EXHIBIT 99.2 Greater Bay Bancorp and Subsidiaries Interim Financial Data - Condensed Statement of Operations For the Period January 1, 2000 through February 29, 2000 (dollars in thousands) Net interest income $ 23,412 Provision for loan losses 4,259 ----------- Net interest income after provision for loan losses 19,153 ----------- Other income - recurring 4,463 Other income - warrant income 5,049 ----------- Total other income 9,512 ----------- Operating expenses - recurring 12,740 Merger and other related nonrecurring expenses 3,881 ----------- Total operating expenses 16,621 ----------- Net income before provision for income taxes 12,044 Provision for income taxes 4,712 ----------- Net income $ 7,332 =========== The results presented above have been restated on a pooling of interests basis to include the consolidated results of Mt. Diablo Bancshares, the parent of Mt. Diablo National Bank, which was acquired by Greater Bay Bancorp in January 31, 2000 GREATER BAY BANCORP February 29, 2000 - FINANCIAL SUMMARY ($ in 000's, except share and per share data) - ----------------------------------------------------------------------------------------------------------------------------------- SELECTED CONSOLIDATED FINANCIAL CONDITION DATA: Feb 29 Dec 31 Sept 30 June 30 Mar 31 2000 1999 1999 1999 1999 ----------- ----------- ---------- ----------- ------------ Cash and Due From Banks $ 132,863 $ 107,591 $ 121,742 $ 114,398 $ 98,553 Investments 873,984 725,976 695,015 675,288 621,728 Loans: Commercial 841,159 810,399 750,895 707,024 651,860 Term Real Estate - Commercial 493,295 484,076 441,510 373,443 369,663 ----------- ----------- ---------- ----------- ------------ Total Commercial 1,334,454 1,294,475 1,192,405 1,080,467 1,021,523 Construction 440,925 417,326 347,715 315,408 272,300 Real Estate - Other 95,026 92,688 98,336 100,511 90,417 Consumer and Other 120,558 123,528 111,305 109,758 105,329 Deferred Loan Fees, Net (6,961) (6,840) (6,230) (5,818) (5,598) ----------- ----------- ---------- ----------- ------------ Total Loans 1,984,002 1,921,177 1,743,531 1,600,326 1,483,971 Allowance for Loan Losses (44,633) (40,421) (29,187) (26,866) (26,866) ----------- ----------- ---------- ----------- ------------ Total Loans, Net 1,939,369 1,880,756 1,710,503 1,571,139 1,457,105 Other Assets 144,556 131,765 114,090 103,326 92,908 ----------- ----------- ---------- ----------- ------------ Total Assets $ 3,090,772 $ 2,846,088 $2,641,350 $ 2,464,151 $ 2,270,294 =========== =========== ========== =========== ============ Deposits: Demand, Non-Interest Bearing $ 573,566 $ 514,482 $ 468,674 $ 416,978 $ 397,632 NOW, MMDA and Savings 1,669,088 1,463,517 1,374,684 1,258,623 1,124,487 Time Certificates, $100,000 and over 422,480 434,540 403,679 368,020 346,372 Other Time Certificates 93,135 93,847 112,446 112,364 115,269 ----------- ----------- ---------- ----------- ------------ Total Deposits 2,758,269 2,506,386 2,368,400 2,155,985 1,983,760 ----------- ----------- ---------- ----------- ------------ Other Borrowings 47,100 69,100 52,678 90,635 72,735 Other Liabilities 52,909 47,007 33,582 28,234 27,739 ----------- ----------- ---------- ----------- ------------ Total Liabilities 2,858,278 2,622,493 2,445,743 2,274,854 2,084,234 ----------- ----------- ---------- ----------- ------------ Long-term Subordinated Debt - - - - - Trust Preferred Securities 50,000 50,000 50,000 50,000 50,000 Stockholders' Equity 182,494 173,595 145,607 139,297 136,060 ----------- ----------- ---------- ----------- ------------ Regulatory Capital 232,494 223,595 195,607 189,297 186,060 ----------- ----------- ---------- ----------- ------------ Total Liabilities and Shareholders' Equity $ 3,090,772 $ 2,846,088 $2,641,350 $ 2,464,151 $ 2,270,294 =========== =========== ========== =========== ============ Average Period Total Loans, excluding Nonaccrual $ 1,962,345 $ 1,814,744 $1,675,088 $ 1,548,566 $ 1,403,292 Average Period Investments $ 844,835 $ 800,475 $ 672,376 $ 670,236 $ 562,272 Average Period Interest Earning Assets $ 2,807,180 $ 2,615,219 $2,347,464 $ 2,218,803 $ 1,965,564 Average Period Interest Bearing Liabilities $ 2,240,158 $ 2,108,995 $1,934,828 $ 1,826,994 $ 1,609,827 Average Period Assets $ 3,018,462 $ 2,811,106 $2,534,508 $ 2,388,154 $ 2,133,395 Average Period Equity $ 180,132 $ 151,094 $ 144,073 $ 141,635 $ 132,773 Regulatory Capital Tier I or Leverage Capital $ 253,755 $ 218,524 $ 190,680 $ 179,872 $ 167,903 Total Capital $ 289,936 $ 252,994 $ 226,092 $ 214,571 $ 207,371 Nonperforming Assets Nonaccrual Loans $ 7,507 $ 4,418 $ 6,028 $ 3,487 $ 3,104 Loans 90 Days Past Due & Accruing - 51 - 199 - Restructured Loans 745 807 1,492 1,034 951 OREO 271 271 515 595 620 ----------- ----------- ---------- ----------- ------------ Total Nonperforming Assets $ 8,523 $ 5,547 $ 8,035 $ 5,315 $ 4,675 =========== =========== ========== =========== ============ Greater Bay Trust Company Assets $ 727,947 $ 652,054 $ 659,414 $ 630,840 $ 649,336 - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- SELECTED QUARTERLY CONSOLIDATED FINANCIAL CONDITION RATIOS: Feb 29 Dec 31 Sept 30 June 30 Mar 31 2000 1999 1999 1999 1999 ---------- ---------- --------- ---------- ----------- Loan to Deposit Ratio 71.93% 76.65% 73.89% 74.23% 74.81% Ratio of Allowance for Loan Losses to: Total Loans 2.25% 2.10% 1.89% 1.82% 1.81% Total Nonperforming Assets 523.68% 728.70% 411.05% 549.14% 574.67% Total Nonperforming Assets to Total Assets 0.28% 0.19% 0.30% 0.22% 0.21% Ratio of Period Net Charge-offs to Average Loans , annualized -0.01% -0.28% 0.02% -0.01% -0.07% Ratio of YTD Net Charge-offs to Average Loans , annualized -0.01% -0.09% -0.02% -0.04% -0.07% Internal Loan Growth, Annualized 19.95% 40.42% 35.89% 31.80% 47.47% Recurring Revenue Growth, Annualized 35.83% 58.27% 49.09% 50.33% 6.40% Earning Assets to Total Assets 92.45% 93.10% 92.33% 92.44% 92.86% Earning Assets to Interest-Bearing Liabilities 125.23% 125.51% 122.34% 121.19% 123.37% Capital Ratios: Leverage (1) 8.41% 7.77% 7.52% 7.53% 7.87% Tier 1 Risk Based Capital (1) 10.11% 9.16% 8.78% 9.33% 9.29% Total Risk Based Capital (1) 11.55% 10.61% 10.41% 11.13% 11.47% Risk Weighted Assets $ 2,510,504 $ 2,384,511 $ 2,172,461 $ 1,927,955 $ 1,807,523 Book Value Per Share $ 12.96 $ 12.43 $ 10.87 $ 10.47 $ 10.38 Total Shares Outstanding 14,078,785 13,964,065 13,390,746 13,310,362 13,109,887 (1) Subsequent to February 29, 2000, $12.0 million of common stock and $9.5 million of trust preferred securities were issued. If these were issued as of February 29, 2000, the ratios would have been 9.12%, 10.97% and 12.41%, respectively. Note: Prior periods have been restated to reflect the mergers between Greater Bay Bancorp, Bay Area Bancshares, Bay Commercial Services and Mt. Diablo Bancshares on a pooling-of-interests basis. - ----------------------------------------------------------------------------------------------------------------------------------- GREATER BAY BANCORP February 29, 2000 - FINANCIAL SUMMARY ($ in 000's, except share and per share data) - ---------------------------------------------------------------------------------------------------------------------------------- SELECTED PERIOD CONSOLIDATED OPERATING DATA: January 1 to Fourth Third Second First February 29 Quarter Quarter Quarter Quarter 2000 1999 1999 1999 1999 ------------ ----------- ---------- ----------- ------------ Interest Income $ 39,725 $ 55,568 $ 49,426 $ 45,155 $ 40,149 Interest Expense 16,313 22,513 19,830 18,283 15,929 ----------- ----------- ---------- ----------- ------------ Net interest income Before provision for Loan Losses 23,412 33,055 29,596 26,872 24,220 Provision for Loan Losses 4,259 6,232 3,752 1,917 1,163 ----------- ----------- ---------- ----------- ------------ Net Interest Income After Provision for Loan Losses 19,153 26,823 25,844 24,955 23,057 Other Income: Trust Fees 565 774 768 727 721 Depositor Service Fees 517 916 791 660 712 ATM Fees 265 474 620 501 515 Loan and International Banking Fees 437 862 871 651 449 Gain on Sale of SBA Loans 142 85 272 351 302 Gain/(loss) on Investments - (23) 4 - - Other Income (1) 2,537 3,949 1,836 591 419 ----------- ----------- ---------- ----------- ------------ 4,463 7,037 5,162 3,481 3,118 Nonrecurring - Warrant Income (5) 5,049 14,278 - 226 4 ----------- ----------- ---------- ----------- ------------ Other Income 9,512 21,315 5,162 3,707 3,122 Operating Expenses: Compensation and Benefits 7,230 10,745 9,482 9,129 8,714 Occupancy and Equipment 2,602 3,449 2,978 2,750 3,026 Professional Services & Legal 479 481 756 601 580 Client Services 331 474 323 138 439 FDIC Insurance and Assessments 161 179 167 128 117 Other Real Estate, Net 10 (53) 30 15 21 Other Expenses 1,929 3,112 3,244 3,403 2,537 ----------- ----------- ---------- ----------- ------------ 12,742 18,387 16,980 16,164 15,434 Nonrecurring Expenses (2) (5) - 11,837 - 323 - ----------- ----------- ---------- ----------- ------------ Total Operating Expenses 12,742 30,224 16,980 16,487 15,434 ----------- ----------- ---------- ----------- ------------ Net Income Before Income Taxes, Merger and Other Related Nonrecurring Costs and Extraordinary Items 15,923 17,914 14,026 12,175 10,745 Income Taxes: Income Tax Expense 4,078 5,660 5,242 4,883 4,181 Nonrecurring Income Tax Expense (5) 2,123 (2,046) - (173) - ----------- ----------- ---------- ----------- ------------ Total Income Tax Expense 6,201 3,614 5,242 4,710 4,181 Net Income Before Merger and Other Related Nonrecurring Costs and Extraordinary 9,722 14,300 8,784 7,465 6,564 Merger and Other Related Nonrecurring Costs, net of tax (5) 2,390 3,995 - 2,492 - ----------- ----------- ---------- ----------- ------------ Net Income Before Extraordinary Items 7,332 10,305 8,784 4,973 6,564 Extraordinary Items, net of tax (3) - - - - (88) ----------- ----------- ---------- ----------- ------------ Net Income $ 7,332 $ 10,305 $ 8,784 $ 4,973 $ 6,476 =========== =========== ========== =========== ============ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ SELECTED QUARTERLY CONSOLIDATED OPERATING RATIOS: January 1 to Fourth Third Second First February 29 Quarter Quarter Quarter Quarter 2000 1999 1999 1999 1999 ------------- ------------ ----------- ------------ ------------ Net Income Per Share (Before Merger, Nonrecurring and Extraordinary Items) Basic $ 0.49 $ 0.73 $ 0.66 $ 0.56 $ 0.50 Diluted $ 0.46 $ 0.68 $ 0.62 $ 0.53 $ 0.47 Net Income Per Share Basic $ 0.52 $ 0.77 $ 0.66 $ 0.38 $ 0.50 Diluted $ 0.50 $ 0.72 $ 0.62 $ 0.35 $ 0.46 Weighted Average Common Shares Outstanding 14,010,000 13,459,000 13,394,000 13,231,000 13,053,000 Weighted Average Common & Common Equivalent Shares Outstanding 14,744,000 14,400,000 14,190,000 14,070,000 13,973,000 Return on Period Average Assets, annualized (4) 1.37% 1.38% 1.38% 1.24% 1.25% Return on Period Average Equity, annualized (4) 23.01% 25.77% 24.19% 20.93% 20.04% Net Interest Margin - Average Earning Assets 5.09% 5.01% 5.00% 4.86% 5.00% Operating Expense Ratio (Before Nonrecurring and Extraordinary Items) 2.58% 2.60% 2.66% 2.71% 2.93% Efficiency Ratio (Before Nonrecurring and Extraordinary Items) 45.71% 45.86% 48.85% 53.25% 56.46% - ------------------------------------------------------------------------------------------------------------------------------------ - -------------------------------------------------------------------------------- (1) Period ending February 29, 2000 and Q4 and Q3 of 1999 include a $2.1 million, $3.1million, and $900,000 gain on an equity investment, respectively. (2) Q4 and Q2 of 1999 nonrecurring expenses are comprised of $7.4 million and $323,000 in donations to the GBB Foundation, respectively. (3) Includes $88,000 loss on early retirement of subordinated debt. (4) Before Merger,Nonrecurring and Extraordinary Items of ($653,000), net of tax, for period ending February 29, 2000; $492,000, net of tax, Q4 of 1999; $2.5 million, net of tax, in Q2 1999; $88,000, net of tax, in Q1 1999. (5) Components of merger, nonrecurring and extraordinary items. Net income excluding these items is $6,796 for period ending February 29, 2000, $9,813 at Q4 of 1999; $8,784 Q3 of 1999; $7,389 at Q2 of 1999 and $6,560 at Q1 of 1999. Note: Prior periods have been restated to reflect the mergers between Greater Bay Bancorp, Bay Area Bancshares, Bay Commercial Services and Mt. Diablo Bancshares on a pooling-of-interests basis. - --------------------------------------------------------------------------------