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NORTHBAY FINANCIAL RELEASES EARNINGS

 PETALUMA, Calif., April 27 /PRNewswire/ -- Northbay Financial Corp. (AMEX: NBF), the holding company for Northbay Savings Bank, recorded net income of $822,500 for its third quarter ended March 31, 1993, compared to $753,000 for the same period in 1992, an increase of 9.2 percent. Primary and fully diluted earnings per share were 38 cents for the quarter ended March 31, 1993, compared to 34 cents for the same period last year. For the nine-month period ending March 31, 1993, net income was $2,708,000, compared to $2,453,000 for the same period in 1992. Primary and fully diluted earnings per share for the nine months ended March 31, 1993, were $1.24, compared to $1.12 for the same period last year, an increase of 10.41 percent when adjusted for the 15-percent stock dividend effective July 31, 1992, and the 10-percent stock dividend effective Jan. 29, 1993.
 Net interest income after provision for loan losses was $3,471,000 for the quarter ended March 31, 1993, compared to $3,214,000 for the same period in 1992.
 Net loans as of March 31, 1993, were $267,964,000, compared to $239,897,000 on March 31, 1992.
 The ratio of nonperforming assets including REO was 0.91 percent of total assets at March 31, 1993, compared to 0.79 percent one year ago and a ratio of 1.07 percent on Dec. 31, 1992. The decline in this ratio from Dec. 31, 1992, is primarily a result in the reduction of loan delinquencies.
 Total assets grew to $303,493,000 at March 31, 1993, an increase of $8,399,000 since June 30, 1992.
 Retained earnings and stockholders' equity as of March 31, 1993, was $30,399,000, an increase of $2,323,000 above the June 30, 1992, fiscal year-end total which was $28,076,000.
 Founded in 1965, Northbay Savings Bank is the sole subsidiary of Northbay Financial Corp. Petaluma-based Northbay Savings Bank has seven offices in Sonoma County, California, located in Petaluma (2), Santa Rosa, Healdsburg, Sonoma, Forestville and Rohnert Park.
 -0- 4/27/93
 /CONTACT: Cathy Simondi, investor relations, 707-792-7473; or Jeanne M. Chalmers, marketing manager, 707-792-7417, both of Northbay Financial/
 (NBF)


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

TM-TB -- SF006 -- 1304 04/27/93 11:25 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
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