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NORTHBAY FINANCIAL RELEASES EARNINGS

 NORTHBAY FINANCIAL RELEASES EARNINGS
 PETALUMA, Calif., April 24 /PRNewswire/ -- Northbay Financial


Corp. (AMEX: NBF), the holding company for Northbay Savings Bank, recorded net income of $753,000 for its third quarter ended March 31, 1992, compared to $638,000 for the same period in 1991, an increase of 18 percent. Fully diluted earnings per share adjusted for a three-for-two stock split effective Nov. 18, 1991, were $.39 and $.44 per share for the respective three-month periods ending March 31, 1991 and March 31, 1992. For the nine-month period ending March 31, 1992, net income was $2,453,000, compared to $2,148,000 for the same period in 1991. Fully diluted earnings per share for nine months ended March 31, 1992, were $1.43, compared to $1.31, adjusted for the three-for-two stock split, for the same period last year.
 Net interest income was $3,214,000 for the quarter ended March 31, 1992, compared to $2,598,000 for the same period in 1991.
 Net loans as of March 31, 1992, were $239,896,000, compared to $222,189,000 on March 31, 1991.
 The ratio of nonperforming assets was 0.79 percent of total assets at March 31, 1992, compared to 0.20 percent on March 31, 1991.
 Total assets grew to $278,161,000 at March 31, 1992, an increase of $14,393,000 since June 30, 1991.
 Retained earnings and stockholders' equity as of March 31, 1992, was $27,250,000, an increase of $2,266,000 above the June 30, 1991, fiscal year-end total which was $24,984,000.
 Further, the board of directors has declared a cash dividend for its third quarter ended March 31, 1992. The cash dividend of $.07 per share, payable to stockholders of record as of April 27, 1992, will be paid on May 7, 1992.
 Founded in 1965, Northbay Savings Bank is the sole subsidiary of Northbay Financial Corp. Petaluma-based Northbay Savings Bank now has seven offices in Sonoma County, Calif., located in Petaluma (2), Santa Rosa, Healdsburg, Forestville, Rohnert Park, and the new Sonoma Office acquired on April 13, 1992 from Continental Savings of America.
 -0- 4/24/92
 /CONTACT: Jeanne M. Chalmers of Northbay Savings Bank, 707-778- 3334/
 (NBF) CO: Northbay Financial Corp.; Northbay Savings Bank ST: California IN: FIN SU: ERN


DG -- SF002 -- 2294 04/24/92 09:00 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
Words:394
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