Bay Commercial Services Announces First Quarter Asset and Earnings Growth.SAN LEANDRO San Leandro (săn lēăn`drō), city (1990 pop. 68,223), Alameda co., W Calif., on San Francisco Bay; inc. 1872. Metal, wood, and paper products; chemicals; leather goods; foods and beverages; medical equipment; lighting fixtures; and , Calif.--(BUSINESS WIRE)--April 20, 1998--Bay Commercial Services (BCSV BCSV Buoy Camera System Variant ), parent of Bay Bank of Commerce, today reported net income of $254,000 or $0.20 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 for the quarter ended March 31, 1998, up 40% from $182,000 or $0.15 per diluted share reported for the same quarter a year ago. First quarter earnings benefited from strong asset growth and increased noninterest income. Total assets of $123,860,000 at March 31, 1998 were up 22% compared to first quarter 1997 total assets of $101,597,000. Noninterest income for the first quarter of 1998 was $248,000, an increase of 28% over first quarter 1997 noninterest income. Noninterest income in 1998 included $33,000 in SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loan sale gains. Bank deposit growth has accelerated over the past year as a result of the strong regional economy, bank acquisitions and consolidation, and the Bank's 1996 expansion into the San Ramon San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a M. Kahler Kahler may mean:
Bay Bank of Commerce, an independent bank and wholly-owned subsidiary of Bay Commercial Services operates regional banking offices in San Leandro, Hayward Hayward, city (1990 pop. 111,498), Alameda co., W Calif.; settled 1851, inc. 1876. It is an important commercial and distribution center for farm products. Manufactures include wire, plastics, metal and paper products, textiles, machinery, and motor vehicles. and San Ramon, Calif. The Bank provides loan and deposit products and services to commercial businesses, professionals and individuals. -0-
Bay Commercial Services
Financial Highlights as of March 31,
Unaudited
(Dollars in thousands, except per share amounts)
3/31/98 3/31/97 % Change
Total Assets $ 123,860 $ 101,597 22%
Total Loans 79,715 70,582 13%
Total Deposits 111,302 88,967 25%
Total Equity 10,450 9,556 9%
For the quarter ended
3/31/98 3/31/97 % Change
Net Income (Dollars in thousands) $ 254 $ 182 40%
Net Income Per Share - Basic $0.24 $0.17 41%
Net Income Per Share - Diluted $0.20 $0.15 33%
Bay Commercial Services
Consolidated Condensed Balance Sheets as of March 31,
Unaudited
(Dollars in thousands)
1998 1997
Assets
Cash and due from banks $ 14,150 $ 8,046
Federal funds sold and securities purchased
under repurchase agreements 8,400 4,500
Securities 19,485 15,920
Loans 79,715 70,582
Allowance for loan losses (1,005) (954)
---------- ----------
Net loans 78,710 69,628
---------- ----------
Premises and equipment, net 2,063 2,247
Interest receivable and other assets 1,052 1,256
---------- ----------
Total assets $ 123,860 $ 101,597
========== ==========
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing demand $35,098 $27,152
Savings and interest-bearing demand 32,741 23,926
Time 43,463 37,889
---------- ----------
Total deposits 111,302 88,967
---------- ----------
Securities sold under agreement to repurchase 1,192 2,206
Interest payable and other liabilities 916 868
---------- ----------
Total liabilities 113,410 92,041
---------- ----------
Shareholders' equity:
Common stock - no par value
Authorized 20,000,000 shares; issued and
outstanding 1,080,720 in 1998; 1,076,720
in 1997 3,680 3,662
Retained earnings 6,763 5,953
Unrealized gain (loss) on securities
available for sale 7 (59)
---------- ----------
Total shareholders' equity 10,450 9,556
---------- ----------
Total liabilities and shareholders' equity $ 123,860 $ 101,597
========== ==========
Bay Commercial Services
Consolidated Condensed Statements of Income
for the Period Ended March 31,
Unaudited
(Dollars in thousands, except shares
and per share) 1998 1997
Interest Income:
Loans, including fees $ 1,935 $ 1,731
Federal funds sold and
reverse repurchase agreements 55 48
Securities 339 242
-------- --------
Total interest income 2,329 2,021
-------- --------
Interest expense:
Deposits:
Savings & interest-bearing demand 204 154
Time 570 483
Other borrowed funds 18 28
-------- --------
Total interest expense 792 665
-------- --------
Net interest income 1,537 1,356
Provision for loan losses (10) --
-------- --------
Net interest income after
provision for loan losses 1,527 1,356
-------- --------
Noninterest Income:
Service charges and fees 92 103
Gain on sale of loans 33 --
Other 123 91
-------- --------
Total noninterest income 248 194
-------- --------
Noninterest expenses:
Salaries and employee benefits 793 708
Occupancy 170 174
Other 424 370
-------- --------
Total noninterest expenses 1,387 1,252
-------- --------
Income before income tax expense 388 298
Income tax expense 134 116
-------- --------
Net income $ 254 $ 182
======== ========
Net income per common share
- basic $ 0.24 $ 0.17
======== ========
Weighted average common shares
- basic 1,079,653 1,076,720
========== ==========
Net income per common share
- diluted $ 0.20 $ 0.15
========== ==========
Weighted average common
shares - diluted 1,279,707 1,244,652
========== ==========
CONTACT: Bay Bank of Commerce Richard M. Kahler or Randall Randall may refer to the following: In places:
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