-----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, UyZR3y3KoE6ko2lRed36jM6IWdme203GZZMdmG1HhiSpD9TtBX3OroUWlnKwlZQU J+sAGVv5TopIuw6CVe/VfQ== 0001012870-01-500315.txt : 20010418 0001012870-01-500315.hdr.sgml : 20010418 ACCESSION NUMBER: 0001012870-01-500315 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010416 ITEM INFORMATION: ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010417 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: 1604165 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 d8k.txt CURRENT REPORT ON 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): April 16, 2001 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. On April 16, 2001, Greater Bay Bancorp (the "Registrant") issued a press release announcing the appointment of Byron Scordelis as Chief Operating Officer. The press release is attached hereto as Exhibit 99.1 and is filed and incorporated by reference. On April 17, 2001, the Registrant issued a press release announcing its first quarter 2001 results. The titles and paragraphs 1 through 6, 8, 9, 11, 16, 17 and 18 of the press release, which appear as part of Exhibit 99.2, are filed and incorporated herein by reference. Item 7. Financial Statements and Exhibits. Exhibits - -------- 99.1 Press Release dated April 16, 2001 re appointment of Chief Operating Officer 99.2 Press Release dated April 17, 2001 re first quarter 2001 results Item 9. Regulation FD Disclosure Paragraphs 7, 10, 12, 13, 14 and 15 of the press release appearing in Exhibit 99.2 are not filed but are furnished pursuant to Regulation FD. 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: April 17, 2001 By: /s/ Linda M. Iannone -------------------- Linda M. Iannone Senior Vice President and General Counsel 3 Exhibit Index ------------- 99.1 Press Release dated April 16, 2001 re appointment of Chief Operating Officer 99.2 Press Release dated April 17, 2001 re first quarter 2001 results 4 EX-99.1 2 dex991.txt PRESS RELEASE RE APPTMT OF CHIEF OPERATING OFFICER EXHIBIT 99.1 Press Release dated April 16, 2001
For Information Contact At Greater Bay Bancorp: At Financial Relations Board: David L. Kalkbrenner, President & CEO Christina Carrabino (general information) (650) 614-5767 James Hoyne (analyst contact) Dawn Swidorski (financial media) (415) 986-1591
FOR IMMEDIATE RELEASE GREATER BAY BANCORP APPOINTS BYRON SCORDELIS CHIEF OPERATING OFFICER PALO ALTO, CA, April 16, 2001 - Greater Bay Bancorp (Nasdaq: GBBK), a financial services holding company, announced the appointment of Byron A. Scordelis as Chief Operating Officer. "We are very fortunate to have Byron as our new Chief Operating Officer," stated David L. Kalkbrenner, President and Chief Executive Officer of Greater Bay Bancorp. "This is a new position created in response to our tremendous growth over recent years. I am confident that Byron's experience as a senior executive of a large bank will prove invaluable to the future success of the Company. Byron will report to me and I look forward to working closely with him and the rest of our outstanding management team." Mr. Scordelis will also function as President of the Greater Bay Banking Group, which is comprised of the Company's 10 banking subsidiaries and its business and technology services, trust services and human resources divisions. Most recently, Mr. Scordelis served as Regional President of the San Francisco Bay Area Region and as a Corporate Executive Vice President of Wells Fargo Bank. His responsibilities included the management and performance of 235 financial services locations in San Francisco, Marin, San Mateo, Santa Clara, Alameda and Contra Costa counties. These locations had deposits and investments totaling $17 billion and a team of approximately 3,000 employees. He joined Wells Fargo Bank in 1998 as an Executive Vice President in charge of banking activities in seven western states. Prior to his career with Wells Fargo Bank, Byron served for nine years as the President and Chief Executive Officer of EurekaBank, a $2.3 billion in assets financial institution with 36 offices. He previously served as Senior Vice President and the head of Bank of America's Bay Area Region. In this capacity, he was responsible for the overall management of 240 offices with approximately 5,000 employees in an area spanning from Contra Costa County to San Luis Obispo County. In total, he has over 26 years of experience in the banking industry. 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 5 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. 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 its Annual Report on Form 10-K for the year ended December 31, 2000, 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. # # # 6 EX-99.2 3 dex992.txt PRESS RELEASE RE FIRST QUARTER 2001 RESULTS EXHIBIT 99.2 Press Release dated April 17, 2001 For Information Contact - ----------------------- 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 47% INCREASE IN FIRST QUARTER 2001 CORE OPERATING EARNINGS -Company Announces Share Repurchase Program- PALO ALTO, CA, April 17, 2001 -- Greater Bay Bancorp (Nasdaq: GBBK), a $5.4 billion in assets financial services holding company, today announced record results for the first quarter ended March 31, 2001. Greater Bay Bancorp's core ---- earnings, which is its net income, excluding nonrecurring warrant income and - -------- ----------------------------------------- merger related expenses, for the first quarter of 2001 increased 47% to $21.5 - ----------------------- million, or $0.49 per diluted share, compared to $14.7 million, or $0.35 per diluted share, in the first quarter of 2000. Based on its core earnings for the first quarter of 2001, Greater Bay Bancorp's return on average equity was 25.64%, its return on average assets was 1.72% and its efficiency ratio was 46.23%, while the first quarter of 2000 core earnings resulted in a return on average equity of 21.88%, return on average assets of 1.48% and an efficiency ratio of 49.66%. Non-interest income, excluding warrant income, continues to grow, reflecting Greater Bay Bancorp's efforts to further diversify and expand its revenue stream. For the first quarter of 2001, the Company's trust fees, depositor service fees, gain on sale of SBA loans, and loan and international banking fees were $6.8 million, up 40% from $4.9 million in the first quarter of 2000. For the first quarter of 2001, net income increased to $21.5 million, or $0.49 per diluted share, compared to net income of $17.3 million, or $0.42 per diluted share for the first quarter of 2000, which included $8.6 million in pre-tax nonrecurring warrant income and only $3.9 million in merger related expenses compared to zero nonrecurring warrant income and merger related expenses for the first quarter of 2001. At March 31, 2001, Greater Bay Bancorp's total assets were $5.4 billion, an increase of 30% or $1.2 billion from March 31, 2000. Total loans grew 40% to $3.7 billion, an increase of $1.1 billion from March 31, 2000, while total deposits increased to $4.3 billion, an increase of 17% or $621 million from March 31, 2000. 7 "Greater Bay Bancorp's operating performance continues to exceed our peer group. First quarter core EPS of $0.49 per diluted share represents the 17th -------- consecutive quarter of earnings per share increases, and return on average - ---------------------------------------------------- equity in the first quarter in excess of 25% was the 14th consecutive quarter ------------------------ where shareholders' return on average equity exceeded 20%", said David - --------------------------------------------------------- Kalkbrenner, president and chief executive officer of Greater Bay Bancorp. Mr. Kalkbrenner added, "Greater Bay Bancorp continues to outperform its peers and provide exceptional returns to our shareholders. For the first quarter of 2001, our core earnings increased 47% while we also continued to generate quality asset growth combined with strong credit quality. These results reflect the continued success of our Super Community Banking Strategy and have been accomplished during a period of economic uncertainty in both the U.S. and our San Francisco Bay Area markets. While Greater Bay is not immune to the impact of a slowing economy and declining interest rates, the history of our individual subsidiary banks and the banking industry generally supports the fact that community banking can be very successful during periods of economic uncertainty. This is particularly true when big bank competitors cease lending to certain market segments, thus allowing banks like Greater Bay to expand and add to its client relationships." Greater Bay Bancorp's allowance for loan losses was 2.30% of total loans at March 31, 2001 and 1.98% at March 31, 2000, while its ratio of non-performing assets to total assets was 0.34% at March 31, 2001, compared to 0.18% at March 31, 2000. The allowance for loan losses was 473.80% of total non-performing assets at March 31, 2001. 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. Mr. Kalkbrenner commented, "During the first quarter, we successfully integrated Matsco, headquartered in Emeryville, California and specializing in financial services for the dental and veterinarian markets. We also announced the completion of our acquisition of CAPCO Financial Company, Inc., a factoring and asset-based lending company headquartered in Bellevue, Washington. To date, the financial impact of these two acquisitions has been negligible; however, we anticipate they will enhance our financial performance for the remainder of 2001. In the case of Matsco, we originally anticipated selling 20% to 40% of its loan production, yet in the first quarter we portfolioed all of Matsco's loans. This larger portfolio will increase our net interest income while also providing added flexibility to sell Matsco loans in future quarters. CAPCO, which just closed at the end of March, will have its operating results included with Greater Bay beginning in the second quarter and we are very confident the CAPCO acquisition will be accretive in 2001. - Share Repurchase Program - Greater Bay Bancorp also announced today that its Board of Directors has authorized the repurchase of up to 5% of Greater Bay Bancorp's outstanding common stock. The Company intends to repurchase shares from time to time in the open market. We expect that such purchases would be accretive to earnings, while also maintaining capital ratios that exceed the regulatory guidelines for a well-capitalized financial institution. 8 "We believe this share repurchase program represents an excellent investment opportunity for the company and reaffirms our commitment to enhancing shareholder value by utilizing all alternatives to provide superior returns to our shareholders," said Mr. Kalkbrenner. -Looking Forward -2001 Performance Goals Reaffirmed - Mr. Kalkbrenner continued, "We believe that the performance goals stated for Greater Bay in our year end 2000 press release dated January 17, 2001 and reaffirmed in our Form 8K filing with the SEC on March 6, 2001, still reflect our current outlook for 2001 based on our assessment of the current economic environment and its potential impact on our business." Mr. Kalkbrenner continued, "Our current view is that we will see, at a minimum, an additional 75 basis point decline in interest rates which will reduce our net interest margin but should not impact our ability to meet our performance goals. If the economic outlook deteriorates further than most economists anticipate, it could impact the ability of Greater Bay to attain its performance goals. However, if the economy would decline significantly, this impact would not only impact Greater Bay's operating results, it would also impact most financial services companies operating in the United States. We intend to manage through this declining net interest rate and uncertain economic environment by monitoring our expense growth, aggressively managing our credit quality and focusing our relationship officers on generating new quality client relationships while improving the overall profitability of our existing client relationships." The following are the performance guidance disclosed in the fourth quarter and year-end press release dated January 17, 2001, reaffirmed in the Form 8K filed with the SEC on March 6, 2001 and once again reaffirmed with this release: . Loan growth in the 20%-25% range . Deposit growth 15% . Revenue growth of 22%-27% . Return on equity greater than 20% . Return on average assets greater than 1.4% . Efficiency ratio less than 48% . Earnings per share growth of 17%-25% 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 first quarter 2001 earnings conference call is scheduled for April 17, 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 - --------------------------- 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 9 Street Events Web site for 30 days and via telephone through April 23, 2001 by dialing (703) 925-2435, passcode 511840. Greater Bay Bancorp's corporate press releases are available on the Company's Web site at http://www.gbbk.com. ------------------- 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. - FINANCIAL TABLES FOLLOW - 10 GREATER BAY BANCORP MARCH 31, 2001 - FINANCIAL SUMMARY ($ in 000's, except share and per share data)
SELECTED QUARTERLY CONSOLIDATED OPERATING DATA: First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter 2001 2000 2000 2000 2000 ---------------------------------------------------- Interest Income $106,694 $104,376 $ 96,612 $ 87,538 $ 79,837 Interest Expense 40,448 38,957 36,797 30,976 29,674 ---------------------------------------------------- Net Interest Income Before Provision for Loan Losses 66,246 65,419 59,815 56,562 50,163 Provision for Loan Losses 6,928 6,316 7,844 8,312 5,624 ---------------------------------------------------- Net Interest Income After Provision for Loan Losses 59,318 59,103 51,971 48,250 44,539 Other Income: Trust Fees 886 954 822 827 847 Depositor Service Fees 2,013 2,034 2,219 2,194 2,147 ATM Fees 662 748 817 676 650 Loan and International Banking Fees 3,101 2,562 2,497 1,927 1,176 Gain on Sale of SBA Loans 835 312 429 753 696 Gain/(loss) on Investments 1,578 21 3 58 (1) Other Income (1) 1,656 1,289 1,288 1,482 3,112 ---------------------------------------------------- 10,731 7,920 8,075 7,917 8,627 Nonrecurring - Warrant Income (3) -- 870 2,767 740 8,609 ---------------------------------------------------- Total Other Income 10,731 8,790 10,842 8,657 17,236 Operating Expenses: Compensation and Benefits (5) 18,405 17,449 15,792 15,258 15,825 Occupancy and Equipment 5,863 5,711 5,575 5,117 5,285 Professional Services & Legal 1,387 1,083 1,312 1,199 1,110 Client Services 644 563 477 496 545 FDIC Insurance and Assessments 273 356 379 251 250 Other Real Estate, Net -- 5 -- 41 10 Other Expenses 9,018 8,182 7,035 7,133 6,169 ---------------------------------------------------- Total Operating Expenses 35,590 33,349 30,570 29,495 29,194 ---------------------------------------------------- Income Before Income Taxes, Merger and Other Related Nonrecurring Costs 34,459 34,544 32,243 27,412 32,581 Income Taxes: Income Tax Expense 12,928 12,695 11,173 9,953 9,306 Nonrecurring Income Tax Expense (3) -- 366 1,164 290 3,590 ---------------------------------------------------- Total Income Tax Expense 12,928 13,061 12,337 10,243 12,896 Income Before Merger and Other Related Nonrecurring Costs 21,531 21,483 19,906 17,169 19,685 Merger and Other Related Nonrecurring Costs, net of tax (3) -- 3,533 7,037 6,744 2,389 ---------------------------------------------------- Net Income $ 21,531 $ 17,950 $ 12,869 $ 10,425 $ 17,296 ---------------------------------------------------- SELECTED QUARTERLY CONSOLIDATED OPERATING RATIOS: First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter 2001 2000 2000 2000 2000 ---------------------------------------------------- Income Per Share (Before Nonrecurring and Merger Items) (3), (4) Basic $0.51 $0.50 $0.44 $0.41 $0.37 Diluted $0.49 $0.47 $0.42 $0.39 $0.35 Income Per Share (Before Merger Items) (4) Basic $0.51 $0.51 $0.48 $0.42 $0.49 Diluted $0.49 $0.48 $0.46 $0.40 $0.47 Net Income Per Share (4) Basic $0.51 $0.43 $0.31 $0.25 $0.43 Diluted $0.49 $0.41 $0.29 $0.24 $0.42 Weighted Average Common Shares Outstanding (4) 42,323,000 41,817,000 41,448,000 41,207,000 39,784,000 Weighted Average Common & Common Equivalent Shares Outstanding (4) 44,175,000 44,319,000 43,676,000 42,913,000 41,632,000 Return on Period Average Assets, annualized (2) 1.72% 1.74% 1.61% 1.60% 1.48% Return on Period Average Equity, annualized (2) 25.64% 26.38% 24.14% 23.62% 21.88% Net Interest Margin - Average Earning Assets 5.73% 5.89% 5.68% 5.71% 5.47% Operating Expense Ratio (Before Nonrecurring and Merger Items) 2.84% 2.77% 2.68% 2.82% 2.95% Operating Expense Ratio (Before Nonrecurring and Merger Items and excluding Matsco) 2.69% 2.85% 2.68% 2.82% 2.95% Efficiency Ratio (Before Nonrecurring and Merger Items) 46.23% 45.47% 45.03% 45.74% 49.66% Efficiency Ratio (Before Nonrecurring and Merger Items and excluding Matsco) 44.67% 44.84% 45.03% 45.74% 49.66%
(1) Q1 2000 included a $2.1 million gain on an equity investment. (2) Before Nonrecurring and Merger Items of $3.0 million, net of tax, in Q4 2000; $5.4 million, net of tax, in Q3 2000; $6.3 million, net of tax, in Q2 2000 and $2.6 million, net of tax, in Q1 2000. (3) These items are the components of Nonrecurring and Merger Items. Net Income excluding these items is $20,979 for Q4 2000, $18,303 for Q3 2000, $16,719 for Q2 2000 and $14,666 for Q1 2000. (4) Prior periods have been restated for the 2 for 1 stock split effective October 4, 2000. (5) Includes Matsco compensation and benefits of $2.4 million in Q1 2001 and $904,000 in Q4 2000 as this was a purchase transaction that closed in November 2000. Note: Prior periods have been restated to reflect the mergers between Greater Bay Bancorp, Coast Bancorp, Bank of Santa Clara and Bank of Petaluma on a pooling-of-interests basis. GREATER BAY BANCORP MARCH 31, 2001 - FINANCIAL SUMMARY ($ in 000's, except share and per share data) SELECTED CONSOLIDATED FINANCIAL CONDITION DATA:
Mar 31 Dec 31 Sept 30 Jun 30 Mar 31 2001 2000 2000 2000 2000 ---------------------------------------------------------------------- Cash and Due From Banks. $ 206,156 $ 270,774 $ 243,207 $ 232,371 $ 182,642 Investments 1,301,970 1,100,333 1,085,257 1,110,239 1,187,241 Loans: Commercial 1,595,293 1,562,712 1,250,056 1,130,322 1,042,686 Term Real Estate - Commercial 992,777 967,428 890,127 869,226 834,146 ---------------------------------------------------------------------- Total Commercial 2,588,070 2,530,140 2,140,183 1,999,548 1,876,832 Construction 701,414 691,912 581,956 516,998 494,099 Real Estate - Other 233,538 176,568 174,997 127,571 126,363 Consumer and Other 216,064 216,459 206,632 209,019 172,571 Deferred Loan Fees, Net (13,461) (13,657) (13,440) (13,829) (13,066) ---------------------------------------------------------------------- Total Loans 3,725,625 3,601,422 3,090,328 2,839,307 2,656,799 Allowance for Loan Losses (85,914) (84,014) (67,637) (58,578) (52,852) ---------------------------------------------------------------------- Total Loans, Net 3,639,711 3,517,408 3,022,691 2,780,729 2,603,947 Other Assets 258,409 241,863 196,914 195,746 194,001 ---------------------------------------------------------------------- Total Assets $ 5,406,246 $5,130,378 $4,548,069 $4,319,085 $ 4,167,831 ---------------------------------------------------------------------- Deposits: Demand, Non-Interest Bearing $ 897,229 $1,003,828 $ 899,496 $ 851,590 $ 847,815 NOW, MMDA and Savings 2,108,098 2,082,708 2,132,184 2,032,360 2,070,090 Time Certificates, $100,000 and over 777,901 784,118 737,533 675,031 589,072 Other Time Certificates 490,402 294,407 156,125 157,554 145,221 ---------------------------------------------------------------------- Total Deposits 4,273,630 4,165,061 3,925,338 3,716,535 3,652,198 ---------------------------------------------------------------------- Other Borrowings 572,828 431,228 135,313 156,037 116,092 Other Liabilities 105,922 112,224 87,702 60,368 61,598 ---------------------------------------------------------------------- Total Liabilities 4,952,380 4,708,513 4,148,353 3,932,940 3,829,888 ---------------------------------------------------------------------- Trust Preferred Securities 99,500 99,500 99,500 99,500 58,500 Shareholders' Equity 354,366 322,365 300,216 286,645 279,443 ---------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $ 5,406,246 $5,130,378 $4,548,069 $4,319,085 $ 4,167,831 ---------------------------------------------------------------------- Average Quarterly Total Loans, excluding Nonaccrual $ 3,638,946 $3,326,505 $2,962,402 $2,826,612 $ 2,553,083 Average Quarterly Investments $ 1,048,617 $1,095,752 $1,225,598 $1,154,824 $ 1,138,163 Average Quarterly Interest Earning Assets $ 4,687,563 $4,422,257 $4,188,000 $3,981,436 $ 3,691,246 Average Quarterly Interest Bearing Liabilities $ 3,643,025 $3,334,513 $3,044,342 $ 2,972,53 $ 2,819,566 Average Quarterly Assets $ 5,088,379 $4,783,445 $4,532,392 $4,213,203 $ 3,979,375 Average Quarterly Equity $ 340,582 $ 316,331 $ 301,644 $ 284,653 $ 269,530 Total Regulatory Capital Tier I or Leverage Capital $ 431,427 $ 417,847 $ 412,724 $ 385,854 $ 346,472 Total Capital $ 491,675 $ 475,891 $ 462,807 $ 447,301 $ 390,554 Nonperforming Assets Nonaccrual Loans $ 17,874 $ 12,593 $ 14,884 $ 8,779 $ 6,327 Restructured Loans - - 420 420 743 OREO 259 - 905 220 271 ---------------------------------------------------------------------- Total Nonperforming Assets $ 18,133 $ 12,593 $ 15,699 $ 9,428 $ 7,341 ---------------------------------------------------------------------- Greater Bay Trust Company Assets $ 734,910 $ 773,791 $ 838,659 $ 795,042 $ 751,677 SELECTED QUARTERLY CONSOLIDATED FINANCIAL CONDITION RATIOS: Mar 31 Dec 31 Sept 30 Jun 30 Mar 31 2001 2000 2000 2000 2000 ---------------------------------------------------------------------- Loan to Deposit Ratio 87.18% 86.47% 78.73% 76.40% 72.75% Core Bank Loan to Deposit Ratio (1) 72.39% 72.44% 71.89% 69.39% 66.40% Ratio of Allowance for Loan Losses to: Average Loans 2.35% 2.52% 2.27% 2.07% 2.07% End of Period Loans 2.30% 2.32% 2.18% 2.05% 1.98% Total Nonperforming Assets 473.80% 667.15% 430.84% 621.32% 719.96% Total Nonperforming Assets to Total Assets 0.34% 0.25% 0.35% 0.22% 0.18% Ratio of Quarterly Net Charge-offs to Average 0.59% 0.31% 0.37% 0.58% 0.26% Ratio of YTD Net Charge-offs to YTD Average Loans, annualized 0.59% 0.38% 0.41% 0.44% 0.26% Loan Growth, current quarter to prior year quarter 40.23% 46.13% 37.05% 36.76% 41.57% Loan Growth, current quarter to prior quarter, annualized 13.99% 65.79% 35.17% 27.63% 31.39% Recurring Revenue Growth, current quarter to prior year quarter 30.94% 30.59% 34.71% 44.15% 40.84% Recurring Revenue Growth, current quarter to prior quarter, annualized 20.12% 31.93% 21.05% 38.92% 18.82% Average Earning Assets to Average Total Assets 92.12% 92.45% 92.40% 94.50% 92.76% Average Earning Assets to Average Interest-Bearing Liabilities 128.67% 132.62% 137.57% 133.94% 130.92% Capital Ratios: Leverage 8.52% 8.77% 9.11% 9.16% 8.71% Tier 1 Risk Based Capital 9.14% 9.40% 10.83% 10.87% 10.30% Total Risk Based Capital 10.42% 10.70% 12.14% 12.61% 11.62% Risk Weighted Assets $ 4,720,719 $ 4,446,088 $ 3,812,504 $ 3,548,503 $ 3,362,293 Book Value Per Share (2) $ 8.33 $ 7.69 $ 7.21 $ 6.94 $ 6.80 Total Shares Outstanding (2) 42,546,142 41,929,173 41,648,016 41,284,372 41,121,745
(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, Coast Bancorp, Bank of Santa Clara and Bank of Petaluma on a pooling-of-interests basis. -----END PRIVACY-ENHANCED MESSAGE-----