8-K

UNITED STATES

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 30, 2006

GREATER BAY BANCORP

(Exact name of registrant as specified in its charter)

California	0-25034	77-0387041
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1900 University Avenue, 6th Floor East Palo Alto, CA	94303
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (650) 813-8200

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operation and Financial Condition.

On October 30, 2006, Greater Bay Bancorp (the “Registrant”) issued a press release regarding its results of operations and financial condition for the second quarterly period ended September 30, 2006. The text of the press release is included as Exhibit 99.1 to this report. The information included in the press release is considered to be “furnished” under the Securities Exchange Act of 1934.

Item 9.01 Financial Statements and Exhibits.

List below the financial statements, pro forma financial information and exhibits, if any, filed as a part of this report.

(a) Financial statements of businesses acquired. None

(b) Pro forma financial information. None

(c) Exhibits.

Exhibit No.	Description of Exhibit
99.1	Press Release dated October 30, 2006, deemed “furnished” under the Securities Exchange Act of 1934

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Greater Bay Bancorp
	(Registrant)
Date: October 30, 2006	By:	/s/ Linda M. Iannone
		Linda M. Iannone Senior Vice President and General Counsel

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press Release dated October 30, 2006, deemed “furnished” under the Securities Exchange Act of 1934

EX-99.1

Exhibit 99.1

For Information Contact
At Greater Bay Bancorp:	At Silverman Heller Associates:
Byron A. Scordelis, President and CEO	Philip Bourdillon/Gene Heller
(650) 838-6101	(310) 208-2550
James S. Westfall, EVP and CFO
(650) 838-6108

FOR IMMEDIATE RELEASE

GREATER BAY BANCORP REPORTS

FINANCIAL RESULTS

FOR THE THIRD QUARTER OF 2006

EAST PALO ALTO, Calif., October 30, 2006 – Greater Bay Bancorp (Nasdaq: GBBK), a $7.3 billion in assets financial services holding company, today announced results for the third quarter and nine months ended September 30, 2006.

For the third quarter of 2006, the Company’s net income was $18.5 million, or $0.32 per diluted common share, compared to $25.6 million, or $0.44 per diluted common share, for the third quarter of 2005, and $25.1 million, or $0.46 per diluted common share, for the second quarter of 2006. For the first nine months of 2006, net income was $69.5 million, or $1.24 per diluted common share, compared to $69.8 million, or $1.16 per diluted common share for the first nine months of 2005.

Operating results for the quarter reflected the recognition of approximately $7.0 million of notable expenses which included the following: $3.2 million of unamortized debt issuance costs that were written off in connection with the redemption of trust preferred securities in August 2006; $2.5 million in combined expenses related to the rebranding of regional banking identities, consulting costs related to the previously disclosed self-initiated review of historical stock option practices, and transitional costs related to the outsourcing of the Company’s mainframe data processing operations; and $1.3 million in costs at ABD related to severance and expenses associated with the opening of ABD’s new office in Oregon.

For the third quarter of 2006, the Company’s return on average common equity, annualized, was 10.15% compared to 15.13% for the third quarter of 2005, and 14.29% for the second quarter of 2006. Return on average common equity, annualized, for the first nine months of 2006 was 13.22% compared to 13.96% for the same period in 2005. Return on average assets, annualized, for the third quarter of 2006 was 1.00% compared to 1.41% for the third quarter of 2005, and 1.41% for the second quarter of 2006. Return on average assets, annualized, was 1.29% for the first nine months of 2006 compared to 1.32% for the same period in 2005.

“Our performance for the quarter was marked by the confluence of several non-core or otherwise notable expenses which impacted our bottom line results,” stated Byron A. Scordelis, President and Chief Executive Officer of Greater Bay Bancorp. “On a more sustained basis, we are pleased to note the continuation of both solid loan growth and exemplary credit quality during the most recent period. In the insurance brokerage area, organic revenue growth was

Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

October 30, 2006

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once again favorable at ABD, and the Bank successfully completed the outsourcing of its mainframe operations which will contribute to our broader and ongoing cost reduction efforts in the future.”

“While period-end core deposit totals once again declined, effectively all of that reduction occurred in the volatile title company, venture capital, and 1031 exchange specialty deposit areas which extended a cyclical trend that has been evident for several quarters,” Mr. Scordelis continued. “With both the growth and quality of our loan portfolio well in hand, we are intently focused on operating expense containment as well as long term growth and value in our core deposit base as being key elements to drive our future earnings performance.”

Net Interest Income and Margin

Net interest income for the third quarter of 2006 decreased to $63.8 million from $68.0 million in the third quarter of 2005, and decreased from $65.8 million in the second quarter of 2006. Net interest income for the first nine months of 2006 decreased to $196.2 million from $199.5 million for the same period of 2005.

The net interest margin (on a fully tax-equivalent basis) for the third quarter of 2006 was 3.97%, compared to 4.32% for the third quarter of 2005 and 4.26% for the second quarter of 2006. The net interest margin (on a fully tax equivalent basis) for the first nine months of 2006 was 4.20% compared to 4.34% for the same period in 2005.

“About half of the third quarter reduction in net interest margin resulted from the combined effect of continued loan growth, core deposit attrition, and upward pressure on core deposit costs,” stated James Westfall, Executive Vice President and Chief Financial Officer. “The remaining change largely resulted from growth in our investment portfolio, a period-to-period decline in deferred interest recognition and prepayment fees, and a temporary increase in cash and cash equivalents. We currently anticipate that our margin for the fourth quarter will remain stabilized at or near third quarter levels which has been reflected in our revised margin outlook for the full year,” he concluded.

Non-Interest Income

Non-interest income for the third quarter of 2006 increased to $55.5 million compared to $54.5 million in the third quarter of 2005. This change was primarily attributable to a $1.8 million increase in insurance brokerage commissions and fees.

Non-interest income for the third quarter of 2006 decreased by $1.3 million compared to the second quarter of 2006. This reduction was primarily attributable to a $3.6 million reduction in warrant portfolio income, partially offset by a $1.5 million increase in insurance commissions and fees.

Non-interest income for the first nine months of 2006 increased to $172.3 million from $158.9 million for the same period of 2005. This change was primarily attributable to an increase in insurance brokerage commissions and fees of $9.6 million and an increase in other income of $3.6 million including $3.9 million of warrant portfolio appreciation.

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Non-interest income as a percentage of total revenues for the third quarter of 2006 was 46.5%, compared to 44.5% for the third quarter of 2005 and 46.3% for the second quarter of 2006. Non-interest income as a percentage of total revenues for the first nine months of 2006 was 46.7%, compared to 44.3% for the same period one year ago.

“We are encouraged by the continued revenue growth being achieved by ABD in the face of ongoing pressures on premium levels in the property and casualty and workers’ compensation areas,” commented Mr. Scordelis. “Of equal significance, ABD entered the Oregon market by opening a new office in Eugene during the quarter, continuing ABD’s progress in implementing its strategic objective of achieving a preeminent presence and share position on the West Coast.”

Operating Expenses

Operating expenses for the third quarter of 2006 increased to $91.1 million from $84.6 million in the third quarter of 2005. Operating expenses for the third quarter of 2006 increased to $91.1 million from $84.5 million in the second quarter of 2006. This expense growth was primarily attributable to the following:

• Write-off of $3.2 million in unamortized debt issuance costs associated with the redemption of trust preferred securities,

• Combined costs of $2.5 million associated with the rebranding of banking identities, consulting costs related to the previously disclosed self-initiated review of historical stock option practices, and outsourcing of the Company’s mainframe computer operations, and

• Costs of $1.3 million at ABD related to severance and expenses associated with the opening of its new office in Oregon.

Operating expenses for the first nine months of 2006 increased to $267.7 million from $249.7 million for the first nine months of 2005. In addition to the items noted above, expense growth during this period was also attributable to:

• Expenses of $10.2 million representing the full year impact in 2006 of expenses resulting from the Lucini/Parish acquisition in May 2005 and ABD’s opening of new office locations in San Diego and Denver, and

• Expenses of $2.3 million due to accelerated vesting of restricted stock and adoption of FAS 123R.

“In the current cyclical period of margin and revenue pressure, cost rationalization is clearly of increased importance. As a result of focused expense reduction initiatives currently underway, we fully expect total normalized core operating expenses to decrease in 2007 from actual 2006 levels,” stated Mr. Scordelis.

Credit Quality Overview

Net loan charge-offs in the third quarter of 2006 were $0.2 million, or 0.02% of average loans, annualized, compared to $3.1 million, or 0.26% of average loans, for the third quarter of 2005 and $2.7 million, or 0.23% of average loans, for the second quarter of 2006. Net loan charge-offs for the first nine months of 2006 were $2.9 million, or 0.08% of average loans, annualized, compared to $10.1 million or 0.29% for the same period in 2005.

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Provision for credit losses was a negative provision of $0.4 million for the third quarter of 2006, compared to a negative provision of $3.4 million for the third quarter of 2005, and a negative provision of $1.9 million for the second quarter of 2006. The provision for the first nine months of 2006 was a negative $8.3 million, compared to a negative $2.8 million for the first nine months of 2005.

Non-performing assets were $29.7 million at September 30, 2006, compared to $73.1 million at September 30, 2005 and $32.6 million at June 30, 2006. The ratio of non-performing assets to total assets was 0.40% at September 30, 2006, compared to 1.03% at September 30, 2005 and 0.44% at June 30, 2006. The ratio of non-accrual loans to total loans was 0.60% at September 30, 2006, compared to 1.53% at September 30, 2005 and 0.68% at June 30, 2006.

Allowance for loan and lease losses was $71.3 million, or 1.48% of total loans at September 30, 2006, compared to $92.9 million, or 1.98% of total loans, at September 30, 2005 and $71.7 million, or 1.50% of total loans, at June 30, 2006.

“We continue to be pleased with the quality of our credit portfolio,” commented Mr. Scordelis. “Non-performing loan levels continued their downward trend, and now stand fully sixty percent below the dollar level of one year ago. Net charge-offs were also extremely well contained. An assessment of these and other key credit metrics gave rise to our decision to favorably adjust our guidance in this area for the full year of 2006,” he concluded.

Balance Sheet

At September 30, 2006, total assets were $7.3 billion, total net loans were $4.8 billion, total securities were $1.6 billion, and total deposits were $5.1 billion.

Total loans net of deferred costs and fees increased by $149.6 million from September 30, 2005 to September 30, 2006. This growth reflects increases of $143.4 million in real estate construction and land loans, and $131.0 million in commercial loans. These increases were partially offset by decreases of $70.1 million in the commercial term real estate loan portfolio, $38.6 million in real estate other and $36.9 million in consumer and other loans.

Total loans net of deferred costs and fees increased by $61.7 million from June 30, 2006 to September 30, 2006, representing an annualized growth rate of 5.12% for the quarter. This growth reflects an increase of $63.9 in commercial loans and $22.0 million in commercial term real estate loans, partially offset by decreases of $22.7 million in consumer and other loans and $9.0 million in construction and land loans.

“We are pleased with our fourth consecutive quarter of core loan expansion, particularly since this growth was once again concentrated in the targeted area of commercial lending. With our specialty finance business activity remaining strong and our community banking business posting tangible growth during the period, we continue to track to the expectations reflected in our existing guidance,” indicated Mr. Scordelis.

Securities totaled $1.6 billion as of September 30, 2006, compared to $1.5 billion at September 30, 2005 and $1.6 billion at June 30, 2006.

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Core deposits (excluding institutional and brokered deposits) at September 30, 2006 decreased by $479.8 million compared to September 30, 2005 and decreased by $154.6 million compared to June 30, 2006.

According to Mr. Scordelis, “While core deposit levels continue to be affected by the volatility of large specialty accounts and upward pressure on core deposit costs, we are encouraged that money market account totals in our community banking area remained virtually flat during the quarter. Given this overall challenging environment, we have redoubled our focus on steps aimed at ensuring the restoration of well-priced growth in our deposit portfolio,” he added.

Capital Overview

The capital ratios of Greater Bay Bancorp and its subsidiary bank continue to exceed minimum well-capitalized guidelines established by bank regulatory agencies.

The Company’s common equity to assets ratio was 10.01% at September 30, 2006, compared to 9.43% at September 30, 2005 and 9.66% at June 30, 2006. The Company’s tangible common equity to tangible assets ratio was 6.34% at September 30, 2006, compared to 5.58% at September 30, 2005 and 5.96% at June 30, 2006.

Other Matters

In September 2006, the SEC staff issued Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” (SAB 108). The Company will adopt SAB 108 as of December 31, 2006 and initially apply its provisions using the cumulative effect transition method in connection with the preparation of its annual financial statements for the year ending December 31, 2006.

Upon adoption of SAB 108, the Company expects to increase net income for the year ending December 31, 2006 by approximately $1.3 million and, as of January 1, 2006, record an increase to common stock of approximately $3.4 million and a reduction in retained earnings of approximately $4.7 million. The increase in net income results from the reversal of entries recorded during the first and second quarters of 2006 to correct immaterial errors related to periods prior to 2006. The increase in common stock relates to previously uncorrected errors in recording tax benefits arising from stock option tax deductions during the years 1996 through 2005.

Outlook for 2006

Our full year guidance for 2006 has been updated as follows:

• Core Loan Growth – based on the current forecast of moderate economic growth in our primary market area, we anticipate core loan portfolio growth in the mid to high single digit range.

• Core Deposit Growth – we do not currently contemplate a near-term recovery of the core deposit outflow experienced in the first nine months of 2006, and now expect core deposit totals to remain flat for the balance of the year relative to the quarter end balance at September 30, 2006.

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Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

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• Credit Quality – based on our continued credit risk management and the current economic outlook, we anticipate full year net charge-offs to range from 12 basis points to 15 basis points of average loans outstanding.

• Net Interest Margin – based on the Company’s anticipated core loan growth and core deposit stability and its neutral interest rate sensitivity position, we expect the full year margin level to fluctuate in the 4.10% to 4.15% range.

Conference Call

The Company will broadcast its earnings conference call live via the Internet at 8:00 a.m. (PST) on Monday, October 30, 2006. Participants may access this conference call through the Company’s website at http://www.gbbk.com, under the “Investor Info” link, or through http://www.earnings.com. You should go to either of these websites 15 minutes prior to the start of the call, as it may be necessary to download audio software to hear the conference call.

A replay of the conference call will be available on the websites. A telephone replay will also be available beginning at 11:00 a.m. PST on October 30, 2006 through 9:00 p.m. PST on November 6, 2006, by dialing 800-642-1687 or 706-645-9291 and providing Conference ID 9745265.

About Greater Bay Bancorp

Greater Bay Bancorp, a diversified financial services holding company, provides community banking services in the Greater San Francisco Bay Area through Greater Bay Bank, N.A.’s community banking organization, including Bank of Petaluma, Coast Commercial Bank, Golden Gate Bank, Mid-Peninsula Bank, Mt. Diablo National Bank, Peninsula Bank of Commerce and Santa Clara Valley National Bank. Nationally, Greater Bay Bancorp provides specialized leasing and loan services through its specialty finance group, which includes Matsco, CAPCO and Greater Bay Capital. ABD Insurance and Financial Services, the Company’s insurance brokerage subsidiary, provides commercial insurance brokerage, employee benefits consulting and risk management solutions to business clients throughout the United States.

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, net interest margin, net loan charge-offs, asset quality, level of loan loss reserves, growth in loans and deposits, the strength of the local economy and the Company’s intent to adopt SAB 108 as of December 31, 2006. 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 local, national and international levels and increased competition among financial service providers on the Company’s results of operations and the quality of the Company’s earning assets; (2) government regulation, including ABD’s receipt of requests for information from state insurance commissioners and subpoenas from

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state attorneys general related to the ongoing insurance industry-wide investigations into contingent commissions and override payments; and (3) 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, 2005. Greater Bay does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.

For additional information and press releases about Greater Bay Bancorp, visit the Company’s website at http://www.gbbk.com.

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Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

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GREATER BAY BANCORP

September 30, 2006 - FINANCIAL SUMMARY (UNAUDITED)

(Dollars and shares in 000’s, except per share data)

SELECTED QUARTERLY CONSOLIDATED OPERATING DATA:

	Third Quarter 2006			Second Quarter 2006			First Quarter 2006			Fourth Quarter 2005			Third Quarter 2005
Interest income	$	113,916		$	108,321		$	103,754		$	102,225		$	100,710
Interest expense		50,142			42,487			37,134			34,478			32,714
Net interest income before (recovery of) / provision for credit losses		63,774			65,834			66,620			67,747			67,996
(Recovery of) / provision for credit losses		(443	)		(1,886	)		(6,004	)		(10,491	)		(3,352	)
Net interest income after (recovery of) / provision for credit losses		64,217			67,720			72,624			78,238			71,348
Non-interest income:
Insurance commissions and fees		41,757			40,235			44,969			37,071			39,974
Rental revenue on operating leases		4,632			4,790			5,264			4,906			4,901
Service charges and other fees		2,363			2,368			2,540			2,533			2,496
Loan and international banking fees		1,960			1,718			1,795			1,919			1,663
Income on bank owned life insurance		2,038			1,922			1,911			1,869			1,877
Trust fees		1,059			1,127			1,055			1,101			1,074
Gains on sale of loans		(14	)		—			—			172			100
Security gains, net		40			5			168			—			43
Other income		1,617			4,605			2,331			3,438			2,361
Total non-interest income		55,452			56,770			60,033			53,009			54,489
Operating expenses:
Compensation and benefits		52,548			51,500			57,929			51,455			50,745
Occupancy and equipment		11,896			12,241			11,322			11,285			11,278
Legal costs and other professional fees		5,074			3,884			3,753			5,295			4,671
Depreciation - operating leases		3,665			3,917			4,091			4,013			4,108
Amortization of intangibles		1,678			1,689			1,640			1,835			1,886
Other expenses		16,220			11,255			13,379			12,476			11,936
Total operating expenses		91,081			84,486			92,114			86,359			84,624
Income before provision for income taxes and cumulative effect of accounting change		28,588			40,004			40,543			44,888			41,213
Provision for income taxes		10,076			14,886			14,772			17,433			15,626
Income before cumulative effect of accounting change		18,512			25,118			25,771			27,455			25,587
Cumulative effect of accounting change, net of tax (1)		—			—			130			—			—
Net income	$	18,512		$	25,118		$	25,901		$	27,455		$	25,587
EARNINGS PER SHARE DATA:
Net Income per common share before cumulative effect of accounting change (2)
Basic	$	0.33		$	0.46		$	0.48		$	0.51		$	0.47
Diluted	$	0.32		$	0.46		$	0.46		$	0.48		$	0.44
Net Income per common share after cumulative effect of accounting change (2)
Basic	$	0.33		$	0.46		$	0.48		$	0.51		$	0.47
Diluted	$	0.32		$	0.46		$	0.46		$	0.48		$	0.44
Weighted average common shares outstanding		50,423			50,188			49,802			50,251			50,698
Weighted average common & potential common shares outstanding		51,366			51,173			52,727			53,370			54,010
GAAP ratios
Return on quarterly average assets, annualized		1.00	%		1.41	%		1.47	%		1.53	%		1.41	%
Return on quarterly average common shareholders’ equity, annualized		10.15	%		14.29	%		15.42	%		16.25	%		15.13	%
Return on quarterly average total equity, annualized		8.89	%		12.47	%		13.39	%		14.09	%		13.12	%
Net interest margin, annualized (3)		3.97	%		4.26	%		4.35	%		4.36	%		4.32	%
Operating expense ratio, annualized (4)		4.92	%		4.75	%		5.24	%		4.81	%		4.67	%
Efficiency ratio (5)		76.39	%		68.91	%		72.73	%		71.52	%		69.09	%
NON-GAAP ratios
Efficiency ratio (excluding ABD & other ABD expenses paid by holding company) (6)		69.63	%		59.53	%		67.76	%		62.31	%		59.50	%
__________ (1)    Effective January 1, 2006, the Company adopted SFAS No.123 (revised 2004), Share-Based Payment (“SFAS 123R”), as a result of which the Company recognized a one-time cumulative adjustment, to record an estimate of future forfeitures on outstanding equity based awards for which compensation expense had been recognized prior to adoption.
(2)    The following table provides a reconciliation of income available to common shareholders before and after cumulative effect of accounting change. Additionally, the Company’s outstanding convertible preferred stock was antidilutive for all periods presented.
Income before cumulative effect of accounting change as reported	$	18,512		$	25,118		$	25,771		$	27,455		$	25,587
Less: dividends on convertible preferred stock		(1,832	)		(1,822	)		(1,832	)		(1,825	)		(1,834	)
Income available to common shareholders before cumulative effect of accounting change		16,680			23,296			23,939			25,630			23,753
Add: CODES interest and other related income/(loss), net of taxes		—			—			59			(99	)		76
Income available to common shareholders before cumulative effect of accounting change		16,680			23,296			23,998			25,531			23,829
Cumulative effect of accounting change, net of tax		—			—			130			—			—
Income available to common shareholders after cumulative effect of accounting change	$	16,680		$	23,296		$	24,128		$	25,531		$	23,829
Weighted average common shares outstanding		50,423			50,188			49,802			50,251			50,698
Weighted average potential common shares:
Stock options		943			985			946			939			878
CODES due 2024		—			—			1,979			2,180			2,426
CODES due 2022		—			—			—			—			8
Total weighted average common & potential common shares outstanding		51,366			51,173			52,727			53,370			54,010
(3)    Net interest income (on a tax equivalent basis) for the period, annualized and divided by average quarterly interest earning assets for the period.
(4)    Total operating expenses for the period, annualized and divided by average quarterly assets.
(5)    Total operating expenses divided by total revenue (the sum of net interest income and non-interest income, excluding provision for credit losses).
(6)    Total operating expenses less ABD operating expenses divided by total revenue less ABD revenue. The following table provides the information for calculating the efficiency ratio excluding ABD:
Revenue (excluding ABD)	$	77,083		$	82,180		$	81,183		$	83,614		$	81,796
Operating expenses (excluding ABD & other ABD expenses paid by holding company)	$	53,670		$	48,922		$	55,010		$	52,102		$	48,667

Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

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GREATER BAY BANCORP

September 30, 2006 - FINANCIAL SUMMARY (UNAUDITED)

(Dollars and shares in 000’s, except per share data)

SELECTED QUARTERLY CONSOLIDATED OPERATING DATA:

	Nine Months Ended September 30,
	2006			2005
Interest income	$	325,991		$	288,558
Interest expense		129,763			89,095
Net interest income before (recovery of) / provision for credit losses		196,228			199,463
(Recovery of) / provision for credit losses		(8,333	)		(2,778	)
Net interest income after (recovery of) / provision for credit losses		204,561			202,241
Non-interest income:
Insurance commissions and fees		126,961			117,319
Rental revenue on operating leases		14,686			13,396
Service charges and other fees		7,271			7,915
Loan and international banking fees		5,473			5,789
Income on bank owned life insurance		5,871			5,679
Trust fees		3,241			3,200
Gains on sale of loans		(14	)		306
Security gains, net		213			342
Other income		8,553			4,977
Total non-interest income		172,255			158,923
Operating expenses:
Compensation and benefits		161,977			149,202
Occupancy and equipment		35,459			32,838
Legal costs and other professional fees		12,711			12,720
Depreciation - operating leases		11,673			11,213
Amortization of intangibles		5,007			6,041
Other expenses		40,854			37,688
Total operating expenses		267,681			249,702
Income before provision for income taxes and cumulative effect of accounting change		109,135			111,462
Provision for income taxes		39,734			41,690
Income before cumulative effect of accounting change		69,401			69,772
Cumulative effect of accounting change, net of tax (1)		130			—
Net income	$	69,531		$	69,772
EARNINGS PER SHARE DATA:
Net Income per common share before cumulative effect of accounting change (2)
Basic	$	1.27		$	1.26
Diluted	$	1.24		$	1.16
Net Income per common share after cumulative effect of accounting change (2)
Basic	$	1.28		$	1.26
Diluted	$	1.24		$	1.16
Weighted average common shares outstanding		50,159			50,891
Weighted average common & potential common shares outstanding		51,536			55,824
GAAP ratios
Return on YTD average assets, annualized		1.29	%		1.32	%
Return on YTD common shareholders’ equity, annualized		13.22	%		13.96	%
Return on YTD average total equity, annualized		11.53	%		12.09	%
Net interest margin, annualized (3)		4.20	%		4.34	%
Operating expense ratio, annualized (4)		4.97	%		4.72	%
Efficiency ratio (5)		72.64	%		69.67	%
NON-GAAP ratios
Efficiency Ratio (excluding ABD & other ABD expenses paid by holding company) (6)		65.55	%		62.53	%
___________ (1)    Effective January 1, 2006, the Company adopted SFAS No.123 (revised 2004), Share-Based Payment (“SFAS 123R”), as a result of which the Company recognized a one-time which the Company recognized a one-time cumulative adjustment, to record an estimate of future forfeitures on outstanding equity based awards for which compensation expense had been recognized prior to adoption.
(2)    The following table provides a reconciliation of income available to common shareholders before and after cumulative effect of accounting change. Additionally, the Company’s outstanding convertible preferred stock was antidilutive for all periods presented.
Income before cumulative effect of accounting change as reported	$	69,401		$	69,772
Less: dividends on convertible preferred stock		(5,486	)		(5,515	)
Net Income available to common shareholders before cumulative effect of accounting change		63,915			64,257
Add: CODES interest and other related income/(loss), net of taxes		59			366
Income available to common shareholders before cumulative effect of accounting change		63,974			64,623
Cumulative effect of accounting change, net of tax		130			—
Income available to common shareholders after cumulative effect of accounting change	$	64,104		$	64,623
Weighted average common shares outstanding		50,159			50,891
Weighted average potential common shares:
Stock options		725			927
CODES due 2024		652			3,993
CODES due 2022		—			13
Total weighted average common & potential common shares outstanding		51,536			55,824
(3)    Net interest income (on a tax equivalent basis) for the period, annualized and divided by average quarterly interest earning assets for the period.
(4)    Total operating expenses for the period, annualized and divided by average quarterly assets.
(5)    Total operating expenses divided by total revenue (the sum of net interest income and non-interest income, excluding provision for credit losses).
(6)    Total operating expenses less ABD operating expenses divided by total revenue less ABD revenue. The following information is for calculating the efficiency ratio excluding ABD:
Revenue (Excluding ABD)	$	240,446		$	239,730
Operating Expenses (Excluding ABD & other ABD expenses paid by holding company)	$	157,602		$	149,904

Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

Page 10 of 14

GREATER BAY BANCORP

September 30, 2006 - FINANCIAL SUMMARY (UNAUDITED)

(Dollars in 000’s)

SELECTED CONSOLIDATED FINANCIAL CONDITION DATA AND RATIOS:

	Sep 30 2006			Jun 30 2006			Mar 31 2006			Dec 31 2005			Sep 30 2005
Cash and cash equivalents	$	160,572		$	198,716		$	167,203		$	152,153		$	153,284
Fed funds sold		—			36,000			—			—			20,000
Securities		1,572,109			1,565,732			1,468,123			1,493,584			1,487,935
Loans:
Commercial (1)		2,136,235			2,072,334			2,046,402			2,052,049			2,005,198
Term real estate - commercial		1,362,794			1,340,762			1,389,635			1,389,329			1,432,939
Total commercial (1)		3,499,029			3,413,096			3,436,037			3,441,378			3,438,137
Real estate construction and land		753,416			762,409			688,086			644,883			609,969
Residential mortgage		277,038			275,332			271,658			266,263			258,268
Real estate other		223,373			217,889			230,190			263,164			261,969
Consumer and other (1)		79,131			101,821			100,468			109,168			116,026
Deferred costs and fees, net (1)		4,278			4,066			3,285			3,113			2,344
Total loans, net of deferred costs and fees (1)		4,836,265			4,774,613			4,729,724			4,727,969			4,686,713
Allowance for loan and lease losses		(71,323	)		(71,689	)		(74,568	)		(82,159	)		(92,857	)
Total loans, net		4,764,942			4,702,924			4,655,156			4,645,810			4,593,856
Goodwill		242,687			243,343			242,728			243,289			236,511
Other intangible assets		44,515			46,227			48,005			49,741			51,739
Other assets		548,530			576,712			527,291			536,392			529,983
Total assets	$	7,333,355		$	7,369,654		$	7,108,506		$	7,120,969		$	7,073,308
Deposits:
Demand, noninterest-bearing	$	980,050		$	1,015,734		$	1,004,575		$	1,093,157		$	1,066,536
MMDA, NOW and savings		2,613,387			2,734,656			2,957,354			3,000,647			3,003,159
Time deposits, $100,000 and over		784,557			776,712			782,891			741,682			750,406
Other time deposits		681,104			495,131			363,941			223,053			195,315
Total deposits		5,059,098			5,022,233			5,108,761			5,058,539			5,015,416
Other borrowings		994,044			970,390			750,248			797,802			813,006
Subordinated debt		180,929			287,631			210,311			210,311			210,311
Other liabilities		249,553			261,907			232,866			265,607			252,510
Total liabilities		6,483,624			6,542,161			6,302,186			6,332,259			6,291,243
Minority interest:
Peferred stock of real estate investment trust subsidiaries		12,821			12,780			12,739			12,699			12,658
Convertible preferred stock		103,094			103,096			103,097			103,387			102,706
Common shareholders’ equity		733,816			711,617			690,484			672,624			666,701
Total equity		836,910			814,713			793,581			776,011			769,407
Total liabilities and total equity	$	7,333,355		$	7,369,654		$	7,108,506		$	7,120,969		$	7,073,308
RATIOS:
Loan growth, current quarter to prior year quarter		3.19	%		0.72	%		4.93	%		5.34	%		4.31	%
Loan growth, current quarter to prior quarter, annualized		5.12	%		3.81	%		0.15	%		3.49	%		-4.50	%
Loan growth, YTD		3.06	%		1.99	%		0.15	%		5.34	%		5.91	%
Core loan growth, current quarter to prior year quarter (2)		3.90	%		1.32	%		1.39	%		0.57	%		-1.13	%
Core loan growth, current quarter to prior quarter, annualized (2)		5.91	%		4.47	%		0.66	%		4.30	%		-4.09	%
Core loan growth, YTD (2)		3.73	%		2.58	%		0.66	%		0.57	%		-0.68	%
Deposit growth, current quarter to prior year quarter		0.87	%		2.93	%		2.26	%		-0.87	%		-3.47	%
Deposit growth, current quarter to prior quarter, annualized		2.91	%		-6.79	%		4.03	%		3.41	%		11.07	%
Deposit growth, YTD		0.01	%		-1.45	%		4.03	%		-0.87	%		-2.29	%
Core deposit growth, current quarter to prior year quarter (3)		-10.48	%		-6.63	%		-5.78	%		-5.03	%		-6.45	%
Core deposit growth, current quarter to prior quarter, annualized (3)		-14.43	%		-19.72	%		-8.31	%		-1.02	%		2.02	%
Core deposit growth, YTD (3)		-13.71	%		-13.84	%		-8.31	%		-5.03	%		-6.40	%
Revenue growth, current quarter to prior year quarter (4)		-2.66	%		2.46	%		8.96	%		7.03	%		3.77	%
Revenue growth, current quarter to prior quarter, annualized (4)		-10.93	%		-12.82	%		19.80	%		-5.60	%		9.35	%
Net interest income growth, current quarter to prior year quarter		-6.21	%		0.63	%		0.88	%		-0.52	%		-3.23	%
Net interest income growth, current quarter to prior quarter, annualized		-12.41	%		-4.73	%		-6.75	%		-1.45	%		15.59	%

(1) In Q3 2006, $15.4 million of deferred costs and fees on leases were reclassified from commercial loans and consumer and other loans into net deferred costs and fees. Prior periods have been changed to conform to this presentation.

(2) Core loans calculated as total loans less purchased residential mortgage loans.

(3) Core deposits calculated as total deposits less institutional and brokered time deposits.

(4) Revenue is the sum of net interest income before (recovery of) / provision for credit losses and total non-interest income.

Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

Page 11 of 14

GREATER BAY BANCORP

September 30, 2006 - FINANCIAL SUMMARY (UNAUDITED)

(Dollars in 000’s)

SELECTED AVERAGE BALANCE SHEET AND YIELD DATA:

	Three months ended
	September 30, 2006							June 30, 2006
Tax-Equivalent Basis (1)	Average balance (2)		Interest			Average yield / rate		Average balance (2)		Interest			Average yield / rate
INTEREST-EARNING ASSETS:
Fed funds sold	$	33,141	$	432		5.18	%	$	10,791	$	128		4.77	%
Securities:
Taxable		1,509,123		17,537		4.61	%		1,433,756		16,030		4.48	%
Tax-exempt (1)		91,142		1,590		6.92	%		86,323		1,543		7.16	%
Other short-term (3)		9,993		83		3.29	%		9,348		46		1.99	%
Loans (4)		4,785,791		94,781		7.86	%		4,705,859		91,074		7.76	%
Total interest-earning assets		6,429,190		114,423		7.06	%		6,246,077		108,821		6.99	%
Noninterest-earning assets		911,348		—					888,886		—
Total assets	$	7,340,538		114,423				$	7,134,963		108,821
INTEREST-BEARING LIABILITIES:
Deposits:
MMDA, NOW and Savings	$	2,719,915		17,036		2.48	%	$	2,807,337		15,094		2.16	%
Time deposits over $100,000		787,289		9,506		4.79	%		780,415		8,466		4.35	%
Other time deposits		595,200		6,973		4.65	%		414,765		4,381		4.24	%
Total interest-bearing deposits		4,102,404		33,515		3.24	%		4,002,517		27,941		2.80	%
Short-term borrowings		299,675		3,674		4.86	%		262,439		2,947		4.50	%
CODES		—		—		0.00	%		—		—		0.00	%
Subordinated debt		251,677		5,355		8.44	%		224,755		4,867		8.68	%
Other long-term borrowings		579,694		7,598		5.20	%		547,494		6,732		4.93	%
Total interest-bearing liabilities		5,233,450		50,142		3.80	%		5,037,205		42,487		3.38	%
Noninterest-bearing deposits		993,457							1,013,577
Other noninterest-bearing liabilities		274,367							263,424
Minority Interest: Preferred stock of real estate investment trust subsidiaries		12,796							12,756
Shareholders’ equity		826,468							808,001
Total shareholders’ equity and liabilities	$	7,340,538		50,142				$	7,134,963		42,487
Net interest income, on a tax-equivalent basis (1)				64,281							66,334
Net interest margin (5)						3.97	%						4.26	%
Reconciliation to reported net interest income:
Adjustment for tax equivalent basis				(507	)						(500	)
Net interest income, as reported			$	63,774						$	65,834

(1) Income from tax-exempt securities issued by state and local governments or authorities, is adjusted by an increment that equates tax-exempt income to tax equivalent basis (assuming a 35% federal income tax rate).

(2) Nonaccrual loans are included in the average balance.

(3) Includes average interest-earning deposits in other financial institutions.

(4) Amortization of deferred loan fees, net of the amortization of deferred costs, resulted in an increase of interest income on loans by $364,000 and $602,000, for the three months ended September 30, 2006 and June 30, 2006, respectively.

(5) Net interest margin during the period equals (a) the difference between tax-equivalent interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (b) average interest-earning assets for the period, annualized.

Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

Page 12 of 14

GREATER BAY BANCORP

September 30, 2006 - FINANCIAL SUMMARY (UNAUDITED)

(Dollars in 000’s)

SELECTED AVERAGE BALANCE SHEET AND YIELD DATA:

	Three months ended
	September 30, 2006							September 30, 2005
Tax-Equivalent Basis (1)	Average balance (2)		Interest			Average yield / rate		Average balance (2)		Interest			Average yield / rate
INTEREST-EARNING ASSETS:
Fed funds sold	$	33,141	$	432		5.18	%	$	45,033	$	384		3.38	%
Securities:
Taxable		1,509,123		17,537		4.61	%		1,446,353		15,117		4.15	%
Tax-exempt (1)		91,142		1,590		6.92	%		82,724		1,514		7.27	%
Other short-term (3)		9,993		83		3.29	%		11,923		59		1.96	%
Loans (4)		4,785,791		94,781		7.86	%		4,699,570		84,135		7.10	%
Total interest-earning assets		6,429,190		114,423		7.06	%		6,285,603		101,209		6.39	%
Noninterest-earning assets		911,348		—					902,363		—
Total assets	$	7,340,538		114,423				$	7,187,966		101,209
INTEREST-BEARING LIABILITIES:
Deposits:
MMDA, NOW and Savings	$	2,719,915		17,036		2.48	%	$	3,004,193		13,042		1.72	%
Time deposits over $100,000		787,289		9,506		4.79	%		729,040		5,562		3.03	%
Other time deposits		595,200		6,973		4.65	%		180,933		1,172		2.57	%
Total interest-bearing deposits		4,102,404		33,515		3.24	%		3,914,166		19,776		2.00	%
Short-term borrowings		299,675		3,674		4.86	%		350,989		3,290		3.72	%
CODES		—		—		0.00	%		93,304		131		0.56	%
Subordinated debt		251,677		5,355		8.44	%		210,311		4,446		8.39	%
Other long-term borrowings		579,694		7,598		5.20	%		417,583		5,071		4.82	%
Total interest-bearing liabilities		5,233,450		50,142		3.80	%		4,986,353		32,714		2.60	%
Noninterest-bearing deposits		993,457							1,132,668
Other noninterest-bearing liabilities		274,367							282,409
Minority Interest: Preferred stock of real estate investment trust subsidiaries		12,796							12,634
Shareholders’ equity		826,468							773,902
Total shareholders’ equity and liabilities	$	7,340,538		50,142				$	7,187,966		32,714
Net interest income, on a tax-equivalent basis (1)				64,281							68,495
Net interest margin (5)						3.97	%						4.32	%
Reconciliation to reported net interest income:
Adjustment for tax equivalent basis				(507	)						(499	)
Net interest income, as reported			$	63,774						$	67,996

(1) Income from tax-exempt securities issued by state and local governments or authorities, is adjusted by an increment that equates tax-exempt income to tax equivalent basis (assuming a 35% federal income tax rate).

(2) Nonaccrual loans are included in the average balance.

(3) Includes average interest-earning deposits in other financial institutions.

(4) Amortization of deferred loan fees, net of the amortization of deferred costs, resulted in an increase of interest income on loans by $364,000 and $841,000 for the three months ended September 30, 2006 and September 30, 2005, respectively.

(5) Net interest margin during the period equals (a) the difference between tax-equivalent interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (b) average interest-earning assets for the period, annualized.

Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

Page 13 of 14

GREATER BAY BANCORP

September 30, 2006 - FINANCIAL SUMMARY (UNAUDITED)

(Dollars in 000’s)

SELECTED AVERAGE BALANCE SHEET AND YIELD DATA:

	Year to date
	September 30, 2006							September 30, 2005
Tax-Equivalent Basis (1)	Average balance (2)		Interest			Average yield / rate		Average balance (2)		Interest			Average yield / rate
INTEREST-EARNING ASSETS:
Fed funds sold	$	18,813	$	692		4.92	%	$	38,412	$	789		2.75	%
Securities:
Taxable		1,456,380		49,191		4.52	%		1,480,290		47,196		4.26	%
Tax-exempt (1)		86,718		4,625		7.13	%		84,012		4,472		7.12	%
Other short-term (3)		9,701		164		2.26	%		8,117		95		1.56	%
Loans (4)		4,727,539		272,813		7.72	%		4,581,382		237,486		6.93	%
Total interest-earning assets		6,299,151		327,485		6.95	%		6,192,213		290,038		6.26	%
Noninterest-earning assets		903,335		—					886,871		—
Total assets	$	7,202,486		327,485				$	7,079,084		290,038
INTEREST-BEARING LIABILITIES:
Deposits:
MMDA, NOW and Savings	$	2,824,987		46,202		2.19	%	$	3,130,250		39,596		1.69	%
Time deposits over $100,000		774,767		25,294		4.36	%		662,113		13,175		2.66	%
Other time deposits		424,817		13,722		4.32	%		151,668		2,625		2.31	%
Total interest-bearing deposits		4,024,571		85,218		2.83	%		3,944,031		55,396		1.88	%
Short-term borrowings		283,572		9,604		4.53	%		339,960		8,870		3.49	%
CODES		24,758		101		0.55	%		154,463		631		0.55	%
Subordinated debt		229,066		14,779		8.63	%		210,311		13,135		8.24	%
Other long-term borrowings		534,221		20,061		5.02	%		291,833		11,063		5.00	%
Total interest-bearing liabilities		5,096,188		129,763		3.40	%		4,940,598		89,095		2.41	%
Noninterest-bearing deposits		1,016,102							1,089,518
Other noninterest-bearing liabilities		271,014							264,535
Minority Interest: Preferred stock of real estate investment trust subsidiaries		12,756							12,599
Shareholders’ equity		806,426							771,834
Total shareholders’ equity and liabilities	$	7,202,486		129,763				$	7,079,084		89,095
Net interest income, on a tax-equivalent basis (1)				197,722							200,943
Net interest margin (5)						4.20	%						4.34	%
Reconciliation to reported net interest income:
Adjustment for tax equivalent basis				(1,494	)						(1,480	)
Net interest income, as reported			$	196,228						$	199,463

(1) Income from tax-exempt securities issued by state and local governments or authorities, is adjusted by an increment that equates tax-exempt income to tax equivalent basis (assuming a 35% federal income tax rate).

(2) Nonaccrual loans are included in the average balance.

(3) Includes average interest-earning deposits in other financial institutions.

(4) Amortization of deferred loan fees, net of the amortization of deferred costs, resulted in an increase of interest income on loans by $1,211,000 and $838,000 for the nine months ended September 30, 2006 and September 30, 2005, respectively.

(5) Net interest margin during the period equals (a) the difference between tax-equivalent interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (b) average interest-earning assets for the period, annualized.

Greater Bay Bancorp Reports Financial Results for the Third Quarter of 2006

Page 14 of 14

GREATER BAY BANCORP

September 30, 2006 - FINANCIAL SUMMARY (UNAUDITED)

(Dollars and shares in 000’s, except per share data)

SELECTED CONSOLIDATED CREDIT QUALITY DATA:

	Sep 30 2006			Jun 30 2006			Mar 31 2006			Dec 31 2005			Sep 30 2005
Nonperforming assets (1)
Commercial:
Matsco/GBC	$	8,323		$	7,257		$	8,011		$	8,883		$	9,299
SBA		2,881			4,536			3,627			6,497			7,612
Other		6,458			4,775			9,184			9,142			7,578
Total commercial		17,662			16,568			20,822			24,522			24,489
Real estate:
Commercial		10,939			14,763			8,203			8,434			9,844
Construction and land		323			323			3,242			323			—
Other		—			3			7			33,312			33,777
Total real estate		11,262			15,089			11,452			42,069			43,621
Consumer and other		139			611			718			4,503			3,821
Total nonaccrual loans		29,063			32,268			32,992			71,094			71,931
OREO		—			—			—			—			—
Other nonperforming assets		603			361			438			631			1,153
Total nonperforming assets (1)	$	29,666		$	32,629		$	33,430		$	71,725		$	73,084
Net loan charge-offs (recoveries) (2)	$	223		$	2,662		$	43		$	1,207		$	3,098
Ratio of allowance for loan and lease losses to:
End of period loans		1.48	%		1.50	%		1.58	%		1.74	%		1.98	%
Total nonaccrual loans		245.41	%		222.17	%		226.02	%		115.56	%		129.09	%
Ratio of (recovery of ) / provision for credit losses to average loans, annualized		-0.04	%		-0.16	%		-0.52	%		-0.89	%		-0.28	%
Total nonaccrual loans to total loans		0.60	%		0.68	%		0.70	%		1.50	%		1.53	%
Total nonperforming assets to total assets		0.40	%		0.44	%		0.47	%		1.01	%		1.03	%
Ratio of quarterly net loan charge-offs to average loans, annualized		0.02	%		0.23	%		0.00	%		0.10	%		0.26	%
Ratio of YTD net loan charge-offs to YTD average loans		0.08	%		0.12	%		0.00	%		0.24	%		0.29	%
___________ (1)    Nonperforming assets include nonaccrual loans, other real estate owned and other nonperforming assets.
(2)    Net loan charge-offs are loan charge-offs net of recoveries.
SELECTED QUARTERLY CAPITAL RATIOS AND DATA:
	Sep 30 2006			Jun 30 2006			Mar 31 2006			Dec 31 2005			Sep 30 2005
Tier 1 leverage ratio		10.63	%		12.07	%		10.77	%		10.41	%		10.23	%
Tier 1 risk-based capital ratio		12.15	%		13.49	%		12.48	%		12.01	%		12.25	%
Total risk-based capital ratio		13.40	%		14.93	%		13.73	%		13.26	%		13.51	%
Total equity to assets ratio		11.41	%		11.05	%		11.16	%		10.90	%		10.88	%
Common equity to assets ratio		10.01	%		9.66	%		9.71	%		9.45	%		9.43	%
Tier I capital	$	748,071		$	824,154		$	734,692		$	708,563		$	702,030
Total risk-based capital	$	825,036		$	911,802		$	808,436		$	782,525		$	774,044
Risk weighted assets	$	6,155,489		$	6,108,101		$	5,889,032		$	5,900,425		$	5,730,710
NON-GAAP RATIOS (1):
Tangible common equity to tangible assets - end of period (2)		6.34	%		5.96	%		5.86	%		5.56	%		5.58	%
Tangible common book value per common share - end of period (3)	$	8.75		$	8.29		$	7.95		$	7.61		$	7.51
Common book value per common share - end of period (4)	$	14.38		$	13.98		$	13.73		$	13.48		$	13.22
Total common shares outstanding - end of period		51,047			50,917			50,288			49,906			50,425
___________ (1)    The following table provides a reconciliation of common equity to tangible common equity and total assets to tangible assets:
Common shareholders’ equity	$	733,816		$	711,617		$	690,484		$	672,624		$	666,701
Less:  goodwill and other Intangible assets		(287,202	)		(289,570	)		(290,733	)		(293,030	)		(288,250	)
Tangible common equity	$	446,614		$	422,047		$	399,751		$	379,594		$	378,451
Total assets	$	7,333,355		$	7,369,654		$	7,108,506		$	7,120,969		$	7,073,308
Less: goodwill and other intangible assets		(287,202	)		(289,570	)		(290,733	)		(293,030	)		(288,250	)
Tangible assets	$	7,046,153		$	7,080,084		$	6,817,773		$	6,827,939		$	6,785,058
(2)    Computed as common shareholders’ equity, less goodwill and other intangible assets divided by tangible assets
(3)    Computed as common shareholders’ equity, less goodwill and other intangible assets divided by total common shares outstanding - end of period
(4)    Computed as common shareholders’ equity divided by common shares outstanding - end of period.