NORTHBAY FINANCIAL RELEASES FIRST QUARTER EARNINGS
NORTHBAY FINANCIAL RELEASES FIRST QUARTER EARNINGS PETALUMA, Calif., Oct. 30 /PRNewswire/ -- Northbay Financial Corp.
(AMEX: NBF), the holding company for Northbay Savings Bank, recorded net income of $929,000 for its first quarter ended Sept. 30, 1992, compared to $888,000 for the same period in 1991, an increase of 4.6 percent. Earnings per share for the quarter were 49 cents compared to 44 cents for the same period last year, adjusted for the three-for-two stock split effective Nov. 18, 1991, and a 15-percent dividend on July 31, 1992.
Net interest income was $3,629,000 for the quarter ended Sept. 30, 1992, compared to $3,039,000 for the same period in 1991. Net loans as of Sept. 30, 1992, were $250,100,000, compared to $229,800,000 on Sept. 30, 1991. The ratio of nonperforming loans were 1.06 percent at Sept. 30, 1992, compared to .59 percent on Sept. 30, 1991. Total assets grew to $295,400,000 at Sept. 30, 1992, from $295,100,000 at June 30, 1992. Retained earnings and stockholders' equity as of Sept. 30, 1992, was $28,900,000, an increase of $825,000 above the June 30, 1992, fiscal year-end total which was $28,075,000. 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, Calif., located in the cities of Petaluma (two), Santa Rosa, Healdsburg, Forestville, Sonoma and Rohnert Park, and two loan offices located in Santa Rosa and Napa (in Napa County). -0- 10/30/92 /CONTACT: Jeanne Chalmers of Northbay Savings Bank, 707-778-3334/ (NBF) CO: Northbay Financial Corp.; Northbay Savings Bank ST: California IN: FIN SU: ERN
GT -- SF001 -- 7114 10/30/92 12:33 EST
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|Date:||Oct 30, 1992|
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