Business Bancorp Announces Record Earnings and Growth for the Fourth Quarter and the Year Ended Dec. 31, 2000.Business Editors SAN BERNARDINO San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , Calif.--(BUSINESS WIRE)--Jan. 18, 2001 Business Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BZBC), the parent company of Business Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. (www.businessbank.com), Thursday Thursday: see week. reported net income of $2.3 million or $1.13 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 year ended Dec. 31, 2000, compared with net earnings of $1.9 million or $0.97 per share, for the 12 months ended Dec. 31, 1999. Cash earnings of $2.5 million, which exclude the after tax impact of amortization of goodwill and identifiable intangibles, increased to $1.27 per diluted share for the year ended Dec. 31, 2000, compared with $1.07 per diluted share for, the 12 months ended Dec. 31, 1999. For the fourth quarter ended Dec. 31, 2000, Business Bancorp reported net earnings of $612,000 or $0.30 per diluted common share, compared with net income of $537,000, or $0.27 per diluted share for the fourth quarter ended Dec. 31, 1999. Cash earnings of $717,000, or $0.36 per diluted share for the fourth quarter 2000 compared with $0.30 per diluted share for fourth quarter 1999. "The year 2000 was another record year for Business Bank of California," stated Alan A`lan´ n. 1. A wolfhound. J. Lane, president and chief executive officer of the bank and its parent company, Business Bancorp. "Earnings growth was 16.5% for the year, and was 18.7% when calculated on a cash basis. We have reported our third consecutive year of record earnings, and have grown to over $300 million in assets as of December December: see month. 31, 2000." Lane added: "When you combine our internal growth, de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. branch expansion success and our strategic acquisitions, we believe we have the formula for the continued development of one of the most dynamic financial institutions in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ." The bank completed the successful acquisition of Valley Merchants Bank, N.A. in the city of Hemet during the third quarter of 2000 and celebrated the first anniversary of their 1999 de novo branch located in the city of Ontario. Financial Highlights Net interest income was $4.3 million for the quarter ended Dec. 31, 2000, compared with $3.1 million for the same quarter last year. An increase of 38.1% in interest-earning assets to $273.5 million, as compared with Dec. 31, 1999, contributed to the growth in net interest income. Total assets increased 38.2% to $311.1 million, compared with total footings of $225.1 million one year earlier. Loans increased to $180.4 million, reflecting an increase of 55.0% over the total reported as of Dec. 31, 1999. Total deposits as of Dec. 31, 2000 stood at $264.6 million. This represents an increase of 41.7% over deposits of $186.8 million reported as of Dec. 31, 1999. Asset Quality The allowance for loan losses was $1.8 million for the period ended Dec. 31, 2000, compared with $1.2 million at Dec. 31, 1999. The Dec. 31, 2000 allowance for loan losses as a percent of total non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. was 148.6%, compared with 81.7% at Dec. 31, 1999. Non-performing loans as a percent of gross loans was 0.69% at Dec. 31, 2000, compared with 1.31% for the year earlier period. Business Bancorp is a bank holding company that owns 100% of the capital stock of Business Bank of California (the "bank"), the company's principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . The bank is a California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). state chartered commercial bank whose primary business includes retail banking, commercial, construction, and 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 lending activities. Business Bank of California has served the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. since 1984. The bank operates eight branches in the cities of Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. , Hemet, Hesperia, Ontario, Phelan, Redlands, and San Bernardino. They are strongly focused on providing high quality, personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. services to small businesses, professionals and consumers. Information regarding Business Bancorp stock can be obtained on the OTC bulletin board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. utilizing the symbol (BZBC). Forward-Looking Comments The statements contained in this release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based on management's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by management. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. For information on the company or to obtain the company's quarterly financial supplement, e-mail your request to Jeff@businessbank.com or call Jeffrey L. Blake, Senior Vice President - Finance at 909/381-7133. Include your phone, facsimile and mailing address.
Business Bancorp and Subsidiaries
Financial Highlights At/For Three Months Ended:
(Unaudited)
(Dollars in Thousands, Except Per Share Data)
Dec. 31, Sept. 30, June 30, March 31,
Condensed Income Statements 2000 2000 2000 2000
Interest Income $ 6,370 $ 5,547 $ 5,011 $ 4,480
Interest Expense 2,093 1,938 1,678 1,318
Net Interest Income 4,277 3,609 3,333 3,162
Provision for Loan Losses 125 50 55 25
Net Interest Income After
Provision for Loan Losses 4,152 3,559 3,278 3,137
Non Interest Income 801 693 604 718
Amortization of Goodwill/
Identifiable Intangibles 165 100 68 68
Non Interest Expense 3,826 3,259 3,070 3,021
Income Before Income Taxes 962 893 744 766
Provision for Income Taxes 350 312 193 240
Net Income 612 581 551 526
Cash Earnings (A) 717 646 601 573
Common Share Data
Net Income - Basic 0.31 0.29 0.28 0.27
Net Income - Diluted 0.30 0.29 0.28 0.26
Cash Earnings (A)-Basic 0.36 0.33 0.30 0.29
Cash Earnings (A)-Diluted 0.36 0.32 0.30 0.29
Book Value at Month End $11.64 $10.65 $10.07 $ 9.74
Weighted Average Shares
Outstanding (000's)
Basic 1,996 1,985 1,977 1,976
Diluted 2,015 2,012 1,994 1,997
Shares Outstanding at
Period End 2,027 2,027 1,986 1,976
(A) Net income before amortization of goodwill and identifiable
intangibles, net of taxes.
(B)
Dec. 31, Dec. 31,
2000 1999
Balances:
Total Assets $ 311,144 $ 225,093
Gross Loans 180,368 116,383
Securities 93,341 83,306
Interest Earning Assets 273,532 197,999
Deposits 264,566 186,808
Shareholders' Equity 23,596 18,681
Allowance for Loan Losses 1,843 1,242
YTD Net Charge-Offs 119 378
Non Performing Assets
Nonaccrual Loans 735 484
Foreclosed Assets 505 1,036
Total Non Performing Assets 1,240 1,520
(B) - Business Bank of California (Only)
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