October 17, 2003
Walnut Creek, CA
Contact: James L. Ryan
Bank of Walnut Creek
(925) 932-5353
BWC FINANCIAL CORP. ANNOUNCES THIRD QUARTER & YEAR-TO-DATE EARNINGS
James L. Ryan, Chief Executive Officer and Chairman of the Board of BWC Financial Corp. and its subsidiaries Bank of Walnut Creek and BWC Mortgage Services, announced third quarter and year-to-date earnings.
Net income for the Corporation for the nine months ending September 30, 2003 was $3,616,000 or $1.01 diluted earnings per share, compared to net income of $3,246,000 or $0.90 diluted earnings per share for the same period in 2002.
Earnings for the first nine months of 2003 represent a return on average assets (ROA) of 1.11% and return on average equity (ROE) of 11.29%, compared to an ROA of 1.07% and ROE of 11.09% for the same period last year.
Third Quarter 2003 income was $1,418,000 or $0.40 diluted earnings per share compared to Third Quarter 2002 income of $1,104,000 or $0.31 diluted earnings per share. Earnings for Third Quarter 2003 represent a return on average assets (ROA) of 1.22% and return on average equity (ROE) of 13.07%, compared to 1.07% ROA and 11.02% ROE for Third Quarter 2002.
Total assets of the Corporation at September 30, 2003 were $463,909,000, compared to assets of $410,228,000 for the same period in 2002.
Additional details may be found in the Summary of Consolidated Financial Results for Third Quarter and Year to Date 2003:
BWC Financial Corp.
Consolidated Financial Results
In thousands except share and per share amounts
Quarter Ended Year to Date SUMMARY INCOME STATEMENT September 30, September 30, ------------- ------------- 2003 2002 2003 2002 ---------------------------------------------------------- Interest Income $ 7,031 $ 6,249 $ 19,655 $ 19,120 Interest Expense 1,212 1,242 3,281 3,892 ---------------------------------------------------------- Net Interest Income 5,819 5,007 16,374 15,228 Provision for Credit Losses 450 300 1,050 900 Non-interest Income 5,322 2,944 13,728 7,712 Non-interest Expenses 7,942 5,664 22,160 16,302 Minority Interest 481 274 1,060 635 ---------------------------------------------------------- EBIT 2,268 1,713 5,832 5,103 Income Taxes 850 609 2,216 1,857 ---------------------------------------------------------- Net Income $ 1,418 $ 1,104 $ 3,616 $ 3,246 Weighted Average Basic shares 3,552,432 3,480,458 3,573,012 3,421,717 Weighted Average Diluted Shares 3,568,853 3,598,687 3,587,821 3,614,424 Basic EPS $ 0.40 $ 0.32 $ 1.01 $ 0.95 Diluted EPS $ 0.40 $ 0.31 $ 1.01 $ 0.90 SELECTED PERFORMANCE RATIOS Return on Average Assets 1.22% 1.07% 1.11% 1.07% Return on Average Equity 13.07% 11.02% 11.29% 11.09% Net Interest Margin to Earning Assets 5.34% 5.21% 5.39% 5.44% Efficiency Ratio (Bank only) 63.84% 67.47% 66.64% 66.75% SUMMARY BALANCE SHEET In thousands September 30, Assets: 2003 2002 ----------------------------- Cash and Equivalents $ 44,461 $ 23,486 Investments 71,004 99,587 Loans 337,095 281,489 Allowance for Credit Losses (6,164) (5,910) BWC Mortgage Services, Loans Held-for-Sale 5,737 - Other Assets 11,776 11,576 ----------------------------- Total Assets $ 463,909 $ 410,228 Deposits $ 382,688 $ 346,395 Other Borrowings 33,847 20,551 Other Liabilities 3,354 2,614 ----------------------------- Total Liabilities 419,889 369,560 Equity 44,020 40,668 ----------------------------- Total Liabilities and Equity $ 463,909 $ 410,228
Founded in 1980, Bank of Walnut Creek’s headquarters and main office are at 1400 Civic Drive, Walnut Creek. Additional branch offices are in Orinda, San Ramon, Danville, Pleasanton, and Livermore, with Regional Business Centers in Fremont and San Jose. BWC Mortgage Services, with headquarters in San Ramon, has mortgage consultants in each of the Bank’s branch offices.
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Nasdaq: BWCF
http://www.bowc.com