-----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, KXZLnuKOFnCEfCD8lQQAVe/kaVJYAEKACAx5tmei4VjHAVE5eyn08EoCjtJCj+Fu AXs++thWzvXm0qfcrhvkzA== 0001012870-00-001823.txt : 20000403 0001012870-00-001823.hdr.sgml : 20000403 ACCESSION NUMBER: 0001012870-00-001823 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000222 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000331 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: 591832 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): February 22, 2000 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. (a) Greater Bay Bancorp (the "Registrant") issued a press release on February 22, 2000 announcing its first quarter 2000 cash dividend. A copy of the press release is attached hereto as Exhibit 99.1. (b) On January 31, 2000, the Registrant completed its merger with Mt. Diablo Bancshares ("MDB"), which was accounted for using the pooling of interests method of accounting. Attached hereto as Exhibit 99.2 are the Registrant's interim financial data as of February 29, 2000 showing 30 days of post-combination operating results. Upon filing of this interim financial data, the Registrant's supplemental consolidated financial statements included in the Registrant's Current Report on Form 8-K, filed with the SEC on February 1, 2000, become the historical consolidated financial statements of the Registrant. Item 7. Financial Statements and Exhibits. Exhibits - -------- 99.1 Press Release dated February 22, 2000 99.2 Interim Financial Data as of February 29, 2000 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: March 30, 2000 By: /s/ Linda M. Iannone -------------------- Linda M. Iannone Senior Vice President and General Counsel 3 Exhibit Index ------------- 99.1 Press Release dated February 22, 2000 99.2 Interim Financial Data as of February 29, 2000 4 EX-99.1 2 PRESS RELEASE DATED FEBRUARY 22, 2000 EXHIBIT 99.1 For Information Contact - ----------------------- at Greater Bay Bancorp: At Financial Relations Board: David L Kalkbrenner, President & CEO Christina Carrabino (general information) (650) 614-5767 Stephanie Mishra (analyst contact) Steven C. Smith, EVP, CAO & CFO (415) 986-1591 (650) 813-8222 FOR IMMEDIATE RELEASE - --------------------- GREATER BAY BANCORP DECLARES 25% INCREASE IN FIRST QUARTER CASH DIVIDEND PALO ALTO, CA, February 22, 2000-- Greater Bay Bancorp (Nasdaq: GBBK), a $2.85 billion in assets financial services holding company, has declared a fifteen cent ($0.15) per share cash dividend for the first quarter of 2000. The cash dividend will be payable on April 14, 2000, to shareholders of record as of March 31, 2000. This dividend represents a 25% increase over the Company's previous quarterly dividend of twelve cents ($0.12) per share. "We are very pleased to announce an increased cash dividend for the first quarter of 2000," said David L. Kalkbrenner, president and chief executive officer of Greater Bay Bancorp. "The Company's continuing strong earnings performance and capital ratios allow us to reward our shareholders for their continued support and confidence." Greater Bay Bancorp through its seven subsidiary banks, Bay Area Bank, Bay Bank of Commerce, Cupertino National Bank, Golden Gate Bank, Mt. Diablo National Bank, Mid-Peninsula Bank and Peninsula Bank of Commerce, along with its operating divisions, serves clients throughout Silicon Valley, San Francisco, the San Francisco Peninsula, and the Contra Costa Tri Valley Region, with offices located in Cupertino, Danville, Fremont, Hayward, Lafayette, Millbrae, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Leandro, San Mateo, San Ramon, Santa Clara, and Walnut Creek. Safe Harbor - ----------- 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 publicly available Securities and Exchange Commission filings of Greater Bay Bancorp, including the Annual Report on Form 10-K for the year ended December 31, 1999, and particularly the discussion of risk factors within such documents. 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. ### EX-99.2 3 INTERIM FINANCIAL DATA AS OF 02.29.2000 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. - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----