Net loan charge-offs
(recoveries) as a
percent of average
loans 0.2 (0.1)
Allowance for loan
losses as a percent
of loans 1.8 2.9
PER SHARE DATA:
Common Shares:
Income per
weighted average
common share
Basic $ 0.07 $ 0.08
Diluted $ 0.07 $ 0.07
Unaudited For the
For the three months ended year ended
September 30, Dec 31,
1999 1998 1998
FINANCIAL CONDITION DATA:
Total assets $ 157,155 $ 127,343 $ 140,136
Total loans 86,894 60,942 73,980
Allowance for
possible loan
losses 1,525 1,775 1,625
Total securities
held-to-maturity 2,376 4,315 3,846
Total securities
available-for-sale 26,747 32,769 34,235
Total deposits 111,186 95,099 95,688
Other borrowings 20,000 10,000 20,000
Shareholders' equity 24,120 20,130 22,704
OPERATING DATA:
Total interest
income $ 2,730 $ 2,315 $ 8,782
Total interest
expense 1004 932 3,411
Net interest income 1,726 1,383 5,371
Provision
(adjustment) for
loan losses -- (1,075) (1,627)
Net interest income
after provision
(adjustment) for
loan losses 1,726 2,458 6,998
Total non-interest
income 1,221 731 3,891
Total non-interest
expense 2,017 1,678 6,907
Income before taxes 930 1,511 3,982
Provision (benefit)
for income taxes 17 6 (1,060)
Net income $ 913 $ 1,505 $ 5,042
OTHER DATA:
Return on average
assets (annualized) 2.3% 4.5% 4.0%
Return on average
equity (annualized) 15.3 31.9 26.7
Average equity to
average assets 15.4 14.2 15.0
Leverage capital
ratio 15.3 13.9 16.3
Net yield on average
earning assets
(annualized) 4.5 4.5 4.7
Loan to deposit
ratio 78.2 64.1 77.3
Non-performing
assets to total
assets 0.0 0.1 0.0
Non-interest
expenses to average
assets (annualized) 5.2 5.1 5.5
Net loan charge-offs
(recoveries) as a
percent of average
loans 0.0 0.0 (0.1)
Allowance for loan
losses as a percent
of loans 1.8 2.9 2.2
PER SHARE DATA:
Common shares
outstanding, end of
period 31,868,660 31,728,782 31,728,782
Preferred shares
outstanding, end of
period 15,869 15,869 15,869
Common Shares:
Bookvalue per
common share
outstanding $ 0.75 $ 0.63 $ 0.71
Income per
weighted average
common share
Basic $ 0.03 $ 0.05 $ 0.16
Diluted $ 0.03 $ 0.05 $ 0.15
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