BWC Financial Corp. Announces 2005 Third Quarter & First Nine Months Earnings
October 13 2005 - 5:22PM
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 net income for
the period ending September 30, 2005. Ryan reported net income of
$5,991,000 or $1.41 diluted earnings per share for the nine months
ended September 30, 2005, a 55% increase over income of $3,858,000
or $0.89 diluted earnings per share for the same period in 2004.
Earnings for first nine months in 2005 represent 1.47% return on
average assets (ROA) and 16.51% return on average equity (ROE),
compared to 1.05% return on average assets (ROA) and 11.20% return
on average equity for first nine months 2004. For third quarter
2005, net income was $2,329,000 or $0.55 diluted earnings per
share, compared to net income of $1,568,000 or $0.36 diluted
earnings per share for the same period in 2004. Return on average
assets for third quarter 2005 was 1.71% and return on average
equity was 18.89% compared to third quarter 2004 return on average
assets of 1.26% and return on average equity of 13.46%. Total
assets of the Corporation at September 30, 2005 were $557,560,000,
compared to total assets of $516,613,000, at September 30, 2004.
Founded in 1980 and celebrating its 25th Anniversary Year in 2005,
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. Additional details may be found in the Summary of
Consolidated Financial Results for third quarter and first nine
months 2005: -0- *T Selected Financial Data - Summary: The
following table provides certain selected consolidated financial
data as of and for the three month and nine-month periods ended
September 30, 2005 and 2004. Quarter Ended Year to Date SUMMARY
INCOME STATEMENT September 30, September 30,
--------------------------------- (Unaudited in thousands except
share data) 2005 2004 2005 2004 ---------------------------------
Interest Income $ 9,754 $ 7,341 $26,427 $21,337 Interest Expense
2,376 1,191 5,745 3,680 --------------------------------- Net
Interest Income 7,378 6,150 20,682 17,657 Provision for Credit
Losses - 150 - 975 Non-interest Income 6,086 3,654 13,712 11,615
Non-interest Expense 9,189 6,896 23,756 21,308 Minority Interest
551 211 892 775 --------------------------------- EBIT 3,724 2,547
9,746 6,214 Income Taxes 1,395 979 3,755 2,356
--------------------------------- Net Income $ 2,329 $ 1,568 $
5,991 $ 3,858 Selected Financial Data - Summary (cont): (Share and
share equivalents have been adjusted for the stock dividend granted
in December 2004) Per share: (Share and share equivalents have been
adjusted for the stock Quarter Ended Year to Date dividend granted
in September 30, September 30, December 2004) 2005 2004 2005 2004
-------------------------------------------- Basic EPS $ 0.56 $
0.36 $ 1.43 $ 0.90 Diluted EPS $ 0.55 $ 0.36 $ 1.41 $ 0.89 Weighted
Average Basic shares 4,170,176 4,301,890 4,198,935 4,301,233
Weighted Average Diluted Shares 4,231,206 4,333,146 4,257,038
4,337,384 Cash dividends $ 0.09 $ 0.06 $ 0.25 $ 0.18 Book value at
period end $ 11.94 $ 11.00 Ending shares (adjusted for stock
dividend in December 2004) 4,147,199 4,293,374 Financial Ratios:
Return on Average Assets 1.71% 1.26% 1.47% 1.05% Return on Average
Equity 18.89% 13.46% 16.51% 11.20% Net Interest Margin to Earning
Assets 5.38% 5.26% 5.35% 5.08% Net loan losses (recoveries) to avg.
loans 0.00% -0.01% -0.05% -0.05% Efficiency Ratio (Bank only)
56.52% 61.30% 57.49% 64.49% Summary Balance Sheet: (Unaudited; In
thousands) September 30, Assets: 2005 2004 --------------------
Cash and Equivalents $ 53,171 $ 17,086 Investments 81,185 84,887
Loans 393,073 379,363 Allowance for Credit Losses (7,486) (7,827)
BWC Mortgage Services, Loans Held-for-Sale 21,440 28,424 Other
Assets 16,177 14,680 -------------------- Total Assets $557,560
$516,613 Liabilities: Deposits $431,048 $393,376 Other Borrowings
70,737 72,463 Other Liabilities 6,238 3,539 --------------------
Total Liabilities 508,023 469,378 Equity 49,537 47,235
-------------------- Total Liabilities and Equity $557,560 $516,613
*T This press release contains forward-looking statements with
respect to the financial condition, results of operation and
business of BWC Financial Corp. (BWC). 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 BWC engages.
Forward-looking statements speak only as of the date they are made,
and BWC does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date the
forward-looking statements are made. 10/13/05 Nasdaq: BWCF
http://www.bowc.com
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