NORTHBAY FINANCIAL RELEASES EARNINGS
NORTHBAY FINANCIAL RELEASES EARNINGS PETALUMA, Calif., Feb. 3 /PRNewswire/ -- Northbay Financial Corp.
(AMEX: NBF) the holding company for Northbay Savings Bank, recorded net income of $812,000 for its second quarter ended Dec. 31, 1991, compared to $763,000 for the same period in 1990, an increase of 6.4 percent. Earnings per share adjusted for a three-for-two stock split effective Nov. 18, 1991, were unchanged at $.47. For the six-month period ending Dec. 31, 1991, net income was $1,700,196, compared to $1,508,969, for the same period in 1990. Earnings per share for six months ended Dec. 31, 1991, were $.99 compared to $.92, adjusted for the three-for-two stock split, for the same period last year.
Net interest income was $2,988,000 for the quarter ended Dec. 31, 1991, compared to $2,700,000 for the same period in 1990. Net loans as of Dec. 31, 1991, were $236,015,000, compared to $217,476,000 on Dec. 31, 1990. The ratio of nonperforming loans was 0.72 percent of total assets at Dec. 31, 1991, compared to 0.29 percent on Dec. 31, 1990. Total assets grew to $267,185,000 at Dec. 31, 1991, an increase of $3,417,000 since June 30, 1991. Retained earnings and stockholders' equity as of Dec. 31, 1991, was $26,610,000, an increase of $1,626,000 above the June 30, 1991, fiscal year-end total which was $24,984,000. Founded in 1965, Northbay Savings bank is the sole subsidiary of Northbay Financial Corp. Petaluma-based Northbay Savings Bank has six offices in Sonoma county, California, located in Petaluma (2), Santa Rosa, Healdsburg, Forestville and Rohnert Park. -0- 2/3/92 /CONTACT: Jeanne M. Chalmers of Northbay Financial Corp., 707-778-3334/ (NBF) CO: Northbay Financial Corp. ST: California IN: FIN SU: ERN
RM -- SF008 -- 6321 02/03/92 16:21 EST
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|Date:||Feb 3, 1992|
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