Exhibit 99.1
For Information Contact
At Greater Bay Bancorp: | At Silverman Heller Associates: | |
Byron A. Scordelis, President and CEO | Philip Bourdillon/Gene Heller | |
(650) 838-6101 | (310) 208-2550 | |
James S. Westfall, EVP and CFO | ||
(650) 838-6108 |
FOR IMMEDIATE RELEASE
GREATER BAY BANCORP REPORTS
NET INCOMEOF $22.7 MILLIONOR $0.38PERSHARE
FOR THE SECOND QUARTEROF 2005
EAST PALO ALTO, Calif., July 27, 2005 — Greater Bay Bancorp (Nasdaq:GBBK), a $7.2 billion in assets financial services holding company, today announced results for the second quarter and six months ended June 30, 2005.
For the second quarter of 2005, Greater Bay Bancorp’s net income was $22.7 million, or $0.38 per diluted common share, compared to $24.5 million, or $0.39 per diluted common share, for the second quarter of 2004, and $21.5 million, or $0.34 per diluted common share, for the first quarter of 2005. For the first six months of 2005, net income was $44.2 million, or $0.72 per diluted common share, compared to $49.4 million, or $0.81 per diluted common share for the first six months of 2004.
Return on average common equity, annualized, for the second quarter of 2005 was 13.68% compared to 15.46% for the second quarter of 2004, and 13.03% for the first quarter of 2005. Return on average common equity, annualized, for the first six months of 2005 was 13.36% compared to 15.13% for the same period in 2004. Return on average assets, annualized, for the second quarter of 2005 was 1.29% compared to 1.29% for the second quarter of 2004, and 1.26% for the first quarter of 2005. Return on average assets, annualized, was 1.27% for the first six months of 2005 compared to 1.31% for the same period in 2004.
Operating results for the second quarter of 2005 included the following items:
· | $1.2 million gain on the repurchase and retirement of Zero Coupon Convertible Contingent Debt Securities (“CODES”), and |
· | $1.1 million gain related to the change in market value of purchased residential mortgage loans between price commitment and settlement dates. |
Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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“We are pleased to report another quarter of solid operating results,” stated Byron A. Scordelis, President and Chief Executive Officer of Greater Bay Bancorp. “We posted meaningful annualized organic loan growth for the period, and saw continued strength in our commercial insurance brokerage business that was highlighted by ABD’s acquisition of the highly-regarded Lucini / Parish firm which provided a strategic entry into the rapidly growing Nevada marketplace.”
Net Interest Income
Net interest income for the second quarter of 2005 decreased to $65.4 million from $71.9 million in the second quarter of 2004. This was primarily attributable to a decline in average interest earning securities of $586.9 million.
Net interest income for the second quarter of 2005 decreased to $65.4 million from $66.0 million in the first quarter of 2005. This was primarily attributable to a 16 basis point decline in the net interest margin, partially offset by an increase of $105.8 million in average loan outstandings.
Non-Interest Income
Non-interest income for the second quarter of 2005 increased to $54.2 million from $46.8 million in the second quarter of 2004. This was primarily attributable to:
· | Increases in insurance brokerage commissions and fees of $6.3 million, including $3.7 million related to Lucini / Parish which was acquired effective May 1, 2005, |
· | Increases in small ticket operating lease revenues of $1.8 million, and |
· | Increases in other income of $1.2 million related to gains on repurchased CODES. |
These increases were partially offset by a $1.6 million reduction in gains on sale of securities and a $0.6 million reduction in gains on sale of loans compared to the second quarter of 2004.
Non-interest income for the second quarter of 2005 increased to $54.2 million from $50.2 million in the first quarter of 2005. This was primarily attributable to:
· | Increases in insurance commissions and fees of $1.1 million, and |
· | Increases in other income of $2.4 million primarily attributable to gains on repurchases of CODES and appreciation of purchased residential mortgage loans between price commitment and settlement dates. |
Non-interest income in the first half of 2005 increased to $104.4 million from $94.3 million in the first half of 2004. This was primarily attributable to:
· | Increases in insurance commissions and fees of $9.8 million, |
· | Increases in small ticket operating lease revenues of $3.5 million, and |
· | Increases in gains on repurchases of CODES of $1.5 million. |
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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These increases were partially offset by a decrease of $4.4 million in gains on sale of securities and loans as well as a charge of $1.0 million for an other than temporary impairment of Fannie Mae and Freddie Mac security investments during the first half of 2005 compared to the first half of 2004.
Non-interest income as a percentage of total revenues for the second quarter of 2005 was 45.3%, compared to 39.4% for the second quarter of 2004 and 43.2% for the first quarter of 2005. Non-interest income as a percentage of total revenues for the first half of 2005 was 44.3%, compared to 39.0% for the same period one year ago.
Operating Expenses
Operating expenses for the second quarter of 2005 increased to $81.1 million from $77.2 million in the second quarter of 2004. This was primarily attributable to:
· | Increases in compensation expense of $2.4 million of which $2.0 million is attributable to Lucini / Parish, |
· | Increases in depreciation expense on leased equipment of $1.5 million, and |
· | Increases in occupancy and equipment expense of $0.9 million. |
These increases were partially offset by a $1.5 million decrease in legal and other professional fees.
Operating expenses for the second quarter of 2005 decreased to $81.1 million from $83.9 million in the first quarter of 2005. This was primarily attributable to:
· | Decreases in compensation expense of $2.1 million, and |
· | Decreases in legal and professional expense of $1.7 million. |
These decreases were partially offset by an increase of $0.7 million in occupancy expenses.
Operating expenses in the first half of 2005 increased to $165.1 million from $157.3 million in the first half of 2004. This was primarily attributable to:
· | Increases in compensation expense of $3.1 million including $1.8 million of severance, |
· | Increases in depreciation expense on leased equipment of $2.9 million, and |
· | Increases in occupancy expense of $1.1 million. |
Credit Quality Overview
Net loan charge-offs in the second quarter of 2005 were $3.5 million, or 0.30% of average loans, annualized, compared to $4.0 million, or 0.36% of average loans, annualized, for the second quarter of 2004 and $3.5 million, or 0.32% of average loans, annualized, for the first quarter of 2005. Net loan
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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charge-offs in the first half of 2005 were $7.0 million, or 0.31% of average loans, annualized, compared to $9.5 million or 0.43% for the same period in 2004. Nonperforming assets were $88.6 million at June 30, 2005, compared to $42.2 million at June 30, 2004 and $53.4 million at March 31, 2005. The ratio of nonperforming assets to total assets was 1.22% at June 30, 2005, compared to 0.55% at June 30, 2004 and 0.77% at March 31, 2005. The ratio of nonperforming loans to total loans was 1.87% at June 30, 2005, compared to 0.95% at June 30, 2004 and 1.17% at March 31, 2005.
The Company’s provision for credit losses was $2.3 million for the second quarter of 2005, compared to $2.0 million for the second quarter of 2004, and a negative provision of $1.7 million for the first quarter of 2005. The provision for the first half of 2005 was $0.6 million, compared to $4.0 million for the first half of 2004.
The allowance for loan and lease losses was $98.5 million, or 2.08% of total loans, at June 30, 2005, compared to $116.0 million, or 2.60% of total loans, at June 30, 2004 and $99.4 million, or 2.21% of total loans, at March 31, 2005.
“Credit metrics in the second quarter were largely influenced by our reclassification of a single client relationship totaling $41.6 million to the non-performing category,” stated Mr. Scordelis. “Established several years ago, this relationship includes a $33.8 million loan which is primarily secured by an owner-occupied residential property. We believe that this credit facility is an isolated anomaly with respect to its nature and structure within the context of our overall loan portfolio.”
“The loans comprising this relationship remain current, and our dialogue with the client remains constructive,” he added. “It is notable that this relationship was reduced by a $5.5 million principal pay down in the first quarter and by a scheduled debt service payment of $0.6 million in the second quarter. Our current assessment of risk exposure stemming from this relationship is fully reflected in our allowance level as of quarter-end.”
“Excluding the impact of this single client relationship, non-performing assets at June 30, 2005 would have declined by $6.5 million, or 12.0%, compared to March 31, 2005,” commented Mr. Scordelis. “We remain encouraged by the underlying trends in our reported and internal credit metrics, and continue our disciplined focus on portfolio administration and control.”
Balance Sheet
At June 30, 2005, total assets were $7.2 billion, total loans were $4.7 billion, total securities were $1.6 billion, and total deposits were $4.9 billion.
Total loans increased by $276.5 million from June 30, 2004 to June 30, 2005. This year-over-year growth reflects increases in the following portfolios:
· | $128.0 million in real estate construction and land loans, |
· | $77.8 million in commercial loans, |
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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· | $17.9 million in other real estate loans, and |
· | $251.5 million in residential mortgage loans, all attributable to purchased residential mortgage loans. |
These increases were offset by decreases in commercial term real estate loans of $165.0 million and in consumer and other loans of $33.2 million.
Total loans increased by $234.0 million from March 31, 2005 to June 30, 2005. This second quarter 2005 growth reflects increases in the following portfolios:
· | $43.3 million in real estate construction and land loans, |
· | $12.7 million in commercial loans, |
· | $25.5 million in other real estate loans, |
· | $190.8 million in residential mortgage loans, including $180.7 million of purchased residential mortgage loans, and |
· | $8.0 million in consumer and other loans. |
These increases were offset by a decrease in commercial term real estate loans of $46.6 million.
Excluding the impact of purchased mortgage residential loans, total loans increased by $53.3 million, or an annualized rate of 4.8%, compared to the first quarter of 2005.
“We are encouraged to note the solid quarter-over-quarter growth in our organic loan outstandings,” stated Mr. Scordelis, “and are particularly pleased to report our fifth consecutive quarterly increase in construction loan totals which we believe to be both consistent with our stated business objectives as well as with the general improvement in the Bay Area economy.”
Total core deposits (excluding institutional and brokered deposits) at June 30, 2005 decreased by $462.1 million compared to June 30, 2004 and by $192.1 million compared to March 31, 2005. Non-core deposits and wholesale borrowings at June 30, 2005 increased by $28.2 million compared to June 30, 2004 and by $365.3 million compared to March 31, 2005.
“Our core deposit base continues to reflect the cyclicality of large title company, venture fund, and specialty deposit relationships,” Mr. Scordelis noted. “That having been said, our demand deposit base continues to expand as we seek to optimize the cost and value of our overall funding mix.”
Total securities were $1.6 billion as of June 30, 2005 compared to $2.3 billion at June 30, 2004 and $1.6 billion at March 31, 2005. During the second quarter, the Company issued $150 million of five-year senior notes, and repurchased $114.7 million in face value of CODES in privately negotiated transactions. As of June 30, 2005, $103.1 million of face value of CODES remained outstanding.
“Investment portfolio stability in the second quarter reflected relative balance between natural runoff and purchase activity,” stated James S. Westfall, Executive Vice President and Chief Financial Officer.
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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“Portfolio duration shortened modestly in response to the lower market interest rate environment. The Company continues to manage the investment portfolio to maintain an overall positive net asset interest rate sensitivity position.”
Capital Overview
The capital ratios of Greater Bay Bancorp and its subsidiary bank continue to substantially exceed the well-capitalized guidelines established by bank regulatory agencies.
The Company’s total equity to assets ratio was 10.64% at June 30, 2005, compared to 9.47% at June 30, 2004 and 10.92% at March 31, 2005. The Company’s tangible total equity to tangible assets ratio was 6.92% at June 30, 2005, compared to 6.73% at June 30, 2004 and 7.61% as of March 31, 2005. The decrease during the second quarter of 2005 primarily related to the increase in tangible assets and the decrease in tangible equity; the latter reflecting $42.9 million of intangible assets related to the Lucini / Parish acquisition as well as the repurchase of $16.3 million of the Company’s common stock.
Repurchases under the Company’s $80.0 million common share repurchase program during 2005 totaled approximately 644,200 shares at an average price of $25.27 per share. Remaining unused repurchase program authority at June 30, 2005 was $63.7 million.
Net Interest Margin and Interest Rate Risk Management
The net interest margin for the second quarter of 2005 was 4.29%, compared to 4.29% for the second quarter of 2004 and 4.45% for the first quarter of 2005. The net interest margin for the first six months of 2005 was 4.37% compared to 4.40% for the same period in 2004.
The net interest margin for the second quarter of 2005 compared to the first quarter of 2005 was impacted by structural balance sheet changes resulting in the following reductions:
· | Five basis points due to the nonperforming loan classification indicated above, |
· | Seven basis points due to the growth in purchased residential mortgage loans, |
· | Three basis points related to the senior note issuance in April 2005, and |
· | Four basis points related to CODES repurchases. |
These reductions were partially offset by a four basis point margin expansion attributable to the Company’s net asset interest rate sensitivity position.
“ While structural changes in earning asset and wholesale funding mixes drove the overall reduction in the second quarter’s net interest margin, we believe that these actions were of clear shareholder value,” stated Mr. Westfall.
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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Outlook For 2005
Our guidance for 2005 is as follows:
· Core Loan Growth – based on the current forecast of moderate economic growth in our primary market area, we anticipate core loan portfolio growth in the low to mid-single digits.
· Core Deposit Growth – we anticipate core deposit growth in the low to mid-single digits, and intend to adjust our use of institutional time deposits and other non-relationship funding sources to meet funding needs not satisfied by core deposit and capital funding sources.
· Credit Quality –based on our continued aggressive credit risk management and the current economic outlook, we anticipate net charge-offs from 30 basis points to 40 basis points of average loans outstanding.
· Net Interest Margin – based on structural balance sheet changes that occurred in the second quarter, and the Company’s interest rate sensitivity position, we expect a full year margin in the 4.25% to 4.35% range.
Conference Call
The Company will broadcast its earnings conference call live via the Internet at 8:00 a.m. (PDT) on Wednesday, July 27, 2005. Participants may access this conference call through the Company’s website athttp://www.gbbk.com, under the “Investor Info” link, or throughhttp://www.earnings.com. You should go to either of these websites 15 minutes prior to the start of the call, as it may be necessary to download audio software to hear the conference call.
A replay of the conference call will be available on the websites. A telephone replay will also be available beginning at 11 a.m. PDT on July 27 through midnight on August 3, 2005 by dialing (800) 642-1687 or (706) 645-9291 and providing Conference ID 7682489.
About Greater Bay Bancorp
Greater Bay Bancorp, a diversified financial services holding company, provides community banking services in the Greater San Francisco Bay Area through Greater Bay Bank, N.A.’s community banking organization, including Bank of Petaluma, Bank of Santa Clara, Bay Area Bank, Bay Bank of Commerce, Coast Commercial Bank, Cupertino National Bank, Golden Gate Bank, Mid-Peninsula Bank, Mt. Diablo National Bank, Peninsula Bank of Commerce and San Jose National Bank. Nationally, Greater Bay Bancorp provides specialized leasing and loan services through its specialty finance group, which includes Matsco, CAPCO and Greater Bay Capital. ABD Insurance and Financial Services, the Company’s insurance brokerage subsidiary, provides commercial insurance brokerage, employee benefits consulting and risk management solutions to business clients throughout the United States.
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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Safe Harbor
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to the Company’s current expectations regarding future operating results, net interest margin, net loan charge-offs, asset quality, level of loan loss reserves, growth in loans and deposits and the strength of the local economy. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward looking statements. These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, a decline in economic conditions at the international, national and local levels and increased competition among financial service providers on the Company’s results of operations and the quality of the Company’s earning assets; (2) government regulation, including developments related to the ongoing insurance industry-wide investigations into contingent commissions and override payments, and the ultimate resolution of the notice of proposed adjustment from the IRS; and (3) the other risks set forth in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2004. Greater Bay does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
For additional information and press releases about Greater Bay Bancorp, visit the Company’s website athttp://www.gbbk.com.
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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GREATER BAY BANCORP
JUNE 30, 2005—FINANCIAL SUMMARY (UNAUDITED)
(Dollars and shares in 000’s, except per share data)
SELECTED QUARTERLY CONSOLIDATED OPERATING DATA: |
| |||||||||||||||||||
Second Quarter 2005 | First Quarter 2005 | Fourth Quarter 2004 | Third Quarter 2004 | Second Quarter 2004 | ||||||||||||||||
Interest Income | $ | 96,050 | $ | 91,798 | $ | 92,576 | $ | 93,574 | $ | 93,604 | ||||||||||
Interest Expense | 30,625 | 25,756 | 24,473 | 23,307 | 21,722 | |||||||||||||||
Net Interest Income Before Provision for Credit Losses | 65,425 | 66,042 | 68,103 | 70,267 | 71,882 | |||||||||||||||
Provision for Credit Losses | 2,252 | (1,678 | ) | 213 | 1,308 | 2,000 | ||||||||||||||
Net Interest Income After Provision for Credit Losses | 63,173 | 67,720 | 67,890 | 68,959 | 69,882 | |||||||||||||||
Non-interest Income: | ||||||||||||||||||||
Insurance Commissions and Fees | 39,223 | 38,122 | 29,727 | 33,276 | 32,916 | |||||||||||||||
Rental Revenue on Operating Leases | 4,463 | 4,032 | 3,500 | 3,067 | 2,665 | |||||||||||||||
Service Charges and Other Fees | 2,869 | 2,550 | 2,611 | 2,599 | 2,624 | |||||||||||||||
Loan and International Banking Fees | 2,113 | 2,013 | 1,352 | 2,137 | 2,061 | |||||||||||||||
Trust Fees | 1,060 | 1,066 | 1,078 | 1,009 | 1,010 | |||||||||||||||
ATM Network Revenue | 284 | 280 | 302 | 314 | 333 | |||||||||||||||
Gains on Sale of Loans | 111 | 95 | 1,315 | 129 | 699 | |||||||||||||||
Gains on Sale of Securities, net | 9 | 290 | 1,636 | 2,820 | 1,572 | |||||||||||||||
Other Income | 4,109 | 1,745 | 3,494 | 2,637 | 2,880 | |||||||||||||||
Total Non-interest Income | 54,241 | 50,193 | 45,015 | 47,988 | 46,760 | |||||||||||||||
Operating Expenses: | ||||||||||||||||||||
Salaries & Benefits | 48,172 | 50,285 | 42,650 | 44,694 | 45,725 | |||||||||||||||
Occupancy and Equipment | 11,148 | 10,412 | 11,984 | 11,570 | 10,251 | |||||||||||||||
Depreciation—Equipment Leased to Others | 3,735 | 3,370 | 2,941 | 2,549 | 2,252 | |||||||||||||||
Legal and Other Professional Fees | 3,198 | 4,851 | 6,478 | 6,562 | 4,682 | |||||||||||||||
Amortization of Intangibles | 2,072 | 2,083 | 2,072 | 2,071 | 2,072 | |||||||||||||||
Other Expenses | 12,805 | 12,947 | 12,651 | 11,490 | 12,228 | |||||||||||||||
Total Operating Expenses | 81,130 | 83,948 | 78,776 | 78,936 | 77,210 | |||||||||||||||
Income Before Provision for Income Taxes | 36,284 | 33,965 | 34,129 | 38,011 | 39,432 | |||||||||||||||
Provision for Income Taxes | 13,609 | 12,455 | 13,050 | 15,556 | 14,899 | |||||||||||||||
Net Income | $ | 22,675 | $ | 21,510 | $ | 21,079 | $ | 22,455 | $ | 24,533 | ||||||||||
EARNINGS PER SHARE DATA: | ||||||||||||||||||||
Earnings Per Common Share | ||||||||||||||||||||
Basic (1) | $ | 0.41 | $ | 0.38 | $ | 0.38 | $ | 0.41 | $ | 0.45 | ||||||||||
Diluted (1) | $ | 0.38 | $ | 0.34 | $ | 0.33 | $ | 0.36 | $ | 0.39 | ||||||||||
Weighted Average Common Shares Outstanding (1) | 50,843 | 51,135 | 51,060 | 51,046 | 51,108 | |||||||||||||||
Weighted Average Common & Common Equivalent Shares Outstanding (1) | 55,573 | 58,184 | 58,924 | 58,776 | 58,929 | |||||||||||||||
GAAP Ratios | ||||||||||||||||||||
Return on Quarterly Average Assets, annualized | 1.29 | % | 1.26 | % | 1.18 | % | 1.20 | % | 1.29 | % | ||||||||||
Return on Quarterly Average Common Shareholders’ Equity, annualized | 13.68 | % | 13.03 | % | 12.69 | % | 13.90 | % | 15.46 | % | ||||||||||
Return on Quarterly Average Total Equity, annualized | 11.84 | % | 11.28 | % | 11.14 | % | 12.16 | % | 13.51 | % | ||||||||||
Net Interest Margin, annualized (2) | 4.29 | % | 4.45 | % | 4.37 | % | 4.27 | % | 4.29 | % | ||||||||||
Operating Expense Ratio, annualized (3) | 4.61 | % | 4.90 | % | 4.42 | % | 4.22 | % | 4.07 | % | ||||||||||
Efficiency Ratio (4) | 67.80 | % | 72.22 | % | 69.64 | % | 66.75 | % | 65.08 | % | ||||||||||
NON-GAAP Ratios | ||||||||||||||||||||
Efficiency Ratio (Excluding ABD) (5) | 60.79 | % | 68.86 | % | 60.94 | % | 60.37 | % | 57.31 | % | ||||||||||
ABD Operating Expenses | $ | 32,380 | $ | 30,413 | $ | 28,300 | $ | 27,857 | $ | 28,268 | ||||||||||
ABD Revenue | $ | 39,476 | $ | 38,491 | $ | 30,286 | $ | 33,643 | $ | 33,245 | ||||||||||
(1) The following table provides the detailed calculation of basic and diluted earnings per common share. The Company’s outstanding convertible preferred stock was antidilutive for all periods presented.
|
| |||||||||||||||||||
Net Income as reported | $ | 22,675 | $ | 21,510 | $ | 21,079 | $ | 22,455 | $ | 24,533 | ||||||||||
Less: Dividends on convertible preferred stock | (1,841 | ) | (1,840 | ) | (1,653 | ) | (1,653 | ) | (1,653 | ) | ||||||||||
(A) Net Income available to common shareholders | $ | 20,834 | $ | 19,670 | $ | 19,426 | $ | 20,802 | $ | 22,880 | ||||||||||
Add: CODES interest, net of taxes | 116 | 174 | 190 | 202 | 176 | |||||||||||||||
(B) Net Income available to common shareholders including CODES | $ | 20,950 | $ | 19,844 | $ | 19,616 | $ | 21,004 | $ | 23,056 | ||||||||||
(C) Weighted Average Common Shares Outstanding | 50,843 | 51,135 | 51,060 | 51,046 | 51,108 | |||||||||||||||
Weighted Average Common Equivalent Shares: | ||||||||||||||||||||
Stock Options | 1,062 | 1,094 | 1,548 | 1,414 | 1,505 | |||||||||||||||
CODES due 2024 | 3,653 | 5,940 | 6,301 | 6,301 | 6,301 | |||||||||||||||
CODES due 2022 | 15 | 15 | 15 | 15 | 15 | |||||||||||||||
(D) Total Weighted Average Common & Common Equivalent Shares Outstanding | 55,573 | 58,184 | 58,924 | 58,776 | 58,929 | |||||||||||||||
(A)/(C) Earnings Per Common Share—Basic | $ | 0.41 | $ | 0.38 | $ | 0.38 | $ | 0.41 | $ | 0.45 | ||||||||||
(B)/(D) Earnings Per Common Share—Diluted | $ | 0.38 | $ | 0.34 | $ | 0.33 | $ | 0.36 | $ | 0.39 |
(2) | Net interest income for the period, annualized and divided by average quarterly interest earning assets. |
(3) | Total operating expenses for the period, annualized and divided by average quarterly assets. |
(4) | Total operating expenses divided by total revenue (the sum of net interest income and non-interest income, excluding provision for credit losses). |
(5) | Total operating expenses less ABD operating expenses divided by total revenue less ABD revenue. |
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
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GREATER BAY BANCORP
JUNE 30, 2005—FINANCIAL SUMMARY (UNAUDITED)
(Dollars and shares in 000’s, except per share data)
SELECTED CONSOLIDATED OPERATING DATA FOR THE SIX MONTH PERIODS: |
| |||||||
6 Months Ended 2005 | 6 Months Ended 2004 | |||||||
Interest Income | $ | 187,848 | $ | 190,349 | ||||
Interest Expense | 56,381 | 43,096 | ||||||
Net Interest Income Before Provision for Credit Losses | 131,467 | 147,253 | ||||||
Provision for Credit Losses | 574 | 4,000 | ||||||
Net Interest Income After Provision for Credit Losses | 130,893 | 143,253 | ||||||
Non-interest Income: | ||||||||
Insurance Commissions and Fees | 77,345 | 67,497 | ||||||
Rental Revenue on Operating Leases | 8,495 | 4,982 | ||||||
Service Charges and Other Fees | 5,419 | 5,247 | ||||||
Loan and International Banking Fees | 4,126 | 4,118 | ||||||
Trust Fees | 2,126 | 1,907 | ||||||
ATM Network Revenue | 564 | 693 | ||||||
Gains on Sale of Loans | 206 | 1,037 | ||||||
Gains on Sale of Securities, net | 299 | 3,914 | ||||||
Other Income | 5,854 | 4,905 | ||||||
Total Non-interest Income | 104,434 | 94,300 | ||||||
Operating Expenses: | ||||||||
Salaries & Benefits | 98,457 | 95,330 | ||||||
Occupancy and Equipment | 21,560 | 20,456 | ||||||
Legal and Other Professional Fees | 8,049 | 8,026 | ||||||
Depreciation—Equipment Leased to Others | 7,105 | 4,157 | ||||||
Amortization of Intangibles | 4,155 | 4,143 | ||||||
Other Expenses | 25,752 | 25,209 | ||||||
Total Operating Expenses | 165,078 | 157,321 | ||||||
Income Before Provision for Income Taxes | 70,249 | 80,232 | ||||||
Provision for Income Taxes | 26,064 | 30,847 | ||||||
Net Income | $ | 44,185 | $ | 49,385 | ||||
EARNINGS PER SHARE DATA: | ||||||||
Earnings Per Common Share | ||||||||
Basic (1) | $ | 0.79 | $ | 0.89 | ||||
Diluted (1) | $ | 0.72 | $ | 0.81 | ||||
Weighted Average Common Shares Outstanding (1) | 50,988 | 51,881 | ||||||
Weighted Average Common & Common Equivalent Shares Outstanding (1) | 56,842 | 56,878 | ||||||
GAAP Ratios | ||||||||
Return on YTD Average Assets, annualized | 1.27 | % | 1.31 | % | ||||
Return on YTD Average Common Shareholders’ Equity, annualized | 13.36 | % | 15.13 | % | ||||
Return on YTD Average Total Equity, annualized | 11.56 | % | 13.27 | % | ||||
Net Interest Margin, annualized (2) | 4.37 | % | 4.40 | % | ||||
Operating Expense Ratio, annualized (3) | 4.75 | % | 4.17 | % | ||||
Efficiency Ratio (4) | 69.98 | % | 65.13 | % | ||||
NON-GAAP Ratios | ||||||||
Efficiency Ratio (Excluding ABD) (5) | 64.76 | % | 58.18 | % | ||||
ABD Operating Expenses | $ | 62,793 | $ | 56,407 | ||||
ABD Revenue | $ | 77,967 | $ | 68,115 | ||||
(1) The following table provides the detailed calculation of basic and diluted earnings per common share. The Company’s outstanding convertible preferred stock was antidilutive for all periods presented.
|
| |||||||
Net Income as reported | $ | 44,185 | $ | 49,385 | ||||
Less: Dividends on convertible preferred stock | (3,681 | ) | (3,306 | ) | ||||
(A) Net Income available to common shareholders | $ | 40,504 | $ | 46,079 | ||||
Add: CODES interest, net of taxes | 290 | 193 | ||||||
(B) Net Income available to common shareholders including CODES | $ | 40,794 | $ | 46,272 | ||||
(C) Weighted Average Common Shares Outstanding | 50,988 | 51,881 | ||||||
Weighted Average Common Equivalent Shares: | ||||||||
Stock Options | 1,049 | 1,554 | ||||||
CODES due 2024 | 4,790 | 3,428 | ||||||
CODES due 2022 | 15 | 15 | ||||||
(D) Total Weighted Average Common & Common Equivalent Shares Outstanding | 56,842 | 56,878 | ||||||
(A)/(C) Earnings Per Common Share—Basic | $ | 0.79 | $ | 0.89 | ||||
(B)/(D) Earnings Per Common Share—Diluted | $ | 0.72 | $ | 0.81 |
(2) | Net interest income for the period, annualized and divided by YTD average interest earning assets. |
(3) | Total operating expenses for the period, annualized and divided by YTD average assets. |
(4) | Total operating expenses divided by total revenue (the sum of net interest income and non-interest income, excluding provision for credit losses). |
(5) | Total operating expenses less ABD operating expenses divided by total revenue less ABD revenue. |
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
Page 11 of 13
GREATER BAY BANCORP
JUNE 30, 2005—FINANCIAL SUMMARY (UNAUDITED)
(Dollars in 000’s)
SELECTED CONSOLIDATED FINANCIAL CONDITION DATA AND RATIOS: |
| |||||||||||||||||||
Jun 30 2005 | Mar 31 2005 | Dec 31 2004 | Sept 30 2004 | Jun 30 2004 | ||||||||||||||||
Cash and Due From Banks | $ | 190,048 | $ | 213,806 | $ | 171,657 | $ | 184,639 | $ | 242,517 | ||||||||||
Fed Funds Sold | 10,000 | — | — | 8,000 | 22,000 | |||||||||||||||
Securities | 1,583,662 | 1,592,120 | 1,602,268 | 1,825,289 | 2,250,302 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial | 2,019,331 | 2,006,585 | 1,969,351 | 1,951,813 | 1,941,573 | |||||||||||||||
Term Real Estate—Commercial | 1,493,890 | 1,540,496 | 1,597,756 | 1,647,568 | 1,658,921 | |||||||||||||||
Total Commercial | 3,513,221 | 3,547,081 | 3,567,107 | 3,599,381 | 3,600,494 | |||||||||||||||
Real Estate Construction and Land | 543,117 | 499,817 | 479,113 | 459,533 | 415,155 | |||||||||||||||
Residential Mortgage | 312,722 | 121,945 | 83,172 | 63,782 | 61,253 | |||||||||||||||
Real Estate Other | 225,578 | 200,036 | 208,565 | 208,902 | 207,694 | |||||||||||||||
Consumer and Other | 137,827 | 129,859 | 145,065 | 152,553 | 171,003 | |||||||||||||||
Deferred Fees and Discounts, Net | (12,939 | ) | (13,239 | ) | (13,902 | ) | (14,457 | ) | (12,575 | ) | ||||||||||
Total Loans, Net of Deferred Fees and Discounts | 4,719,526 | 4,485,499 | 4,469,120 | 4,469,694 | 4,443,024 | |||||||||||||||
Allowance for Loan and Lease Losses (1) | (98,487 | ) | (99,355 | ) | (107,517 | ) | (113,460 | ) | (116,045 | ) | ||||||||||
Total Loans, Net (1) | 4,621,039 | 4,386,144 | 4,361,603 | 4,356,234 | 4,326,979 | |||||||||||||||
Goodwill | 236,211 | 212,077 | 212,432 | 178,317 | 178,317 | |||||||||||||||
Other Intangible Assets | 53,785 | 36,986 | 39,228 | 41,310 | 43,544 | |||||||||||||||
Other Assets (2) | 550,402 | 510,223 | 509,457 | 475,612 | 490,428 | |||||||||||||||
Total Assets | $ | 7,245,147 | $ | 6,951,356 | $ | 6,896,645 | $ | 7,069,401 | $ | 7,554,087 | ||||||||||
Deposits: | ||||||||||||||||||||
Demand, Non-Interest Bearing | $ | 1,091,208 | $ | 1,065,004 | $ | 1,052,272 | $ | 1,053,348 | $ | 1,045,651 | ||||||||||
NOW, MMDA and Savings | 2,955,343 | 3,193,558 | 3,263,716 | 3,272,922 | 3,361,211 | |||||||||||||||
Time Deposits, $100,000 and over | 696,740 | 602,432 | 647,531 | 716,911 | 725,753 | |||||||||||||||
Other Time Deposits | 136,008 | 134,749 | 139,320 | 152,376 | 174,297 | |||||||||||||||
Total Deposits | 4,879,299 | 4,995,743 | 5,102,839 | 5,195,557 | 5,306,912 | |||||||||||||||
Other Borrowings | 1,117,285 | 775,361 | 578,664 | 714,883 | 1,112,334 | |||||||||||||||
Subordinated Debt | 210,311 | 210,311 | 210,311 | 210,311 | 210,311 | |||||||||||||||
Other Liabilities (2) | 254,459 | 198,063 | 229,144 | 196,129 | 197,328 | |||||||||||||||
Total Liabilities | 6,461,354 | 6,179,478 | 6,120,958 | 6,316,880 | 6,826,885 | |||||||||||||||
Preferred Stock of Real Estate Investment Trust Subsidiaries | 12,617 | 12,577 | 12,621 | 12,582 | 12,162 | |||||||||||||||
Convertible Preferred Stock | 103,366 | 103,569 | 103,816 | 91,917 | 91,924 | |||||||||||||||
Common Shareholders’ Equity | 667,810 | 655,732 | 659,250 | 648,022 | 623,116 | |||||||||||||||
Total Equity | 771,176 | 759,301 | 763,066 | 739,939 | 715,040 | |||||||||||||||
Total Liabilities and Total Equity | $ | 7,245,147 | $ | 6,951,356 | $ | 6,896,645 | $ | 7,069,401 | $ | 7,554,087 | ||||||||||
Loan Growth, current quarter to prior year quarter | 6.22 | % | 1.11 | % | -1.51 | % | -2.86 | % | -5.62 | % | ||||||||||
Loan Growth, current quarter to prior quarter, annualized | 20.93 | % | 1.49 | % | -0.05 | % | 2.39 | % | 0.62 | % | ||||||||||
Loan Growth, YTD | 11.30 | % | 1.49 | % | -1.51 | % | -2.01 | % | -4.20 | % | ||||||||||
Core Loan Growth, current quarter to prior year quarter (3) | 0.56 | % | -0.49 | % | -2.02 | % | -2.86 | % | -5.62 | % | ||||||||||
Core Loan Growth, current quarter to prior quarter, annualized (3) | 4.84 | % | -2.89 | % | -2.10 | % | 2.39 | % | 0.62 | % | ||||||||||
Core Loan Growth, YTD (3) | 0.98 | % | -2.89 | % | -2.02 | % | -2.01 | % | -4.20 | % | ||||||||||
Deposit Growth, current quarter to prior year quarter | -8.06 | % | -3.58 | % | -3.95 | % | -4.47 | % | -4.35 | % | ||||||||||
Deposit Growth, current quarter to prior quarter, annualized | -9.35 | % | -8.51 | % | -7.10 | % | -8.35 | % | 9.74 | % | ||||||||||
Deposit Growth, YTD | -8.83 | % | -8.51 | % | -3.95 | % | -2.94 | % | -0.22 | % | ||||||||||
Core Deposit Growth, current quarter to prior year quarter (4) | -9.21 | % | -0.04 | % | 5.33 | % | 7.10 | % | 10.32 | % | ||||||||||
Core Deposit Growth, current quarter to prior quarter, annualized (4) | -16.23 | % | -5.18 | % | -6.94 | % | -9.79 | % | 22.70 | % | ||||||||||
Core Deposit Growth, YTD (4) | -10.63 | % | -5.18 | % | 5.33 | % | 9.61 | % | 19.91 | % | ||||||||||
Revenue Growth, current quarter to prior year quarter | 0.86 | % | -5.53 | % | -2.53 | % | 1.22 | % | 2.05 | % | ||||||||||
Revenue Growth, current quarter to prior quarter, annualized | 11.84 | % | 11.62 | % | -17.56 | % | -1.59 | % | -14.20 | % | ||||||||||
Net Interest Income Growth, current quarter to prior year quarter | -8.98 | % | -12.38 | % | -9.46 | % | -3.33 | % | -2.60 | % | ||||||||||
Net Interest Income Growth, current quarter to prior quarter, annualized | -3.75 | % | -12.27 | % | -12.25 | % | -8.94 | % | -18.62 | % |
(1) | As of December 31, 2004, we reclassified the reserve for unfunded credit commitments from the allowance for loan and lease losses to other liabilities. Amounts presented prior to the fourth quarter of 2004 have been reclassified to conform with the current presentation. |
(2) | Certain reclassifications have been made to prior periods’ consolidated financial statements to conform to current presentation. |
(3) | Core loans calculated as total loans less purchased residential mortgage loans. |
(4) | Core deposits calculated as total deposits less institutional and brokered time deposits. |
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
Page 12 of 13
GREATER BAY BANCORP
JUNE 30, 2005—FINANCIAL SUMMARY (UNAUDITED)
(Dollars in 000’s)
SELECTED AVERAGE BALANCE SHEET AND YIELD DATA: |
| ||||||||||||||||||||||||||
Three months ended | Three months ended | Three months ended | |||||||||||||||||||||||||
June 30, 2005 | March 31, 2005 | June 30, 2004 | |||||||||||||||||||||||||
Average balance (1) | Interest | Average yield / rate | Average balance (1) | Interest | Average yield / rate | Average balance (1) | Interest | Average yield / rate | |||||||||||||||||||
INTEREST-EARNING ASSETS: | |||||||||||||||||||||||||||
Fed funds sold | $ | 32,893 | $ | 220 | 2.68 | % | $ | 32,489 | $ | 181 | 2.26 | % | $ | 148,945 | $ | 324 | 0.87 | % | |||||||||
Other short-term securities | 6,414 | 28 | 1.75 | % | 3,796 | 18 | 1.92 | % | 2,826 | 20 | 2.85 | % | |||||||||||||||
Securities: | |||||||||||||||||||||||||||
Taxable | 1,495,651 | 16,000 | 4.29 | % | 1,499,447 | 16,072 | 4.35 | % | 2,075,991 | 20,678 | 4.01 | % | |||||||||||||||
Tax-exempt (2) | 84,555 | 1,042 | 4.94 | % | 84,781 | 937 | 4.48 | % | 91,141 | 1,147 | 5.06 | % | |||||||||||||||
Loans: | |||||||||||||||||||||||||||
Commercial | 1,945,445 | 37,015 | 7.63 | % | 1,935,362 | 35,591 | 7.46 | % | 1,914,642 | 32,682 | 6.87 | % | |||||||||||||||
Real Estate loans—land and construction | 507,604 | 8,577 | 6.78 | % | 472,042 | 7,446 | 6.40 | % | 434,604 | 6,224 | 5.76 | % | |||||||||||||||
Real Estate loans—term | 1,912,664 | 31,124 | 6.53 | % | 1,850,744 | 29,628 | 6.49 | % | 1,902,726 | 30,036 | 6.35 | % | |||||||||||||||
Consumer and other | 134,657 | 2,044 | 6.09 | % | 136,434 | 1,925 | 5.72 | % | 162,759 | 2,494 | 6.16 | % | |||||||||||||||
Loans (3) | 4,500,370 | 78,760 | 7.02 | % | 4,394,582 | 74,590 | 6.88 | % | 4,414,731 | 71,435 | 6.51 | % | |||||||||||||||
Total interest-earning assets | 6,119,883 | 96,050 | 6.30 | % | 6,015,095 | 91,798 | 6.19 | % | 6,733,634 | 93,604 | 5.59 | % | |||||||||||||||
Noninterest-earning assets | 940,619 | — | 932,922 | 907,202 | — | ||||||||||||||||||||||
Total assets | $ | 7,060,502 | 96,050 | $ | 6,948,017 | 91,798 | $ | 7,640,836 | 93,604 | ||||||||||||||||||
INTEREST-BEARING LIABILITIES: | |||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||
MMDA, NOW and Savings | $ | 3,112,247 | 13,297 | 1.71 | % | $ | 3,277,312 | 13,256 | 1.64 | % | $ | 3,267,483 | 8,824 | 1.09 | % | ||||||||||||
Time deposits over $100,000 | 360,103 | 2,186 | 2.43 | % | 348,154 | 1,835 | 2.14 | % | 455,509 | 1,821 | 1.61 | % | |||||||||||||||
Other time deposits | 439,395 | 3,019 | 2.76 | % | 381,737 | 2,027 | 2.15 | % | 504,981 | 1,536 | 1.22 | % | |||||||||||||||
Total interest-bearing deposits | 3,911,745 | 18,502 | 1.90 | % | 4,007,203 | 17,118 | 1.73 | % | 4,227,973 | 12,181 | 1.16 | % | |||||||||||||||
Short-term borrowings | 413,096 | 3,625 | 3.52 | % | 255,965 | 1,955 | 3.10 | % | 683,008 | 2,799 | 1.65 | % | |||||||||||||||
CODES | 144,225 | 192 | 0.53 | % | 227,334 | 308 | 0.55 | % | 261,736 | 441 | 0.68 | % | |||||||||||||||
Subordinated debt | 210,311 | 4,377 | 8.35 | % | 210,311 | 4,312 | 8.32 | % | 210,311 | 4,508 | 8.62 | % | |||||||||||||||
Other long-term borrowings | 299,061 | 3,929 | 5.27 | % | 155,981 | 2,063 | 5.36 | % | 230,775 | 1,792 | 3.12 | % | |||||||||||||||
Total interest-bearing liabilities | 4,978,438 | 30,625 | 2.47 | % | 4,856,794 | 25,756 | 2.15 | % | 5,613,803 | 21,721 | 1.56 | % | |||||||||||||||
Noninterest-bearing deposits | 1,083,982 | 1,051,341 | 1,052,290 | ||||||||||||||||||||||||
Other noninterest-bearing liabilities | 217,306 | 253,895 | 229,021 | ||||||||||||||||||||||||
Preferred stock of real estate investment trust subsidiaries | 12,593 | 12,577 | 15,302 | ||||||||||||||||||||||||
Shareholders’ equity | 768,183 | 773,410 | 730,420 | ||||||||||||||||||||||||
Total shareholders’ equity and liabilities | $ | 7,060,502 | 30,625 | $ | 6,948,017 | 25,756 | $ | 7,640,836 | 21,721 | ||||||||||||||||||
Net interest income | $ | 65,425 | $ | 66,042 | $ | 71,883 | |||||||||||||||||||||
Interest rate spread | 3.83 | % | 4.04 | % | 4.03 | % | |||||||||||||||||||||
Net yield on interest-earning assets(4) | 4.29 | % | 4.45 | % | 4.29 | % | |||||||||||||||||||||
(1) | Nonaccrual loans are excluded from the average balance. |
(2) | Tax equivalent yields earned on the tax-exempt securities are 7.39%, 6.71% and 7.65% for the three months ended June 30, 2005, March 31, 2005 and June 30, 2004, respectively. |
(3) | Amortization of deferred loan fees, net of the amortization of deferred costs, resulted in an increase (decrease) of interest income on loans by $(1,000), $(1,000) and $276,000 for the three months ended June 30, 2005, March 31, 2005 and June 30, 2004, respectively. |
(4) | Net yield on interest-earning assets during the period equals (a) the difference between interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (b) average interest-earning assets for the period. |
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Greater Bay Bancorp Reports Second Quarter 2005 Results
July 27, 2005
Page 13 of 13
GREATER BAY BANCORP
JUNE 30, 2005—FINANCIAL SUMMARY (UNAUDITED)
(Dollars and shares in 000’s, except per share data)
SELECTED CONSOLIDATED CREDIT QUALITY DATA: |
| |||||||||||||||||||
Jun 30 2005 | Mar 31 2005 | Dec 31 2004 | Sept 30 2004 | Jun 30 2004 | ||||||||||||||||
Nonperforming Assets (1) | ||||||||||||||||||||
Commercial | $ | 7,122 | $ | 8,213 | $ | 11,586 | $ | 14,306 | $ | 10,628 | ||||||||||
Real Estate Term and Construction | 57,404 | 26,591 | 19,608 | 26,494 | 9,537 | |||||||||||||||
SBA | 7,421 | 6,752 | 1,876 | 2,607 | 2,606 | |||||||||||||||
Venture Banking Group | — | 24 | 806 | 3,387 | 3,291 | |||||||||||||||
Specialty Finance | 8,034 | 10,816 | 9,835 | 10,773 | 9,950 | |||||||||||||||
Other | 8,105 | 189 | — | 1,174 | 6,218 | |||||||||||||||
Total Nonperforming Loans (2) | $ | 88,086 | $ | 52,585 | $ | 43,711 | $ | 58,741 | $ | 42,230 | ||||||||||
OREO | — | — | — | — | — | |||||||||||||||
Other Nonperforming Assets | 495 | 840 | 569 | 534 | — | |||||||||||||||
Total Nonperforming Assets (1) | $ | 88,581 | $ | 53,425 | $ | 44,280 | $ | 59,275 | $ | 42,230 | ||||||||||
Net Loan Charge-Offs (Recoveries) (3) | $ | 3,476 | $ | 3,511 | $ | 4,563 | $ | 3,584 | $ | 3,984 | ||||||||||
Ratio of Allowance for Loan and Lease Losses to: (4) | ||||||||||||||||||||
Average Loans | 2.15 | % | 2.23 | % | 2.41 | % | 2.54 | % | 2.60 | % | ||||||||||
End of Period Loans | 2.08 | % | 2.21 | % | 2.40 | % | 2.53 | % | 2.60 | % | ||||||||||
Total Nonaccrual Loans | 111.81 | % | 188.94 | % | 245.97 | % | 193.15 | % | 274.79 | % | ||||||||||
Ratio of Provision for Credit Losses to Average Loans, annualized | 0.20 | % | -0.15 | % | 0.02 | % | 0.12 | % | 0.18 | % | ||||||||||
Total Nonperforming Loans to Total Loans | 1.87 | % | 1.17 | % | 0.98 | % | 1.31 | % | 0.95 | % | ||||||||||
Total Nonperforming Assets to Total Assets | 1.22 | % | 0.77 | % | 0.64 | % | 0.83 | % | 0.55 | % | ||||||||||
Ratio of Quarterly Net Loan Charge-offs to Average Loans, annualized | 0.30 | % | 0.32 | % | 0.41 | % | 0.32 | % | 0.36 | % | ||||||||||
Ratio of YTD Net Loan Charge-offs to YTD Average Loans | 0.31 | % | 0.32 | % | 0.40 | % | 0.39 | % | 0.43 | % | ||||||||||
(1) Nonperforming assets include nonperforming loans, Other Real Estate Owned and other nonperforming assets. (2) Nonperforming loans are defined as loans which are on nonaccrual status. (3) Net loan charge-offs are loan charge-offs net of recoveries. (4) As of December 31, 2004, we reclassified the reserve for unfunded credit commitments from the allowance for loan and lease losses to other liabilities. Amounts presented prior to the fourth quarter of 2004 have been reclassified to conform with the current presentation.
|
| |||||||||||||||||||
SELECTED QUARTERLY CAPITAL RATIOS AND DATA: |
| |||||||||||||||||||
Jun 30 2005 | Mar 31 2005 | Dec 31 2004 | Sept 30 2004 | Jun 30 2004 | ||||||||||||||||
Tier 1 Leverage ratio | 10.30 | % | 10.98 | % | 10.67 | % | 10.18 | % | 9.83 | % | ||||||||||
Tier 1 Risk-Based Capital ratio | 11.96 | % | 13.08 | % | 13.01 | % | 12.98 | % | 12.72 | % | ||||||||||
Total Risk-Based Capital ratio | 13.22 | % | 14.34 | % | 14.27 | % | 14.24 | % | 13.98 | % | ||||||||||
Total Equity to Assets ratio | 10.64 | % | 10.92 | % | 11.06 | % | 10.47 | % | 9.47 | % | ||||||||||
Tier I Capital | $ | 695,108 | $ | 733,387 | $ | 727,319 | $ | 733,579 | $ | 727,214 | ||||||||||
Total Risk-based Capital | $ | 768,187 | $ | 803,966 | $ | 797,788 | $ | 804,839 | $ | 799,306 | ||||||||||
Risk Weighted Assets | $ | 5,810,227 | $ | 5,605,961 | $ | 5,591,535 | $ | 5,651,203 | $ | 5,715,605 | ||||||||||
NON-GAAP RATIOS (1): | ||||||||||||||||||||
Tangible Total Equity to Tangible Assets—End of Period | 6.92 | % | 7.61 | % | 7.70 | % | 7.60 | % | 6.73 | % | ||||||||||
Tangible Common Book Value Per Common Share—End of Period (2) | $ | 7.44 | $ | 7.97 | $ | 7.96 | $ | 8.42 | $ | 7.84 | ||||||||||
Common Book Value Per Common Share—End of Period (3) | $ | 13.16 | $ | 12.85 | $ | 12.88 | $ | 12.73 | $ | 12.18 | ||||||||||
Total Common Shares Outstanding—End of Period | 50,756 | 51,046 | 51,179 | 50,907 | 51,177 | |||||||||||||||
(1) The following table provides a reconciliation of Total Equity to Tangible Total Equity and Total Assets to Tangible Assets:
|
| |||||||||||||||||||
Common Shareholders’ Equity | $ | 667,810 | $ | 655,732 | $ | 659,250 | $ | 648,022 | $ | 623,116 | ||||||||||
Convertible Preferred Stock | 103,366 | 103,569 | 103,816 | 91,917 | 91,924 | |||||||||||||||
Total Equity | 771,176 | 759,301 | 763,066 | 739,939 | 715,040 | |||||||||||||||
Less: Goodwill and Other Intangible Assets | (289,996 | ) | (249,063 | ) | (251,660 | ) | (219,627 | ) | (221,861 | ) | ||||||||||
Tangible Total Equity | $ | 481,180 | $ | 510,238 | $ | 511,406 | $ | 520,312 | $ | 493,179 | ||||||||||
Total Assets | $ | 7,245,147 | $ | 6,951,356 | $ | 6,896,645 | $ | 7,069,401 | $ | 7,554,087 | ||||||||||
Less: Goodwill and Other Intangible Assets | (289,996 | ) | (249,063 | ) | (251,660 | ) | (219,627 | ) | (221,861 | ) | ||||||||||
Tangible Assets | $ | 6,955,151 | $ | 6,702,293 | $ | 6,644,985 | $ | 6,849,774 | $ | 7,332,226 | ||||||||||
(2) | Computed as Common Shareholders’ Equity, less Goodwill and Other Intangible Assets divided by Total Common Shares outstanding. |
(3) | Computed as Common Shareholders’ Equity divided by Common Shares outstanding—end of period. |
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