Exhibit 99.1
Press Release Announcing Earnings for the Quarter ended June 30, 2000.
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NORTH BAY BANCORP
PRESS RELEASE
August 9, 2000
North Bay Bancorp, Holding Company for The Vintage Bank and Solano Bank,
announced earnings of $789,000, or $.47 per share, for the three months ended
June 30, 2000. This compares with earnings of $691,000, or $.43 per share, for
the second quarter of 1999. Year-to-date earnings for the six months ended June
30, 2000 were $1,460,000, or $.87 per share, compared to $1,332,000, or $.82 per
share, for the first six months of 1999. On an annualized basis, the 2000
results equate to a return of 1.4% on average assets and 15% on average
shareholders' equity.
Total assets were $218,457,000 as of June 30, 2000, representing a 15% increase
from a year earlier. Deposits increased 15% during the year, while loans
outstanding increased 28%.
President & CEO Terry Robinson expressed pleasure that first half earnings for
the year 2000 exceed comparable 1999 earnings despite absorbing expenses related
to the organization of Solano Bank. Robinson stated, "With the opening of Solano
Bank on July 17, 2000, earnings for the remainder of the year will unavoidably
decline from the levels we have generated for the past several quarters.
However, we believe that the negative impact of the new Bank on earnings will
diminish with each successive quarter going forward; we plan for Solano Bank to
be operating at break-even by year-end 2001. We anticipate the sound earnings
base provided by The Vintage Bank will enable North Bay Bancorp to report
profits similar to peer bank averages throughout the time Solano Bank will be
operating at a loss."
This press release contains forward-looking statements with respect to the
financial condition, results of operation and business of North Bay Bancorp and
its subsidiaries. These include, but are not limited to, statements that relate
to or are dependent on estimates or assumptions relating to the prospects of
loan growth, credit quality and certain operating efficiencies resulting from
the operations of The Vintage Bank and Solano Bank. These forward-looking
statements involve certain risks and uncertainties. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, among others, the following possibilities:
(1) competitive pressure among financial services companies increases
significantly; (2) changes in the interest rate environment reduce interest
margins; (3) general economic conditions, internationally, nationally or in the
State of California are less favorable than expected; (4) legislation or
regulatory requirements or changes adversely affect the business in which the
combined organization will be engaged; and (5) other risks detailed in the North
Bay Bancorp reports filed with the Securities and Exchange Commission.
Stock of North Bay Bancorp is quoted on the Over-The-Counter (OTC)
Bulletin Board, Symbol NBAN.OB.
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Questions regarding this press release should be directed to Terry L. Robinson
(707) 258-3969.
