Exhibit 99.1
Unaudited Pro Forma Condensed Combined Balance Sheet
As of March 31, 2000
(Dollars in thousands)
Greater Coast Greater Bay & Co
Bay Bancorp Adjustments (1) Bancorp Combined
--- ------- --------------- ----------------
Assets
Cash and due from banks $ 138,937 $ 15,364 $ - $ 154,301
Federal funds sold 284,300 24,400 - 308,700
Other short-term securities 805 - - 805
Securities available-for-sale 339,450 140,367 - 479,817
Securities held-to-maturity and other 245,709 - - 245,709
Total loans, net 2,037,828 209,195 - 2,247,023
Property, premises and equipment 21,443 1,842 - 23,285
Interest receivable and other assets 129,170 18,427 400 147,997
----------------- ------------------- --------------- ---------------
Total assets $ 3,197,642 $ 409,595 $ 400 $ 3,607,637
================= =================== =============== ===============
Liabilities
Total Deposits $ 2,845,466 $ 313,634 $ - $ 3,159,100
Other borrowings 41,100 56,024 - 97,124
Other liabilities 53,226 5,472 3,800 62,498
Trust Preferred Securities 59,500 - - 59,500
----------------- ------------------- --------------- ---------------
Total Liabilities 2,999,292 375,130 3,800 3,378,222
----------------- ------------------- --------------- ---------------
Shareholders' EquitY 198,350 34,465 (3,400) 229,415
----------------- ------------------- --------------- ---------------
Total liabilities and shareholders'
equity $ 3,197,642 $ 409,595 $ 400 $ 3,607,637
================= =================== =============== ===============
(1) The table above reflects all nonrecurring Greater Bay and Coast
Bancorp estimated merger-related costs as of March 31, 2000. The
nonrecurring Greater Bay and Coast Bancorp estimated merger-related
costs are not included on the unaudited pro forma condensed combined
statement of operations but are included on the unaudited pro forma
condensed combined balance sheet as a reduction to shareholders'
equity, net of a $2.0 million tax benefit. These costs will be charged
to expense immediately following the consummation of the merger.
Unaudited Pro Forma Condensed Combined Statement of Operations
For the Quarter Ended March 31, 2000
(Dollars in thousands)
Greater Coast Greater Bay & Co
Bay Bancorp Adjustments (1) Bancorp Combined
--- ------- --------------- ----------------
Interest on loans $ 47,679 $ 5,701 $ 53,380
Interest on investment securities 9,247 2,305 11,552
Other interest income 4,304 217 4,521
-------------------- ---------------- -------------- -----------------
Total interest income 61,230 8,223 69,453
Interest on deposits 22,820 1,983 24,803
Other interest expense 2,032 702 2,734
-------------------- ---------------- -------------- -----------------
Net interest income 36,378 5,538 41,916
Provision for loans losses 5,227 87 5,314
-------------------- ---------------- -------------- -----------------
Net interest income after provision for loan losses 31,151 5,451 36,602
Other income 14,694 1,317 16,011
Operating expenses 19,335 3,417 22,752
-------------------- ---------------- -------------- -----------------
Income before provision for income taxes and
merger and other related nonrecurring costs and
extraordinary items 26,510 3,351 29,861
Provision for income taxes 10,648 1,316 11,964
-------------------- ---------------- -------------- -----------------
Income before merger and other related nonrecurring
costs, net of tax 15,862 2,035 17,897
Merger and other related nonrecurring costs, net of
tax (2,389) - (2,389)
-------------------- ---------------- -------------- -----------------
Net income $ 13,473 $ 2,035 $ 15,508
==================== ================ ============== =================
Net income per share - basic (1) $ 0.77 $ 0.42 $ 0.75
==================== ================ ============== =================
Average common shares outstanding 14,031,000 4,823,000 (1,766,000) 17,088,000
==================== ================ ============== =================
Net income per share - diluted (1) $ 0.73 $ 0.41 $ 0.71
==================== ================ ============== =================
Average common and common equivalent shares
outstanding 14,763,000 4,964,000 (1,818,000) 17,909,000
==================== ================ ============== =================
(1) Before merger, nonrecurring and extraordinary items.
(2) Calculated as the historical Greater Bay weighted average shares plus
the historical Coast Bancorp weighted average shares adjusted for the
conversion ratio of 0.6338.
Unaudited Pro Forma Condensed Combined Statement of Operations
For the Quarter Ended March 31, 1999
(Dollars in Thousands)
Greater Coast Greater Bay & Coast
Bay Bancorp Adjustments (2) Bancorp Combined
--- ------- --------------- -------------------
Interest on loans $ 32,237 $ 4,133 $ 36,370
Interest on investment securities 5,936 1,530 7,466
Other interest income 1,976 374 2,350
------------ ------------- ----------- -----------
Total interest income 40,149 6,037 46,186
Interest on deposits 13,787 1,512 15,299
Other interest expense 2,142 139 2,281
------------ ------------- ----------- -----------
Net interest income 24,220 4,386 28,606
Provision for loans losses 1,163 - 1,163
------------ ------------- ----------- -----------
Net interest income after provision for loan losses 23,057 4,386 27,443
Other income 3,122 1,472 4,594
Operating expenses 15,434 3,203 18,637
------------ ------------- ----------- -----------
Income before provision for income taxes and
merger and other related nonrecurring costs and
extraordinary items 10,745 2,655 13,400
Provision for income taxes 4,181 1,099 5,280
------------ ------------- ----------- -----------
Income before merger and other related nonrecurring
costs, net of tax 6,564 1,556 8,120
Merger and other related nonrecurring costs, net of tax - - -
------------ ------------- ----------- -----------
Income before extraordinary items 6,564 1,556 8,120
Extraordinary item (88) - (88)
------------ ------------- ----------- -----------
Net income $ 6,476 $ 1,556 $ 8,032
============ ============= =========== ===========
Net income per share - basic (1) $ 0.50 $ 0.33 $ 0.50
============ ============= =========== ===========
Average common shares outstanding 13,053,000 4,773,000 (1,738,000) 16,088,000
============ ============= =========== ===========
Net income per share - diluted (1) $ 0.46 $ 0.32 $ 0.48
============ ============= =========== ===========
Average common and common
equivalent shares outstanding 13,973,000 4,876,000 (1,785,000) 17,064,000
============ ============= =========== ===========
(1) Before merger, nonrecurring and extraordinary items.
(2) Calculated as the historical Greater Bay weighted average shares plus the
historical Coast Bancorp weighted average shares adjusted for the
conversion ratio of 0.6338.
Unaudited Pro Forma Condensed Combined Statement of Operations
For the Year Ended December 31, 1999
(Dollars in Thousands)
Greater Coast Greater Bay & Coast
Bay Bancorp Adjustments (2) Bancorp Combined
--- ------- --------------- ----------------
Interest on loans $ 149,883 $ 19,403 $ 169,286
Interest on investment securities 27,675 7,013 34,688
Other interest income 12,740 885 13,625
------------ ------------ -------------- ------------
Total interest income 190,298 27,301 217,599
Interest on deposits 68,049 6,179 74,228
Other interest expense 8,508 1,094 9,602
------------ ------------ -------------- ------------
Net interest income 113,741 20,028 133,769
Provision for loans losses 13,064 - 13,064
------------ ------------ -------------- ------------
Net interest income after provision for loan losses 100,677 20,028 120,705
Other income 33,306 4,670 37,976
Operating expenses 79,212 13,372 92,584
------------ ------------ -------------- ------------
Income before provision for income taxes and
merger and other related nonrecurring costs and
extraordinary items 54,771 11,326 66,097
Provision for income taxes 17,659 4,387 22,046
------------ ------------ -------------- ------------
Income before merger and other related nonrecurring
costs, net of tax 37,112 6,939 44,051
Merger and other related nonrecurring costs, net of tax (6,486) - (6,486)
------------ ------------ -------------- ------------
Income before extraordinary items 30,626 6,939 37,565
Extraordinary item (88) - (88)
------------ ------------ -------------- ------------
Net income $ 30,538 $ 6,939 $ 37,477
============ ============ ============== ============
Net income per share - basic (1) $ 2.45 $ 1.45 $ 2.42
============ ============ ============== ============
Average common shares outstanding 13,310,000 4,792,000 (1,761,000) 16,341,000
============ ============ ============== ============
Net income per share - diluted (1) $ 2.30 $ 1.41 $ 2.28
============ ============ ============== ============
Average common and common
equivalent shares outstanding 14,189,000 4,910,000 (1,815,000) 17,284,000
============ ============ ============== ============
(1) Before merger, nonrecurring and extraordinary items.
(2) Calculated as the historical Greater Bay weighted average shares plus the
historical Coast Bancorp weighted average shares adjusted for the conversion
ratio of 0.6338.