Bay Commercial Services Reports Record Growth and Year-to-Date 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)--July 16, 1998--Bay Commercial Services (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BCSV-news), parent of Bay Bank of Commerce, today reported record total assets at June June: see month. 30, 1998 of $128,993,000, up 21% from $106,822,000 at June 30, 1997. Additionally, with strong second quarter earnings, net income for the six month period ended June 30, 1998 was a record $557,000, or $0.44 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 6% gain from the same 1997 period. 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:
For the second quarter of 1998, Bay Commercial Services net income was $303,000, or $0.24 per diluted share. This compares to second quarter 1997 earnings of $343,000, or $0.27 per diluted share. Income for the 1997 second quarter included a non-recurring settlement gain of $149,000, or $0.08 per diluted share after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. . 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, California San Ramon is a city in Contra Costa County, California, United States. It is a part of the San Francisco Bay Area. Since 1980, the population of San Ramon has increased by over 128% from 22,356 to 51,027 in 2005. . The Bank provides loan and deposit products and services to commercial business, professionals and individuals. -0-
Bay Commercial Services
Financial Highlights as of June 30, Unaudited
(Dollars in thousands) 1998 1997 % Increase
---- ---- ----------
Total Assets $128,993 $106,822 21%
Total Loans 80,351 71,474 12%
Total Deposits 116,080 94,271 23%
Total Equity 10,699 9,926 8%
For six months ended For the quarter ended
6/30/98 6/30/97 % Change 6/30/98 6/30/97 % Change
-------------------------- ---------------------------
Net Income
(in thousands) $557 $525 6% $303 $343 (12%)
Net Income Per
Share - Basic $0.52 $0.49 6% $0.28 $0.32 (13%)
Net Income Per
Share - Diluted $0.44 $0.42 5% $0.24 $0.27 (11%)
Consolidated Condensed Statements of Income
for the six months ended June 30, -- Unaudited
(Dollars in thousands, except per share) 1998 1997
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INTEREST INCOME:
Loans, including fees $3,971 $3,526
Federal funds sold and reverse
repurchase agreements 193 140
Securities 679 505
------ ------
Total interest income 4,843 4,171
------ ------
INTEREST EXPENSE:
Deposits:
Savings & interest-bearing
demand 479 319
Time 1,145 996
Other borrowed funds 34 50
------ ------
Total interest expense 1,658 1,365
------ ------
Net interest income 3,185 2,806
Provision for loan losses (69) (47)
------ ------
Net interest income after
provision for loan losses 3,116 2,759
------ ------
NONINTEREST INCOME:
Service charges and fees 197 195
Gain on sale of loans 88 57
Other 235 337
------ ------
Total noninterest income 520 589
------ ------
NONINTEREST EXPENSES:
Salaries and employee
benefits 1,561 1,421
Occupancy 343 347
Other 874 744
------ ------
Total noninterest expenses 2,778 2,512
------ ------
Income before income tax
expense 858 836
Income tax expense 301 311
------ ------
Net income $557 $525
====== ======
Net income per common
share - basic $0.52 $0.49
====== ======
Weighted average common
shares - basic 1,080,419 1,076,720
========= =========
Net income per common
share - diluted $0.44 $0.42
====== ======
Weighted average common
shares - diluted 1,280,350 1,248,764
========= =========
Consolidated Condensed Balance Sheets
as of June 30, -- Unaudited
(Dollars in thousands) 1998 1997
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ASSETS
Cash and due from banks $ 13,431 $ 8,295
Federal funds sold and reverse
repurchase agreements 6,900 1,500
Securities 26,226 23,222
Loans 80,351 71,474
Allowance for loan losses (900) (1,000)
------- -------
Net loans 79,451 70,474
------- -------
Premises and equipment, net 2,001 2,196
Interest receivable and other
assets 984 1,135
-------- --------
Total assets $128,993 $106,822
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Noninterest-bearing demand $ 33,609 $29,337
Savings and interest-bearing demand 37,490 23,959
Time 44,981 40,975
-------- -------
Total deposits 116,080 94,271
-------- -------
Securities sold under
agreements to repurchase 1,317 1,730
Interest payable and other
liabilities 897 895
------- -------
Total liabilities 118,294 96,896
------- -------
Shareholders' equity:
Common stock - no par value:
Authorized 20,000,000 shares;
issued and outstanding
1,079,520 in 1998 and
1,076,720 in 1997 3,616 3,662
Retained earnings 7,066 6,296
Net unrealized gain (loss) on
securities available for sale 17 (32)
------- -------
Total shareholders' equity 10,699 9,926
------- -------
Total liabilities and
shareholders' equity $128,993 $106,822
======== ========
CONTACT: Bay Commercial Services Richard M. Kahler, 510/357-2265 (President & CEO) or Randall Randall may refer to the following: In places:
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