EXHIBIT 99.2
Press Release dated July 18, 2001
For Information Contact
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At Greater Bay Bancorp: At Financial Relations Board:
David L. Kalkbrenner Christina Carrabino (general information)
President and CEO James Hoyne (analyst contact)
(650) 614-5767 Dawn Swidorski (financial media)
Steven C. Smith (415) 986-1591
EVP, CAO and CFO
(650) 813-8222
FOR IMMEDIATE RELEASE
GREATER BAY BANCORP REPORTS 25% INCREASE
IN SECOND QUARTER 2001 CORE EARNINGS
PALO ALTO, CA, July 18, 2001 -- Greater Bay Bancorp (Nasdaq: GBBK), a $6.2
billion in assets financial services holding company, today announced results
for the second quarter and six months ended June 30, 2001. Greater Bay
Bancorp's core earnings, which is its net income, excluding nonrecurring warrant
------------- ------------------------------
income and merger related expenses, for the second quarter of 2001 increased 25%
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to $20.9 million, or $0.48 per diluted share, compared to $16.7 million, or
$0.39 per diluted share, in the second quarter of 2000.
Based on its core earnings for the second quarter of 2001, Greater Bay Bancorp's
return on average equity was 23.00%, its return on average assets was 1.45% and
its efficiency ratio was 46.39%, while the second quarter of 2000 core earnings
resulted in a return on average equity of 23.62%, return on average assets of
1.60% and an efficiency ratio of 45.74%.
For the second quarter of 2001, net income increased to $21.1 million, or $0.48
per diluted share, compared to net income of $10.4 million, or $0.24 per diluted
share, for the second quarter of 2000. Net income for the second quarter of
2001 included $0.3 million in nonrecurring warrant income and zero merger
related expenses, compared to $0.5 million in nonrecurring warrant income and
$6.7 million in merger related expenses for the second quarter of 2000.
For the first six months of 2001, Greater Bay Bancorp's core earnings increased
35% to $42.4 million, or $0.96 per diluted share, compared to $31.4 million, or
$0.74 per diluted share, for the first six months of 2000.
Based on its core earnings for the first six months of 2001, Greater Bay
Bancorp's return on average equity was 24.27%, its return on average assets was
1.57% and its efficiency ratio was 46.31%, while the first six months of 2000
core earnings resulted in a return on average equity of 22.78%, return on
average assets of 1.54% and an efficiency ratio of 47.61%.
For the first six months of 2001, net income increased to $42.7 million, or
$0.97 per diluted share, compared to net income of $27.7 million, or $0.65 per
diluted share for the first six months of 2000. Net income for the first six
months of 2001 included $0.3 million in nonrecurring warrant income and zero in
merger related expenses, compared to $5.5 million in
nonrecurring warrant income and $9.1 million in merger related expenses for the
first six months of 2000.
At June 30, 2001, Greater Bay Bancorp's total assets were $6.2 billion, an
increase of 44% or $1.9 billion from June 30, 2000. Total loans grew 34% to
$3.8 billion, an increase of $1.0 billion from June 30, 2000, while total
deposits increased to $4.3 billion, an increase of 16% or $600 million from June
30, 2000.
Greater Bay Bancorp's allowance for loan losses was 2.30% of total loans at June
30, 2001 and 2.05% at June 30, 2000, while its ratio of non-performing assets to
total assets was 0.12% at June 30, 2001, compared to 0.22% at June 30, 2000.
The allowance for loan losses was 1,221.30% of total non-performing assets at
June 30, 2001, compared to 621.32% at June 30, 2000.
"Greater Bay Bancorp continues to report excellent operating results as we were
able to deliver a return to our shareholders in excess of 20%," said David L.
Kalkbrenner, president and chief executive officer of Greater Bay Bancorp. "We
are very pleased with our second quarter and first six months results,
particularly in light of the uncertain economic conditions in the San Francisco
Bay Area markets. The current economic slowdown has had a slowing effect on most
businesses in the U.S., including ours. Greater Bay has also been impacted by a
decline of 275 basis points in market interest rates. Further declines in
market interest rates will continue to impact us. However, we believe our
successfully proven Super Community Banking philosophy will continue to allow us
to effectively manage through this economic slowdown."
Kalkbrenner added, "Greater Bay Bancorp recently announced the opening of
Greater Bay Bank Marin, a division of Mid-Peninsula Bank. We are excited about
the opportunity to be highly successful in the Marin market through the efforts
of several successful bankers recently hired in that office who have proven
histories of loan and deposit growth, and who understand the needs of their
clients and their local community. We will soon open an office in Carmel to
service the Pebble Beach, Monterey and Carmel areas, that will focus on wealth
management and private banking clients. These two offices, along with our ten
subsidiary banks and recently announced proposed merger with SJNB Financial
Corp., parent company of San Jose National Bank, make Greater Bay Bancorp the
only independent Northern California bank holding company that serves all of the
Bay Area."
The capital ratios of Greater Bay Bancorp and each of its subsidiary banks
continue to be above the well-capitalized guidelines established by the bank
regulatory agencies.
Greater Bay Bancorp recently signed a definitive agreement to merge with SJNB
Financial Corp., San Jose, California, which is anticipated to close late in the
fourth quarter of 2001. On a pro forma basis, as if this merger had been
completed on June 30, 2001, the combined organization would have had $6.9
billion in assets, $4.9 billion in deposits and 42 banking offices covering the
entire San Francisco Bay Area.
Greater Bay Bancorp through its ten subsidiary banks, 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 and Peninsula Bank of Commerce, along with its operating
divisions, serves clients throughout Silicon Valley, San
Francisco, the San Francisco Peninsula, the East Bay Region, the North Bay
Region and the Central Coastal Region.
Greater Bay Bancorp's second quarter 2001 earnings conference call is scheduled
for July 18, 2001 at 8:00 am PDT. Investors have the opportunity to listen to
the conference call live on the Internet through Street Events at
http://www.streetevents.com. Investors should go to the Street Events Web site
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15 minutes prior to the start of the call, as it may be necessary to download
audio software to hear the conference call. To do so, investors should click
on the Real Player icon and follow directions from there. A replay of the
conference call will be available on the Street Events Web site for 30 days and
via telephone through July 25, 2001 by dialing (703) 925-2435, passcode 5357975.
Greater Bay Bancorp's corporate press releases are available on the Company's
Web site at http://www.gbbk.com.
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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, growth in loans, deposits and
assets, continued success of its Super Community Banking strategy 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, the
Company's ability to continue its internal growth at historical rates, the
Company's ability to maintain its net interest spread, and the quality of the
Company's earning assets; (2) government regulations; (3) the ability to
successfully integrate recently completed mergers and acquisitions; (4) the
risks relating to the Company's warrant positions; and (5) 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, 2000.
For investor information on Greater Bay Bancorp at no charge, call our automated
shareholder information line at 1-800-PRO-INFO (1-800-776-4636) and enter code
GBBK. For international access, dial 1-201-432-6555.
GREATER BAY BANCORP
JUNE 30, 2001 - FINANCIAL SUMMARY
($ in 000's, except share and per share data)
SELECTED CONSOLIDATED FINANCIAL
CONDITION DATA:
Jun 30 Mar 31 Dec 31 Sept 30 Jun 30
2001 2001 2000 2000 2000
------------------------------------------------------------------------
Cash and Due From Banks $ 200,271 $ 206,156 $ 270,774 $ 243,207 $ 232,371
Investments 2,038,824 1,301,970 1,100,333 1,085,257 1,110,239
Loans:
Commercial 1,620,541 1,595,293 1,562,712 1,250,056 1,130,322
Term Real Estate - Commercial 1,041,530 992,777 967,428 890,127 869,226
-----------------------------------------------------------------------
Total Commercial 2,662,071 2,588,070 2,530,140 2,140,183 1,999,548
Construction 723,394 701,414 691,912 581,956 516,998
Real Estate - Other 236,927 233,538 176,568 174,997 127,571
Consumer and Other 204,939 216,064 216,459 206,632 209,019
Deferred Loan Fees, Net (13,759) (13,461) (13,657) (13,440) (13,829)
-----------------------------------------------------------------------
Total Loans 3,813,572 3,725,625 3,601,422 3,090,328 2,839,307
Allowance for Loan Losses (88,190) (85,914) (84,014) (67,637) (58,578)
-----------------------------------------------------------------------
Total Loans, Net 3,725,382 3,639,711 3,517,408 3,022,691 2,780,729
Other Assets 260,500 258,409 241,863 196,914 195,746
-----------------------------------------------------------------------
Total Assets $ 6,224,977 $ 5,406,246 $ 5,130,378 $ 4,548,069 $ 4,319,085
=======================================================================
Deposits:
Demand, Non-Interest Bearing $ 846,505 $ 897,229 $ 1,003,828 $ 899,496 $ 851,590
NOW, MMDA and Savings 2,058,234 2,108,098 2,082,708 2,132,184 2,032,360
Time Certificates, $100,000
and over 770,826 777,901 784,118 737,533 675,031
Other Time Certificates 641,187 490,402 294,407 156,125 157,554
-----------------------------------------------------------------------
Total Deposits 4,316,752 4,273,630 4,165,061 3,925,338 3,716,535
-----------------------------------------------------------------------
Other Borrowings 1,344,926 572,828 431,228 135,313 156,037
Other Liabilities 92,157 105,922 112,224 87,702 60,368
-----------------------------------------------------------------------
Total Liabilities 5,753,835 4,952,380 4,708,513 4,148,353 3,932,940
-----------------------------------------------------------------------
Trust Preferred Securities 99,500 99,500 99,500 99,500 99,500
Stockholders' Equity 371,642 354,366 322,365 300,216 286,645
-----------------------------------------------------------------------
Total Liabilities and
Shareholders' Equity $ 6,224,977 $ 5,406,246 $ 5,130,378 $ 4,548,069 $ 4,319,085
=======================================================================
Average Quarterly Total Loans, $ 3,759,151 $ 3,638,946 $ 3,326,505 $ 2,962,402 $ 2,826,612
excluding Nonaccrual
Average Quarterly Investments $ 1,649,065 $ 1,048,617 $ 1,095,752 $ 1,225,598 $ 1,154,824
Average Quarterly Interest $ 5,408,216 $ 4,687,563 $ 4,422,257 $ 4,188,000 $ 3,981,436
Earning Assets
Average Quarterly Interest $ 4,353,948 $ 3,643,025 $ 3,334,513 $ 3,044,342 $ 2,972,538
Bearing Liabilities
Average Quarterly Assets $ 5,770,784 $ 5,088,379 $ 4,783,445 $ 4,532,392 $ 4,213,203
Average Quarterly Equity $ 363,785 $ 340,582 $ 316,331 $ 301,644 $ 284,653
Total Regulatory Capital
Tier I or Leverage Capital $ 446,412 $ 431,427 $ 417,847 $ 412,724 $ 385,854
Total Capital $ 507,979 $ 491,675 $ 475,891 $ 462,807 $ 447,301
Nonperforming Assets
Nonaccrual Loans $ 7,221 $ 17,874 $ 12,593 $ 14,884 $ 8,779
Restructured Loans - - - 420 420
OREO - 259 - 395 229
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Total Nonperforming Assets $ 7,221 $ 18,133 $ 12,593 $ 15,699 $ 9,428
=======================================================================
Greater Bay Trust Company Assets $ 683,306 $ 734,910 $ 773,791 $ 838,659 $ 795,042
SELECTED QUARTERLY CONSOLIDATED
FINANCIAL CONDITION RATIOS:
Jun 30 Mar 31 Dec 31 Sept 30 Jun 30
2001 2001 2000 2000 2000
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Loan to Deposit Ratio 88.34% 87.18% 86.47% 78.73% 76.40%
Core Bank Loan to Deposit
Ratio (1) 72.42% 72.39% 72.44% 71.89% 69.39%
Ratio of Allowance for Loan
Losses to:
Average Loans 2.34% 2.35% 2.52% 2.27% 2.07%
End of Period Loans 2.30% 2.30% 2.32% 2.18% 2.05%
Total Nonperforming
Assets 1221.30% 473.80% 667.15% 430.84% 621.32%
Total Nonperforming Assets to
Total Assets 0.12% 0.34% 0.25% 0.35% 0.22%
Ratio of Quarterly Net
Charge-offs to Average Loans,
annualized 0.79% 0.59% 0.31% 0.37% 0.58%
Ratio of YTD Net Charge-offs to
YTD Average Loans, annualized 0.69% 0.59% 0.38% 0.41% 0.44%
Loan Growth, current quarter to
prior year quarter 34.31% 40.23% 46.13% 37.05% 36.76%
Loan Growth, current quarter to
prior quarter, annualized 9.47% 13.99% 65.79% 35.17% 27.63%
Recurring Revenue Growth,
current quarter to prior year
quarter 24.95% 30.94% 30.59% 34.71% 44.15%
Recurring Revenue Growth,
current quarter to prior
quarter, annualized 18.71% 20.12% 31.93% 21.05% 38.92%
Average Earning Assets to
Average Total Assets 93.72% 92.12% 92.45% 92.40% 94.50%
Average Earning Assets to
Average Interest-Bearing
Liabilities 124.21% 128.67% 132.62% 137.57% 133.94%
Capital Ratios:
Leverage 7.76% 8.52% 8.77% 9.11% 9.16%
Tier 1 Risk Based
Capital 9.19% 9.14% 9.40% 10.83% 10.87%
Total Risk Based Capital 10.46% 10.42% 10.70% 12.14% 12.61%
Risk Weighted Assets $ 4,856,661 $ 4,720,719 $ 4,446,088 $ 3,812,504 $ 3,548,503
Book Value Per Share (2) $ 8.72 $ 8.33 $ 7.69 $ 7.21 $ 6.94
Total Shares Outstanding (2) 42,625,248 42,546,142 41,929,173 41,648,016 41,284,372
(1) Includes the ten core banking divisions and excludes Matsco, Capco, Pacific
Business Funding and Corporate Finance.
(2) Prior periods have been restated for the 2 for 1 stock split effective
October 4, 2000.
Note: Prior periods have been restated to reflect the mergers between Greater
Bay Bancorp, Bank of Santa Clara and Bank of Petaluma on a pooling-of-interests
basis.
GREATER BAY BANCORP
JUNE 30, 2001 - FINANCIAL SUMMARY
($ in 000's, except share and per share data)
SELECTED QUARTERLY CONSOLIDATED OPERATING DATA:
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
2001 2001 2000 2000 2000
-------------------------------------------------------------------
Interest Income $ 111,807 $ 106,694 $ 104,376 $ 96,612 $ 87,538
Interest Expense 43,066 40,448 38,957 36,797 30,976
-------------------------------------------------------------------
Net Interest Income Before
Provision for Loan Losses 68,741 66,246 65,419 59,815 56,562
Provision for Loan Losses 9,849 6,928 6,316 7,844 8,312
-------------------------------------------------------------------
Net Interest Income After
Provision for Loan Losses 58,892 59,318 59,103 51,971 48,250
Other Income:
Trust Fees 978 886 954 822 827
Depositor Service Fees 2,091 2,013 2,034 2,219 2,194
ATM Fees 766 662 748 817 676
Loan and International Banking Fees 2,085 2,541 2,562 2,497 1,927
Gain on Sale of SBA Loans 375 835 312 429 753
Gain/(loss) on Investments 3,944 1,578 21 3 58
Other Income 1,588 2,216 1,289 1,288 1,482
-------------------------------------------------------------------
11,827 10,731 7,920 8,075 7,917
Nonrecurring - Warrant Income (2) 504 - 870 2,767 740
-------------------------------------------------------------------
Total Other Income 12,331 10,731 8,790 10,842 8,657
Operating Expenses:
Salaries 15,188 14,726 14,565 13,022 12,654
Benefits 3,872 3,679 2,884 2,770 2,604
-------------------------------------------------------------------
Total Compensation and Benefits (4) 19,060 18,405 17,449 15,792 15,258
Occupancy and Equipment 6,286 5,863 5,711 5,575 5,117
Trust Preferred Securities expense 2,454 2,458 2,412 2,585 1,783
Professional Services & Legal 1,532 1,387 1,083 1,312 1,199
Telephone, postage and supplies 1,382 1,323 1,295 1,040 1,182
Marketing and promotion 1,272 1,235 1,229 935 1,086
Data Processing 922 911 757 461 455
Client Services 653 644 563 477 496
FDIC Insurance and Assessments 330 273 356 379 251
Other Real Estate, Net - - 5 - 41
Other Expenses 3,481 3,091 2,489 2,014 2,627
-------------------------------------------------------------------
Total Operating Expenses 37,372 35,590 33,349 30,570 29,495
-------------------------------------------------------------------
Income Before Income Taxes, Merger and
Other Related Nonrecurring Costs 33,851 34,459 34,544 32,243 27,412
Income Taxes:
Income Tax Expense 12,491 12,928 12,695 11,173 9,953
Nonrecurring Income Tax Expense (2) 212 - 366 1,164 290
-------------------------------------------------------------------
Total Income Tax Expense 12,703 12,928 13,061 12,337 10,243
Income Before Merger and Other Related 21,148 21,531 21,483 19,906 17,169
Nonrecurring Costs
Merger and Other Related Nonrecurring
Costs, net of tax (2) - - 3,533 7,037 6,744
-------------------------------------------------------------------
Net Income $ 21,148 $ 21,531 $ 17,950 $ 12,869 $ 10,425
-------------------------------------------------------------------
SELECTED QUARTERLY CONSOLIDATED OPERATING RATIOS:
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
2001 2001 2000 2000 2000
-------------------------------------------------------------------
Income Per Share (Before
Nonrecurring and Merger Items)(2), (3)
Basic $ 0.49 $ 0.51 $ 0.50 $ 0.44 $ 0.41
Diluted $ 0.48 $ 0.49 $ 0.47 $ 0.42 $ 0.39
Income Per Share (Before Merger
Items) (3)
Basic $ 0.50 $ 0.51 $ 0.51 $ 0.48 $ 0.42
Diluted $ 0.48 $ 0.49 $ 0.48 $ 0.46 $ 0.40
Net Income Per Share (3)
Basic $ 0.50 $ 0.51 $ 0.43 $ 0.31 $ 0.25
Diluted $ 0.48 $ 0.49 $ 0.41 $ 0.29 $ 0.24
Weighted Average Common Shares
Outstanding (3) 42,562,000 42,323,000 41,817,000 41,448,000 41,207,000
Weighted Average Common & Common
Equivalent Shares Outstanding (3) 43,685,000 44,175,000 44,319,000 43,676,000 42,913,000
Return on Period Average Assets,
annualized (1) 1.45% 1.72% 1.74% 1.61% 1.60%
Return on Period Average Equity,
annualized (1) 23.00% 25.64% 26.38% 24.14% 23.62%
Net Interest Margin - Average Earning
Assets (5) 5.10% 5.73% 5.89% 5.68% 5.71%
Operating Expense Ratio (Before
Nonrecurring and Merger Items) 2.60% 2.84% 2.77% 2.68% 2.82%
Operating Expense Ratio (Before
Nonrecurring and Merger Items and 2.59% 2.69% 2.85% 2.68% 2.82%
excluding Matsco)
Efficiency Ratio (Before Nonrecurring
and Merger Items) 46.39% 46.23% 45.47% 45.03% 45.74%
Efficiency Ratio (Before Nonrecurring
and Merger Items and excluding Matsco) 46.08% 44.67% 44.84% 45.03% 45.74%
- -----------------------
(1) Before Nonrecurring and Merger Items of $292,000, net of tax, in Q2 2001;
$3.0 million, net of tax, in Q4 2000; $5.4 million, net of tax, in Q3 2000
and $6.3 million, net of tax, in Q2 2000.
(2) Components of Nonrecurring and Merger Items. Net Income excluding these
items is $20,856 for Q2 2001; $20,979 for Q4 2000, $18,303 for Q3 2000 and
$16,719 for Q2 2000.
(3) Prior periods have been restated for the 2 for 1 stock split effective
October 4, 2000.
(4) Included Matsco compensation and benefits of $1.1 million in Q2 2001; $2.4
million in Q1 2001 and $904,000 in Q4 2000.
(5) The Net Interest Margin for Q2 2001 would have been 5.46%, if there was no
change in the balance sheet mix. Note: Prior periods have been restated to
reflect the mergers between Greater Bay Bancorp, Bank of Santa Clara and
Bank of Petaluma on a pooling-of-interests basis.
GREATER BAY BANCORP
JUNE 30, 2001 - FINANCIAL SUMMARY
($ in 000's, except share and per share data)
SELECTED YEAR TO DATE CONSOLIDATED OPERATING DATA:
June 30, June 30,
2001 2000
---------------------------------
Interest Income $ 218,501 $ 167,375
Interest Expense 83,514 60,650
---------------------------------
Net Interest Income Before Provision for Loan Losses 134,987 106,725
Provision for Loan Losses 16,777 13,936
---------------------------------
Net Interest Income After Provision for Loan Losses 118,210 92,789
Other Income:
Trust Fees 1,864 1,674
Depositor Service Fees 4,104 4,341
ATM Fees 1,428 1,326
Loan and International Banking Fees 4,626 3,103
Gain on Sale of SBA Loans 1,210 1,449
Gain/(loss) on Investments 5,522 57
Other Income 3,804 4,594
---------------------------------
22,558 16,544
Nonrecurring - Warrant Income (2) 504 9,349
---------------------------------
Total Other Income 23,062 25,893
Operating Expenses:
Salaries 29,914 25,491
Benefits 7,551 5,592
---------------------------------
Total Compensation and Benefits (4) 37,465 31,083
Occupancy and Equipment 12,149 10,402
Trust Preferred Securities expense 4,912 2,841
Professional Services & Legal 2,919 2,309
Telephone, postage and supplies 2,705 2,322
Marketing and promotion 2,507 2,021
Data Processing 1,833 914
Client Services 1,297 1,041
FDIC Insurance and Assessments 603 501
Other Real Estate, Net - 51
Other Expenses 6,572 5,204
---------------------------------
Total Operating Expenses 72,962 58,689
---------------------------------
Income Before Income Taxes, Merger and Other Related Nonrecurring Costs 68,310 59,993
Income Taxes:
Income Tax Expense 25,419 19,259
Nonrecurring Income Tax Expense (2) 212 3,880
---------------------------------
Total Income Tax Expense 25,631 23,139
Income Before Merger and Other Related Nonrecurring Costs 42,679 36,854
Merger and Other Related Nonrecurring Costs, net of tax (2) - 9,133
---------------------------------
Net Income $ 42,679 $ 27,721
---------------------------------
SELECTED YEAR TO DATE CONSOLIDATED OPERATING RATIOS:
June 30, June 30,
2001 2000
---------------------------------
Income Per Share (Before Nonrecurring and Merger Items) (2), (3)
Basic $ 1.00 $ 0.77
Diluted $ 0.96 $ 0.74
Income Per Share (Before Merger Items) (3)
Basic $ 1.01 $ 0.90
Diluted $ 0.97 $ 0.87
Net Income Per Share (3)
Basic $ 1.01 $ 0.68
Diluted $ 0.97 $ 0.65
Weighted Average Common Shares Outstanding (3) 42,445,000 40,752,000
Weighted Average Common & Common Equivalent Shares Outstanding (3) 44,091,000 42,557,000
Return on Period Average Assets, annualized (1) 1.57% 1.54%
Return on Period Average Equity, annualized (1) 24.27% 22.78%
Net Interest Margin - Average Earning Assets 5.39% 5.65%
Operating Expense Ratio (Before Nonrecurring and Merger Items) 2.71% 2.88%
Operating Expense Ratio (Before Nonrecurring and Merger Items and excluding Matsco) 2.64% 2.88%
Efficiency Ratio (Before Nonrecurring and Merger Items) 46.31% 47.61%
Efficiency Ratio (Before Nonrecurring and Merger Items and excluding Matsco) 45.40% 47.61%
(1) Before Nonrecurring and Merger Items of $292,000, net of tax, in YTD June
2001 and $3.7 million, net of tax, in YTD June 2000.
(2) Components of Nonrecurring and Merger Items. Net Income excluding these
items is $42,387 for YTD June 2001 and $31,385 for YTD June 2000.
(3) Prior periods have been restated for the 2 for 1 stock split effective
October 4, 2000.
(4) Included Matsco compensation and benefits of $3.5 million in YTD June 2001.
Note: Prior periods have been restated to reflect the mergers between Greater
Bay Bancorp, Bank of Santa Clara and Bank of Petaluma on a pooling-of-interests
basis.