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1ST QUARTER EARNINGS UP 16.8 PERCENT FOR NORTHBAY FINANCIAL

 PETALUMA, Calif., Oct. 28 /PRNewswire/ -- Northbay Financial Corp. (AMEX: NBF), the holding company for Northbay Savings Bank, recorded net income of $1,085,000 for its first quarter ended Sept. 30, 1993, compared to $929,000 for the same period in 1992, an increase of 16.8 percent. The quarter ended Sept. 30, 1993, included a change in accounting principles for income taxes which resulted in a gain of $220,000. Fully diluted earnings per share were $0.50, compared to $0.42 last year, adjusted for a 15 percent stock dividend effective July 31, 1992 and a 10-percent stock dividend effective Jan. 29, 1993.
 Net interest income after provision for loan losses decreased slightly to $3,297,000 for the quarter ended Sept. 30, 1993, compared to $3,450,000 for the same period last year.
 A measure of profitability, return on average assets for 1993 was 1.37 percent as compared to 1.26 percent for 1992.
 Net loans as of Sept. 30, 1993, were $283,545,000, as compared to $250,148,000 on Sept. 30, 1992.
 The ratio of nonperforming assets to average assets was 1.05 percent at Sept. 30, 1993, compared to 1.06 percent at Sept. 30, 1992.
 Total assets grew to $317,595,000 at Sept. 30, 1993, an increase of $6,246,000 since June 30, 1993.
 Retained earnings and stockholders' equity as of Sept. 30, 1993, was $32,128,000 compared to $28,897,000 at Sept. 30, 1992.
 Founded in 1965, Northbay Savings Bank is the sole subsidiary of Northbay Financial Corp. Northbay Savings Bank is based in Petaluma where it maintains two offices, and has additional offices throughout Sonoma County, in Santa Rosa, Healdsburg, Forestville, Sonoma and Rohnert Park.
 -0- 10/28/93
 /CONTACT: Greg Jahn, chief financial officer and VP, 707-792-7409; or Jeanne M. Chalmers, VP marketing manager, 707-792-7417, both of Northbay Financial Corp./
 (NBF)


CO: Northbay Financial Corp. ST: California IN: FIN SU: ERN

TB-BR -- SF010 -- 8097 10/28/93 15:55 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
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