EX-99.2 3 dex992.txt PRESS RELEASE DATED JULY 18, 2001 EXHIBIT 99.2 Press Release dated July 18, 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 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% ---------------------------------- 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 --------------------------- 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. ------------------- 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 ----------------------------------------------------------------------- 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 ------------------------------------------------------------------------ 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.