Bay Area Bancshares announces 1994 annual earnings.

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jan. 31, 1995--Robert R. Haight, chairman of the board of Bay Area Bancshares, Tuesday announced record 1994 earnings of $947,000, or $1.09 per share, an increase of $87,000, or 10.1 percent over 1993 profits.

Haight also reported that on Dec. 16, 1994, the company paid a 6 cent dividend to holders of its common stock at Dec. 9, 1994, representing the 13th consecutive quarterly dividend paid.

Alan B. Miller, chairman of the board of the company's sole subsidiary, Bay Area Bank, reported bank profitability continued its record growth with annual earnings of $1,033,000, an increase of $98,000, or 10.5 percent over 1993. Bank earnings in 1994 resulted in a return on average equity of 15.4 percent and a 1.28 percent return on average assets. Miller stated he was especially pleased to report that for the first time in history the bank exceeded $1 million in after-tax profits. -0-

                          Highlights

                      Bay Area Bancshares          Bay Area Bank
                        1994        1993         1994         1993

Full year
Net income            $  947,000  $   860,000  $ 1,033,000 $   935,000
Earnings per share      $1.09      $1.02          n/a          n/a
Total assets         $79,537,000  $78,700,000  $79,537,000 $78,700,000

Fourth quarter
Net income           $  278,000   $   243,000  $   294,000 $   260,000
Earnings per share    32 cents     29 cents        n/a         n/a
-0-

CONTACT: Bay Area Bancshares Inc.

John Brooks, Anthony Gould, 415/367-1600