<PAGE>
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K/A
AMENDMENT NO. 1 TO FORM 10-K
MARK ONE
[X]ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1997
[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to .
COMMISSION FILE NUMBER 0-25034
GREATER BAY BANCORP
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
<TABLE>
<S> <C>
CALIFORNIA 77-0387041
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
</TABLE>
2860 WEST BAYSHORE ROAD, PALO ALTO, CALIFORNIA 94303
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (650) 813-8200
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
COMMON STOCK, NO PAR VALUE
9.75% CUMULATIVE TRUST PREFERRED SECURITIES OF GBB CAPITAL I
GUARANTEE OF GREATER BAY BANCORP WITH RESPECT TO THE
9.75% CUMULATIVE TRUST PREFERRED SECURITIES OF GBB CAPITAL I
(TITLE OF CLASS)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [X] No [_]
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
The aggregate market value of the Common Stock held by non-affiliates, based
upon the closing sale price of the Common Stock on March 16, 1998, as reported
on the Nasdaq National Market System, was approximately $191,441,000. Shares
of Common Stock held by each officer, director and holder of 5% or more of the
outstanding Common Stock have been excluded in that such persons may be deemed
to be affiliates. Such determination of affiliate status is not necessarily a
conclusive determination for other purposes.
As of March 16, 1998, 4,071,082 shares of the Registrant's Common Stock were
outstanding.
DOCUMENT INCORPORATED BY REFERENCE: PART OF FORM 10K INTO WHICH
INCORPORATED:
(1) Annual Report to Shareholders Part II
for the fiscal year ended December 31,
1997.
(2) Definitive Proxy statement for Part III
Annual Meeting of Shareholders to be
filed within 120 days of the fiscal
year ended December 31, 1997.
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<PAGE>
This Amendment No. 1 to Form 10-K is being filed solely to include certain
Restated Financial Data Schedules which were inadvertently omitted.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
(a)1. FINANCIAL STATEMENTS
Information regarding Financial Statements appears under the captions
"Consolidated Balance Sheets as of December 31, 1997 and 1996,"
"Consolidated Statements of Operations for the years ended December 31,
1997, 1996 and 1995," "Consolidated Statements of Equity for the years
ended December 31, 1997, 1996 and 1995," "Consolidated Statements of
Cash Flows for the years ended December 31, 1997, 1996 and 1995" and
"Notes to Consolidated Financial Statements" in the Company's Annual
Report to Shareholders for the fiscal year ended December 31, 1997 which
is incorporated herein by reference. Such information also appears at
Exhibit 13 hereto.
2. FINANCIAL STATEMENT SCHEDULES
All financial statement schedules are omitted because of the absence of
the conditions under which they are required to be provided or because
the required information is included in the financial statements listed
above and/or related notes.
3. EXHIBITS
See Item 14(c) below.
(b)REPORTS ON FORM 8-K
No reports on Form 8-K were filed by the Company during the fourth
quarter of 1997.
(c)EXHIBITS REQUIRED BY ITEM 601 OF REGULATION S-K
Reference is made to the Exhibit Index and exhibits filed as part of
this report.
(d)ADDITIONAL FINANCIAL STATEMENTS
Not applicable.
19
<PAGE>
SIGNATURES
PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED
ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED, ON THE 20TH DAY
OF APRIL, 1998.
Greater Bay Bancorp
/s/ Shawn E. Saunders
By: _________________________________
Shawn E. Saunders
Senior Vice President and Controller
20
<PAGE>
EXHIBIT INDEX
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<CAPTION>
EXHIBIT
NO. EXHIBIT
------- -------
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2 Agreement and Plan of Reorganization by and among Greater Bay Bancorp,
Pacific Rim Bancorporation and the Leo K.W. Lum PRB Revocable Trust
dated February 24, 1998.+++
3.1 Articles of Incorporation of Greater Bay Bancorp, as amended.+++
3.2 Bylaws of Greater Bay Bancorp, as amended.+++
4.1 Junior Subordinated Indenture dated as of March 31, 1997 between
Greater Bay Bancorp and Wilmington Trust Company, as Trustee. ++
4.2 Officers' Certificate and Company Order, dated March 31, 1997.++
4.3 (Reserved.)
4.4 Certificate of Trust of GBB Capital I.+
4.5 Trust Agreement of GBB Capital I dated as of February 28, 1997.+
4.6 Amended and Restated Trust Agreement of GBB Capital I, among Greater
Bay Bancorp, Wilmington Trust Company and the Administrative Trustees
named therein dated as of March 31, 1997.++
4.7 Trust Preferred Certificate of GBB Capital I.++
4.8 Common Securities Certificate of GBB Capital I.++
4.9 Guarantee Agreement between Greater Bay Bancorp and Wilmington Trust
Company, dated as of March 31, 1997.++
4.10 Agreement as to Expenses and Liabilities, dated as of March 31,
1997.++
4.11 Form of Subordinated Debentures; incorporated herein by reference from
Exhibit 1 of Cupertino National Bancorp's Form 8-K (File No. 0-18015),
filed with the Commission on October 25, 1995.
4.12 Supplemental Debenture Agreement of Cupertino National Bancorp dated
as of November 22, 1996.+
4.13 Supplemental Debenture Agreement dated November 27, 1996 between
Cupertino National Bancorp and Mid-Peninsula Bancorp. +
4.14 Supplemental Debenture Agreement, dated as of March 27, 1997.++
10.1 Employment Agreement with David L. Kalkbrenner, dated March 3, 1992;
incorporated herein by reference from Exhibit 10.15 to Mid-Peninsula
Bancorp's Annual Report on Form 10-K for the year ended December 31,
1994 (File No. 0-25034), filed with the Commission on March 30, 1995.*
10.1.1 Amendment No. 1 to Employment Agreement with David L. Kalkbrenner,
dated March 27, 1998.*+++
10.2 Employment, Severance and Retirement Benefits Agreement with Steven C.
Smith dated July 31, 1995.*+
10.2.1 Amendment No. 1 to Employment, Severance and Retirement Benefits
Agreement with Steven C. Smith, dated March 27, 1998.*+++
10.3 Employment, Severance and Retirement Benefits Agreement with David R.
Hood dated July 31, 1995.*+
10.3.1 Amendment No. 1 to Employment, Severance and Retirement Benefits
Agreement with David R. Hood, dated March 27, 1998.*+++
10.4 Greater Bay Bancorp 1996 Stock Option Plan, as amended; incorporated
herein by reference from Exhibit 99.1 to Greater Bay Bancorp's
Registration Statement on Form S-8 (Registration No. 333-47747), filed
with the Commission on March 11, 1998.*
10.5 Greater Bay Bancorp 401(k) Profit Sharing Plan.*+++
10.6 Greater Bay Bancorp Employee Stock Purchase Plan; incorporated herein
by reference from Greater Bay Bancorp's Proxy Statement for Annual
Meeting of Shareholders (File No. 000-25034), filed with the
Commission on May 13, 1997.*
10.6.1 Amendment to Greater Bay Bancorp Employee Stock Purchase Plan.*+++
10.7 Greater Bay Bancorp Change of Control Pay Plan I.*+++
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
NO. EXHIBIT
------- -------
<C> <S>
10.8 Greater Bay Bancorp Change of Control Pay Plan II.*+++
10.9 Greater Bay Bancorp Termination and Layoff Plan I.*+++
10.10 Greater Bay Bancorp Termination and Layoff Plan II.*+++
10.11 Greater Bay Bancorp 1997 Elective Deferred Compensation Plan.*+++
10.12 Form of Indemnification Agreement between Greater Bay Bancorp and with
directors and certain executive officers. +
11 Statements re Computation of Earnings per Share.+++
12 Statement re Computation of Ratios of Earnings to Fixed Charges.+++
13 Annual Report to Shareholders for the fiscal year ended December 31,
1997.+++
21 Subsidiaries of the Registrant.+++
23 Consent of Independent Accountants.
27.1 Annual Financial Data Schedule for 1997.
27.2 Restated Quarterly Financial Data Schedules for 1997.
27.3 Restated Quarterly and Annual Financial Data Schedules for 1996.
27.4 Restated Annual Financial Data Schedule for 1995.
</TABLE>
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* Represents executive compensation plans and arrangements of Greater Bay
Bancorp.
+ Incorporated by reference from Greater Bay Bancorp's Registration Statement
on Form S-1 (Registration No. 333-22783) dated March 5, 1997.
++ Incorporated by reference from Greater Bay Bancorp's current report on Form
8-K (File No. 000-25034) dated June 5, 1997.
+++ Incorporated by reference from Greater Bay Bancorp's Annual Report on
Form 10-K (File No. 000-25034), filed with the Commission on March 31,
1998.
<PAGE>
EXHIBIT 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration statements of
Form S-8 (Nos. 333-47747, 333-30915, 333-30913 and 333-16967) of our report
dated February 20, 1998, on our audits of the consolidated financial
statements of Greater Bay Bancorp and Subsidiaries as of December 31, 1997 and
1996, and for the years ended December 31, 1997, 1996 and 1995, which report
is included in this Amendment No. 1 to the Annual Report on Form 10-K. We also
consent to the reference to our firm under the caption "Experts."
/s/ Coopers & Lybrand L.L.P.
San Francisco, California
April 13, 1998
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<PAGE>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ANNUAL
REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<CASH> 44,755
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 59,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 156,947
<INVESTMENTS-CARRYING> 44,461
<INVESTMENTS-MARKET> 45,246
<LOANS> 660,656
<ALLOWANCE> (15,208)
<TOTAL-ASSETS> 1,092,422
<DEPOSITS> 973,378
<SHORT-TERM> 0
<LIABILITIES-OTHER> 9,968
<LONG-TERM> 23,000
0
0
<COMMON> 44,218
<OTHER-SE> 22,040
<TOTAL-LIABILITIES-AND-EQUITY> 1,092,422
<INTEREST-LOAN> 61,331
<INTEREST-INVEST> 13,585
<INTEREST-OTHER> 3,000
<INTEREST-TOTAL> 77,916
<INTEREST-DEPOSIT> 27,907
<INTEREST-EXPENSE> 30,140
<INTEREST-INCOME-NET> 47,776
<LOAN-LOSSES> 6,242
<SECURITIES-GAINS> (39)
<EXPENSE-OTHER> 31,146
<INCOME-PRETAX> 16,675
<INCOME-PRE-EXTRAORDINARY> 16,675
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,013
<EPS-PRIMARY> 2.51
<EPS-DILUTED> 2.32
<YIELD-ACTUAL> 8.87
<LOANS-NON> 2,843
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 8,690
<CHARGE-OFFS> (1,130)
<RECOVERIES> 56
<ALLOWANCE-CLOSE> 15,208
<ALLOWANCE-DOMESTIC> 15,208
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS FINANCIAL DATA HAS BEEN RESTATED ON A HISTORICAL BASIS TO REFLECT THE
MERGER WITH PENINSULA BANK OF COMMERCE ON A POOLING OF INTERESTS BASIS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 DEC-31-1997
<PERIOD-START> JUL-01-1997 APR-01-1997 JAN-01-1997
<PERIOD-END> SEP-30-1997 JUN-30-1997 MAR-31-1997
<CASH> 45,525 39,710 33,722
<INT-BEARING-DEPOSITS> 0 0 0
<FED-FUNDS-SOLD> 42,800 46,800 45,700
<TRADING-ASSETS> 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 192,357 165,255 149,220
<INVESTMENTS-CARRYING> 52,256 56,075 59,239
<INVESTMENTS-MARKET> 51,444 55,512 59,191
<LOANS> 619,478 587,858 551,899
<ALLOWANCE> (13,258) (12,341) (10,476)
<TOTAL-ASSETS> 983,762 926,266 868,530
<DEPOSITS> 886,417 830,256 767,053
<SHORT-TERM> 0 2,969 11,803
<LIABILITIES-OTHER> 7,383 6,571 5,361
<LONG-TERM> 23,000 23,000 23,000
0 0 0
0 0 0
<COMMON> 43,589 43,398 43,010
<OTHER-SE> 23,373 20,072 18,303
<TOTAL-LIABILITIES-AND-EQUITY> 983,762 926,266 868,530
<INTEREST-LOAN> 15,883 15,239 13,076
<INTEREST-INVEST> 3,210 3,251 3,026
<INTEREST-OTHER> 965 828 429
<INTEREST-TOTAL> 20,058 19,318 16,531
<INTEREST-DEPOSIT> 7,139 6,779 5,882
<INTEREST-EXPENSE> 584 764 292
<INTEREST-INCOME-NET> 12,233 11,750 10,332
<LOAN-LOSSES> 1,224 2,175 1,993
<SECURITIES-GAINS> 5 2 (51)
<EXPENSE-OTHER> 7,466 7,242 5,396
<INCOME-PRETAX> 5,458 4,526 4,134
<INCOME-PRE-EXTRAORDINARY> 0 0 0
<EXTRAORDINARY> 0 0 0
<CHANGES> 0 0 0
<NET-INCOME> 3,292 2,832 2,546
<EPS-PRIMARY> 0.83 0.71 0.65
<EPS-DILUTED> 0.76 0.66 0.61
<YIELD-ACTUAL> 8.85 8.95 8.50
<LOANS-NON> 3,133 3,414 3,410
<LOANS-PAST> 409 3 967
<LOANS-TROUBLED> 0 0 0
<LOANS-PROBLEM> 0 0 0
<ALLOWANCE-OPEN> 12,341 10,476 8,690
<CHARGE-OFFS> 315 338 221
<RECOVERIES> 8 28 14
<ALLOWANCE-CLOSE> 13,258 12,341 10,476
<ALLOWANCE-DOMESTIC> 13,258 12,341 10,476
<ALLOWANCE-FOREIGN> 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THE QUARTERLY FINANCIAL DATA SET FORTH BELOW HAS BEEN RESTATED ON A HISTORICAL
BASIS TO REFLECT THE MERGERS WITH CUPERTINO NATIONAL BANCORP AND PENINSULA BANK
OF COMMERCE ON A POOLING OF INTERESTS BASIS. THE ANNUAL FINANCIAL DATA SET FORTH
BELOW HAS BEEN RESTATED ON A HISTORICAL BASIS TO REFLECT THE MERGER WITH
PENINSULA BANK OF COMMERCE ON A POOLING OF INTERESTS BASIS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C> <C> <C> <C>
<PERIOD-TYPE> 12-MOS 3-MOS 3-MOS 3-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996 DEC-31-1996 DEC-31-1996
<PERIOD-START> JAN-01-1996 JUL-01-1996 APR-01-1996 JAN-01-1996
<PERIOD-END> DEC-31-1996 SEP-30-1996 JUN-30-1996 MAR-31-1996
<CASH> 45,448 39,852 32,210 32,017
<INT-BEARING-DEPOSITS> 0 0 0 0
<FED-FUNDS-SOLD> 27,100 34,700 53,300 50,300
<TRADING-ASSETS> 0 0 0 0
<INVESTMENTS-HELD-FOR-SALE> 62,406 71,755 66,844 63,465
<INVESTMENTS-CARRYING> 63,176 70,552 56,221 59,437
<INVESTMENTS-MARKET> 63,535 70,188 55,796 59,572
<LOANS> 505,745 456,526 400,706 361,437
<ALLOWANCE> (8,690) (6,983) (6,057) (5,779)
<TOTAL-ASSETS> 826,365 688,079 629,337 595,779
<DEPOSITS> 747,818 620,759 565,714 532,769
<SHORT-TERM> 0 0 0 0
<LIABILITIES-OTHER> 5,592 6,424 5,098 6,084
<LONG-TERM> 3,000 3,000 3,000 3,000
0 0 0 0
0 0 0 0
<COMMON> 42,025 42,075 41,455 40,770
<OTHER-SE> 15,912 16,003 14,070 13,156
<TOTAL-LIABILITIES-AND-EQUITY> 826,365 688,079 629,337 595,779
<INTEREST-LOAN> 42,948 10,442 9,815 9,423
<INTEREST-INVEST> 8,929 2,148 1,806 1,927
<INTEREST-OTHER> 2,221 830 897 542
<INTEREST-TOTAL> 54,098 13,420 12,518 11,889
<INTEREST-DEPOSIT> 18,644 4,909 4,314 4,319
<INTEREST-EXPENSE> 19,125 4,802 4,314 7
<INTEREST-INCOME-NET> 34,973 8,600 8,204 7,563
<LOAN-LOSSES> 2,156 651 410 365
<SECURITIES-GAINS> (263) (123) (109) 22
<EXPENSE-OTHER> 27,457 6,236 5,963 5,545
<INCOME-PRETAX> 9,310 3,069 2,722 2,680
<INCOME-PRE-EXTRAORDINARY> 9,310 3,069 2,722 2,680
<EXTRAORDINARY> 0 0 0 0
<CHANGES> 0 0 0 0
<NET-INCOME> 5,338 1,851 1,661 1,635
<EPS-PRIMARY> 1.40 0.48 0.44 0.44
<EPS-DILUTED> 1.30 0.46 0.42 0.42
<YIELD-ACTUAL> 9.02 8.72 8.80 8.92
<LOANS-NON> 3,436 4,022 3,813 4,202
<LOANS-PAST> 1,237 645 1,104 880
<LOANS-TROUBLED> 0 0 0 0
<LOANS-PROBLEM> 0 0 0 0
<ALLOWANCE-OPEN> 5,456 6,057 5,779 5,456
<CHARGE-OFFS> (367) 135 193 66
<RECOVERIES> 645 410 61 24
<ALLOWANCE-CLOSE> 8,690 6,983 6,057 5,779
<ALLOWANCE-DOMESTIC> 8,690 6,983 6,057 5,779
<ALLOWANCE-FOREIGN> 0 0 0 0
<ALLOWANCE-UNALLOCATED> 0 0 0 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<LEGEND>
THIS FINANCIAL DATA HAS BEEN RESTATED ON A HISTORICAL BASIS TO REFLECT THE
MERGERS WITH CUPERTINO NATIONAL BANCORP AND PENINSULA BANK OF COMMERCE ON A
POOLING OF INTERESTS BASIS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 35,283
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 38,400
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 75,334
<INVESTMENTS-CARRYING> 61,275
<INVESTMENTS-MARKET> 61,717
<LOANS> 348,840
<ALLOWANCE> 5,456
<TOTAL-ASSETS> 576,588
<DEPOSITS> 515,854
<SHORT-TERM> 0
<LIABILITIES-OTHER> 5,352
<LONG-TERM> 3,000
0
0
<COMMON> 40,109
<OTHER-SE> 12,884
<TOTAL-LIABILITIES-AND-EQUITY> 576,588
<INTEREST-LOAN> 35,517
<INTEREST-INVEST> 7,767
<INTEREST-OTHER> 2,554
<INTEREST-TOTAL> 45,838
<INTEREST-DEPOSIT> 15,495
<INTEREST-EXPENSE> 16,339
<INTEREST-INCOME-NET> 29,499
<LOAN-LOSSES> 1,160
<SECURITIES-GAINS> (113)
<EXPENSE-OTHER> 23,187
<INCOME-PRETAX> 7,834
<INCOME-PRE-EXTRAORDINARY> 7,834
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,817
<EPS-PRIMARY> 1.36
<EPS-DILUTED> 1.27
<YIELD-ACTUAL> 9.33
<LOANS-NON> 3,105
<LOANS-PAST> 830
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 5,590
<CHARGE-OFFS> (1,489)
<RECOVERIES> 195
<ALLOWANCE-CLOSE> 5,456
<ALLOWANCE-DOMESTIC> 5,456
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
