Bay Commercial Services Reports Record Earnings and 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)--Aug. 4, 1999-- Bay Commercial Services (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BCSV BCSV Buoy Camera System Variant ), parent company of Bay Bank of Commerce, today reported record net income for both the first six months and second quarter of 1999. Net income for the six month period ended June June: see month. 30, 1999 was $667,000 or $0.51 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, a 20% gain compared to the $557,000 or $0.44 per diluted share reported for the first half of 1998. The Company's 1999 second quarter net income was $383,000 or $0.29 per diluted share, a gain of 26% over second quarter 1998 net income of $303,000 or $0.24 per diluted share. The Company also reported strong asset growth and record total assets of $150,586,000 at June 30, 1999. This represents an increase of 4% over December December: see month. 31, 1998 total assets of $144,202,000, and 17% over June 30, 1998 total assets of $128,993,000. At June 30, 1999, total outstanding loans were $107,892,000, an increase of 16% over December 31, 1998 total loans of $93,129,000, and 34% compared to the $80,351,000 outstanding at June 30, 1998. 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:
On April 30, 1999, Bay Commercial Services and Greater Bay Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GBBK) of Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. signed an agreement for a merger of the two companies. Following the transaction, Bay Bank of Commerce will operate as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Greater Bay Bancorp. The merger is expected to be completed in the fourth quarter of 1999. Bay Bank of Commerce serves East Bay businesses and individuals with a wide variety of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. from their regional 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
SEMI-ANNUAL REPORT, JUNE 30, 1999
(Dollars in thousands) 1999 1998 % Increase
---------------------------------------------------------------------
Total Assets $150,586 $128,993 17%
Total Loans 107,892 80,351 34%
Total Deposits 136,682 116,080 18%
Total Equity 12,939 10,699 21%
For six months ended For the quarter ended
Percent Percent
6/30/99 6/30/98 Change 6/30/99 6/30/98 Change
-------------------------------------------------
Net Income
(in thousands) $ 667 $ 557 20% $ 383 $ 303 26%
Net Income Per
Share - Basic $0.54 $0.52 4% $0.30 $0.28 7%
Net Income Per
Share - Diluted $0.51 $0.44 16% $0.29 $0.24 21%
Consolidated Condensed Balance Sheets
as of June 30, unaudited
(Dollars in thousands) 1999 1998
-------------------------------------------------------------------
ASSETS
Cash and due from banks $ 11,975 $ 13,431
Federal funds sold and
reverse repurchase agreements 1,200 6,900
Securities 27,012 26,226
Loans 107,892 80,351
Allowance for loan losses (1,081) (900)
--------- ---------
Net loans 106,811 79,451
--------- ---------
Premises and equipment, net 2,004 2,001
Interest receivable and other assets 1,584 984
--------- ---------
Total assets $ 150,586 $ 128,993
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 39,732 $ 33,609
Savings and interest-bearing demand 46,277 37,490
Time 50,673 44,981
--------- ---------
Total deposits 136,682 116,080
--------- ---------
Securities sold under agreements to
repurchase 200 1,317
Interest payable and other liabilities 765 897
--------- ---------
Total liabilities 137,647 118,294
--------- ---------
Shareholders' equity:
Common stock - no par value:
Authorized 20,000,000 shares;
1,324,110 issued and outstanding
in 1999, and 1,079,520 in 1998 4,802 3,616
Retained earnings 8,267 7,066
Accumulated other comprehensive income (130) 17
--------- ---------
Total shareholders' equity 12,939 10,699
--------- ---------
Total liabilities and shareholders'
equity $ 150,586 $ 128,993
========= =========
Consolidated Condensed Statements of Income
for the six months ended June 30, unaudited
(Dollars in thousands, except per share) 1999 1998
-------------------------------------------------------------------
INTEREST INCOME:
Loans, including fees $ 4,462 $ 3,971
Federal funds sold and reverse
repurchase agreements 66 193
Securities 880 679
--------- ---------
Total interest income 5,408 4,843
--------- ---------
INTEREST EXPENSE:
Deposits:
Savings & interest-bearing demand 589 479
Time 1,185 1145
Other borrowed funds 21 34
--------- ---------
Total interest expense 1,795 1,658
--------- ---------
Net interest income 3,613 3,185
Provision for loan losses (101) (69)
--------- ---------
Net interest income after provision
for loan losses 3,512 3,116
--------- ---------
NONINTEREST INCOME:
Service charges and fees 203 197
Gain on sale of loans 24 88
Other 247 235
--------- ---------
Total noninterest income 474 520
NONINTEREST EXPENSES:
Salaries and employee benefits 1,640 1,561
Occupancy 349 343
Other 957 874
--------- ---------
Total noninterest expenses 2,946 2,778
--------- ---------
Income before income tax expense 1,040 858
Income tax expense 373 301
--------- ---------
Net income $ 667 $ 557
========= =========
Net income per common share - basic $ 0.54 $ 0.52
========= =========
Weighted average common shares - basic 1,235,832 1,080,419
========= =========
Net income per common share - diluted $ 0.51 $ 0.44
========= =========
Weighted average common shares - diluted 1,304,997 1,280,350
========= =========
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