EX-99.1 3 f91939exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 [BAYVIEW CAPITAL CORPORATION] NEWS RELEASE NYSE: BVC Web Site: www.bayviewcapital.com Contact: John Okubo (650) 312-7393 FOR IMMEDIATE RELEASE July 22, 2003 -------------------------------------------------------------------------------- BAY VIEW CAPITAL CORPORATION ANNOUNCES SECOND QUARTER NET ASSETS IN LIQUIDATION -------------------------------------------------------------------------------- SAN MATEO, CALIFORNIA - Bay View Capital Corporation (the "Company") today reported net assets in liquidation of $409.9 million, or $6.37 in net assets in liquidation per outstanding share at June 30, 2003 as compared to $411.0 million, or $6.41 in net assets in liquidation per outstanding share at March 31, 2003. During the third quarter of 2002, the Company adopted liquidation basis accounting as a result of its stockholders' approval of a plan of dissolution and stockholder liquidity and subsequent completion of the sale of its retail banking assets to U.S. Bank, N.A. In accordance with accounting principles generally accepted in the United States of America, under the liquidation basis of accounting, the Company is now reporting the value of, and the changes in, net assets available for distribution to stockholders ("net assets in liquidation") instead of results from continuing operations. The second quarter decrease in net assets in liquidation was primarily the result of dividends paid on the Capital Securities which was in excess of income from operations. The proceeds from stock options and warrants exercised during the quarter totaled $0.6 million as compared to $2.6 million during the first quarter. Net income from operations was $0.6 million for both the second quarter and the first quarter of 2003. The net income from operations for the second quarter consisted of $0.7 million of pre-tax income from operations, $0.9 million of net charges for liquidation valuation adjustments which were largely attributable to writedowns on the auto lease and liquidating loan portfolios, and a tax benefit of $0.8 million. "Despite the $0.9 million of charges for the liquidation valuation adjustments and a challenging business and economic environment, our second quarter results were better than plan," commented John Okubo, CFO of Bay View Capital Corporation. "This was largely attributable to better yield on our liquidating loan portfolio which resulted in favorable interest income." A comparison of pro-forma net assets in liquidation, adjusted for estimated after-tax earnings from the Company's remaining operations and an estimated after-tax gain on Bay View Acceptance Corporation ("BVAC"), the Company's auto finance company, is set forth below. This pro-forma measure contains projections of future earnings and the after-tax gain in BVAC, and is a non-GAAP measure. The Company believes this is a more comprehensive measure of the economic value of the Company's net assets in liquidation. 4
--------------------------- --------------------------- AT JUNE 30, 2003 AT MARCH 31, 2003 --------------------------- --------------------------- TOTAL TOTAL (IN MILLIONS) PER SHARE (IN MILLIONS) PER SHARE --------------------------- --------------------------- Net assets in liquidation - GAAP measure $ 409.9 $ 6.37 $ 411.0 $ 6.41 Estimated deferred gain on auto finance business (1) 12.8 0.20 12.8 0.20 Estimated after-tax earnings from remaining operations (2) (3) 12.0 0.19 10.5 0.16 ------- ------- ------- ------- Pro-forma net assets in liquidation - Non-GAAP measure (4) $ 434.7 $ 6.76 $ 434.3 $ 6.77 Maximum potential dilution due to exercise of stock options 12.3 (0.03) 13.0 (0.04) ------- ------- ------- ------- Pro-forma net assets in liquidation with maximum dilution (5) $ 447.0 $ 6.73 $ 447.3 $ 6.73 ======= ======= ======= =======
(1) Amounts represent the estimated deferred after-tax gain attributable to BVAC. The actual after-tax gain that may be realized may differ. (2) Amounts represent the future after-tax operating income estimated to be produced by BVAC for the Company's remaining period of ownership, currently projected to be through September 30, 2005, net of the results from the other remaining operations in liquidation. The actual period of the Company's remaining ownership, the actual operating income and actual net after-tax operating income produced by the business may differ. (3) Estimated after-tax earnings from remaining operations presented reflect the estimate of operating results from June 30, 2003 through September 30, 2005 and March 31, 2003 through September 30, 2005, respectively. (4) Per share amounts based on 64,351,924 and 64,120,863 diluted common shares in liquidation at June 30, 2003 and March 31, 2003, respectively. (5) Per share amounts, assuming maximum dilution, based on 66,455,208 and 66,505,208 diluted common shares in liquidation at June 30, 2003 and March 31, 2003, respectively. At June 30, 2003, total assets were $593 million as compared to $595 million at March 31, 2003 and $876 million at December 31, 2002. The Company continues to have significant liquidity. At June 30, 2003, cash and cash equivalents totaled $82.6 million. During the quarter, the Company received $19.2 million of loan repayments in its liquidating loan portfolio. These loan repayments were comprised of $9.6 million of asset-based loans, $5.8 million of syndicated loans and $3.8 million of other loans. At June 30, 2003, the Company's remaining investment in loans to be liquidated was reduced to $49.2 million from $73.8 million at March 31, 2003. Total nonperforming assets, net of mark-to-market valuation adjustments declined to $19.8 million at June 30, 2003 from $22.0 million at March 31, 2003. Franchise related nonperforming assets declined to $15.9 million at June 30, 2003 from $17.5 million at March 31, 2003. Total loans and leases delinquent 60 days or more at June 30, 2003 also declined - to $2.8 million from $8.3 million at March 31, 2003. Delinquent franchise related loans were $1.9 million at June 30, 2003 as compared to $6.8 million at March 31, 2003. During the quarter, we transferred $5.9 million of nonperforming franchise loans to real estate owned and recognized a loss of $0.5 million. BVAC purchased $73.6 million of auto installment contracts on new and used vehicles for the quarter, compared to $71.6 million for the first quarter of 2003. Second quarter purchases were slightly below expectations. During the quarter, auto manufacturers continued to offer sales incentives, including below-market auto financing programs, at a record pace. Second quarter purchases consisted of 2,621 contracts with weighted average contract rates of 8.50% and weighted average FICO scores of 730. At June 30, 2003, BVAC was servicing 33,700 contracts representing $590 million as compared to 35,200 contracts representing $602 million at March 31, 2003. During the quarter, BVAC completed a study of its loan production and servicing operations, and identified a number of opportunities to increase efficiencies without compromising existing underwriting and servicing standards. To this end, the Chicago and Houston loan production offices are being consolidated into the Covina, California office. In addition, BVAC is reducing the size of its loan servicing and collections staff while expanding its lending operations from five to seven days per week. Headcount, which was 141 full-time equivalent employees at June 30, 2003, is expected to be reduced to approximately 110 by September 30, 2003. As a result of this restructuring, BVAC anticipates reducing operating expenses by $1.5 million on an annualized pre-tax basis. Second quarter results include a pre-tax charge of $675 thousand for the costs of the restructuring. 5 As previously announced, BVAC closed a $250 million revolving receivables warehouse credit facility during the quarter. The facility, provided by Sheffield Receivables Corporation, an asset-backed commercial paper vehicle sponsored by Barclays Bank, PLC, will be used to fund BVAC's purchases and warehousing of installment contracts. Borrowings will be repaid with the proceeds from securitizations or sales of installment contracts. During the third quarter, BVAC anticipates closing its first securitization of 2003 with an offering of approximately $200 million. On June 30, 2003, Bay View Bank, N.A. (the "Bank"), a wholly-owned subsidiary of the Company, commenced a Plan of Dissolution and Liquidation under which the Bank will sell all of its assets, satisfy or discharge all of its known and currently due and payable liabilities and distribute the remaining proceeds to the Company, the Bank's sole shareholder. Under this plan, persons that may have claims that are not currently due and payable or are otherwise contingent will have such claims satisfied or discharged by the Bank or such claims will be assigned to and assumed by the Company. The dissolution and liquidation of the Bank is contemplated by the Plan of Dissolution and Stockholder Liquidity which was approved by the Company's stockholders on October 3, 2002. The Company currently anticipates completing the dissolution of the Bank during the fourth quarter of 2003. As discussed above, the Company adopted liquidation basis accounting effective September 30, 2002. Accordingly, the Company's consolidated financial statements for periods subsequent to September 30, 2002 have been prepared under the liquidation basis of accounting including the replacement of the Consolidated Statement of Operations and Comprehensive Income with the Consolidated Statement of Changes in Net Assets in Liquidation. The Company's consolidated financial statements presented for periods prior to September 30, 2002, (i.e., for the quarter ended June 30, 2002) are presented on a going concern basis of accounting. The Company is providing, herein, (1) Consolidated Statements of Net Assets (Liquidation Basis) as of June 30, 2003 and December 31, 2002, (2) Consolidated Statements of Changes in Net Assets in Liquidation (Liquidation Basis) for the three months ended June 30, 2003 and March 31, 2003 and the six months ended June 30, 2003 and (3) Consolidated Statements of Operations and Comprehensive Income (Loss) for the three- and six-month periods ended June 30, 2002 (Going Concern Basis). The Company will host a conference call at 2:00 p.m. PDT on July 23, 2003 to discuss its financial results. Analysts, media representatives and the public are invited to listen to this discussion by calling 1-888-793-6954 and referencing the password "BVC." An audio replay of this conference call will be available through Friday, August 22, 2003 and can be accessed by dialing 1-800-937-2127. Bay View Capital Corporation is a financial services company headquartered in San Mateo, California and is listed on the NYSE: BVC. For more information, visit our website at www.bayviewcapital.com. FORWARD-LOOKING STATEMENTS All statements contained in this release that are not historic facts are based on current expectations. Such statements are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995) in nature and involve a number of risks and uncertainties. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. For information regarding factors that could cause the results contemplated in forward-looking statements to differ from expectations, such as the inability to achieve the financial goals of our plan of dissolution and stockholder liquidity, including any financial goals related to both contemplated and consummated asset sales, including the expected (deferred) gain from the disposition of the auto business and the inability to use net operating loss carryforwards that the Company currently has, please refer to the Company's Reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the Company or any other person. The Company disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. 6 BAY VIEW CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF NET ASSETS (LIQUIDATION BASIS) (UNAUDITED)
------------- ----------------- JUNE 30, 2003 DECEMBER 31, 2002 ------------- ----------------- (DOLLARS IN THOUSANDS) ASSETS Cash and cash equivalents: Cash and due from depository institutions $ 35,981 $ 71,611 Short-term investments 46,640 151,684 -------- -------- 82,621 223,295 Securities available-for-sale: Investment securities 31,491 38,137 Mortgage-backed securities 24,011 32,516 Loans and leases held-for-sale 265,929 311,014 Investment in operating lease assets, net 117,716 191,005 Investment in stock of the Federal Home Loan Bank of San Francisco 499 16,075 Investment in stock of the Federal Reserve Bank 13,659 13,659 Real estate owned, net 8,518 2,402 Premises and equipment, net 477 1,327 Repossessed vehicles 225 502 Income taxes, net 6,500 -- Other assets 41,212 45,613 -------- -------- Total assets $592,858 $875,545 ======== ======== LIABILITIES Deposits: Brokered certificates of deposit -- 224,189 -------- -------- -- 224,189 Other borrowings 47,546 61,969 Income taxes, net -- 8,646 Other liabilities 30,183 36,724 Reserve for estimated costs during the period of liquidation 15,265 43,953 -------- -------- Total liabilities 92,994 375,481 -------- -------- Guaranteed Preferred Beneficial Interest in the Company's Junior Subordinated Debentures ("Capital Securities") 90,000 90,000 -------- -------- Net assets in liquidation $409,864 $410,064 ======== ========
7 BAY VIEW CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS IN LIQUIDATION (LIQUIDATION BASIS) (UNAUDITED)
FOR THE SIX MONTHS FOR THE THREE MONTHS ENDED ENDED JUNE 30, 2003 MARCH 31, 2003 JUNE 30, 2003 ------------- -------------- ------------- (DOLLARS IN THOUSANDS) Net assets in liquidation at beginning of period $ 410,964 $ 410,064 $ 410,064 Pre-tax income from operations 720 1,415 2,135 Changes in estimated values of assets and liabilities (924) (1,664) (2,588) Income tax benefit 786 802 1,588 --------- --------- --------- Change in net income from operations 582 553 1,135 Dividends on Capital Securities (2,251) (2,251) (4,502) Other changes in net assets in liquidation (1) 569 2,598 3,167 --------- --------- --------- Net assets in liquidation at end of period $ 409,864 $ 410,964 $ 409,864 ========= ========= =========
(1) Primarily represents proceeds from stock options and warrants exercised. 8 BAY VIEW CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
FOR THE SIX FOR THE THREE MONTHS ENDED MONTHS ENDED ------------------------------- ------------- JUNE 30, 2002 MARCH 31, 2002 JUNE 30, 2002 ------------- -------------- ------------- GOING CONCERN BASIS ------------------------------------------------- (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Interest income: Interest on loans and leases $ 45,563 $ 46,471 $ 92,034 Interest on mortgage-backed securities 3,014 3,551 6,565 Interest and dividends on investment securities 3,906 3,671 7,577 -------- --------- --------- 52,483 53,693 106,176 Interest expense: Interest on deposits 13,529 15,002 28,531 Interest on borrowings 1,792 1,832 3,624 Interest on Subordinated Notes 3,715 3,715 7,430 -------- --------- --------- 19,036 20,549 39,585 Net interest income 33,447 33,144 66,591 Provision for losses on loans and leases 3,600 4,900 8,500 -------- --------- --------- Net interest income after provision for losses on loans and leases 29,847 28,244 58,091 Noninterest income: Leasing income 18,953 20,349 39,302 Loan fees and charges 1,193 1,293 2,486 Loan servicing income 208 205 413 Account fees 1,983 1,936 3,919 Sales commissions 1,944 1,840 3,784 Gain on sale of assets and liabilities, net 203 332 535 Other, net 916 227 1,143 -------- --------- --------- 25,400 26,182 51,582 Noninterest expense: General and administrative 30,536 30,792 61,328 Litigation settlement expense 13,100 -- 13,100 Leasing expenses 16,066 15,007 31,073 Real estate owned operations, net 328 540 868 Provision for losses on real estate owned -- 204 204 Amortization of intangible assets 331 331 662 -------- --------- --------- 60,361 46,874 107,235 Income (loss) from operations (5,114) 7,552 2,438 Income tax benefit (3,658) (1,935) (5,593) Dividends on Capital Securities 2,626 2,573 5,199 -------- --------- --------- Income (loss) before cumulative effect of change in accounting principle (4,082) 6,914 2,832 Cumulative effect of change in accounting principle, net of applicable taxes of $2.3 million -- (18,920) (18,920) -------- --------- --------- Net loss $ (4,082) $ (12,006) $ (16,088) ======== ========= =========
9 BAY VIEW CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
FOR THE SIX FOR THE THREE MONTHS ENDED MONTHS ENDED ------------------------------ ------------- JUNE 30, 2002 MARCH 31, 2002 JUNE 30, 2002 ------------- -------------- ------------- GOING CONCERN BASIS -------------------------------------------------- (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Basic earnings per share before cumulative effect of change in accounting principle $ (0.07) $ 0.11 $ 0.04 Cumulative effect of change in accounting principle, net -- (0.30) (0.30) ---------- ---------- ---------- Net basic loss per share $ (0.07) $ (0.19) $ (0.26) ========== ========== ========== Diluted earnings per share before cumulative effect of change in accounting principle $ (0.07) $ 0.11 $ 0.04 Cumulative effect of change in accounting principle, net -- (0.30) (0.30) ---------- ---------- ---------- Net diluted loss per share $ (0.07) $ (0.19) $ (0.26) ========== ========== ========== Weighted-average basic shares outstanding 62,715 62,668 62,697 ========== ========== ========== Weighted-average diluted shares outstanding 62,715 63,124 63,216 ========== ========== ========== Net loss $ (4,082) $ (12,006) $ (16,088) Other comprehensive income (loss), net of tax: Change in unrealized gain on securities available-for-sale, net of tax expense (benefit) of $219 for the three months ended June 30, 2002, ($209) for the three months ended March 31, 2002 and $4 for the six months ended June 30, 2002 302 (297) 5 ---------- ---------- ---------- Other comprehensive income (loss) 302 (297) 5 ---------- ---------- ---------- Comprehensive loss $ (3,780) $ (12,303) $ (16,083) ========== ========== ==========
10 BAY VIEW CAPITAL CORPORATION SELECTED FINANCIAL DATA (UNAUDITED)
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED -------------------------------------------- ---------------------------- JUNE 30, 2003 MARCH 31, 2003 JUNE 30, 2002 JUNE 30, 2003 JUNE 30, 2002 ------------- -------------- ------------- ------------- ------------- LIQUIDATION LIQUIDATION GOING CONCERN LIQUIDATION GOING CONCERN BASIS BASIS BASIS BASIS BASIS ------------- -------------- ------------- ------------- ------------- (AMOUNTS IN THOUSANDS) SELECTED CHANGES IN NET ASSETS IN LIQUIDATION/RESULTS OF OPERATIONS INFORMATION: Net interest income $ 6,034 $ 5,544 $ 33,447 $ 11,579 $ 66,591 Provision for losses on loans and leases -- -- (3,600) -- (8,500) Leasing income 10,862 12,911 18,953 23,773 39,302 Other income, net 1,533 2,023 6,447 3,556 12,280 General and administrative expenses (9,542) (9,460) (30,536) (19,002) (61,328) Litigation expense -- -- (13,100) -- (13,100) Leasing expense (7,958) (9,454) (16,066) (17,412) (31,073) Other expense (209) (149) (659) (359) (1,734) -------- -------- -------- -------- -------- Pre-tax income (loss) from operations 720 1,415 (5,114) 2,135 2,438 Changes in estimated liquidation values of assets and liabilities (924) (1,664) -- (2,588) -- Income tax benefit 786 802 3,658 1,588 5,593 Dividends on Capital Securities (2,251) (2,251) (2,626) (4,502) (5,199) Cumulative effect of change in accounting principle, net of taxes of $2.3 million -- -- -- -- (18,920) Other changes in net assets in liquidation 569 2,598 -- 3,167 -- -------- -------- -------- -------- -------- Change in net assets in liquidation $ (1,100) $ 900 -- $ (200) -- ======== ======== -------- ======== -------- Net loss $ (4,082) $(16,088) ======== ========
AT JUNE 30, 2003 AT MARCH 31, 2003 AT JUNE 30, 2002 ---------------- ----------------- ---------------- LIQUIDATION LIQUIDATION GOING CONCERN BASIS BASIS BASIS ---------------- ----------------- ---------------- (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) LOANS AND LEASES: Retail: Auto installment contracts (1) $216,724 $157,701 $ 502,016 Single-family mortgage loans -- -- 174,776 Other home equity loans and lines of credit -- -- 149,254 High loan-to-value home equity loans and lines of credit -- -- 12,288 -------- -------- ----------- Total retail loans 216,724 157,701 838,334 Commercial: Multi-family mortgage loans 9 1,417 847,136 Commercial mortgage loans 2,675 3,061 230,857 Franchise loans 31,827 37,849 113,485 Asset-based loans, syndicated loans, factored receivables and commercial leases 8,829 24,261 223,239 Business loans 5,865 7,206 85,249 -------- -------- ----------- Total commercial loans and leases 49,205 73,794 1,499,966 Premiums and discounts and deferred fees and costs, net -- -- 17,990 -------- -------- ----------- Gross loans and leases 265,929 231,495 2,356,290 Allowance for loan and lease losses -- -- (38,945) -------- -------- ----------- Loans and leases receivable (2) (3) $265,929 $231,495 $ 2,317,345 ======== ======== =========== CREDIT QUALITY: Nonperforming assets - total (4) $ 19,822 $ 22,008 $ 60,373 Nonperforming assets - franchise $ 15,901 $ 17,451 $ 35,323 Nonperforming assets as a percentage of consolidated assets 3.34% 3.70% 1.61% Loans and leases delinquent 60 days or more $ 2,828 $ 8,282 $ 60,136 Loans and leases delinquent 60 days or more - franchise $ 1,853 $ 6,825 $ 33,512 Loans and leases delinquent 60 days or more as a percentage of loans and leases 1.06% 3.58% 2.55%
11 BAY VIEW CAPITAL CORPORATION SELECTED FINANCIAL DATA (CONTINUED) (UNAUDITED)
AT JUNE 30, 2003 AT MARCH 31, 2003 AT JUNE 30, 2002 ---------------- ----------------- ---------------- LIQUIDATION LIQUIDATION GOING CONCERN BASIS BASIS BASIS ---------------- ----------------- ---------------- (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) PER SHARE DATA: Book value per share N/A N/A $ 5.46 Tangible book value per share N/A N/A $ 3.60 Net assets in liquidation per diluted share outstanding $ 6.37 $ 6.41 N/A OTHER DATA: Full-time equivalent employees 197 236 819
(1) Excludes auto-related operating lease assets reported separately from loans and leases totaling $117.7 million, $154.0 million, and $266.7 million at June 30, 2003, March 31, 2003 and June 30, 2002, respectively. (2) All loans and leases are classified as held-for-sale at June 30, 2003 and March 31, 2003. Total loans and leases at June 30, 2002 include franchise loans classified as held-for-sale totaling $30.5 million. (3) Includes mark-to-market valuation reserves of $16.6 million, $24.1 million and $11.2 million at June 30, 2003, March 31, 2003 and June 30, 2002, respectively. (4) Nonperforming assets include mark-to-market valuation reserves of $7.4 million, $9.9 million and $3.5 million at June 30, 2003, March 31, 2003 and June 30, 2002, respectively. BAY VIEW ACCEPTANCE CORPORATION
AT JUNE 30, 2003 AT MARCH 31, 2003 AT DECEMBER 31, 2002 ---------------- ----------------- -------------------- (AMOUNTS IN THOUSANDS) SELECTED STATEMENT OF NET ASSETS (LIQUIDATION BASIS) INFORMATION: Cash and cash equivalents $ 43,099 $ 131 $ 1,366 Retained interest in auto loan securitization 23,836 24,671 23,946 Installment contracts 216,723 157,701 142,357 Other assets 3,489 3,494 4,187 -------- -------- -------- Total assets $287,147 $185,997 $171,856 ======== ======== ======== Advances from parent $205,835 $119,122 $103,541 Warehouse line 13,137 -- -- Other liabilities 9,009 7,975 10,106 -------- -------- -------- Total liabilities 227,981 127,097 113,647 -------- -------- -------- Net assets in liquidation $ 59,166 $ 58,900 $ 58,209 ======== ======== ========
FOR THE SIX FOR THE THREE MONTHS ENDED MONTHS ENDED -------------------------- ------------ JUNE 30, 2003 MARCH 31, 2003 JUNE 30, 2003 ------------- -------------- ------------- (AMOUNTS IN THOUSANDS) SELECTED CHANGES IN NET ASSETS IN LIQUIDATION INFORMATION: Net interest income $ 3,174 $ 2,858 $ 6,032 Other income, net 1,086 1,267 2,353 General and administrative expenses (3,754) (2,847) (6,601) -------- -------- --------- Pre-tax income from operations 506 1,278 1,784 Changes in estimated liquidation values of assets and liabilities (47) (93) (140) Income tax expense (193) (494) (687) -------- -------- --------- Changes in net assets in liquidation $ 266 $ 691 $ 957 ======== ======== ========= SELECTED PRODUCTION INFORMATION: Installment contracts purchased $ 73,594 $ 71,635 $ 145,229 Weighted average contract rate 8.50% 8.70% 8.60% Average FICO credit score 730 728 729
12 BAY VIEW ACCEPTANCE CORPORATION (CONTINUED)
AT JUNE 30, 2003 AT MARCH 31, 2003 AT DECEMBER 31, 2002 ---------------- ----------------- -------------------- (AMOUNTS IN THOUSANDS) MANAGED ASSETS: Total managed contracts $590,417 $601,682 $646,856 Total number of contracts 33,700 35,200 37,800 Contracts delinquent 30 days or more as a percentage of managed assets 0.39% 0.45% 0.49% OTHER DATA: Full-time equivalent employees 141 136 135
FOR THE SIX FOR THE THREE MONTHS ENDED MONTHS ENDED -------------------------- ------------ JUNE 30, 2003 MARCH 31, 2003 JUNE 30, 2003 ------------- -------------- ------------- Net chargeoffs on managed assets for period $ 1,787 $ 1,984 $ 3,771 Net chargeoffs as a percentage of average managed assets (annualized) 1.20% 1.28% 1.24%
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