Business Bank of Nevada Parent Company Announces 3rd Quarter Numbers; Results Surpass First Half of 2001.Business Editors LAS VEGAS--(BUSINESS WIRE)--Oct. 18, 2001 Business Bank Corporation, the parent company of Business Bank of Nevada (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BBNV BBNV Business Bank of Nevada ), today announced that its earnings through the 3rd quarter ending September 30, 2001, were $418,263 compared to $694,411 as of September 30, 2000. The Corporation also reported that its 3rd quarter earnings of $219,747 surpassed the $198,515 the Company earned in the first half of 2001. "We are pleased with our performance during the third quarter because it reflects some positive trends and good growth in our core business despite the declining rate environment we've been experiencing this year," said Business Bank President and 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. John Guedry. "With the Federal Reserve Bank lowering short term rates by four percent this year, interest margins among banks - particularly smaller financial institutions - have significantly declined." Guedry added that unlike the larger banks, which generate a significant portion of their income from fees, the majority of Business Bank's income is derived from the interest margins on its loan and investment portfolios. "As interest rates cycle up, so too will our overall profitability." The Corporation's total assets as of September 30, 2001 were $184.1 million compared to $167.3 million a year earlier, which represents more than a 10 percent increase in the Company's total assets year over year. Total loans were $119.1 million as of September 30, 2001 compared to $105.6 million a year earlier, which reflects nearly a 13 percent increase in total loans year over year. The Company's total deposits were $167.2 million as of the end of third quarter of this year compared to $153.4 million the previous year, which resulted in more than a nine percent increase in total deposits year over year. The Company's Book Value Per Share as of September 30, 2001 was $9.46 compared to $8.80 as of September 30, 2000. Earnings Per Share of Common Stock for the quarter was $0.25 compared to $0.56 the previous year. The Company's Return on Average Assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ) were 0.30 percent as of September 30, 2001 compared to 0.65 percent a year earlier. Return on Average Equity (ROE) for the quarter was 3.72 percent compared to 8.39 percent twelve months earlier. "We believe management's sound and prudent business practices, coupled with some attractive loan programs, have greatly helped us weather the economic downtown we're experiencing in Nevada and throughout the country," Guedry said. "During the last several months, we've been able to attract quality borrowers and deposit customers who have established solid ties with the Bank that should result in profitable, long term relationships." Business Bank, with over $180 million in total assets, is in its sixth year of operation and is one of the fastest-growing independent banks in Nevada. The Bank has four branch offices in the state, with three in the Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. area and one in Carson City. Business Bank is FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). Insured and is a member of the Federal Reserve Bank of San Francisco The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, . Its stock is listed on the Over The Counter Bulletin Board (OTCBB) at ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors BBNV. Additional information about Business Bank and possible career opportunities is available at www.bbnv.com. Forward-Looking Statement 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. This news release contains forward-looking statements relating to results of operations, product features and benefits, market penetration and market strategies. Such statements are made based on management's beliefs as well as assumptions made by and information currently available to management, pursuant to "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. While these statements reflect our best judgement, they are subject to risks and uncertainties that could cause a change in focus and direction. Editor's Note: Complete 3rd quarter financial information for Business Bank Corporation is located on Business Bank's Web site at www.bbnv.com. This information is located in the Inside Business Bank/Investor Relations section of the Bank's Web site. |
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