<PAGE>
EXHIBIT 99.2
Press Release dated July 12, 2000
For Information Contact
-----------------------
At Greater Bay Bancorp: At Financial Relations Board:
David L. Kalkbrenner Christina Carrabino (general information)
President and CEO James Hoyne (analyst contact)
(650) 614-5767 (415) 986-1591
Steven C. Smith
EVP, CAO and CFO
(650) 813-8222
FOR IMMEDIATE RELEASE
GREATER BAY BANCORP REPORTS RECORD
SECOND QUARTER OPERATING RESULTS WITH A
52% INCREASE IN CORE EARNINGS PER SHARE
PALO ALTO, CA, July 12, 2000 -- Greater Bay Bancorp (Nasdaq: GBBK), a $3.7
billion in assets financial services holding company, today announced record
results for the second quarter and six months ended June 30, 2000. Greater Bay
Bancorp's core earnings, which is its net income, excluding nonrecurring warrant
income, merger related costs and extraordinary items, for the second quarter of
2000 increased 63% to $14.6 million, or $0.79 per diluted share, compared to
$9.0 million, or $0.52 per diluted share, in the second quarter of 1999. The
second quarter of 2000 included pretax nonrecurring warrant income and merger
related costs and extraordinary items of $740,000 and $6.7 million,
respectively, compared to $226,000 and $2.5 million in the second quarter of
1999.
Net income, including nonrecurring warrant income and excluding nonrecurring
merger related expenses and extraordinary items, increased 67% to $15.1 million,
or $0.81 per diluted share, for the second quarter of 2000, compared to $9.1
million, or $0.53 per diluted share, in the second quarter of 1999.
Net income, including nonrecurring warrant income and including nonrecurring
merger related expenses and extraordinary items, for the second quarter of 2000
increased 27% to $8.3 million, or $0.45 per diluted share, compared to net
income of $6.6 million, or $0.38 per diluted share, in the second quarter of
1999.
Based on its core earnings for the second quarter of 2000, Greater Bay Bancorp's
----
return on average equity was 24.86%, its return on average assets was 1.62% and
its efficiency ratio was 41.53%. During the second quarter of 1999, Greater Bay
----
Bancorp's core earnings resulted in return on average equity of 20.44%, return
on average assets of 1.33% and an efficiency ratio of 53.80%.
1
<PAGE>
Greater Bay Bancorp's core earnings, which is its net income, excluding
nonrecurring warrant income, merger related costs and extraordinary items, for
the first six months of 2000 increased 61% to $27.5 million, or $1.51 per
diluted share, compared to $17.1 million, or $1.00 per diluted share, in the
first six months of 1999. The first six months of 2000 included pretax
nonrecurring warrant income and merger related costs and extraordinary items of
$9.3 million and $9.1 million, respectively, compared to $230,000 and $2.5
million in the first half of 1999.
Net income, including nonrecurring warrant income and excluding nonrecurring
merger related expenses and extraordinary items, increased 92% to $33.0 million,
or $1.81 per diluted share, for the first six months of 2000, compared to $17.2
million, or $1.00 per diluted share, in the first six months of 1999.
Net income, including nonrecurring warrant income and including nonrecurring
merger related expenses and extraordinary items, for the six months ended June
30, 2000 increased 63% to $23.9 million, or $1.31 per diluted share, compared to
net income of $14.6 million, or $0.85 per diluted share, for the first six
months of 1999.
Based on its core earnings for the first six months of 2000, Greater Bay
----
Bancorp's return on average equity was 24.07%, its return on average assets was
1.56% and its efficiency ratio was 43.73%. During the first six months of 1999,
----
Greater Bay Bancorp's core earnings resulted in return on average equity of
20.69%, return on average assets of 1.34% and an efficiency ratio of 54.92%.
Non-interest income continues to grow significantly, reflecting Greater Bay
Bancorp's efforts to further diversify its revenue stream. During the second
quarter ended June 30, 2000, the Company's trust fees, depositor services fees,
gain on sale of SBA loans, and loan and international banking fees were $4.7
million, up 52% from $3.1 million in the second quarter of 1999.
At June 30, 2000, Greater Bay Bancorp's total assets were $3.7 billion, an
increase of 33% or $920 million from June 30, 1999. Total loans grew to $2.5
billion, an increase of 38% or $682 million from June 30, 1999, while total
deposits increased to $3.2 billion, an increase of 31% or $757 million from June
30, 1999.
"Greater Bay Bancorp continues to report record operating results, with second
quarter core EPS of $0.79 per diluted share, the 14/th/ consecutive quarter of
---------------------------------
earnings per share increases. We continue to focus on value creation for our
----------------------------
shareholders and we are extremely pleased to report that our return on average
equity in the second quarter of 24.86% was the 11th consecutive quarter when
shareholders' return on average equity exceeded 20%," said David Kalkbrenner,
president and chief executive officer of Greater Bay Bancorp.
Mr. Kalkbrenner continued, "Greater Bay Bancorp's asset quality continues to
remain strong, as our non-performing assets remain at low levels compared to our
peers. Even with our strong asset and loan growth, we continue to strengthen our
balance sheet and maintain proper reserves, while aggressively managing our non-
performing assets."
2
<PAGE>
"We are also pleased that our strong financial performance combined with strong
asset quality enabled Greater Bay Bancorp to receive an Investment Grade rating
on its Trust Preferred Securities issued during the second quarter of 2000. This
rating reflects the strength and stability of our Company and is recognition of
the superior job our employees do in managing our client relationships," stated
Kalkbrenner.
"During May, we closed and fully integrated our seventh acquisition in three
years with the addition of Coast Commercial Bank. We have two additional
quality community banks scheduled to join the Greater Bay family by the end of
the year 2000. On a pro forma basis, as if these mergers had occurred on June
30, 2000, Greater Bay Bancorp would have had assets of approximately $4.3
billion. Our Super Community Banking strategy continues to be very effective as
it allows businesses and business owners to choose high touch personal service
through their local bank while also providing the services and lending limits
only available through larger financial services companies," stated Kalkbrenner.
Greater Bay Bancorp's allowance for loan losses increased to 2.19% of total
loans at June 30, 2000, compared to 2.12% at March 31, 2000 and 1.85% at June
30, 1999, while its ratio of non-performing assets to total assets was 0.25% at
June 30, 2000, compared to 0.20% at March 31, 2000 and 0.27% at June 30, 1999.
The allowance for loan losses was 577.69% of total non-performing assets at June
30, 2000, compared to 673.17% at March 31, 2000 and 445.20% at June 30, 1999.
Greater Bay Bancorp's capital ratios continue to be above the well-capitalized
guidelines established by the bank regulatory agencies.
Greater Bay Bancorp signed definitive merger agreements to merge with Bank of
Santa Clara, Santa Clara, California, which is anticipated to close in July 2000
and Bank of Petaluma, Petaluma, California, which is anticipated to close early
in the fourth quarter of 2000.
Greater Bay Bancorp through its eight subsidiary banks, Bay Area Bank, Bay Bank
of Commerce, Coast Commercial Bank, Cupertino National Bank, Golden Gate Bank,
Mid-Peninsula Bank, Mt. Diablo National Bank, and Peninsula Bank of Commerce,
along with its operating divisions serves clients throughout Silicon Valley, San
Francisco, the San Francisco Peninsula, the Contra Costa Tri-Valley Region and
the Coastal Market.
Safe Harbor
This document may contain forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ materially from
those projected. For a discussion of factors that could cause actual results to
differ, please see the publicly available Securities and Exchange Commission
filings of Greater Bay Bancorp, including its Annual Report on Form 10-K for the
year ended December 31, 1999, and particularly the discussion of risk factors
within such documents.
We have historically obtained rights to acquire stock, in the form of warrants,
in certain clients as part of negotiated credit facilities. We may not be able
to realize gains from these equity instruments in future periods due to
fluctuations in the market prices of the underlying common stock of these
companies. The timing and amount of income, if any, from the disposition of
client warrants typically depend upon factors beyond our control, including the
general condition of the public equity markets, levels of mergers and
acquisitions activity,
3
<PAGE>
and legal and contractual restrictions on our ability to sell the underlying
securities. Therefore, future gains cannot be predicted with any degree of
accuracy and are likely to vary materially from period to period. In addition, a
significant portion of the income we realize from the disposition of client
warrants may be offset by expenses related to our efforts to build an
infrastructure sufficient to support our present and future business activities,
as well as expenses incurred in evaluating and pursuing new business
opportunities.
For investor information on Greater Bay Bancorp at no charge, call our automated
shareholder information line at 1-800-PRO-INFO (1-800-776-4636) and enter code
GBBK. For international access, dial 1-201-432-6555.
- FINANCIAL TABLES FOLLOW -
4
<PAGE>
GREATER BAY BANCORP
JUNE 30, 2000 - FINANCIAL SUMMARY
($ in 000's, except share and per share data)
<TABLE>
<CAPTION>
SELECTED CONSOLIDATED FINANCIAL CONDITION DATA:
Jun 30 Mar 31 Dec 31 Sept 30 June 30
2000 2000 1999 1999 1999
------ ------ ------ ------- -------
<S> <C> <C> <C> <C> <C>
Cash and Due From Banks $ 255,480 $ 154,301 $ 125,886 $ 140,488 $ 133,379
Investments 869,414 1,034,031 852,740 817,544 790,403
Loans:
Commercial 1,037,383 956,341 845,422 787,080 745,404
Term Real Estate - Commercial 679,457 640,579 595,499 540,906 465,617
----------- ----------- ----------- ----------- -----------
Total Commercial 1,716,840 1,596,920 1,440,921 1,327,986 1,211,021
Construction 497,823 474,916 459,349 387,257 346,882
Real Estate - Other 119,904 118,212 111,703 117,440 116,873
Consumer and Other 140,311 116,880 128,120 114,209 114,611
Deferred Loan Fees, Net (12,459) (11,255) (10,604) (10,375) (9,039)
----------- ----------- ----------- ----------- -----------
Total Loans 2,462,419 2,295,673 2,129,489 1,936,517 1,780,348
Allowance for Loan Losses (54,020) (48,650) (44,147) (36,696) (33,016)
----------- ----------- ----------- ----------- -----------
Total Loans, Net 2,408,399 2,247,023 2,085,342 1,899,821 1,747,332
Other Assets 173,799 170,882 151,128 132,585 115,804
----------- ----------- ----------- ----------- -----------
Total Assets $ 3,707,092 $ 3,606,237 $ 3,215,096 $ 2,990,438 $ 2,786,918
=========== =========== =========== =========== ===========
Deposits:
Demand, Non-Interest Bearing $ 689,912 $ 704,486 $ 598,428 $ 545,732 $ 487,205
NOW, MMDA and Savings 1,813,152 1,845,627 1,628,128 1,528,658 1,403,376
Time Certificates, $100,000 and over 575,338 524,432 474,913 443,798 408,445
Other Time Certificates 101,404 84,555 105,530 124,094 124,100
----------- ----------- ----------- ----------- -----------
Total Deposits 3,179,806 3,159,100 2,806,999 2,642,282 2,423,126
----------- ----------- ----------- ----------- -----------
Other Borrowings 133,500 97,124 100,600 84,178 112,135
Other Liabilities 56,990 58,698 51,863 37,438 32,021
----------- ----------- ----------- ----------- -----------
Total Liabilities 3,370,296 3,314,922 2,959,462 2,763,898 2,567,282
----------- ----------- ----------- ----------- -----------
Trust Preferred Securities 99,500 58,500 49,000 49,000 49,000
Stockholders' Equity 237,296 232,815 206,634 177,540 170,636
----------- ----------- ----------- ----------- -----------
Total Liabilities and Shareholders' Equity $ 3,707,092 $ 3,606,237 $ 3,215,096 $ 2,990,438 $ 2,786,918
=========== =========== =========== =========== ===========
Average Quarterly Total Loans, excluding Nonaccrual $ 2,369,109 $ 2,207,501 $ 2,017,723 $ 1,866,895 $ 1,719,484
Average Quarterly Investments $ 999,746 $ 990,836 $ 930,392 $ 793,069 $ 796,831
Average Quarterly Interest Earning Assets $ 3,368,855 $ 3,198,337 $ 2,948,115 $ 2,659,964 $ 2,516,315
Average Quarterly Interest Bearing Liabilities $ 2,783,979 $ 2,524,833 $ 2,356,796 $ 2,162,416 $ 2,041,197
Average Quarterly Assets $ 3,642,030 $ 3,443,294 $ 3,176,972 $ 2,872,119 $ 2,708,987
Average Quarterly Equity $ 236,778 $ 222,924 $ 184,946 $ 176,530 $ 176,169
Regulatory Capital
Tier I or Leverage Capital $ 335,519 $ 301,382 $ 254,764 $ 224,684 $ 212,146
Total Capital $ 392,378 $ 341,459 $ 291,882 $ 263,280 $ 249,765
Nonperforming Assets
Nonaccrual Loans $ 8,715 $ 6,203 $ 5,516 $ 7,864 $ 5,578
Loans 90 Days Past Due & Accruing - 10 51 353 209
Restructured Loans 407 743 807 1,492 1,034
OREO 229 271 271 515 595
----------- ----------- ----------- ----------- -----------
Total Nonperforming Assets $ 9,351 $ 7,227 $ 6,645 $ 10,224 $ 7,416
=========== =========== =========== =========== ===========
Greater Bay Trust Company Assets $ 795,042 $ 751,677 $ 697,435 $ 652,054 $ 659,414
SELECTED QUARTERLY CONSOLIDATED FINANCIAL CONDITION RATIOS:
June 30 Mar 31 Dec 31 Sept 30 June 30
2000 2000 1999 1999 1999
------ ------ ------ ------- -------
Loan to Deposit Ratio 77.44% 72.67% 75.86% 73.29% 73.47%
Ratio of Allowance for Loan Losses to:
Total Loans 2.19% 2.12% 2.07% 1.89% 1.85%
Total Nonperforming Assets 577.69% 673.17% 664.36% 358.92% 445.20%
Total Nonperforming Assets to Total Assets 0.25% 0.20% 0.21% 0.34% 0.27%
Ratio of Quarterly Net Charge-offs to Average
Loans, annualized -0.69% -0.30% -0.21% -0.02% -0.02%
Ratio of YTD Net Charge-offs to Average Loans,
annualized -0.49% -0.30% -0.07% -0.03% -0.04%
Internal Loan Growth, Annualized 29.21% 31.39% 39.53% 34.80% 33.20%
Recurring Revenue Growth, Annualized 35.87% 22.89% 51.43% 57.58% 34.74%
Earning Assets to Total Assets 92.50% 92.89% 92.80% 92.61% 92.89%
Earning Assets to Interest-Bearing Liabilities 121.01% 126.68% 125.09% 123.01% 123.28%
Capital Ratios:
Leverage (1) 9.21% 8.75% 8.02% 7.82% 7.85%
Tier 1 Risk Based Capital (1) 10.93% 10.31% 9.56% 9.26% 9.82%
Total Risk Based Capital (1) 12.78% 11.68% 10.95% 10.85% 11.56%
Risk Weighted Assets $ 3,069,737 $ 2,924,012 $ 2,666,000 $ 2,426,731 $ 2,160,637
Book Value Per Share $ 13.32 $ 13.11 $ 12.14 $ 10.80 $ 10.44
Total Shares Outstanding 17,820,348 17,755,403 17,019,474 16,435,028 16,342,068
</TABLE>
Note: Prior periods have been restated to reflect the mergers between Greater
Bay Bancorp, Bay Area Bancshares, Bay Commercial Services, Mt. Diablo Bancshares
and Coast Bancorp. on a pooling-of-interests basis.
<PAGE>
GREATER BAY BANCORP
JUNE 30, 2000 - FINANCIAL SUMMARY
($ in 000's, except share and per share data)
<TABLE>
<CAPTION>
SELECTED QUARTERLY CONSOLIDATED OPERATING DATA:
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
2000 2000 1999 1999 1999
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Interest Income $77,131 $69,435 $63,131 $56,528 $51,702
Interest Expense 30,000 27,519 24,628 21,636 19,934
------- ------- ------- ------- -------
Net Interest Income Before
Provision for Loan Losses 47,131 41,916 38,503 34,892 31,768
Provision for Loan Losses 7,982 5,314 6,233 3,752 1,916
------- ------- ------- ------- -------
Net Interest Income After
Provision for Loan Losses 39,149 36,602 32,270 31,140 29,852
Other Income:
Trust Fees 905 924 774 768 727
Depositor Service Fees 1,148 1,183 1,542 1,235 1,202
ATM Fees 584 570 635 789 613
Loan and International
Banking Fees 1,927 1,176 1,208 946 697
Gain on Sale of SBA Loans 675 619 114 656 446
Gain/(loss) on Investments 58 (1) (19) - (9)
Other Income (1) 1,289 2,931 3,905 2,021 628
------- ------- ------- ------- -------
6,586 7,402 8,159 6,415 4,304
Nonrecurring - Warrant Income (4) 740 8,609 14,278 - 226
------- ------- ------- ------- -------
Other Income 7,326 16,011 22,437 6,415 4,530
Operating Expenses:
Compensation and Benefits 12,320 12,835 12,620 11,423 10,896
Occupancy and Equipment 4,386 4,536 3,946 3,668 3,403
Professional Services & Legal 999 920 572 835 729
Client Services 490 539 431 529 478
FDIC Insurance and Assessments 210 240 137 196 146
Other Real Estate, Net 41 10 (53) 30 15
Other Expenses 3,860 3,672 4,273 3,773 3,740
------- ------- ------- ------- -------
22,306 22,752 21,926 20,454 19,407
Nonrecurring Expenses (2)(4) - - 11,837 - 323
------- ------- ------- ------- -------
Total Operating Expenses 22,306 22,752 33,763 20,454 19,730
Income Before Income Taxes, Merger
and Other Related Nonrecurring
Costs and Extraordinary Items 24,169 29,861 20,944 17,101 14,652
Income Taxes:
Income Tax Expense 8,793 8,374 6,754 6,459 5,771
Nonrecurring Income Tax Expense (4) 290 3,590 (2,046) - (173)
------- ------- ------- ------- -------
Total Income Tax Expense 9,083 11,964 4,708 6,459 5,598
Income Before Merger and Other Related
Nonrecurring Costs and Extraordinary
Items 15,086 17,897 16,236 10,642 9,054
Merger and Other Related Nonrecurring
Costs, net of tax (4) 6,744 2,389 3,995 - 2,492
------- ------- ------- ------- -------
Net Income Before Extraordinary Items 8,342 15,508 12,241 10,642 6,562
Extraordinary Items, net of tax - - - - -
------- ------- ------- ------- -------
Net Income $ 8,342 $15,508 $12,241 $10,642 $ 6,562
======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
SELECTED QUARTERLY CONSOLIDATED OPERATING RATIOS:
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
2000 2000 1999 1999 1999
------------- -------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Income Per Share (Before Nonrecurring, Merger and
Extraordinary Items) (4)
Basic $ 0.82 $ 0.75 $ 0.71 $ 0.65 $ 0.55
Diluted $ 0.79 $ 0.72 $ 0.67 $ 0.61 $ 0.52
Income Per Share (Before Merger and Extraordinary
Items)
Basic $ 0.84 $ 1.04 $ 0.98 $ 0.65 $ 0.56
Diluted $ 0.81 $ 1.00 $ 0.93 $ 0.61 $ 0.53
Net Income Per Share
Basic $ 0.46 $ 0.90 $ 0.74 $ 0.65 $ 0.40
Diluted $ 0.45 $ 0.86 $ 0.70 $ 0.61 $ 0.38
Weighted Average Common Shares Outstanding 17,788,000 17,088,000 16,511,000 16,388,000 16,261,000
Weighted Average Common & Common Equivalent
Shares Outstanding 18,503,000 17,892,000 17,531,000 17,318,000 17,177,000
Return on Period Average Assets, annualized (3) 1.62% 1.50% 1.47% 1.47% 1.33%
Return on Period Average Equity, annualized (3) 24.86% 23.23% 25.21% 23.92% 20.44%
Net Interest Margin - Average Earning Assets 5.61% 5.26% 5.18% 5.20% 5.06%
Operating Expense Ratio (Before Nonrecurring, Merger and
Extraordinary Items) 2.46% 2.65% 2.74% 2.83% 2.87%
Efficiency Ratio (Before Nonrecurring, Merger and 41.53% 46.13% 46.99% 49.52% 53.80%
Extraordinary Items)
</TABLE>
(1) Q1 2000, Q4 and Q3 of 1999 include a $2.1 million, $3.1 million, and
$900,000 gain on an equity investment, respectively.
(2) Q4 and Q2 of 1999 Nonrecurring Expenses are comprised of $7.4 million and
$323,000 in donations to the GBB Foundation, respectively.
(3) Before Nonrecurring, Merger and Extraordinary Items of $6.3 million, net of
tax, in Q2 2000; $2.6 million, net of tax, in Q1 2000; $492,000, net of tax,
in Q4 1999; and $2.4 million, net of tax, in Q2 1999.
(4) Components of Nonrecurring, Merger and Extraordinary Items. Net Income
excluding these items is $14,636 for Q2 2000, $12,878 for Q1 2000, $11,751
for Q4 1999; $10,642 for Q3 1999, and $8,977 for Q2 1999.
Note: Prior periods have been restated to reflect the mergers between Greater
Bay Bancorp, Bay Area Bancshares, Bay Commercial Services, Mt. Diablo Bancshares
and Coast Bancorp. on a pooling-of-interests basis.
<PAGE>
GREATER BAY BANCORP
June, 2000 - FINANCIAL SUMMARY
($ in 000's, except share and per share data)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
SELECTED YEAR TO DATE CONSOLIDATED OPERATING DATA:
June 30, June 30,
2000 1999
-------- -------
Interest Income $146,566 $97,870
Interest Expense 57,519 37,496
-------- -------
Net Interest Income Before Provision for Loan Losses 89,047 60,374
Provision for Loan Losses 13,296 3,079
-------- -------
Net Interest Income After Provision for Loan Losses 75,751 57,295
Other Income (1) 13,988 8,894
Nonrecurring - Warrant Income 9,349 230
-------- -------
Total Other Income 23,337 9,124
Operating Expenses 45,058 38,044
Other Expenses - nonrecurring (2) -- 323
-------- -------
Total Operating Expenses 45,058 38,367
-------- -------
Net Income Before Income Taxes, Merger and Other Related Nonrecurring Costs and Extraordinary Items 54,030 28,052
Income Tax Expense 21,047 10,878
Net Income Before Merger and Other Related Nonrecurring Costs and Extraordinary Items 32,983 17,174
Merger and Other Related Nonrecurring Costs, net of tax 9,133 2,492
Net Income Before Extraordinary Items 23,850 14,682
Extraordinary Items (3) -- (88)
Net Income $23,850 $14,594
-------- -------
SELECTED YEAR TO DATE CONSOLIDATED OPERATING RATIOS:
June 30, June 30,
2000 1999
Net Income Per Share (Before Nonrecurring, Merger and Extraordinary Items) (4)
Basic $1.57 $1.06
Diluted $1.51 $1.00
Net Income Per Share (Before Merger and Extraordinary Items)
Basic $1.88 $1.06
Diluted $1.81 $1.00
Net Income Per Share
Basic $1.36 $0.90
Diluted $1.31 $0.85
Weighted Average Common Shares Outstanding 17,566,000 16,163,000
Weighted Average Common & Common Equivalent Shares Outstanding 18,339,000 17,111,000
Return on Average Assets, annualized (4) 1.56% 1.34%
Return on Average Equity, annualized (4) 24.07% 20.69%
Net Interest Margin - Average Earning Assets 5.44% 5.02%
Operating Expense Ratio (Before Nonrecurring and Extraordinary Items) 2.56% 2.97%
Efficiency Ratio (Before Nonrecurring, Merger and Extraordinary Items) 43.73% 54.92%
------------------------------------------------------------------------------------------------------------------------------------
(1) 2000 includes a $2.1 million gain on an equity investment.
(2) 1999 nonrecurring expenses are comprised of a $323,000 donation to the GBB Foundation.
(3) Includes $88,000 loss on early retirement of subordinated debt.
(4) Before Merger and Other Related Nonrecurring Costs and Extraordinary Items of $3.7 million, net of tax in 2000
and $2.5 million, net of tax, in 1999.
Note: Prior periods have been restated to reflect the mergers between Greater Bay Bancorp, Bay Area Bancshares, Bay Commercial
Services, Mt. Diablo Bancshares and Coast Bancorp. on a pooling-of-interests basis.
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
