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RECORD EARNINGS FOR NORTHBAY FINANCIAL

 PETALUMA, Calif., Aug. 20 /PRNewswire/ -- Northbay Financial Corporation (AMEX: NBF), the holding company for Northbay Savings Bank, today reported that it has recorded a net income of $3,737,000 for the fiscal year ended June 30, 1993, as compared to $3,487,000 for the same period in 1992, an increase of 7 percent. This is Northbay's most profitable year since it was founded 28 years ago. Fully diluted earnings per share were $1.71, compared to $1.63 last year, adjusted for a 15 percent stock dividend effective July 31, 1992 and a 10 percent stock dividend effective Jan. 29, 1993.
 Total interest income for fiscal 1993 was $24,255,000, as compared to $26,478,000 in 1992.
 Net interest income after provision for loan losses increased $1,341,000 to $13,917,000 for fiscal 1993 compared to $12,576,000 in 1992.
 A measure of profitability, return on average assets for the fiscal year 1993 was 1.24 percent as compared to 1.26 percent for 1992.
 Net loans as of June 30, 1993, were $277,706,000, as compared to $248,783,000 on June 30, 1992.
 Total assets grew $16,255,000 to $311,349,000 at June 30, 1993, as compared to $295,094,000 at June 30, 1992.
 The ratio of nonperforming assets to average assets was 0.92 percent at June 30, 1993, compared to 0.44 percent at June 30, 1992.
 Stockholders' equity as of June 30, 1993, was $31,233,000 compared to $28,076,000 at June 30, 1992.
 Alfred A. Alys, president and CEO of Northbay Savings Bank, stated, "We are pleased with the performance of the bank this past year considering the expansion undertaken in the areas of lending, administrating and branching. The bank is now positioned well for future growth."
 Founded in 1965, Northbay Savings Bank is the sole subsidiary of Northbay Financial Corporation. Northbay Savings Bank is based in Petaluma where it maintains two offices, and has additional offices throughout Sonoma County, Calif., in Santa Rosa, Healdsburg, Forestville, Sonoma and Rohnert Park.
 -0- 8/20/93
 /CONTACT: Jeanne M. Chalmers, vice president-marketing manager, 707-792-7417, or Greg Jahn, chief financial officer and vice president, 707-792-7409, both of Northbay Financial Corporation/
 (NBF)


CO: Northbay Financial Corporation ST: California IN: FIN SU: ERN

SM-TS -- NY006 -- 4658 08/20/93 10:30 EDT
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Publication:PR Newswire
Date:Aug 20, 1993
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