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
FOURTH QUARTERAND YEAR END 2005 RESULTS
EAST PALO ALTO, Calif., February 1, 2006 – Greater Bay Bancorp (Nasdaq: GBBK), a $7.1 billion in assets financial services holding company, today announced results for the fourth quarter and year ended December 31, 2005.
For the fourth quarter of 2005, Greater Bay Bancorp’snet income was $22.8 million, or $0.39 per diluted common share, compared to $21.1 million, or $0.33 per diluted common share, for the fourth quarter of 2004, and $25.6 million, or $0.44 per diluted common share, for the third quarter of 2005. For the year ended December 31, 2005,net income was $92.6 million, or $1.55 per fully diluted common share, compared to $92.9 million, or $1.50 per fully diluted common share for the year ended December 31, 2004.
Return on average common equity, annualized, for the fourth quarter of 2005 was 13.50% compared to 12.69% for the fourth quarter of 2004, and 15.13% for the third quarter of 2005. Return on average common equity for the year ended December 31, 2005 was 13.84% compared to 14.21% for the same period in 2004.Return on average assets, annualized, for the fourth quarter of 2005 was 1.27% compared to 1.19% for the fourth quarter of 2004, and 1.41% for the third quarter of 2005. Return on average assets for the year ended December 31, 2005 was 1.31% compared to 1.25% for the same period in 2004.
“We are pleased with the continued progress achieved during the quarter,” commented Byron A. Scordelis, President and Chief Executive Officer of Greater Bay Bancorp. “Growth in our loan portfolio was realized, credit metrics continued to further strengthen, our core deposit portfolio remained stable, and the resilience of our net interest margin reflected our interest rate risk posture in the face of a changing yield curve environment.”
Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
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Net Interest Income
Net interest income for the fourth quarter of 2005 decreased to $67.7 million from $68.1 million in the fourth quarter of 2004. This was primarily attributable to a decline in average interest earning securities of $219.4 million, offset by an increase of one basis point in the net interest margin.
Net interest income for the fourth quarter of 2005 decreased to $67.7 million from $68.0 million in the third quarter of 2005. This was primarily attributable to a decline in average interest earning securities of $74.2 million, offset by an increase of two basis points in the net interest margin.
Net interest income for the year ended December 31, 2005 decreased to $267.2 million versus $285.6 million for the same period in 2004. This was primarily a result of a decline in average interest earning securities of $486.9 million partially offset by an increase in average interest earning loans of $104.3 million.
Non-Interest Income
Non-interest income for the fourth quarter of 2005 increased to $53.0 million from $45.0 million in the fourth quarter of 2004. This was primarily attributable to:
• | Increases in insurance brokerage commissions and fees of $7.3 million, including $5.1 million related to Lucini / Parish which was acquired effective May 1, 2005, and |
• | Increases in small ticket operating lease revenue of $1.4 million. |
These increases were partially offset by a $1.6 million reduction in gains on sale of securities and a $1.1 million reduction in gains on sale of loans compared to the fourth quarter of 2004.
Non-interest income for the fourth quarter of 2005 decreased to $53.0 million from $54.5 million in the third quarter of 2005. This was primarily attributable to seasonal decreases in insurance commissions and fees of $2.9 million.
For the year ended December 31, 2005, non-interest income increased to $211.9 million from $187.3 million for the year ended December 31, 2004. This was primarily attributable to:
• | Increases in insurance commissions and fees of $23.9 million, including $14.4 million related to Lucini / Parish, |
• | Increases in small ticket operating lease revenue of $6.8 million, |
• | Increases in gains on repurchases of CODES of $1.6 million, and |
• | Increases in gains related to the change in market value of purchased residential mortgage loans between price commitment and settlement dates of $1.3 million. |
These increases were partially offset by a decrease of $9.0 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 securities during the year ended December 31, 2005 compared to the same period one year ago.
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Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
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Non-interest income as a percentage of total revenues for the fourth quarter of 2005 was 43.9%, compared to 39.8% for the fourth quarter of 2004 and 44.5% for the third quarter of 2005. Non-interest income as a percentage of total revenues for the year ended December 31, 2005 was 44.2%, compared to 39.6% for the same period one year ago.
“Our non-interest income results are dominated by the revenue generated by our ABD commercial insurance brokerage subsidiary,” stated Mr. Scordelis. “We remain encouraged by its overall performance, and would particularly note its continued organic revenue growth in 2005. Through its acquisition in the second quarter of the Lucini / Parish firm in Nevada, ABD continued to successfully execute its strategy to enhance its preeminent regional franchise position in the western United States.”
Operating Expenses
Operating expenses for the fourth quarter of 2005 increased to $86.4 million from $78.8 million in the fourth quarter of 2004. This was primarily attributable to:
• | Increases in compensation expense of $8.8 million, including $4.6 million related to Lucini / Parish, and |
• | Increases in depreciation expense on leased equipment of $1.1 million. |
These increases were partially offset by:
• | Decreases in legal and professional expense of $1.2 million primarily related to Sarbanes-Oxley compliance activities, and |
• | Decreases in occupancy and equipment expense of $0.7 million. |
Operating expenses for the fourth quarter of 2005 increased to $86.4 million from $84.6 million in the third quarter of 2005. This was primarily attributable to increases in compensation expense of $0.7 million and legal and professional expense of $0.6 million.
Operating expenses for the year ended December 31, 2005 were $336.1 million compared to $315.0 million for the same period in 2004, an increase of $21.1 million. This was primarily attributable to:
• | Increases in compensation expense of $18.0 million, including $2.4 million of severance, $8.2 million related to Lucini / Parish, and $2.4 million of pension expense, and |
• | Increases in depreciation expense on leased equipment of $5.6 million. |
These increases were partially offset by a decrease of $3.1 million in legal and professional expense.
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Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
Page 4 of 14
Credit Quality Overview
Net loan charge-offs in the fourth quarter of 2005 were $4.7 million, or 0.40% of average loans, annualized, compared to $4.6 million, or 0.41% of average loans, annualized, for the fourth quarter of 2004 and $3.1 million, or 0.26% of average loans, annualized, for the third quarter of 2005. Net loan charge-offs for the year ended December 31, 2005 totaled $14.8 million, or 0.32% of average loans, compared to $17.7 million, or 0.39% of average loans for the same period in 2004.
Non-performing assets were $68.2 million at December 31, 2005, compared to $44.3 million at December 31, 2004 and $73.1 million at September 30, 2005. The ratio of non-performing assets to total assets was 0.96% at December 31, 2005, compared to 0.64% at December 31, 2004 and 1.03% at September 30, 2005. The ratio of non-performing loans to total loans was 1.43% at December 31, 2005, compared to 0.97% at December 31, 2004 and 1.53% at September 30, 2005.
Non-performing assets as of December 31, 2005 included one $33.3 million relationship, which has been described in prior periods. Subsequent to quarter end, an additional principal pay down of $4.3 million was received from this client.
The Company recorded a negative provision for credit losses of $2.6 million for the fourth quarter of 2005, compared to a positive $0.2 million provision for the fourth quarter of 2004, and a negative provision of $3.4 million for the third quarter of 2005. The provision for the year ended December 31, 2005 was a negative $5.4 million, compared to a positive $5.5 million for the same period one year ago.
The allowance for loan and lease losses was $86.6 million, or 1.83% of total loans, at December 31, 2005, compared to $107.5 million, or 2.39% of total loans, at December 31, 2004 and $92.9 million, or 1.98% of total loans, at September 30, 2005.
“Our credit metrics reflect both the continued strengthening of our loan portfolio as well as the sustained stabilization of the regional economy served by our community banks,” commented Mr. Scordelis. “We are equally pleased with the quality of our specialty finance loan and lease portfolios,” he added. “We are committed to the relationship-based nature of our community banking business model as well as to discipline in the overall administration of our credit portfolio, and believe that these factors have materially contributed to our favorable results during the period.”
Balance Sheet
At December 31, 2005, total assets were $7.1 billion, total net loans were $4.7 billion, total securities were $1.5 billion, and total deposits were $5.1 billion.
Total net loans increased by $236.3 million from December 31, 2004 to December 31, 2005. This growth reflects increases in the following portfolios:
• | $243.3 million in purchased and originated residential mortgage loans, |
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Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
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• | $165.8 million in real estate construction and land loans, and |
• | $79.4 million in commercial loans. |
These increases were offset by decreases in the following portfolios:
• | $208.4 million in commercial term real estate loans, |
• | $39.7 million in consumer and other loans, and |
• | $5.6 million in real estate other loans. |
Total net loans increased by $37.8 million from September 30, 2005 to December 31, 2005. This growth reflects increases in the following portfolios:
• | $47.2 million in commercial loans, |
• | $34.9 million in real estate construction and land loans, and |
• | $8.0 million in residential mortgage loans. |
These increases were partially offset by decreases in commercial term real estate loans of $43.6 million and in consumer and other loans of $10.2 million.
“We are pleased to note the increase in the size of our overall loan portfolio during the fourth quarter as well as the current period and full-year growth in our real estate construction outstandings which is consistent with our previously stated intent,” commented Mr. Scordelis. “We are also encouraged by the combined diversification value, credit quality, and strong growth provided by our specialty finance businesses during the year,” he added.
Total core deposits (excluding institutional and brokered deposits) at December 31, 2005 decreased by $242.1 million compared to December 31, 2004 and decreased by $11.8 million compared to September 30, 2005. Total deposits at December 31, 2005 decreased by $44.3 million compared to December 31, 2004 and increased by $43.1 million compared to September 30, 2005.
“Core deposits remained relatively flat during the fourth quarter despite an outflow of approximately $82 million in specialized deposits, including higher cost exchange and title funds, which continues a trend that we have referenced throughout the year,” commented Mr. Scordelis. “Excluding these concentrated outflows, we are pleased with the stability, composition, and cost of our core deposit base during a period of relatively rapid escalation in general money market rates,” he stated.
Total securities were $1.5 billion as of December 31, 2005, compared to $1.6 billion at December 31, 2004 and $1.5 billion at September 30, 2005. During the fourth quarter of 2005, the Company repurchased $11.8 million in face value of its outstanding CODES due 2024 in privately negotiated transactions. At December 31, 2005, $90.3 million in face value of CODES due 2024 remained outstanding.
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Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
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“The relative stability of our investment portfolio was achieved with security purchases which offset contractual maturities and principal prepayments in our mortgage-backed securities portfolio,” stated James S. Westfall, Executive Vice President and Chief Financial Officer. “During the quarter, the Company purchased $68.2 million of high quality short-duration securities in its available-for-sale portfolio. This action, together with wholesale funding transactions, was used to maintain the Company’s slightly positive net asset interest rate sensitivity position.”
Capital Overview
The capital ratios of Greater Bay Bancorp and its subsidiary bank continue to exceed the well-capitalized guidelines established by bank regulatory agencies.
The Company’s total equity to assets ratio was 10.84% at December 31, 2005, compared to 11.03% at December 31, 2004 and 10.88% at September 30, 2005. The Company’s tangible total equity to tangible assets ratio was 7.01% at December 31, 2005, compared to 7.67% at December 31, 2004 and 7.09% at September 30, 2005.
Repurchases under the Company’s $80.0 million common share repurchase program during the fourth quarter of 2005 totaled 646,218 shares at an average price of $26.71 per share. For the year ended December 31, 2005, common share repurchases totaled 2,326,347 shares at an average price of $25.80 per share. Remaining unused repurchase program authority at December 31, 2005 was $30.7 million.
Net Interest Margin and Interest Rate Risk Management
The net interest margin for the fourth quarter of 2005 was 4.37%, compared to 4.36% for the fourth quarter of 2004 and 4.35% for the third quarter of 2005. The net interest margin for the year ended December 31, 2005 was 4.35%, which was unchanged from the same period in 2004.
In the third quarter of 2005, net interest income attributable to loan prepayments and payoffs of loans previously designated as non-accrual contributed seven basis points to the net interest margin. These factors did not recur at a material level in the fourth quarter of 2005.
“The Company’s slight net asset interest rate sensitivity position was the fundamental driver behind this quarter’s margin expansion when compared to the prior quarter. Yields on earning assets increased by 16 basis points relative to a 13 basis point increase in funding costs,” stated Mr. Westfall.
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Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
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Outlook for 2006
Our full year guidance for 2006 is as follows:
• | Core Loan Growth – based on the current forecast of moderate economic growth in our primary market area coupled with a planned increase in our lending and relationship management staff, we anticipate core loan portfolio growth in the mid to high single digit range, with this growth concentrated in the second half of the year. |
• | Core Deposit Growth – we anticipate core deposit growth in the 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 25 basis points to 35 basis points of average loans outstanding. |
• | Net Interest Margin – based on the Company’s anticipated core loan and deposit growth and its slightly net asset interest rate sensitivity position, we expect the margin to fluctuate in the 4.20% to 4.40% range. |
Conference Call
The Company will broadcast its earnings conference call live via the Internet at 8:00 a.m. (PST) on Wednesday, February 1, 2006. 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. PST on February 1, 2006 through midnight on February 7, 2006 by dialing (800) 642-1687 or (706) 645-9291 and providing Conference ID 4330620.
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 Fourth Quarter and Year End 2005 Results
February 1, 2006
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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 local, national and international 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 ABD’s receipt of requests for information from state insurance commissioners and subpoenas from state attorneys general related to the ongoing insurance industry-wide investigations into contingent commissions and override payments; 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.
-Financial Tables Follow-
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Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
Page 9 of 14
GREATER BAY BANCORP
DECEMBER 31, 2005 - FINANCIAL SUMMARY (UNAUDITED)
(Dollars and shares in 000’s, except per share data)
SELECTED QUARTERLY CONSOLIDATED OPERATING DATA:
Fourth Quarter 2005 | Third Quarter 2005 | Second Quarter 2005 | First Quarter 2005 | Fourth Quarter 2004 | ||||||||||||||||
Interest income | $ | 102,225 | $ | 100,710 | $ | 96,050 | $ | 91,798 | $ | 92,576 | ||||||||||
Interest expense | 34,478 | 32,714 | 30,625 | 25,756 | 24,473 | |||||||||||||||
Net interest income before provision for credit losses | 67,747 | 67,996 | 65,425 | 66,042 | 68,103 | |||||||||||||||
Provision for credit losses | (2,613 | ) | (3,352 | ) | 2,252 | (1,678 | ) | 213 | ||||||||||||
Net interest income after provision for credit losses | 70,360 | 71,348 | 63,173 | 67,720 | 67,890 | |||||||||||||||
Non-interest income: | ||||||||||||||||||||
Insurance commissions and fees | 37,071 | 39,974 | 39,223 | 38,122 | 29,727 | |||||||||||||||
Rental revenues on operating leases | 4,906 | 4,901 | 4,463 | 4,032 | 3,500 | |||||||||||||||
Service charges and other fees | 2,533 | 2,496 | 2,869 | 2,550 | 2,611 | |||||||||||||||
Loan and international banking fees | 1,919 | 1,663 | 2,113 | 2,013 | 1,352 | |||||||||||||||
Trust fees | 1,101 | 1,074 | 1,060 | 1,066 | 1,078 | |||||||||||||||
Gain on sale of loans | 172 | 100 | 111 | 95 | 1,315 | |||||||||||||||
Gain on sale of securities, net | — | 43 | 9 | 290 | 1,636 | |||||||||||||||
Other income | 5,307 | 4,238 | 4,393 | 2,025 | 3,796 | |||||||||||||||
Total non-interest income | 53,009 | 54,489 | 54,241 | 50,193 | 45,015 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Compensation and benefits | 51,455 | 50,745 | 48,172 | 50,285 | 42,650 | |||||||||||||||
Occupancy and equipment | 11,285 | 11,278 | 11,148 | 10,412 | 11,984 | |||||||||||||||
Legal costs and other professional | 5,295 | 4,671 | 3,198 | 4,851 | 6,478 | |||||||||||||||
Depreciation - equipment leased to others | 4,013 | 4,108 | 3,735 | 3,370 | 2,941 | |||||||||||||||
Amortization of intangibles | 1,835 | 1,886 | 2,072 | 2,083 | 2,072 | |||||||||||||||
Other expenses | 12,476 | 11,936 | 12,805 | 12,947 | 12,651 | |||||||||||||||
Total operating expenses | 86,359 | 84,624 | 81,130 | 83,948 | 78,776 | |||||||||||||||
Income before provision for income taxes | 37,010 | 41,213 | 36,284 | 33,965 | 34,129 | |||||||||||||||
Provision for income taxes | 14,199 | 15,626 | 13,609 | 12,455 | 13,050 | |||||||||||||||
Net income | $ | 22,811 | $ | 25,587 | $ | 22,675 | $ | 21,510 | $ | 21,079 | ||||||||||
EARNINGS PER SHARE DATA: | ||||||||||||||||||||
Earnings per common share (1) | ||||||||||||||||||||
Basic | $ | 0.42 | $ | 0.47 | $ | 0.41 | $ | 0.38 | $ | 0.38 | ||||||||||
Diluted | $ | 0.39 | $ | 0.44 | $ | 0.38 | $ | 0.34 | $ | 0.33 | ||||||||||
Weighted average common shares outstanding | 50,251 | 50,698 | 50,843 | 51,135 | 51,060 | |||||||||||||||
Weighted average common & common equivalent shares outstanding | 53,370 | 54,010 | 55,573 | 58,184 | 58,924 | |||||||||||||||
GAAP ratios | ||||||||||||||||||||
Return on quarterly average assets, annualized | 1.27 | % | 1.41 | % | 1.28 | % | 1.26 | % | 1.19 | % | ||||||||||
Return on quarterly average common shareholders’ equity, annualized | 13.50 | % | 15.13 | % | 13.68 | % | 13.03 | % | 12.69 | % | ||||||||||
Return on quarterly average total equity, annualized | 11.71 | % | 13.12 | % | 11.84 | % | 11.28 | % | 11.14 | % | ||||||||||
Net interest margin, annualized (2) | 4.37 | % | 4.35 | % | 4.27 | % | 4.44 | % | 4.36 | % | ||||||||||
Operating expense ratio, annualized (3) | 4.81 | % | 4.67 | % | 4.60 | % | 4.91 | % | 4.43 | % | ||||||||||
Efficiency ratio (4) | 71.52 | % | 69.09 | % | 67.80 | % | 72.22 | % | 69.64 | % | ||||||||||
NON-GAAP ratios | ||||||||||||||||||||
Efficiency ratio (excluding ABD) (5) | 62.70 | % | 60.12 | % | 60.79 | % | 68.86 | % | 60.94 | % | ||||||||||
(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. |
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Net income as reported | $ | 22,811 | $ | 25,587 | $ | 22,675 | $ | 21,510 | $ | 21,079 | ||||||||||
Less: dividends on convertible preferred stock | (1,825 | ) | (1,834 | ) | (1,841 | ) | (1,840 | ) | (1,653 | ) | ||||||||||
(A) Net income available to common shareholders | 20,986 | 23,753 | 20,834 | 19,670 | 19,426 | |||||||||||||||
Add: CODES interest and other related income/(loss), net of taxes | (99 | ) | 76 | 111 | 179 | 190 | ||||||||||||||
(B) Net income available to common shareholders including CODES | $ | 20,887 | $ | 23,829 | $ | 20,945 | $ | 19,849 | $ | 19,616 | ||||||||||
(C) Weighted average common shares outstanding | 50,251 | 50,698 | 50,843 | 51,135 | 51,060 | |||||||||||||||
Weighted average common equivalent shares: | ||||||||||||||||||||
Stock options | 939 | 878 | 1,062 | 1,094 | 1,548 | |||||||||||||||
CODES due 2024 | 2,180 | 2,426 | 3,653 | 5,940 | 6,301 | |||||||||||||||
CODES due 2022 | — | 8 | 15 | 15 | 15 | |||||||||||||||
(D) Total weighted average common & common equivalent shares outstanding | 53,370 | 54,010 | 55,573 | 58,184 | 58,924 | |||||||||||||||
(A)/(C) Earnings per common share - basic | $ | 0.42 | $ | 0.47 | $ | 0.41 | $ | 0.38 | $ | 0.38 | ||||||||||
(B)/(D) Earnings per common share - diluted | $ | 0.39 | $ | 0.44 | $ | 0.38 | $ | 0.34 | $ | 0.33 | ||||||||||
(2) Net interest income for the period, annualized and divided by average quarterly interest earning assets. Non accrual loans are excluded from the average balances. |
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(3) Total operating expenses for the period, annualized and divided by average quarterly assets. |
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(4) Total operating expenses divided by total revenue (the sum of net interest income and non-interest income, excluding provision for credit losses). |
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(5) Total operating expenses less ABD operating expenses divided by total revenue less ABD revenue. The following table provides the information for calculating the efficiency ratio excluding ABD:
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Revenue (excluding ABD) | $ | 83,614 | $ | 81,796 | $ | 80,190 | $ | 77,744 | $ | 82,832 | ||||||||||
Operating expenses (excluding ABD) | $ | 52,422 | $ | 49,174 | $ | 48,750 | $ | 53,535 | $ | 50,476 |
Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
Page 10 of 14
GREATER BAY BANCORP
DECEMBER 31, 2005 - FINANCIAL SUMMARY (UNAUDITED)
(Dollars and shares in 000’s, except per share data)
SELECTED CONSOLIDATED OPERATING DATA FOR THE TWELVE MONTH PERIODS:
12 Months Ended December 31, | ||||||||
2005 | 2004 | |||||||
Interest income | $ | 390,783 | $ | 376,499 | ||||
Interest expense | 123,573 | 90,876 | ||||||
Net interest income before provision for credit losses | 267,210 | 285,623 | ||||||
Provision for credit losses | (5,391 | ) | 5,521 | |||||
Net interest income after provision for credit losses | 272,601 | 280,102 | ||||||
Non-interest income: | ||||||||
Insurance commissions and fees | 154,390 | 130,500 | ||||||
Rental revenues on operating leases | 18,302 | 11,549 | ||||||
Service charges and other fees | 10,448 | 10,457 | ||||||
Loan and international banking fees | 7,708 | 7,607 | ||||||
Trust fees | 4,301 | 3,994 | ||||||
Gain on sale of loans | 478 | 2,481 | ||||||
Gain on sale of securities, net | 342 | 8,370 | ||||||
Other income | 15,963 | 12,345 | ||||||
Total non-interest income | 211,932 | 187,303 | ||||||
Operating expenses: | ||||||||
Compensation and benefits | 200,657 | 182,674 | ||||||
Occupancy and equipment | 44,123 | 44,010 | ||||||
Legal costs and other professional | 18,015 | 21,066 | ||||||
Depreciation - equipment leased to others | 15,226 | 9,647 | ||||||
Amortization of intangibles | 7,876 | 8,286 | ||||||
Other expenses | 50,164 | 49,350 | ||||||
Total operating expenses | 336,061 | 315,033 | ||||||
Income before provision for income taxes | 148,472 | 152,372 | ||||||
Provision for income taxes | 55,889 | 59,453 | ||||||
Net income | $ | 92,583 | $ | 92,919 | ||||
EARNINGS PER SHARE DATA: | ||||||||
Earnings per common share (1) | ||||||||
Basic | $ | 1.68 | $ | 1.68 | ||||
Diluted | $ | 1.55 | $ | 1.50 | ||||
Weighted average common shares outstanding | 50,730 | 51,468 | ||||||
Weighted average common & common equivalent shares outstanding | 55,058 | 57,881 | ||||||
GAAP ratios | ||||||||
Return on YTD average assets | 1.31 | % | 1.25 | % | ||||
Return on YTD average common shareholders’ equity | 13.84 | % | 14.21 | % | ||||
Return on YTD average total equity | 11.99 | % | 12.45 | % | ||||
Net interest margin (2) | 4.35 | % | 4.35 | % | ||||
Operating expense ratio (3) | 4.74 | % | 4.25 | % | ||||
Efficiency ratio (4) | 70.14 | % | 66.61 | % | ||||
NON-GAAP ratios | ||||||||
Efficiency ratio (excluding ABD) (5) | 63.05 | % | 59.40 | % |
(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.
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Net income as reported | $ | 92,583 | $ | 92,919 | ||||
Less: dividends on convertible preferred stock | (7,340 | ) | (6,613 | ) | ||||
(A) Net income available to common shareholders | 85,243 | 86,306 | ||||||
Add: CODES interest and other related income, net of taxes | 267 | 584 | ||||||
(B) Net income available to common shareholders including CODES | $ | 85,510 | $ | 86,890 | ||||
(C) Weighted average common shares outstanding | 50,730 | 51,468 | ||||||
Weighted average common equivalent shares: | ||||||||
Stock options | 1,017 | 1,526 | ||||||
CODES due 2024 | 3,302 | 4,872 | ||||||
CODES due 2022 | 9 | 15 | ||||||
(D) Total weighted average common & common equivalent shares outstanding | 55,058 | 57,881 | ||||||
(A)/(C) Earnings per common share - basic | $ | 1.68 | $ | 1.68 | ||||
(B)/(D) Earnings per common share - diluted | $ | 1.55 | $ | 1.50 | ||||
(2) Net interest income for the period and divided by YTD average interest earning assets. Non accrual loans are excluded from the average balances. |
| |||||||
(3) Total operating expenses for the period 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. The following table provides the information for calculating the efficiency ratio excluding ABD:
|
| |||||||
Revenue (excluding ABD) | $ | 323,344 | $ | 340,882 | ||||
Operating expenses (excluding ABD) | $ | 203,881 | $ | 202,469 |
Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
Page 11 of 14
GREATER BAY BANCORP
DECEMBER 31, 2005 - FINANCIAL SUMMARY (UNAUDITED)
(Dollars in 000’s)
SELECTED CONSOLIDATED FINANCIAL CONDITION DATA AND RATIOS:
Dec 31 2005 | Sept 30 2005 | Jun 30 2005 | Mar 31 2005 | Dec 31 2004 | ||||||||||||||||
Cash and Due From Banks | $ | 152,153 | $ | 153,284 | $ | 190,048 | $ | 213,806 | $ | 171,657 | ||||||||||
Fed Funds Sold | — | 20,000 | 10,000 | — | — | |||||||||||||||
Securities | 1,493,584 | 1,487,935 | 1,583,662 | 1,592,120 | 1,602,268 | |||||||||||||||
Loans: | ||||||||||||||||||||
Commercial (1) | 2,067,873 | 2,020,656 | 2,040,289 | 2,028,492 | 1,988,465 | |||||||||||||||
Term Real Estate - Commercial | 1,389,329 | 1,432,939 | 1,493,890 | 1,540,496 | 1,597,756 | |||||||||||||||
Total Commercial (1) | 3,457,202 | 3,453,595 | 3,534,179 | 3,568,988 | 3,586,221 | |||||||||||||||
Real Estate Construction and Land | 644,883 | 609,969 | 543,117 | 499,817 | 479,113 | |||||||||||||||
Residential Mortgage | 266,263 | 258,268 | 260,453 | 71,004 | 22,982 | |||||||||||||||
Real Estate Other | 263,164 | 261,969 | 277,847 | 250,977 | 268,755 | |||||||||||||||
Consumer and Other | 105,353 | 115,593 | 137,827 | 129,859 | 145,065 | |||||||||||||||
Deferred Fees and Discounts, Net | (12,376 | ) | (12,681 | ) | (12,939 | ) | (13,239 | ) | (13,902 | ) | ||||||||||
Total Loans, Net of Deferred Fees and Discounts (1) | 4,724,489 | 4,686,713 | 4,740,484 | 4,507,406 | 4,488,234 | |||||||||||||||
Allowance for Loan and Lease Losses | (86,557 | ) | (92,857 | ) | (98,487 | ) | (99,355 | ) | (107,517 | ) | ||||||||||
Total Loans, Net (1) | 4,637,932 | 4,593,856 | 4,641,997 | 4,408,051 | 4,380,717 | |||||||||||||||
Goodwill | 243,289 | 236,511 | 236,211 | 212,077 | 212,432 | |||||||||||||||
Other Intangible Assets | 49,741 | 51,739 | 53,785 | 36,986 | 39,228 | |||||||||||||||
Other Assets | 539,626 | 529,983 | 550,402 | 510,223 | 509,457 | |||||||||||||||
Total Assets (1) | $ | 7,116,325 | $ | 7,073,308 | $ | 7,266,105 | $ | 6,973,263 | $ | 6,915,759 | ||||||||||
Deposits: | ||||||||||||||||||||
Demand, Non-Interest Bearing | $ | 1,093,157 | $ | 1,066,536 | $ | 1,091,208 | $ | 1,065,004 | $ | 1,052,272 | ||||||||||
NOW, MMDA and Savings | 3,000,647 | 3,003,159 | 2,955,343 | 3,193,558 | 3,263,716 | |||||||||||||||
Time Deposits, $100,000 and Over | 741,682 | 750,406 | 696,740 | 602,432 | 647,531 | |||||||||||||||
Other Time Deposits | 223,053 | 195,315 | 136,008 | 134,749 | 139,320 | |||||||||||||||
Total Deposits | 5,058,539 | 5,015,416 | 4,879,299 | 4,995,743 | 5,102,839 | |||||||||||||||
Other Borrowings | 797,802 | 813,006 | 1,117,285 | 775,361 | 578,664 | |||||||||||||||
Subordinated Debt | 210,311 | 210,311 | 210,311 | 210,311 | 210,311 | |||||||||||||||
Other Liabilities (1) | 265,607 | 252,510 | 275,417 | 219,970 | 248,258 | |||||||||||||||
Total Liabilities (1) | 6,332,259 | 6,291,243 | 6,482,312 | 6,201,385 | 6,140,072 | |||||||||||||||
Preferred Stock of Real Estate Investment Trust Subsidiaries | 12,699 | 12,658 | 12,617 | 12,577 | 12,621 | |||||||||||||||
Convertible Preferred Stock | 103,387 | 102,706 | 103,366 | 103,569 | 103,816 | |||||||||||||||
Common Shareholders’ Equity | 667,980 | 666,701 | 667,810 | 655,732 | 659,250 | |||||||||||||||
Total Equity | 771,367 | 769,407 | 771,176 | 759,301 | 763,066 | |||||||||||||||
Total Liabilities and Total Equity (1) | $ | 7,116,325 | $ | 7,073,308 | $ | 7,266,105 | $ | 6,973,263 | $ | 6,915,759 | ||||||||||
RATIOS: | ||||||||||||||||||||
Loan Growth, current quarter to prior year quarter | 5.26 | % | 4.31 | % | 6.40 | % | 1.26 | % | -1.55 | % | ||||||||||
Loan Growth, current quarter to prior quarter, annualized | 3.20 | % | -4.50 | % | 20.74 | % | 1.73 | % | -0.43 | % | ||||||||||
Loan Growth, YTD | 5.26 | % | 5.91 | % | 11.33 | % | 1.73 | % | -1.55 | % | ||||||||||
Core Loan Growth, current quarter to prior year quarter (2) | 0.49 | % | -1.13 | % | 0.75 | % | -0.34 | % | -2.05 | % | ||||||||||
Core Loan Growth, current quarter to prior quarter, annualized (2) | 3.99 | % | -4.09 | % | 4.73 | % | -2.62 | % | -2.46 | % | ||||||||||
Core Loan Growth, YTD (2) | 0.49 | % | -0.68 | % | 1.06 | % | -2.62 | % | -2.05 | % | ||||||||||
Deposit Growth, current quarter to prior year quarter | -0.87 | % | -3.47 | % | -8.06 | % | -3.58 | % | -3.95 | % | ||||||||||
Deposit Growth, current quarter to prior quarter, annualized | 3.41 | % | 11.07 | % | -9.35 | % | -8.51 | % | -7.10 | % | ||||||||||
Deposit Growth, YTD | -0.87 | % | -2.29 | % | -8.83 | % | -8.51 | % | -3.95 | % | ||||||||||
Core Deposit Growth, current quarter to prior year quarter (3) | -5.03 | % | -6.45 | % | -9.21 | % | -0.04 | % | 5.33 | % | ||||||||||
Core Deposit Growth, current quarter to prior quarter, annualized (3) | -1.02 | % | 2.02 | % | -16.23 | % | -5.18 | % | -6.94 | % | ||||||||||
Core Deposit Growth, YTD (3) | -5.03 | % | -6.40 | % | -10.63 | % | -5.18 | % | 5.33 | % | ||||||||||
Revenue Growth, current quarter to prior year quarter | 6.75 | % | 3.58 | % | 0.86 | % | -5.43 | % | -2.60 | % | ||||||||||
Revenue Growth, current quarter to prior quarter, annualized | -5.60 | % | 9.35 | % | 11.84 | % | 11.18 | % | -17.28 | % | ||||||||||
Net Interest Income Growth, current quarter to prior year quarter | -0.52 | % | -3.23 | % | -8.98 | % | -12.38 | % | -9.46 | % | ||||||||||
Net Interest Income Growth, current quarter to prior quarter, annualized | -1.45 | % | 15.59 | % | -3.75 | % | -12.27 | % | -12.25 | % |
(1) | Amounts presented prior to the fourth quarter of 2005 have been reclassified to conform with the current presentation. |
(2) | Core loans calculated as total loans less purchased residential mortgage loans. |
(3) | Core deposits calculated as total deposits less institutional and brokered time deposits. |
Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
Page 12 of 14
GREATER BAY BANCORP
DECEMBER 31, 2005 - FINANCIAL SUMMARY (UNAUDITED)
(Dollars in 000’s)
SELECTED AVERAGE BALANCE SHEET AND YIELD DATA:
Three months ended | |||||||||||||||||||||||||||
December 31, 2005 | September 30, 2005 | December 31, 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 | $ | 74,740 | $ | 716 | 3.80 | % | $ | 45,033 | $ | 384 | 3.38 | % | $ | 103,806 | $ | 474 | 1.82 | % | |||||||||
Other short-term securities | 11,245 | 45 | 1.58 | % | 11,923 | 59 | 1.97 | % | 3,369 | 21 | 2.53 | % | |||||||||||||||
Securities: | |||||||||||||||||||||||||||
Taxable | 1,374,102 | 14,862 | 4.29 | % | 1,446,354 | 15,118 | 4.15 | % | 1,588,942 | 16,774 | 4.20 | % | |||||||||||||||
Tax-exempt (2) | 80,793 | 991 | 4.87 | % | 82,724 | 1,015 | 4.87 | % | 85,346 | 1,084 | 5.05 | % | |||||||||||||||
Loans (3) | 4,604,029 | 85,611 | 7.38 | % | 4,616,593 | 84,135 | 7.23 | % | 4,434,865 | 74,222 | 6.66 | % | |||||||||||||||
Total interest-earning assets | 6,144,909 | 102,225 | 6.60 | % | 6,202,625 | 100,710 | 6.44 | % | 6,216,328 | 92,576 | 5.92 | % | |||||||||||||||
Noninterest-earning assets | 975,192 | — | 985,764 | — | 852,410 | — | |||||||||||||||||||||
Total assets | $ | 7,120,101 | 102,225 | $ | 7,188,389 | 100,710 | $ | 7,068,738 | 92,576 | ||||||||||||||||||
INTEREST-BEARING LIABILITIES: | |||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||
MMDA, NOW and Savings | $ | 3,111,275 | 14,841 | 1.89 | % | $ | 3,004,193 | 13,042 | 1.72 | % | $ | 3,379,322 | 12,150 | 1.43 | % | ||||||||||||
Time deposits over $100,000 | 741,859 | 6,466 | 3.46 | % | 729,040 | 5,562 | 3.03 | % | 677,813 | 3,205 | 1.88 | % | |||||||||||||||
Other time deposits | 194,054 | 1,376 | 2.81 | % | 180,933 | 1,172 | 2.57 | % | 146,052 | 647 | 1.76 | % | |||||||||||||||
Total interest-bearing deposits | 4,047,188 | 22,682 | 2.22 | % | 3,914,167 | 19,776 | 2.00 | % | 4,203,188 | 16,001 | 1.51 | % | |||||||||||||||
Short-term borrowings | 171,801 | 1,870 | 4.32 | % | 350,989 | 3,290 | 3.72 | % | 192,902 | 1,696 | 3.50 | % | |||||||||||||||
CODES | 87,500 | 117 | 0.53 | % | 93,304 | 131 | 0.56 | % | 241,307 | 326 | 0.54 | % | |||||||||||||||
Subordinated debt | 210,311 | 4,504 | 8.50 | % | 210,311 | 4,446 | 8.39 | % | 210,311 | 4,250 | 8.04 | % | |||||||||||||||
Other long-term borrowings | 456,962 | 5,304 | 4.61 | % | 417,583 | 5,071 | 4.82 | % | 156,772 | 2,199 | 5.58 | % | |||||||||||||||
Total interest-bearing liabilities | 4,973,762 | 34,478 | 2.75 | % | 4,986,354 | 32,714 | 2.60 | % | 5,004,480 | 24,473 | 1.95 | % | |||||||||||||||
Noninterest-bearing deposits | 1,086,424 | 1,133,089 | 1,092,390 | ||||||||||||||||||||||||
Other noninterest-bearing liabilities | 274,391 | 282,410 | 206,357 | ||||||||||||||||||||||||
Preferred stock of real estate investment trust subsidiaries | 12,674 | 12,634 | 12,598 | ||||||||||||||||||||||||
Shareholders’ equity | 772,848 | 773,902 | 752,914 | ||||||||||||||||||||||||
Total shareholders’ equity and liabilities | $ | 7,120,101 | 34,478 | $ | 7,188,389 | 32,714 | $ | 7,068,738 | 24,473 | ||||||||||||||||||
Net interest income | $ | 67,747 | $ | 67,996 | $ | 68,103 | |||||||||||||||||||||
Net interest margin (4) | 4.37 | % | 4.35 | % | 4.36 | % | |||||||||||||||||||||
(1) | Nonaccrual loans are excluded from the average balance. |
(2) | Tax equivalent yields earned on the tax-exempt securities are 7.25%, 7.27% and 7.60% for the three months ended December 31,2005, September 30, 2005, and December 31, 2004, respectively, using the federal statutory tax rate of 35%. |
(3) | Amortization of deferred loan fees, net of the amortization of deferred costs, resulted in an increase (decrease) of interest income on loans by $580,000, $841,000, and $340,000 for the three months ended December 31, 2005, September 30, 2005 and December 31, 2004, respectively. |
(4) | Net interest margin 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, annualized. |
Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
Page 13 of 14
GREATER BAY BANCORP
DECEMBER 31, 2005 - FINANCIAL SUMMARY (UNAUDITED)
(Dollars in 000’s)
SELECTED AVERAGE BALANCE SHEET AND YIELD DATA:
For the twelve months ended: | ||||||||||||||||||
December 31, 2005 | December 31, 2004 | |||||||||||||||||
Average balance (1) | Interest | Average yield / rate | Average balance (1) | Interest | Average yield / rate | |||||||||||||
INTEREST-EARNING ASSETS: | ||||||||||||||||||
Fed funds sold | $ | 47,555 | $ | 1,505 | 3.16 | % | $ | 95,626 | $ | 1,128 | 1.18 | % | ||||||
Other short-term securities | 8,906 | 155 | 1.74 | % | 3,014 | 58 | 1.91 | % | ||||||||||
Securities: | ||||||||||||||||||
Taxable | 1,453,524 | 62,042 | 4.27 | % | 1,933,781 | 81,142 | 4.20 | % | ||||||||||
Tax-exempt (2) | 83,201 | 3,983 | 4.79 | % | 89,866 | 4,435 | 4.93 | % | ||||||||||
Loans (3) | 4,545,371 | 323,097 | 7.11 | % | 4,441,083 | 289,736 | 6.52 | % | ||||||||||
Total interest-earning assets | 6,138,556 | 390,783 | 6.37 | % | 6,563,369 | 376,499 | 5.74 | % | ||||||||||
Noninterest-earning assets | 951,041 | — | 841,998 | — | ||||||||||||||
Total assets | $ | 7,089,597 | 390,783 | $ | 7,405,367 | 376,499 | ||||||||||||
INTEREST-BEARING LIABILITIES: | ||||||||||||||||||
Deposits: | ||||||||||||||||||
MMDA, NOW and Savings | $ | 3,125,467 | 54,437 | 1.74 | % | $ | 3,251,418 | 38,413 | 1.18 | % | ||||||||
Time deposits over $100,000 | 682,213 | 19,640 | 2.88 | % | 710,229 | 11,196 | 1.58 | % | ||||||||||
Other time deposits | 162,352 | 4,001 | 2.46 | % | 254,984 | 3,856 | 1.51 | % | ||||||||||
Total interest-bearing deposits | 3,970,032 | 78,078 | 1.97 | % | 4,216,630 | 53,465 | 1.27 | % | ||||||||||
Short-term borrowings | 297,561 | 10,741 | 3.61 | % | 538,690 | 10,266 | 1.91 | % | ||||||||||
CODES | 137,585 | 749 | 0.54 | % | 210,991 | 1,566 | 0.74 | % | ||||||||||
Subordinated debt | 210,311 | 17,639 | 8.39 | % | 210,311 | 17,754 | 8.44 | % | ||||||||||
Other long-term borrowings | 333,454 | 16,367 | 4.91 | % | 206,133 | 7,825 | 3.80 | % | ||||||||||
Total interest-bearing liabilities | 4,948,943 | 123,573 | 2.50 | % | 5,382,755 | 90,876 | 1.69 | % | ||||||||||
Noninterest-bearing deposits | 1,088,927 | 1,058,253 | ||||||||||||||||
Other noninterest-bearing liabilities | 267,019 | 205,975 | ||||||||||||||||
Preferred stock of real estate investment trust subsidiaries | 12,618 | 12,273 | ||||||||||||||||
Shareholders’ equity | 772,090 | 746,111 | ||||||||||||||||
Total shareholders’ equity and liabilities | $ | 7,089,597 | 123,573 | $ | 7,405,367 | 90,876 | ||||||||||||
Net interest income | $ | 267,210 | $ | 285,623 | ||||||||||||||
Net interest margin(4) | 4.35 | % | 4.35 | % | ||||||||||||||
(1) | Nonaccrual loans are excluded from the average balance. |
(2) | Tax equivalent yields earned on the tax-exempt securities are 7.15% and 7.44% for the twelve months ended December 31,2005 and December 31, 2004, respectively, using the federal statutory tax rate of 35%. |
(3) | Amortization of deferred loan fees, net of the amortization of deferred costs, resulted in an increase (decrease) of interest income on loans by $1.4 million and $514,000 for the twelve months ended December 31, 2005 and December 31, 2004, respectively. |
(4) | Net interest margin during the period equals (a) the difference between interest income on interest-eaming assets and the interest expense on interest-bearing liabilities, divided by (b) average interest-earning assets for the period. |
Greater Bay Bancorp Reports Fourth Quarter and Year End 2005 Results
February 1, 2006
Page 14 of 14
GREATER BAY BANCORP
DECEMBER 31, 2005 - FINANCIAL SUMMARY (UNAUDITED)
(Dollars and shares in 000’s, except per share data)
SELECTED CONSOLIDATED CREDIT QUALITY DATA:
Dec 31 2005 | Sept 30 2005 | Jun 30 2005 | Mar 31 2005 | Dec 31 2004 | ||||||||||||||||
Nonperforming Assets (1) | ||||||||||||||||||||
Commercial | $ | 7,650 | $ | 5,495 | $ | 7,122 | $ | 8,213 | $ | 11,586 | ||||||||||
Real Estate Term and Construction | 42,068 | 43,621 | 57,404 | 26,591 | 19,608 | |||||||||||||||
SBA | 6,497 | 7,612 | 7,421 | 6,752 | 1,876 | |||||||||||||||
Venture Banking Group | — | — | — | 24 | 806 | |||||||||||||||
Specialty Finance | 10,375 | 11,382 | 8,034 | 10,816 | 9,835 | |||||||||||||||
Other | 1,024 | 3,821 | 8,105 | 189 | — | |||||||||||||||
Total Nonperforming Loans (2) | $ | 67,614 | $ | 71,931 | $ | 88,086 | $ | 52,585 | $ | 43,711 | ||||||||||
OREO | — | — | — | — | — | |||||||||||||||
Other Nonperforming Assets | 631 | 1,153 | 495 | 840 | 569 | |||||||||||||||
Total Nonperforming Assets (1) | $ | 68,245 | $ | 73,084 | $ | 88,581 | $ | 53,425 | $ | 44,280 | ||||||||||
Net Loan Charge-Offs (Recoveries) (3) | $ | 4,687 | $ | 3,098 | $ | 3,476 | $ | 3,511 | $ | 4,563 | ||||||||||
Ratio of Allowance for Loan and Lease Losses to: | ||||||||||||||||||||
End of Period Loans (4) | 1.83 | % | 1.98 | % | 2.07 | % | 2.20 | % | 2.39 | % | ||||||||||
Total Nonaccrual Loans | 128.02 | % | 129.09 | % | 111.81 | % | 188.94 | % | 245.97 | % | ||||||||||
Ratio of Provision for Credit Losses to Average Loans, annualized (4) | -0.22 | % | -0.28 | % | 0.20 | % | -0.15 | % | 0.02 | % | ||||||||||
Total Nonperforming Loans to Total Loans (4) | 1.43 | % | 1.53 | % | 1.86 | % | 1.17 | % | 0.97 | % | ||||||||||
Total Nonperforming Assets to Total Assets (4) | 0.96 | % | 1.03 | % | 1.22 | % | 0.77 | % | 0.64 | % | ||||||||||
Ratio of Quarterly Net Loan Charge-offs to Average Loans, annualized (4) | 0.40 | % | 0.26 | % | 0.30 | % | 0.32 | % | 0.41 | % | ||||||||||
Ratio of YTD Net Loan Charge-offs to YTD Average Loans (4) | 0.32 | % | 0.29 | % | 0.31 | % | 0.32 | % | 0.39 | % | ||||||||||
(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) Amounts presented prior to the fourth quarter of 2005 have been reclassified to conform with the current presentation.
|
| |||||||||||||||||||
SELECTED QUARTERLY CAPITAL RATIOS AND DATA:
|
| |||||||||||||||||||
Dec 31 2005 | Sept 30 2005 | Jun 30 2005 | Mar 31 2005 | Dec 31 2004 | ||||||||||||||||
Tier 1 Leverage ratio | 10.34 | % | 10.23 | % | 10.30 | % | 10.98 | % | 10.67 | % | ||||||||||
Tier 1 Risk-Based Capital ratio | 11.94 | % | 12.25 | % | 11.96 | % | 13.08 | % | 13.01 | % | ||||||||||
Total Risk-Based Capital ratio | 13.19 | % | 13.51 | % | 13.22 | % | 14.34 | % | 14.27 | % | ||||||||||
Total Equity to Assets ratio | 10.84 | % | 10.88 | % | 10.61 | % | 10.89 | % | 11.03 | % | ||||||||||
Tier I Capital | $ | 703,919 | $ | 702,030 | $ | 695,108 | $ | 733,387 | $ | 727,319 | ||||||||||
Total Risk-based Capital | $ | 777,878 | $ | 774,044 | $ | 768,187 | $ | 803,966 | $ | 797,788 | ||||||||||
Risk Weighted Assets | $ | 5,895,787 | $ | 5,730,710 | $ | 5,810,227 | $ | 5,605,961 | $ | 5,591,535 | ||||||||||
NON-GAAP RATIOS (1): | ||||||||||||||||||||
Tangible Total Equity to Tangible Assets - End of Period | 7.01 | % | 7.09 | % | 6.90 | % | 7.59 | % | 7.67 | % | ||||||||||
Tangible Common Book Value Per Common Share - End of Period (2) | $ | 7.51 | $ | 7.51 | $ | 7.44 | $ | 7.97 | $ | 7.96 | ||||||||||
Common Book Value Per Common Share - End of Period (3) | $ | 13.38 | $ | 13.22 | $ | 13.16 | $ | 12.85 | $ | 12.88 | ||||||||||
Total Common Shares Outstanding - End of Period | 49,906 | 50,425 | 50,756 | 51,046 | 51,179 | |||||||||||||||
(1) The following table provides a reconciliation of Total Equity to Tangible Total Equity and Total Assets to Tangible Assets: |
| |||||||||||||||||||
Common Shareholders’ Equity | $ | 667,980 | $ | 666,701 | $ | 667,810 | $ | 655,732 | $ | 659,250 | ||||||||||
Convertible Preferred Stock | 103,387 | 102,706 | 103,366 | 103,569 | 103,816 | |||||||||||||||
Total Equity | 771,367 | 769,407 | 771,176 | 759,301 | 763,066 | |||||||||||||||
Less: Goodwill and Other Intangible Assets | (293,030 | ) | (288,250 | ) | (289,996 | ) | (249,063 | ) | (251,660 | ) | ||||||||||
Tangible Total Equity | $ | 478,337 | $ | 481,157 | $ | 481,180 | $ | 510,238 | $ | 511,406 | ||||||||||
Total Assets | $ | 7,116,325 | $ | 7,073,308 | $ | 7,266,105 | $ | 6,973,263 | $ | 6,915,759 | ||||||||||
Less: Goodwill and Other Intangible Assets | (293,030 | ) | (288,250 | ) | (289,996 | ) | (249,063 | ) | (251,660 | ) | ||||||||||
Tangible Assets | $ | 6,823,295 | $ | 6,785,058 | $ | 6,976,109 | $ | 6,724,200 | $ | 6,664,099 | ||||||||||
(2) Computed as Common Shareholders’ Equity, less Goodwill and Other Intangible Assets divided by Total Common Shares outstanding. |
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(3) Computed as Common Shareholders’ Equity divided by Common Shares outstanding - end of period. |
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