Bay Area Bancshares Announces Record First Quarter Earnings.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--April 6, 1998--Robert R. Haight Haight may refer to: People with the surname Haight:
See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BYAR) today announced a 21% increase in first quarter earnings for the period ending March 31, 1998 compared to the first quarter of 1997. Net income of $475,000, or 48 cents 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, represents record first quarter earnings for the company surpassing earnings of $392,000, or 40 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the first quarter of the prior year. Company earnings for the quarter represent an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets of 1.56% and a return on average equity of 15.59%. Total assets grew 18% over the first quarter of 1997 to $126.4 million at March 31, 1998. It was also reported that a cash dividend of 10 cents per common share will be paid on April 14 to holders of the company's common stock at April 1, 1998. Bay Area Banchshares' sole subsidiary is Bay Area Bank, the only independent commercial bank based in Redwood City. -0-
Bay Area Bancshares Unaudited Financial Highlights
All Amounts Are in Thousands
(except per share data)
March 31, March 31, Percentage
1998 1997 Change
Gross loans $ 89,387 $ 69,065 29%
Loan reserves 1,732 1,540 12%
Total assets 126,441 107,151 18%
Total deposits 112,669 96,630 17%
Total equity 12,381 9,702 28%
Total interest income 2,615 2,195 19%
Total interest expense 823 661 25%
Net interest income 1,792 1,534 17%
Loan loss provisions 40 40 0%
Other income 595 586 2%
Operating expenses 1,542 1,399 10%
Income taxes 330 289 14%
Net income $ 475 $ 392 21%
Fully diluted earnings
per share $ 0.48 $ 0.40 20%
Book value per share $ 12.61 $ 11.47 10%
Dividends per share $ 0.10 $ 0.09 11%
Loan loss reserve ratio 1.94% 2.23%
Return on average equity 15.59% 16.52%
Return on average assets 1.56% 1.49%
Shares outstanding 981 846
CONTACT: Bay Area Bank, Redwood City Frank Bartaldo, 650/367-1600 or Anthony Gould, 650/562-3285 |
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