-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Wjm/+chvQUSvQ+y5Q6NDqACIzJtw9bWB8cepBz8G+7BC6HHbXclRvEALfx2bhN7M qtLjooeL5Z57mjrPk2vmHw== 0001012870-98-002654.txt : 19981020 0001012870-98-002654.hdr.sgml : 19981020 ACCESSION NUMBER: 0001012870-98-002654 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19981007 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981019 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREATER BAY BANCORP CENTRAL INDEX KEY: 0000775473 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 770387041 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-25034 FILM NUMBER: 98727245 BUSINESS ADDRESS: STREET 1: 2860 WEST BAYSHORE ROAD CITY: PALO ALTO STATE: CA ZIP: 94303 BUSINESS PHONE: 4153751555 MAIL ADDRESS: STREET 1: 2860 BAYSHORE ROAD STREET 2: 420 COWPER ST CITY: PALO ALTO STATE: CA ZIP: 943011504 FORMER COMPANY: FORMER CONFORMED NAME: MID PENINSULA BANCORP DATE OF NAME CHANGE: 19941031 FORMER COMPANY: FORMER CONFORMED NAME: SAN MATEO COUNTY BANCORP DATE OF NAME CHANGE: 19920703 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): OCTOBER 7, 1998 GREATER BAY BANCORP (Exact name of registrant as specified in its charter) CALIFORNIA 77-0387041 (State or other jurisdiction of (I.R.S. employer incorporation or organization) identification number) Commission file number: 0-25034 2860 WEST BAYSHORE ROAD PALO ALTO, CALIFORNIA 94303 (Address of principal executive offices and zip code) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (650) 813-8200 ITEM 5. OTHER EVENTS. Reference is hereby made to the Registrant's press releases attached hereto as Exhibits 99.1 and 99.2 which meet the requirements for filing under Item 5 and are incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. Exhibits - -------- 99.1 Press Release dated October 7, 1998. 99.2 Press Release dated October 14, 1998. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GREATER BAY BANCORP (Registrant) Dated: October 16, 1998 By: /s/ Steven C. Smith ------------------- Steven C. Smith Executive Vice President, Chief Operating Officer and Chief Financial Officer 3 EXHIBIT INDEX ------------- 99.1 Press Release dated October 7, 1998. 99.2 Press Release dated October 14, 1998. 4 EX-99.1 2 PRESS RELEASE DATED OCTOBER 7, 1998 EXHIBIT 99.1 Press Release dated October 7, 1998 For Immediate Release For Information Contact - --------------------- ----------------------- October 7, 1998 David L. Kalkbrenner, President & CEO (650) 614-5767 Steven C. Smith, EVP, COO & CFO (650) 813-8222 GREATER BAY BANCORP ANNOUNCES 36% INCREASE IN CORE EARNINGS PALO ALTO, CA; October 7, 1998 - Greater Bay Bancorp (Nasdaq: GBBK), a $1.5 billion in assets financial services holding company, today announced net income of $11.6 million or $1.14 per diluted share for the nine month period ended September 30, 1998. Net income included approximately $1.7 million, net of tax, in merger and non-recurring costs. Excluding merger and related non-recurring costs, net income for the nine month period ended September 30, 1998 would have been $13.3 million or $1.30 per diluted share, an increase in net income of 36.13% over the same period in 1997. For the third quarter of 1998, Greater Bay Bancorp's net income was $4.4 million or $0.43 per diluted share. Excluding merger and related non-recurring costs, third quarter 1998 net income would have been $4.8 million or $0.47 per diluted share, a 4.81% increase over second quarter 1998 net income and a 24.39% increase over the third quarter 1997 net income of $3.8 million or $0.38 per diluted share. Greater Bay Bancorp's total assets were over $1.5 billion at September 30, 1998, an increase of 40.53% or approximately $443 million from September 30, 1997. Total loans grew to $860 million, an increase of $156 million or 22.21% compared to total loans at September 30, 1997. Total deposits increased $1.3 billion at quarter end, a $317 million or 32.72% increase since September 30, 1997. Mr. David L. Kalkbrenner, President and Chief Executive Officer, stated, "We are proud to report significant growth in net earnings and continued improvement in our efficiency ratio, while successfully integrating our bank mergers and new business initiatives." Mr. Kalkbrenner continued, "Our ability to take advantage of growth opportunities through mergers and new business initiatives combined with prudent expense control has provided shareholders of Greater Bay Bancorp with above average returns on equity." Operating results for the nine months ended September 30, 1998 and the third quarter of 1998 include approximately $55,000 and $30,000 respectively, excluding internal staff time, related to the correction of the year 2000 "millenium bug" which impacts all companies. The Company has budgeted an anticipated total expenditure of $300,000 to $500,000 to address the year 2000 issues. For the nine-month period ended September 30, 1998, Greater Bay Bancorp's return on average equity and average assets, excluding merger and related non- recurring costs, were 21.74% and 1.30%, respectively, compared to 17.85% and 1.29%, respectively, for the nine month period ended September 30, 1997. During the third quarter of 1998, Greater Bay Bancorp's return on average equity and average assets, excluding merger and related non-recurring costs, were 21.79% and 1.27%, respectively, compared to 19.54% and 1.41%, respectively, for the same period in 1997. Greater Bay Bancorp's ratio of non-performing assets to total assets was 0.27% at September 30, 1998, compared to 0.70% at September 30, 1997, while the allowance for loan losses represented 2.31% of total loans and 472.77% of total non performing assets at September 30, 1998, compared to 2.09% and 191.77% at September 30, 1997. The Company's trust division, Greater Bay Trust Company, continued to experience growth in its business relationships as the level of fiduciary assets under management increased by 7.71% to a total of $581.4 million at September 30, 1998 compared to $539.8 million one year earlier. Trust fee income increased by 16.73% from $550,000 for the third quarter of 1997 to $642,000 for the third quarter of 1998. Greater Bay Bancorp's capital ratios continue to be above the well- capitalized guidelines established by the bank regulatory agencies. Greater Bay Bancorp and its financial services subsidiaries, Cupertino National Bank, Mid-Peninsula Bank, Peninsula Bank of Commerce and Golden Gate Bank, along with its operating divisions, Greater Bay Bank Santa Clara Valley Commercial Banking Group, Greater Bay Corporate Finance Group, Greater Bay International Banking Division, Greater Bay Trust Company, Pacific Business Funding and Venture Banking Group, serve clients throughout Silicon Valley and the San Francisco Peninsula with offices located in San Jose, Cupertino, Palo Alto, Redwood City, San Mateo, Millbrae, San Bruno, San Francisco and Walnut Creek. This document may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. For a discussion of factors that could cause actual results to differ, please see the Company's publicly available Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the year ended December 31, 1997, and particularly the discussion of risk factors within that document. WE INVEST IN RELATIONSHIPS! GREATER BAY BANCORP SEPTEMBER 30, 1998 - FINANCIAL SUMMARY ($ IN 000'S, EXCEPT SHARE AND PER SHARE DATA) SELECTED QUARTERLY CONSOLIDATED FINANCIAL CONDITION DATA:
SEPT 30 JUN 30 MAR 31 DEC 31 SEPT 30 1998 1998 1998 1997 1997 ----------- ----------- ----------- ----------- ----------- Cash and Due From Banks ............................. $ 55,399 $ 70,010 $ 71,152 $ 53,167 $ 49,251 Investments ......................................... 574,636 558,335 426,098 393,676 319,793 Loans: Commercial ................................ 388,094 372,930 367,384 362,747 334,134 Construction .............................. 153,378 139,850 121,446 112,514 115,797 Real Estate ............................... 245,340 227,652 217,845 196,217 191,564 Consumer and Other ........................ 75,673 81,750 79,177 82,914 64,807 Deferred Loan Fees, Net ................... (2,966) (2,446) (2,904) (2,765) (3,007) ----------- ----------- ----------- ----------- ----------- Total Loans ............................. 859,519 819,736 782,948 751,627 703,295 Allowance for Loan Losses ............... (19,861) (17,985) (16,565) (16,394) (14,694) ----------- ----------- ----------- ----------- ----------- Total Loans, Net .......................... 839,658 801,751 766,383 735,233 688,601 Other Assets ........................................ 65,690 56,773 58,092 35,589 34,943 ----------- ----------- ----------- ----------- ----------- Total Assets ........................................ $ 1,535,383 $ 1,486,869 $ 1,321,725 $ 1,217,665 $ 1,092,588 =========== =========== =========== =========== =========== Deposits: Demand, Non-Interest Bearing .............. $ 237,596 $ 263,121 $ 208,277 $ 219,495 $ 184,585 NOW, MMDA and Savings .................... 802,220 809,594 676,730 627,475 590,958 Time Certificates, $100,000 and over ...... 198,286 180,891 175,381 183,147 147,255 Other Time Certificates ................... 49,830 31,009 46,043 41,031 47,635 ----------- ----------- ----------- ----------- ----------- Total Deposits .......................... 1,287,932 1,284,615 1,106,431 1,071,148 970,433 ----------- ----------- ----------- ----------- ----------- Other Borrowings .................................... 89,735 82,275 85,142 32,355 11,675 Other Liabilities ................................... 15,764 14,556 26,857 14,622 11,033 ----------- ----------- ----------- ----------- ----------- Total Liabilities ....................... 1,393,431 1,381,446 1,218,430 1,118,125 993,141 ----------- ----------- ----------- ----------- ----------- Long-term Subordinated Debt ......................... 3,000 3,000 3,000 3,000 3,000 Trust Preferred Securities .......................... 50,000 20,000 20,000 20,000 20,000 Stockholders' Equity ................................ 88,952 82,423 80,295 76,540 76,447 ----------- ----------- ----------- ----------- ----------- Regulatory Capital ...................... 141,952 105,423 103,295 99,540 99,447 ----------- ----------- ----------- ----------- ----------- Total Liabilities and Shareholders' Equity .......... $ 1,535,383 $ 1,486,869 $ 1,321,725 $ 1,217,665 $ 1,092,588 =========== =========== =========== =========== =========== Average Quarterly Total Loans, excluding Nonaccrual.. $ 824,356 $ 794,786 $ 752,381 $ 714,594 $ 674,733 Average Quarterly Investments ....................... $ 585,654 $ 475,082 $ 410,650 $ 352,179 $ 327,222 Average Quarterly Interest Bearing Liabilities ...... $ 1,148,268 $ 1,015,659 $ 969,365 $ 843,329 $ 830,887 Average Quarterly Assets ............................ $ 1,489,844 $ 1,375,328 $ 1,240,507 $ 1,135,426 $ 1,074,565 Average Quarterly Equity ............................ $ 86,577 $ 80,667 $ 77,425 $ 76,151 $ 77,596 Regulatory Capital Tier I or Leverage Capital ................ $ 115,951 $ 102,025 $ 99,755 $ 96,317 $ 96,449 Total Capital ............................. $ 154,597 $ 120,281 $ 117,031 $ 113,046 $ 112,259 Nonperforming Assets Nonaccrual Loans .......................... $ 2,919 $ 3,758 $ 3,152 $ 2,971 $ 4,565 Loans 90 Days Past Due & Accruing ......... -- 75 108 158 575 Restructured Loans ........................ 377 531 903 1,062 1,453 OREO ...................................... 905 1,001 1,001 1,303 1,069 ----------- ----------- ----------- ----------- ----------- Total Nonperforming Assets .......................... $ 4,201 $ 5,365 $ 5,164 $ 5,494 $ 7,662 =========== =========== =========== =========== =========== Greater Bay Trust Company Assets .................... $ 581,437 $ 636,362 $ 576,290 $ 577,746 $ 539,800
SELECTED QUARTERLY CONSOLIDATED FINANCIAL CONDITION RATIOS:
SEPT 30 JUN 30 MAR 31 DEC 31 SEPT 30 1998 1998 1998 1997 1997 ----------- ----------- ----------- ----------- ----------- Loan to Deposit Ratio ............................... 66.74% 63.81% 70.76% 70.17% 72.47% Ratio of Allowance for Loan Losses to: Total Loans ............................... 2.31% 2.19% 2.12% 2.18% 2.09% Total Nonperforming Assets ................ 472.77% 335.24% 320.78% 298.39% 191.78% Total Nonperforming Assets to Total Assets .......... 0.27% 0.36% 0.39% 0.45% 0.70% Ratio of Quarterly Net Charge-offs to Average Loans, annualized .................................. 0.02% 0.01% 0.61% 0.26% 0.20% Ratio of YTD Net Charge-offs to Average Loans, annualized ......................................... 0.20% 0.30% 0.61% 0.26% 0.26% Earning Assets to Total Assets ...................... 93.41% 92.59% 91.46% 94.04% 93.50% Earning Assets to Interest-Bearing Liabilities ...... 136.55% 134.78% 134.59% 134.46% 129.99% Capital Ratios: Leverage .................................. 7.78% 7.42% 8.04% 8.48% 8.98% Tier 1 Risk Based Capital ................. 10.99% 10.08% 10.57% 10.72% 11.63% Total Risk Based Capital .................. 14.65% 11.88% 12.41% 12.58% 13.54% Risk Weighted Assets ................................ $ 1,055,323 $ 1,012,545 $ 943,348 $ 898,734 $ 829,131 Book Value Per Share ................................ $ 9.28 $ 8.69 $ 8.55 $ 8.23 $ 8.29 Total Shares Outstanding ............................ 9,584,634 9,489,134 9,395,764 9,303,930 9,224,152
Note: Prior periods have been restated to reflect the mergers between Greater Bay Bancorp and Peninsula Bank of Commerce and Pacific Rim Bancorporation (the parent of Golden Gate Bank), and Pacific Business Funding Corporation, on a pooling-of-interests basis. GREATER BAY BANCORP SEPTEMBER 30, 1998 - FINANCIAL SUMMARY ($ IN 000'S, EXCEPT SHARE AND PER SHARE DATA) SELECTED QUARTERLY CONSOLIDATED OPERATING DATA:
THIRD SECOND FIRST FOURTH THIRD QUARTER QUARTER QUARTER QUARTER QUARTER 1998 1998 1998 1997 1997 ----------- ----------- ------------ ----------- ----------- Interest Income ....................................... $ 29,861 $ 27,510 $ 25,560 $ 24,853 $ 23,024 Interest Expense ...................................... 12,953 11,592 10,432 9,616 8,845 ----------- ----------- ------------ ----------- ----------- Net Interest Income before Provision for Loan Losses ............................... 16,908 15,918 15,128 15,237 14,179 Provision for Loan Losses ............................. 1,791 1,347 996 1,109 1,284 ----------- ----------- ------------ ----------- ----------- Net Interest Income after Provision for Loan Losses ............................... 15,117 14,571 14,132 14,128 12,895 Other Income: Trust Fees ............................................ 642 617 550 603 550 Depositor Service Fees ................................ 361 349 420 394 433 Loan Fees ............................................. 165 190 146 152 160 Gain on Sale of SBA Loans ............................. 290 221 244 269 216 Gain/(loss) on Investments ............................ 4 42 8 25 5 Other Income (1) ...................................... 65 152 (339) 116 167 ----------- ----------- ------------ ----------- ----------- 1,527 1,571 1,029 1,559 1,531 Nonrecurring - Warrant Income ......................... 134 -- 497 14 34 ----------- ----------- ------------ ----------- ----------- Other Income ........................................ 1,661 1,571 1,526 1,573 1,565 Operating Expenses: Compensation and Benefits ............................. 5,753 5,729 5,426 5,449 5,137 Occupancy and Equipment ............................... 1,542 1,535 1,389 1,357 1,391 Professional Services & Legal ......................... 403 377 385 417 526 Client Services ....................................... 122 131 151 80 83 FDIC Insurance and Assessments ........................ 88 77 89 73 70 Other Real Estate, Net ................................ 43 (8) 24 25 (10) Other Expenses ........................................ 1,740 1,431 1,618 2,164 1,294 ----------- ----------- ------------ ----------- ----------- 9,691 9,272 9,082 9,565 8,491 Nonrecurring Expenses (2) ............................. 192 -- 701 -- -- ----------- ----------- ------------ ----------- ----------- Total Operating Expenses ............................ 9,883 9,272 9,783 9,565 8,491 ----------- ----------- ------------ ----------- ----------- Income before Income Taxes & Merger and Other Related Nonrecurring Costs .......................... 6,895 6,870 5,875 6,136 5,969 Income Tax Expense .................................... 2,141 2,334 1,896 2,045 2,147 ----------- ----------- ------------ ----------- ----------- Income before Merger and Other Related Nonrecurring Costs ....................................... 4,754 4,536 3,979 4,091 3,822 Merger and Other Related Nonrecurring Costs, net of tax .................................. 360 1,314 -- 2,282 -- ----------- ----------- ------------ ----------- ----------- Net Income ................................ $ 4,394 $ 3,222 $ 3,979 $ 1,809 $ 3,822 =========== =========== ============ =========== ===========
SELECTED QUARTERLY CONSOLIDATED OPERATING RATIOS:
THIRD SECOND FIRST FOURTH THIRD QUARTER QUARTER QUARTER QUARTER QUARTER 1998 1998 1998 1997 1997 ----------- ----------- ------------ ----------- ----------- Income Per Share (3) (4) (before merger and other related nonrecurring items) Basic ..................................... $ 0.50 $ 0.48 $ 0.43 $ 0.44 $ 0.41 Diluted ................................... $ 0.47 $ 0.44 $ 0.39 $ 0.41 $ 0.38 Net Income Per Share (3) (4) Basic ..................................... $ 0.46 $ 0.34 $ 0.43 $ 0.20 $ 0.41 Diluted ................................... $ 0.43 $ 0.31 $ 0.39 $ 0.18 $ 0.38 Weighted Average Common Shares Outstanding (4) ...... 9,525,000 9,460,000 9,356,000 9,266,000 9,220,000 Weighted Average Common & Common Equivalent Shares Outstanding (4) .................... 10,223,000 10,254,000 10,254,000 10,078,000 9,943,000 Return on Quarterly Average Assets, annualized (5) .. 1.27% 1.32% 1.30% 1.43% 1.41% Return on Quarterly Average Equity, annualized (5) .. 21.79% 22.55% 20.84% 21.31% 19.54% Net Interest Margin - Average Earning Assets ........ 4.76% 5.03% 5.22% 5.73% 5.68% Operating Expense Ratio (before Merger and Other Related Nonrecurring Items) ............... 2.58% 2.70% 2.97% 3.34% 3.14% Efficiency Ratio (before Merger and Other Related Nonrecurring Items) ....................... 52.57% 53.02% 56.21% 56.95% 54.05%
(1) Q1 and Q3 of 1998 includes a $700,000 and $100,000 write-down of an equity investment in accordance with APB 18, respectively. (2) Q1 and Q3 of 1998 nonrecurring expenses are comprised of a $701,000 and $192,000 donation to the GBB Foundation, respectively. (3) Net income per share for prior periods have been restated as required by the adoption of SFAS No. 128. In accordance with the newly adopted accounting standard, Net income Per Share is now presented on a Basic and Diluted basis. (4) Restated to reflect the 2-for-1 stock split declared for shareholders of record as of April 30, 1998. (5) Before Merger and Other Related Nonrecurring Costs of $360,000, net of tax, in Q3 of 1998, $1.31 million, net of tax, in Q2 of 1998 and $2.28 million, net of tax, in Q4 of 1997. Note: Prior periods have been restated to reflect the mergers between Greater Bay Bancorp and Peninsula Bank of Commerce and Pacific Rim Bancorporation (the parent of Golden Gate Bank), and Pacific Business Funding Corporation, on a pooling-of-interests basis. GREATER BAY BANCORP SEPTEMBER 30, 1998 - FINANCIAL SUMMARY ($ IN 000'S, EXCEPT SHARE DATA) SELECTED YEAR TO DATE CONSOLIDATED OPERATING DATA:
SEPTEMBER 30, SEPTEMBER 30, 1998 1997 ------------- ------------- Interest Income ............................................................... $ 82,931 $ 62,982 Interest Expense .............................................................. 34,977 24,132 ----------- ----------- Net Interest Income Before Provision for Loan Losses ................ 47,954 38,850 Provision for Loan Losses ..................................................... 4,134 5,677 ----------- ----------- Net Interest Income After Provision for Loan Losses ................. 43,820 33,173 Other Income (1) .............................................................. 4,128 4,306 Nonrecurring - Warrant Income ................................................. 631 1,148 ----------- ----------- Total Other Income .......................................................... 4,759 5,454 Operating Expenses ............................................................ 28,046 24,497 Other Expenses - nonrecurring (2) ............................................. 893 (1,287) ----------- ----------- Total Operating Expenses .................................................... 28,939 23,210 ----------- ----------- Income before Income Taxes & Merger and Other Related Nonrecurring Costs ...... 19,640 15,417 Income Tax Expense ............................................................ 6,371 5,670 ----------- ----------- Income before Merger and Other Related Nonrecurring Costs ..................... 13,269 9,747 Merger and Other Related Nonrecurring Costs, net of tax ....................... 1,674 -- ----------- ----------- Net Income ........................................................ $ 11,595 $ 9,747 ----------- -----------
SELECTED YEAR TO DATE CONSOLIDATED OPERATING RATIOS:
SEPTEMBER 30, SEPTEMBER 30, 1998 1997 ------------- ------------- Income Per Share (3) (4) (before merger and other related nonrecurring costs) Basic ............................................................... $ 1.40 $ 1.06 Diluted ............................................................. $ 1.30 $ 1.00 Net Income Per Share (3) (4) Basic ............................................................... $ 1.23 $ 1.06 Diluted ............................................................. $ 1.14 $ 1.00 Weighted Average Common Shares Outstanding (4) ................................ 9,448,000 9,181,000 Weighted Average Common & Common Equivalent Shares Outstanding (4) ............ 10,204,000 9,790,000 Return on Average Assets, annualized (5) ...................................... 1.30% 1.29% Return on Average Equity, annualized (5) ...................................... 21.74% 17.85% Net Interest Margin - Average Earning Assets .................................. 5.00% 5.53% Operating Expense Ratio (before Merger and Other Related Nonrecurring Costs) .. 2.74% 3.25% Efficiency Ratio (before Merger and Other Related Nonrecurring Costs) ......... 53.85% 56.76%
(1) Q1 and Q3 of 1998 includes a $700,000 and $100,000 write-down of an equity investment in accordance with APB 18, respectively. (2) Q1 and Q3 of 1998 nonrecurring expenses are comprised of a $701,000 and $192,000 donation to the GBB Foundation, respectively. Q1 of 1997 nonrecurring expenses includes $413,000 in nonrecurring charges as well as a $1.70 million recovery from GBB's insurance coverage related to the $1.70 million legal settlement charge that occurred in the second quarter of 1995. (3) Net income per share for prior periods have been restated as required by the adoption of SFAS No. 128. In accordance with the newly adopted accounting standard, Net income per share is now presented on a Basic and Diluted basis. (4) Restated to reflect the 2-for-1 stock split declared for shareholders of record as of April 30, 1998. (5) Before Merger and Other Related Nonrecurring Costs of $360,000, net of tax, in Q3 of 1998, $1.31 million, net of tax, in Q2 of 1998. Note: Prior periods have been restated to reflect the mergers between Greater Bay Bancorp and Peninsula Bank of Commerce and Pacific Rim Bancorporation (the parent of Golden Gate Bank), and Pacific Business Funding Corporation, on a pooling-of-interests basis. EX-99.2 3 PRESS RELEASE DATED OCTOBER 14, 1998 EXHIBIT 99.2 Press Release dated October 14, 1998 For Immediate Release For Information Contact - --------------------- ----------------------- October 14, 1998 David L. Kalkbrenner, President & CEO (650) 614-5767 Steven C. Smith, EVP, COO & CFO (650) 813-8222 GREATER BAY BANCORP ANNOUNCES APPOINTMENT OF GENERAL COUNSEL ...... PALO ALTO, CA; October 14, 1998 - Greater Bay Bancorp (NASDAQ:GBBK), a $1.5 billion in assets financial services holding company, today announced the appointment of Linda M. Iannone as Senior Vice President and General Counsel. Ms Iannone formerly served as Associate General Counsel of Aames Financial Corporation, a mortgage banking company located in Los Angeles. Prior to joining Aames, Ms Iannone was a partner in the corporate, securities and banking department of the Washington, D.C. office of Manatt, Phelps & Phillips, LLP, a Los Angeles based law firm. Ms Iannone received her B.A. from Wesleyan University in 1979 and her J.D. from Cornell Law School in 1982. Greater Bay Bancorp and its financial services subsidiaries, Cupertino National Bank, Mid-Peninsula Bank, Peninsula Bank of Commerce, Golden Gate Bank, along with its operating divisions, Greater Bay Bank Santa Clara Valley Commercial Banking Group, Greater Bay Corporate Finance Group, Greater Bay International Banking Division, Greater Bay Trust Company, Pacific Business Funding and Venture Banking Group, serve clients throughout Silicon Valley and the San Francisco Peninsula with offices located in San Jose, Cupertino, Palo Alto, Redwood City, San Mateo, Millbrae, San Bruno, San Francisco and Walnut Creek. "WE INVEST IN RELATIONSHIPS" -----END PRIVACY-ENHANCED MESSAGE-----