BWC Financial Corp. Announces First Quarter 2005 Earnings
27 April 2006 - 1:35AM
Business Wire
James L. Ryan, Chief Executive Officer and Chairman of the Board of
BWC Financial Corp. (Nasdaq:BWCF) and its subsidiaries Bank of
Walnut Creek and BWC Mortgage Services, announced First Quarter
2006 income of $2,076,000 or $0.50 diluted earnings per share,
compared to First Quarter 2005 income of $1,680,000 or $0.39
diluted earnings per share. Earnings for First Quarter 2006
represent a return on average assets (ROA) of 1.55% and return on
average equity (ROE) of 16.24%, compared to a 1.40% ROA and 14.33%
ROE for the same period last year. Total assets of the Corporation
at March 31, 2006 were $564,239,000 compared to total assets of
$521,715,000 at the end of the First Quarter 2005. Additional
details may be found in the Summary of Consolidated Financial
Results for First Quarter 2006: -0- *T Selected Financial Data --
Summary: The following table provides certain selected consolidated
financial data as of and for the three month periods ended March
31, 2006 and 2005. Quarter Ended SUMMARY INCOME STATEMENT March 31,
(Unaudited in thousands except share data) 2006 2005
----------------------- Interest Income (not taxable equivalent) $
9,995 $ 8,020 Interest Expense 2,498 1,512 -----------------------
Net Interest Income 7,497 6,508 Allowance for Credit Losses - -
----------------------- Net Interest Income after allowance for
credit losses 7,497 6,508 Non-interest Income 4,135 3,402
Non-interest Expenses 8,242 7,015 Minority Interest 63 104
----------------------- Income before income taxes 3,327 2,791
Provision for income taxes 1,251 1,111 ----------------------- Net
Income $ 2,076 $ 1,680 Per share: Net Income -- basic $ 0.50 $ 0.40
Net Income -- diluted $ 0.50 $ 0.39 Weighted avg. shares used in
Basic E.P.S. calculation 4,128,868 4,228,838 Weighted avg. shares
used in Diluted E.P.S. calculation 4,182,253 4,284,146 Cash
dividends $ 0.10 $ 0.08 Book value at periodend $ 12.76 $ 11.41
Ending Shares 4,129,029 4,224,705 Financial Ratios: 2006 2005
----------------------- Return on Average Assets 1.55% 1.40% Return
on Average Equity 16.24% 14.33% Net Interest Margin (taxable
equivalent yield) 5.89% 5.59% Net loan losses (recoveries) to avg.
loans 0.00 (0.00) Efficiency Ratio (Bank only) 57.70% 59.29%
SUMMARY BALANCE SHEET In thousands Assets: 2006 2005
----------------------- Cash and Equivalents $ 23,238 $ 52,268
Investments 102,446 66,250 Loans 424,391 385,377 Allowance for
Credit Losses (7,511) (7,694) BWC Mortgage Services Loans
Held-for-Sale 5,473 10,899 Other Assets 16,202 14,615
----------------------- Total Assets $ 564,239 $ 521,715 Deposits $
431,666 $ 408,926 REPO Sweeps $ 6,309 $ - FHLB Borrowings 63,710
49,778 BWC Mortgage Services Borrowings 5,303 10,695 Other
Liabilities 4,581 4,114 ----------------------- Total Liabilities
511,569 473,513 Equity 52,670 48,202 ----------------------- Total
Liabilities and Equity $ 564,239 $ 521,715 *T Founded in 1980, Bank
of Walnut Creek's headquarters and main office are at 1400 Civic
Drive, Walnut Creek. Additional branch offices are in Orinda, San
Ramon, Danville, Pleasanton, and Livermore, with a regional
commercial banking office in San Jose. BWC Mortgage Services, with
headquarters at 3130 Crow Canyon Place in San Ramon, has mortgage
consultants in each of the Bank's branch offices and additional
offices in Tahoe City, Reno, Concord, Manteca, Redding and Las
Vegas. NASDAQ: BWCF www.bowc.com This press release contains
forward-looking statements with respect to the financial condition,
results of operation and business of Bank A. These include
statements that relate to or are dependent on estimates or
assumptions relating to the prospects of continued loan and deposit
growth, improved credit quality, the operating characteristics of
the Company's income tax refund programs and the economic
conditions within its markets. These forward-looking statements
involve certain risks and uncertainties, many of which are beyond
the Company's control. Factors that may cause actual results to
differ materially from those contemplated by such forward-looking
statements include, among others, the following possibilities: (1)
increased competitive pressure among financial services companies;
(2) changes in the interest rate environment reducing interest
margins or increasing interest rate risk; (3) deterioration in
general economic conditions, internationally, nationally or in the
State of California; (4) the occurrence of future terrorist acts or
impact of military actions;and (5) legislative or regulatory
changes adversely affecting the business in which Bank A engages.
Forward-looking statements speak only as of the date they are made,
and Bank A does not undertake to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements are made.
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