<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Amendment No. 1 to Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (date of Earliest Event Reported): December 23, 1997
GREATER BAY BANCORP
(Exact name of registrant as specified in its charter)
CALIFORNIA 0-25034 77-0387041
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification
of incorporation Number)
or organization)
2860 West Bayshore Road
Palo Alto, California 94303
(Address of principal executive offices and ZIP Code)
Registrant's telephone number, including area code: (650) 813-8200
================================================================================
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Peninsula Bank of Commerce.
(1) Audited Financial Statements for Peninsula Bank of Commerce and
Subsidiary as of December 31, 1996 and 1995 and for each of the
three years in the three-year period ended December 31, 1996,
incorporated by reference from the Registrant's Registration
Statement on Form S-4 (Registration No. 333-37169).
(2) Unaudited Consolidated Statement of Condition for Peninsula
Bank of Commerce and Subsidiary as of September 30, 1997.
(3) Unaudited Consolidated Statements of Operations for Peninsula
Bank of Commerce and Subsidiary for the nine months ended
September 30, 1997 and 1996.
(4) Unaudited Consolidated Statements of Cash Flows for Peninsula
Bank of Commerce and Subsidiary for the nine months ended
September 30, 1997 and 1996.
2
<PAGE>
PENINSULA BANK OF COMMERCE
AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF CONDITION
<TABLE>
<CAPTION>
SEPT 30,
1997
------------
<S> <C>
ASSETS
Cash and due from banks $ 5,722,410
Federal funds sold 5,500,000
Agency securities 89,951,160
------------
Cash and cash equivalents 101,173,570
Investment securities:
Held to maturity 7,160,523
Available-for-sale 14,939,956
------------
Total investment securities 22,100,479
Loans, net 78,244,413
Premises and equipment, net 1,912,814
Interest receivable and other assets 2,734,014
------------
Total assets $206,165,290
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits:
Demand $ 23,620,400
Interest-bearing demand 126,456,590
Savings 5,623,573
Time 32,585,427
------------
Total deposits 188,285,990
------------
Interest payable and other liabilities 1,934,007
------------
Total liabilities 190,219,997
------------
Common stock, no par value; 2,000,000 shares
authorized; 673,862 shares issued and
outstanding in 1997 7,408,092
Net unrealized gain (loss) on available-for-sale
securities (31,184)
Retained earnings 8,568,385
------------
Total shareholders' equity 15,945,293
------------
Total liabilities and shareholders' equity $206,165,290
============
</TABLE>
3
<PAGE>
PENINSULA BANK OF COMMERCE
AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
Nine Months Ended September 30,
-------------------------------
1997 1996
<S> <C> <C>
Interest income:
Interest and fees on loans $ 6,137,531 $4,952,894
Interest on federal funds sold 261,001 388,595
Interest on investment securities:
U.S. Treasury securities 137,947 104,183
Securities of U.S. government agencies 4,400,916 618,848
Obligations of states and political subdivisions 235,483 227,116
----------- ----------
Total interest income 11,172,878 6,291,636
----------- ----------
Interest expense:
Interest on interest-bearing transaction accounts 2,973,117 692,803
Interest on savings deposits 82,990 85,469
Interest on time deposits 1,266,354 1,138,809
----------- ----------
Total interest expenses 4,322,461 1,917,081
----------- ----------
Net interest income 6,850,417 4,374,555
Provision for loan losses 105,000 135,000
----------- ----------
Net interest income after
provision for loan losses 6,745,417 4,239,555
----------- ----------
Noninterest Income:
Service charges on deposit accounts 175,385 190,421
Rental income and other 150,101 124,432
----------- ----------
Total noninterest income 325,486 314,853
----------- ----------
Noninterest expense:
Salaries and related benefits 1,871,742 1,667,008
Occupancy and equipment 336,600 353,559
Other 708,010 632,424
----------- ----------
Total noninterest expense 2,916,352 2,652,991
----------- ----------
Income before income taxes 4,154,551 1,901,417
Provision for income taxes 1,581,630 675,550
----------- ----------
Net income $ 2,572,921 $1,225,867
=========== ==========
Earnings per share $3.65 $1.85
=========== ==========
Weighted-average shares outstanding 704,557 664,074
=========== ==========
</TABLE>
4
<PAGE>
PENINSULA BANK OF COMMERCE
AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
Nine Months Ended September 30,
1997 1996
------------ -----------
<S> <C> <C>
Cash flows from operating activities:
Net income $ 2,572,921 $ 1,225,867
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization 143,237 127,554
Provision for loan losses 105,000 135,000
Amortization of discount on investments (4,013,348) (10,368)
Change in assets and liabilities:
Net change in interest payable and other liabilities (578,912) (1,458,448)
Net change in interest receivable and other assets (896,634) (187,059)
Net change in deferred loan fees (32,769) 120,102
------------ -----------
Net cash used in operating activities (2,700,505) (47,352)
------------ -----------
Cash flows from investing activities:
Net change in loans (14,131,446) (2,850,249)
Purchase of investment securities---available-for-sale (2,116,204) (8,844,975)
Proceeds from maturities of investment
securities---available-for-sale 2,500,000 5,464,545
Purchase of investment securities---held-to-maturity (1,188,626) (349,239)
Proceeds from maturities of investment
securities---held-to-maturity 4,062,366 524,382
Proceeds from sale of OREO 0 1,000,000
Purchase of premises and equipment (255,047) (68,173)
Retirement of premises and equipment 0 35,742
------------ -----------
Net cash used in investing activities (11,128,957) (5,087,967)
------------ -----------
Cash flows from financing activities:
Net change in deposits (248,553) 5,509,359
Exercise of stock options 266,944 89,345
------------ -----------
Net cash provided by financing activities 18,391 5,598,704
------------ -----------
Net change in cash and cash equivalents (13,811,071) 463,385
Cash and cash equivalents at beginning of period 114,984,641 15,571,860
------------ -----------
Cash and cash equivalents at end of period $101,173,570 $16,035,245
============ ===========
Supplemental cash flow information:
Interest paid $ 4,320,462 $ 1,941,705
============ ===========
Income taxes paid, net of refunds $ 1,256,626 $ 2,117,711
============ ===========
</TABLE>
5
<PAGE>
(b) Pro Forma Financial Statements.
(1) Unaudited Pro Forma Combined Financial Statements for Greater
Bay Bancorp and Peninsula Bank of Commerce as of December 31,
1996 and for each of the years in the three-year period ended
December 31, 1996, incorporated by reference from Registrant's
Registration Statement on Form S-4 (Registration No. 333-
37169).
(2) Unaudited Pro Forma Condensed Combined Balance Sheet for
Greater Bay Bancorp and Peninsula Bank of Commerce as of
September 30, 1997.
(3) Unaudited Pro Forma Condensed Combined Statement of Operations
for Greater Bay Bancorp and Peninsula Bank of Commerce for the
nine months ended September 30, 1997.
6
<PAGE>
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
The following unaudited pro forma condensed combined financial information
gives effect to the Merger as if it had occurred as of January 1, 1997 with
respect to the Unaudited Pro Forma Condensed Combined Statement of Operations,
and as of September 30, 1997 with respect to the Unaudited Pro Forma Condensed
Combined Balance Sheet data using the pooling of interests method of accounting.
The Unaudited Pro Forma Condensed Combined Financial Statements do not
purport to present the actual financial position or results of operations of
Greater Bay Bancorp had the events assumed therein in fact occurred on the dates
specified, nor are they necessarily indicative of the results of operations that
may be achieved in the future. The Unaudited Pro Forma Condensed Combined
Financial Statements are based on certain assumptions and adjustments described
in the notes to the Unaudited Pro Forma Condensed Combined Financial Statements
and should be read in conjunction therewith and with the Consolidated Financial
Statements of Greater Bay Bancorp and PBC and the related notes thereto
incorporated herein by reference from the Registrant's Registration Statement on
Form S-4 (Registration No. 333-37169).
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
AS OF SEPTEMBER 30, 1997
(In thousands)
<TABLE>
<CAPTION>
PENINSULA
GREATER BAY BANK OF
BANCORP COMMERCE ADJUSTMENT COMBINED
----------- --------- ---------- -----------
<S> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 39,803 $ 5,722 $ -- $ 45,525
Federal funds sold 37,300 5,500 -- 42,800
Short-term agency securities 0 89,951 -- 89,951
Securities held-to-maturity 42,965 7,161 -- 50,126
Securities available-for-sale 87,465 14,940 -- 102,405
Other securities 2,130 0 -- 2,130
Loans, net 541,234 78,244 -- 619,478
Premises and Equipment 4,652 1,913 -- 6,565
Accued interest receivable and other assets 22,048 2,734 -- 24,782
-------- -------- --------- --------
TOTAL ASSETS $777,597 $206,165 $ -- $983,762
======== ======== ========= ========
LIABILITIES
Deposits $698,132 $188,286 $ -- $886,418
Subordinated debt 3,000 0 -- 3,000
Accrued interest payable and other liabilities 5,449 1,934 1,436 8,819
Company obligated mandatorily redeemable
preferred securities of subsidiary trust
holding solely junior subordinated debentures 20,000 0 20,000
-------- -------- --------- --------
TOTAL LIABILITIES 726,581 190,220 1,436 918,237
SHAREHOLDERS' EQUITY 51,016 15,945 (1,436) 65,525
-------- -------- --------- --------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $777,597 $206,165 $ -- $983,762
======== ======== ========= ========
</TABLE>
<PAGE>
(1) The following table reflects all nonrecurring Greater Bay and Peninsula
estimated merger and restructuring related costs as of September 30, 1997.
These costs are not included in the Unaudited Pro Forma Combined Income
Statement but are included in the Unaudited Pro Forma Combined Balance Sheet
as a reduction to equity capital. These costs will be charged to expense
immediately following the consummation of the Merger. Such estimated merger
and restructuring related costs are summarized below (in thousands):
<TABLE>
<CAPTION>
Peninsula
Greater Bay Bank of
Bancorp Commerce Combined
----------- --------- --------
<S> <C> <C> <C>
Financial Advisory $ 38 $440 $ 478
Professional fees and printing 289 176 465
Loan Loss Reserve 750 60 810
Other 301 192 493
------ ---- ------
Total $1,378 $868 $2,246
====== ==== ======
</TABLE>
7
<PAGE>
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997
(In thousands)
<TABLE>
<CAPTION>
PENINSULA
GREATER BAY BANK OF
BANCORP COMMERCE ADJUSTMENTS COMBINED
----------- --------- ----------- -------------
<S> <C> <C> <C> <C>
Interest and fees on loans and
leases $38,453 $6,138 $ -- $44,591
Interest on investment securities 4,712 4,774 -- 9,486
Other interest income 2,027 261 -- 2,288
------- ------ -------
TOTAL INTEREST INCOME 45,192 11,173 -- 56,365
Interest expense 17,270 4,322 -- 21,592
------- ------ -------
Net interest Income 27,922 6,851 -- 34,773
Provision for loan loss 5,287 105 -- 5,392
------- ------ ------ -------
Net interest income after
provision for loan loss 22,635 6,746 -- 29,381
Total other income 4,517 325 -- 4,842
Total operating expense 17,189 2,916 -- 20,105
------- ------ -------
Income before taxes 9,963 4,155 -- 14,118
Income tax expense 3,866 1,582 -- 5,448
------- ------ ------ -------
NET INCOME $6,097 $2,573 $ -- $ 8,670
======= ======= ======= =======
Earnings per share $1.68 $3.65 $2.01
Weighted average shares
outstanding 3,629 705 4,309
</TABLE>
8
<PAGE>
(c) Exhibits.
2.0 Agreement and Plan of Reorganization by and among Greater Bay
Bancorp, GBB Acquisition Corp. and Peninsula Bank of Commerce,
incorporated by reference from Exhibit 2.0 to Greater Bay
Bancorp's current report on Form 8-K (File No. 000-25034) dated
September 12, 1997.
23.1 Consent of Coopers & Lybrand LLP
23.2 Consent of Coopers & Lybrand LLP
27 Amended Financial Data Schedule of Peninsula Bank of
Commerce
99.0 Press Release, incorporated by reference from Exhibit 99.0 to
Greater Bay Bancorp's current report on Form 8-K (File No.
000-25034) filed January 7, 1998.
9
<PAGE>
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
Dated: February 5, 1998 /s/ Steven C. Smith
------------------------------------------
Steven C. Smith, Executive Vice President,
Chief Operating Officer and Chief
Financial Officer
10
<PAGE>
EXHIBIT INDEX
-------------
2.0 Agreement and Plan of Reorganization by and among Greater Bay Bancorp, GBB
Acquisition Corp. and Peninsula Bank of Commerce, incorporated by
reference from Exhibit 2.0 to Greater Bay Bancorp's current report on Form
8-K (File No. 000-25034) dated September 12, 1997.
23.1 Consent of Coopers & Lybrand LLP
23.2 Consent of Coopers & Lybrand LLP
27 Amended Financial Data Schedule of Peninsula Bank of Commerce
99.0 Press Release, incorporated by reference from Exhibit 99.0 to Greater Bay
Bancorp's current report on Form 8-K (File No. 000-25034) filed January 7,
1998.
11
<PAGE>
EXHIBIT 23.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Amendment No. 1 to Form
8-K of our report dated October 2, 1997, on our audits of the consolidated
financial statements of Peninsula Bank of Commerce and Subsidiary as of December
31, 1996 and 1995, and for the three years in the period ended December 31,
1996, appearing in the registration statement on Form S-4 (SEC File No. 333-
37169) of Greater Bay Bancorp and Subsidiaries.
/s/ Coopers & Lybrand LLP
--------------------------
Coopers & Lybrand LLP
San Francisco, California
February 5, 1998
<PAGE>
EXHIBIT 23.2
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in this Amendment No. 1 to Form
8-K of our report dated February 27, 1997, on our audits of the consolidated
financial statements of Greater Bay Bancorp and Subsidiaries as of December 31,
1996 and 1995, and for the three years in the period ended December 31, 1996,
appearing in the registration statement on Form S-4 (SEC File No. 333-37169) of
Greater Bay Bancorp and Subsidiaries.
/s/ Coopers & Lybrand LLP
--------------------------
Coopers & Lybrand LLP
San Francisco, California
February 5, 1998
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
PENINSULA BANK OF COMMERCE FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO THOSE FINANCIAL STATEMENTS.
</LEGEND>
<S> <C> <C>
<PERIOD-TYPE> 9-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996
<PERIOD-START> JAN-01-1996 JAN-01-1995
<PERIOD-END> SEP-30-1997 SEP-30-1996
<CASH> 5,722,410 5,552,006
<INT-BEARING-DEPOSITS> 0 0
<FED-FUNDS-SOLD> 5,500,000 13,100,000
<TRADING-ASSETS> 0 0
<INVESTMENTS-HELD-FOR-SALE> 104,891,116 111,634,493
<INVESTMENTS-CARRYING> 7,160,523 6,210,549
<INVESTMENTS-MARKET> 7,200,523 6,240,526
<LOANS> 79,700,244 65,563,066
<ALLOWANCE> 1,455,831 1,377,868
<TOTAL-ASSETS> 206,165,290 204,320,630
<DEPOSITS> 188,285,990 188,534,543
<SHORT-TERM> 0 0
<LIABILITIES-OTHER> 1,934,007 2,512,919
<LONG-TERM> 0 0
0 0
0 0
<COMMON> 7,408,092 7,141,148
<OTHER-SE> 8,537,201 6,132,020
<TOTAL-LIABILITIES-AND-EQUITY> 206,165,290 204,320,630
<INTEREST-LOAN> 6,137,531 4,952,894
<INTEREST-INVEST> 4,774,346 950,147
<INTEREST-OTHER> 261,001 388,595
<INTEREST-TOTAL> 11,172,878 6,291,636
<INTEREST-DEPOSIT> 4,322,461 1,917,081
<INTEREST-EXPENSE> 4,322,461 1,917,081
<INTEREST-INCOME-NET> 6,850,417 4,374,555
<LOAN-LOSSES> 105,000 135,000
<SECURITIES-GAINS> 0 0
<EXPENSE-OTHER> 2,916,352 2,652,991
<INCOME-PRETAX> 4,154,551 1,901,417
<INCOME-PRE-EXTRAORDINARY> 4,154,551 1,901,417
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 2,572,921 1,225,867
<EPS-PRIMARY> 3.65 1.85
<EPS-DILUTED> 3.65 1.85
<YIELD-ACTUAL> 3.48 4.74
<LOANS-NON> 244,000 1,561,000
<LOANS-PAST> 0 0
<LOANS-TROUBLED> 0 0
<LOANS-PROBLEM> 3,581,938 4,530,775
<ALLOWANCE-OPEN> 1,377,868 1,057,018
<CHARGE-OFFS> 27,037 69,000
<RECOVERIES> 0 268,605
<ALLOWANCE-CLOSE> 1,455,831 1,391,623
<ALLOWANCE-DOMESTIC> 1,183,480 947,035
<ALLOWANCE-FOREIGN> 0 0
<ALLOWANCE-UNALLOCATED> 272,351 444,588
</TABLE>
