Bay Commercial Services Continues Record Asset Growth and Reports Strong Earnings.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)--Oct. 19, 1998--Earnings and assets continue to grow at a record pace for Bay Commercial Services (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BCSV BCSV Buoy Camera System Variant - news), parent company of San Leandro, California-based Bay Bank of Commerce. As a result of strong earning asset Earning asset An asset that generates income, e.g., income from rental property. growth, net income for the third quarter increased 28% over the same 1997 period. Net income for the quarter ended September September: see month. 30, 1998 was $327,000, or $0.26 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. This compares to $255,000, or $0.20 per diluted share, for the third quarter of 1997. As of September 30, 1998, total assets were a record $135,777,000, up 21% over September 30, 1997. Outstanding loans reached $83,745,000 at third quarter's end, realizing a 21% increase over the same date in 1997. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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:
A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in economic activity as a result of the recent turmoil in world financial markets." For the nine-month period ended September 30, 1998, Bay Commercial Services reported record net income of $884,000, or $0.69 per diluted share, an increase of 13% over the same 1997 period. Bay Bank of Commerce 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 San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
BAY COMMERCIAL SERVICES AND SUBSIDIARY
THIRD QUARTER REPORT, SEPTEMBER 30, 1998
(Dollars in thousands) 1998 1997 % Increase
Total Assets $135,777 $111,830 21%
Total Deposits 122,382 99,106 23%
Total Loans 83,745 69,362 21%
Total Equity 11,112 10,182 9%
For nine months ended For the quarter ended
9/30/98 9/30/97 % 9/30/98 9/30/97 %
Change Change
----------------------- ---------------------
Net Income (in thousands)$ 884 $ 780 13% $ 327 $ 255 28%
Net Income Per Share -
Basic $0.82 $0.72 14% $0.30 $0.24 25%
Net Income Per Share -
Diluted $0.69 $0.62 11% $0.26 $0.20 30%
Consolidated Condensed Balance Sheets
as of September 30, - Unaudited
(Dollars in thousands) 1998 1997
ASSETS
Cash and due from banks $9,769 $8,257
Federal funds sold and
reverse repurchase agreements 13,300 6,800
Securities 26,870 25,112
Loans 83,745 69,362
Allowance for loan losses (936) (1,000)
------ ------
Net loans 82,809 68,362
------ ------
Premises and equipment, net 1,949 2,152
Interest receivable and other assets 1,080 1,147
-------- ---------
Total assets $135,777 $ 111,830
======== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 35,499 $ 30,058
Savings and interest-bearing demand 39,141 26,025
Time 47,742 43,023
------- -------
Total deposits 122,382 99,106
------- -------
Securities sold under
agreements to repurchase 1,219 1,732
Interest payable and other
liabilities 1,064 810
------- -------
Total liabilities 124,665 101,648
------- -------
Shareholders' equity:
Common stock - no par value:
Authorized 20,000,000 shares; issued
and outstanding 1,080,570 in 1998
and 1,076,720 in 1997 3,622 3,662
Retained earnings 7,393 6,551
Net unrealized gain (loss) on
securities available for sale 97 (31)
------ -------
Total shareholders' equity 11,112 10,182
------ -------
Total liabilities and
shareholders' equity $135,777 $111,830
======== ========
Consolidated Condensed Statements of Income
for the nine months ended
September 30, - Unaudited
(Dollars in thousands, except per share) 1998 1997
INTEREST INCOME:
Loans, including fees $ 6,085 $ 5,327
Federal funds sold and reverse
repurchase agreements 317 199
Securities 1,102 884
------ ------
Total interest income 7,504 6,410
------ ------
INTEREST EXPENSE:
Deposits:
Savings & interest-bearing demand 777 496
Time 1,747 1,564
Other borrowed funds 49 73
------ ------
Total interest expense 2,573 2,133
------ ------
Net interest income 4,931 4,277
Provision for loan losses (99) (52)
------ ------
Net interest income after
provision for loan losses 4,832 4,225
------ ------
NONINTEREST INCOME:
Service charges and fees 290 299
Gain on sale of loans 88 57
Other 345 423
----- ------
Total noninterest income 723 779
------ ------
NONINTEREST EXPENSES:
Salaries and employee benefits 2,380 2,116
Occupancy 513 511
Other 1,300 1,140
------ ------
Total noninterest expenses 4,193 3,767
------ ------
Income before income tax expense 1,362 1,237
Income tax expense 478 457
------ ------
Net income $ 884 $ 780
====== ======
Net income per common share -
basic $ 0.82 $ 0.72
====== ======
Weighted average common shares -
basic 1,080,286 1,076,720
========== =========
Net income per common share -
diluted $ 0.69 $ 0.62
======= =======
Weighted average common shares -
diluted 1,280,216 1,252,542
========= =========
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