Irwin
Financial's Small Ticket Leasing Business Incurs $1.7 Million QIV
Loss
Irwin
Financial's small-ticket leasing line of business which includes Irwin
Business Finance, Onset Capital, and Irwin Franchise Capital (www.irwinbf.com),
incurred a pre-tax loss of $1.7 million in the fourth quarter, compared
with a pre-tax loss of $0.2 million a year earlier and a loss of $4.4
million pre-tax for the year, compared with a $2.6 million pre-tax
loss in 2000.
The increased loss was principally the result of difficult economic
conditions that led to higher levels of charge-offs and delinquencies,
primarily on the company's domestic leases originated in 2000. To
address these issues, the company's provision for loan and lease losses
totaled $2.8 million during the fourth quarter, compared to $0.6 million
a year ago. Lease charge-offs increased to $1.7 million during the
fourth quarter, a $1.0 million year-over-year increase. The company
tightened its underwriting criteria for its domestic broker business
beginning in the first quarter of 2001. Leases originated since that
time have shown improved performance. Lease and loan fundings totaled
$46.4 million in the fourth quarter, a year-over-year increase of
24.8 percent. The equipment lease and loan portfolio totaled $264.8
million at year-end, a $109.9 million or 71 percent annual increase.
(Courtesy of Monitordaily.com)
########################################################
Pitney Bowes Capital Services Names Two Additional Members to Franchise
Finance Team
STAMFORD, Conn, -- Pitney Bowes Inc. (NYSE:PBI) announced that Pitney
Bowes Capital Services had added two more experienced professionals
to their franchise finance team, as listed below. In December 2001,
Pitney Bowes Capital Services announced its entry into the franchise
finance marketplace where it will be offering customized financial
solutions to multi-unit franchise operators.
Pitney Bowes Inc. is a $4 billion global provider of integrated mail
and document management solutions headquartered in Stamford, Connecticut.
The company serves more than 2 million businesses of all sizes through
dealer and direct operations. Pitney Bowes Capital Services operates
through Pitney Bowes Credit Corporation, a subsidiary of Pitney Bowes
Inc.
For additional information about Pitney Bowes, please visit our website
at www.pitneybowes.com.
John
Stewart, Director of Marketing & New Business Development
· 14 years experience in financial services with several major companies
· Most recently: National Marketing Manager, SIEMENS MEDICAL SOLUTIONS
FINANCIAL SERVICES
· Prior: Director of Marketing, Franchise Finance Group, FINOVA CAPITAL
CORP
Barry Parks, Sales Vice President
· 15 years experience in financial services with several major companies
· Most recently: VP & Division Mgr., Communication Finance, FINOVA
CAPITAL CORP
· Prior: VP Marketing, Franchise Finance Group, FINOVA CAPITAL CORP
(Courtesy of ELAonline)
######################################################
Please tune in at 1pm, PDT www.leasingnews.org/newsmaker.htm
Certified Lease Professionals "Missing"
If
you know of any of the following e-mail address, telephone number,
or company where they may be working, please contact Cindy Spurdle
at the CLP Foundation at CWSpurdle@msn.com or at 610-687-0213 or fax
610-687-4111
Ronnie
Bissland
Bob Clabots,
Ann Clark,
Cathy Clark,
Kevin Conroy,
Ron Hill,
Tim Hill,
Joyce King,
Jennifer Kardos
Ralph Lewerenz,
Tom Long,
Duncan McIntyre,
Jeff Minott,
Jennifer Mintz,
Pat O'Rourke,
Pat Ontal,
Kris Rector
Patty Russell,
Ron Schultz,
Chris Siri,
Bill Wehner,
Dale Volkamer.
If anyone has an address or phone number please advise Cindy at the
CLP Foundation at CWSpurdle@msn.com or at 610-687-0213 or fax 610-687-4111.
. Doug Rees, formerly of Bancorp Financial Services Fame, Now at Enterprise
Funding
### ####################### ######################
Enterprise Funding Group Announces New Name, New Broker Services Program
and New Hires.
Grand Rapids, MI. Curt Bobeldyk, President and Chief Lending Officer,
announced today that the company's name has been changed to Enterprise
Funding Group from Enterprise Capital Corp. "The name change is a
function of our recent private equity capitalization and our increased
focus on providing much needed funding support to brokers and lessors
in the equipment leasing industry. I am very excited about the opportunity
to grow an already successful company into new markets. Our focus
has always been on providing high quality service in the Michigan
and Indiana markets. Growing throughout the Midwest and continuing
our conservative, profitable operations under Enterprise Funding Group
is the opportunity we have been seeking for some time." The equity
placement was handled by Smith and Associates, an investment advisory
firm located in Holland, MI.
The company has opened a Broker Services Program, aimed at small ticket
($10,000 to $100,000) transactions for brokers and lessors in the
Midwest market area. "We are interested in developing strong relationships
with select brokers and lessors that are built on excellent service,
prudent underwriting, and mutual trust. We have identified a need
for our services and plan to be a key player for years to come", said
Bobeldyk. Doug Rees, formerly of Bancorp Financial Services, has joined
Enterprise Funding Group to head up the Broker Services Program. "Doug
has the contacts and expertise to grow our program. I am very excited
to have him as a part of our team," said Bobeldyk.
Thomas F. Walker has also joined Enterprise Funding Group as a business
development representative in Michigan. Tom has 17 years of lending
experience, most recently with First International Bank.
Enterprise Funding Group is a Grand Rapids, MI-based equipment finance
company, specializing in hard asset equipment in manufacturing, industrial,
and construction industries in the Midwest. The company's website
is www.enterprisefundinggroup.com.
### ###################### #########################
Valentine Day-February 14th
Valentine Day is right around the corner. Now is the time to start
thinking of ordering some chocolate to your significant other, mother,
spouse, sister, daughter, or business associate to show your appreciation
Australian
www.bellefleur.com.au/
Belgian
www.orderline.com/chocolate/
French, wow
www.french-chocolate.com
www.zChocolat.com
from Provence, fast delivery, raves about gift, plus "refresh" club
Great Britain
www.thechocolatesociety.co.uk/
Mendocino, CA. U.S.A.
www.mendocino-chocolate.com
on line store and also worth the drive to Mendocino, too.
New Jersey, U.S.A.
www.ethelm.com
San Jose, Ca. U.S.A.
www.schurras.com
Silicon Valley's finest
United States
www.godiva.com
www.sees.com
Great chocolate, underrated by many until you try one, business discounts
up to 30% are available
Boxed Chocolate Ratings from Consumer Reports http://www.americanleasing.com/recommendations/chocolateRated.htm
History
of St. Valetine's Day
5th
Century, Rome
Mid February was traditionally the time of the Lupercian festival,
an ode to the God of fertility and a celebration of sensual pleasure,
a time to meet and court a prospective mate. In AD 496, Pope Gelasius
outlawed the pagan festival. But he was clever to replace it with
a similar celebration, although one deemed morally suitable. He needed
a "lovers" saint to replace the pagan deity Lupercus.
The martyred Bishop Valentine was chosen as the patron saint of the
new festival. Saint Valentine had been beheaded for helping young
lovers marry against the wishes of the mad emperor Claudius. Before
execution, Valentine himself had fallen in love with his jailer's
daughter. He signed his final note to her, "From Your Valentine",
a phrase that has lasted through the centuries
Pope Gelasius didn't get everything he wanted. The pagan festival
died out, it is true, but he had further hoped people would emulate
the lives of saints. Instead they latched onto the more romantic aspect
of Saint Valentines religious life. While not immediately as popular
as the more passionate pagan festival, eventually the concept of celebrating
true love became known as Valentine's Day
#### ############################# ##########################
Broadlane and HealthCare Markets Group Enter Into Three-Year Financial
Management Services Agreement
SAN FRANCISCO & NEWPORT BEACH, Calif Broadlane Inc., a leader in providing
supply chain management services to the healthcare industry, today
announced an agreement with HealthCare Markets Group (HMG), a respected
supplier of specialty financial advisory services to the healthcare
industry, to provide equipment lease management services to Broadlane's
customers. The three-year agreement, which is effective immediately,
covers database management and negotiation services for the termination
or restructuring of leased and rented capital equipment contracts.
HMG's Lease Management Program provides financial management services
that optimize purchase options, or restructure terms of capital equipment
assets on fair market value leases or rentals, therefore eliminating
or limiting the exposure to leases or rentals that are not cost effective.
"Broadlane operates one of the most dynamic and successful purchasing
programs in the industry and we are delighted with the opportunity
to be able to serve their diverse customer base of hospitals and other
healthcare facilities," said Matt Morsey, partner of HMG.
Under the Lease Management Program, HMG assumes the leadership role
in an area of financial management often overlooked by healthcare
providers: tracking, analyzing, managing and negotiating end-term
solutions that optimize purchase options or restructuring terms of
capital equipment assets on fair market value leases or rentals. HMG's
Lease Management Program has successfully resolved over $500 million
in lease and rental contracts saving its clients millions annually.
"We are committed to offering our customers the most progressive and
innovative services available in the market," said Bill Thomas of
Broadlane's Contracting Services Department. "HMG has proven its ability
to reduce the costs associated with the lease and rental of capital
equipment and we are pleased to offer their services to our customers."
About Broadlane
Through an extensive suite of services, Broadlane delivers comprehensive
supply chain management services to the healthcare industry. Those
services include contract management, procurement strategy consulting,
materials management outsourcing, and technology services. Among the
companies that focus on improving efficiencies within the healthcare
supply chain, only Broadlane offers this full array of services.
Broadlane customers include leading healthcare providers such as Kaiser
Permanente, Tenet Healthcare Corporation (NYSE:THC), Universal Health
Services (NYSE:UHS), Continuum Health Partners, The Health Alliance
of Greater Cincinnati, Community Health Systems (NYSE:CYH), U.S. Oncology
(Nasdaq:USON), IASIS Healthcare and others. Broadlane counts among
its customers more than 300 acute care hospitals and more than 1,400
sub-acute care facilities. Broadlane has offices in San Francisco
and Oakland, Calif.; Cincinnati; Dallas; and New York City. For more
information visit www.broadlane.com.
(Courtesy of ELAonline.com)
#### ############################### ####################
Progress Financial Corporation Announces Fourth Quarter Net Income
of $555,000 or $.10 per Share
Mr. Wycoff went on to say, "The expansion of our retail branch franchise
by 25% and the excellent performance of our real estate and SBA lending
divisions in 2001 contributed to our ability to weather the technology
and economic downturn. When the Comerica sale is completed, we will
have significantly reduced our Company's risk profile, and we look
forward to continued growth in 2002 based on our community banking
strategy."
BLUE BELL, Pa., --
Progress Financial Corporation (the "Company")(Nasdaq: PFNC) today
reported fourth quarter 2001 earnings of $555,000, or diluted earnings
per share of $.10. Operating earnings, which excludes gain from sale
of securities, gain on sale of investments in unconsolidated entities,
equity (loss) in unconsolidated entities, gain on sale of Maryland
leasing division, client warrant income (loss), additional loan loss
provisions, income from discontinued operations, non-recurring write-offs
and data processing conversion costs, net of tax, for the fourth quarter
of 2001 were $447,000, or diluted earnings per share of $.08, compared
to $1.8 million, or diluted earnings per share of $.31 in the fourth
quarter of 2000. Operating earnings, net of tax, for the year ended
December 31, 2001 were $4.0 million, or diluted earnings per share
of $.69 compared to $5.8 million, or diluted earnings per share of
$.96 for the year ended December 31, 2000.
Net income for the three months ended December 31, 2001, was $555,000,
or diluted earnings per share of $.10, compared to net income of $1.4
million, or diluted earnings per share of $.24 for the fourth quarter
of 2000. Results for the three months ended December 31, 2001 included
a gain on the sale of investments in unconsolidated entities of $802,000
and a gain on sale of securities of $509,000 as compared to a gain
on the sale of securities of $270,000 for same quarter in 2000. Results
for the fourth quarter of 2001 included goodwill write-offs of $440,000
and an extraordinary loss of $301,000 relating to the early extinguishment
of debt. During the fourth quarter of 2000, the Company had recognized
a $1.7 million gain on the sale of the Maryland-based leasing division.
Net income for the twelve months ended December 31, 2001, was $544,000,
or diluted earnings per share of $.10, compared to net income of $7.3
million, or diluted earnings per share of $1.22 for the twelve months
ended December 31, 2000. A gain on sale of securities of $2.8 million
was realized for 2001 as compared to a gain of $533,000 for 2000.
Results for year ended December 31, 2001 included losses of $1.9 million
from client warrants, due to the permanent impairment of equity securities
received from warrants, compared to gains of $3.5 million in 2000,
which were primarily due to market appreciation on these same warrants
recorded in accordance with FASB 133. The provision for loan and leases
losses was $7.1 million for the year ended December 31, 2001 as compared
to $4.4 million for 2000. The increase was undertaken primarily due
to increases in criticized loans, the level of charge-offs, non-performing
assets, and continued economic concerns.
To comply with the directive issued by the Office of Thrift Supervision
("OTS") to reduce lending to early stage technology companies, Progress
Bank entered into an agreement to sell loans totaling $25.6 million
at December 31, 2001 from the Bank's specialized lending division
to Comerica Bank - California (Comerica). The sale was announced during
November 2001 and has been approved by OTS and the Board of Governors
of the Federal Reserve System and the transaction is expected to close
by January 31, 2002, subject to approval of State regulatory authorities.
At December 31, 2001, Progress Bank's Tier 1 leverage ratios and total
risked-based capital ratios were 7.90% and 12.85%, respectively. As
a result, Progress Bank was in compliance with the terms of the directive
which requires the Bank to maintain 7.50% and 12.00% Tier 1 leverage
and total risked-based capital ratios at December 31, 2001, respectively.
In December 2001, the OTS agreed to extend the dates by which the
Bank must comply with a designated ratio of classified assets to capital.
As revised, the Bank's classified assets to capital ratio must not
exceed 25% on March 31, 2002 and must not exceed 20% on June 30, 2002.
At December 31, 2001, the Bank's classified assets to capital ratio
was approximately 36%. Commenting on the fourth quarter results, W.
Kirk Wycoff, President and CEO, stated, "We completed a number of
important transactions in the fourth quarter to enable us to refocus
on community banking. While it was expensive and time-consuming to
exit these business lines, we are committed to restoring our shareholder
value based on our community banking franchise. Our results for the
fourth quarter and the year 2001 reflect the significant reserve additions
to address credit and economic concerns as well as flat net interest
income due to rapidly declining interest rates. These costs reflect
our transition to a credit-based and asset-sensitive community bank
model, which we believe will generate consistent results in varying
interest rate and credit environments."
Mr. Wycoff went on to say, "The expansion of our retail branch franchise
by 25% and the excellent performance of our real estate and SBA lending
divisions in 2001 contributed to our ability to weather the technology
and economic downturn. When the Comerica sale is completed, we will
have significantly reduced our Company's risk profile, and we look
forward to continued growth in 2002 based on our community banking
strategy."
Average earning assets for the fourth quarter of 2001 decreased slightly
to $833.3 million from $835.2 million for the same period in 2000.
Tax- equivalent interest income for the fourth quarter of 2001 decreased
$3.9 million, or 21%, over the same period in 2000 while interest
expense decreased $3.0 million or 30% for the same period. Tax-equivalent
net interest income decreased $861,000, or 10% as compared to the
fourth quarter of 2000. The net interest margin for the fourth quarter
of 2001 was 3.58% compared to 3.99% for the same period in 2000 and
3.78% for the third quarter of 2001. The margin has been compressed
by an environment of unprecedented decreases in short-term rates during
2001 of 475 basis points and the reduction in earnings assets from
the third quarter.
Average earning assets for the year ended December 31, 2001 were $845.9
million compared to $773.3 million for 2000. The growth in average
assets relates primarily to purchases of mortgage-backed securities
and higher commercial real estate and business loan production funded
by higher levels of deposits. Tax-equivalent interest income for the
twelve months ended December 31, 2001 increased $2.0 million, or 3%,
over the same period in 2000. Tax-equivalent net interest income remained
level for 2001 as compared to 2000. The net interest margin was 3.79%
for the year ended December 31, 2001 compared to 4.17% for 2000. Loans
and leases outstanding totaled $530.5 million at December 31, 2001
compared to $543.1 million at December 31, 2000. This decrease was
primarily due to payoffs and sales of commercial business loans and
lease receivables partially offset by increases in construction loans
and commercial real estate loans. Loans outstanding at December 31,
2001 include loans held for sale of $25.6 million which are primarily
commercial business loans from Progress Bank's specialized lending
division included in the previously announced sale to Comerica. The
Company reported non-performing assets of $10.9 million at December
31, 2001 compared to $5.8 million at December 31, 2000 and $6.3 million
at September 30, 2001. The increase in non-performing assets at December
31, 2001 is primarily the result of two additional non-accrual commercial
business loans. The Company's non-performing assets to total assets
ratio at December 31, 2001 was 1.28% compared to .63% at December
31, 2000. The non-performing loans to assets ratio was 1.10% at December
31, 2001 compared to .44% at December 31, 2000. The ratio of the allowance
for loan and lease losses to total loans and leases has increased
to 1.87% at December 31, 2001 compared to 1.36% at December 31, 2000.
Non-interest income for the three months ended December 31, 2001 amounted
to $5.5 million compared to $6.5 million for the same period in 2000.
The quarter ended December 31, 2001 included a gain on the sale of
investments in unconsolidated entities of $802,000. The Company's
subsidiary, Progress Capital, Inc., sold its limited partnership interest
in a venture capital fund resulting in a gain of $964,000 representing
the amount by which the Company had previously written down its investment.
The Company's subsidiary, Progress Development Corporation, sold its
interest in Progress Development I, L.P. resulting in a loss of $162,000.
For the three months ended December 31, 2001, a gain on sale of securities
of $509,000 was realized as compared to $270,000 for the same quarter
in 2000. Equity in unconsolidated entities was $184,000 for the fourth
quarter of 2001 as compared with a loss of $802,000 for the same period
in 2000. Fee income for the quarter decreased $800,000 primarily due
to lower mutual fund, annuity and insurance commissions from the Company's
subsidiary, Progress Financial Resources, Inc. During the fourth quarter
of 2000, the Company recognized a $1.7 million gain on the sale of
the Maryland-based leasing division.
Non-interest income for the twelve months ended December 31, 2001
amounted to $16.1 million, compared to $19.5 million for 2000. The
year ended December 31, 2001 included a gain on sale of securities
of $2.8 million compared to a gain of $533,000 for 2000. The securities
gain during 2001 included a $708,000 gain on the disposition of the
Company's investment in NewSeasons Assisted Living Communities Series
B and C stock. The Company recognized a loss of $1.9 million from
client warrants during 2001 compared with a gain of $3.5 million during
2000. Loss in unconsolidated entities was $634,000 for the year ended
December 31, 2001 compared with a loss of $2.8 million for 2000. The
2001 loss in the unconsolidated entities primarily relates to a loss
on its investment in a venture capital fund and the 2000 loss primarily
relates to a loss on its investment in its mezzanine debt fund and
venture capital fund. Fee income decreased $1.2 million for the year
primarily due to lower mutual fund, annuity and insurance commissions
from the Company's subsidiary, Progress Financial Resources, Inc.,
and decreased loan, brokerage and advisory fees from the Company's
subsidiary, Progress Realty Advisors, Inc., which was partially offset
by increased consulting fees generated by the Company's subsidiary,
KMR Management, Inc. During 2000, the Company recognized a $1.7 million
gain on the sale of the Maryland-based leasing division.
Total non-interest expense remained level at $10.8 million for the
quarter ended December 31, 2001 compared to the quarter ended December
31, 2000. Excluding non-recurring expenses of $710,000 in 2001 and
non-recurring expenses of $501,000 in 2000, non-interest expense decreased
$192,000. The non-recurring expenses for 2001 primarily included write-offs
related to Progress Leasing Company, including a goodwill write-off
of $440,000. Non- recurring expenses for 2000 included a write-down
of goodwill associated with the AMIC Division of Progress Realty Advisors,
Inc. for $373,000. Professional services expenses increased $162,000
primarily due to legal expenses related to loans to pre-profit companies
and the business activities of KMR Management, Inc. Salaries and employee
benefits decreased $445,000 mainly due to lower commission expense
for Progress Financial Resources, Inc.
Total non-interest expense was $39.6 million for the twelve months
ended December 31, 2001 compared to $38.3 million for 2000. Excluding
non-recurring expenses of $1.1 million in 2001 and non-recurring expenses
of $752,000 in 2000, non-interest expense increased $925,000. The
non-recurring expenses for 2001 primarily included write-offs related
to Progress Leasing Company, including a goodwill write-off of $440,000
and a write-down of used asset inventory for $422,000. Non-recurring
expenses for 2000 included a write-down of goodwill associated with
the AMIC Division of Progress Realty Advisors, Inc. of $373,000 and
data processing conversion costs of $379,000. Professional services
expenses increased $1.2 million primarily due to the business activities
of KMR Management, Inc. and legal expenses related to loans to pre-profit
companies. Occupancy expense increased $239,000 in 2001 mainly due
to the establishment of four new banking offices. Capital securities
expense increased $371,000 due to the issuance of $6.0 million of
11.445% capital securities in July 2000. Salaries and employee benefits
decreased $1.0 million in 2001 mainly due to lower commission expense
for Progress Financial Resources, Inc.
During the fourth quarter of 2001, the Company paid off $10.0 million
of long-term Federal Home Loan Bank borrowings resulting in an extraordinary
loss on the early extinguishment of debt of $301,000.
Total assets decreased to $851.4 million at December 31, 2001 from
$914.2 million at December 31, 2000. Total deposits increased to $629.5
million at December 31, 2001 from $617.5 million at December 31, 2000.
Progress Financial Corporation is a unitary thrift holding company
headquartered in Blue Bell, Pennsylvania. The business of the Company
consists primarily of the operation of Progress Bank, which serves
businesses and consumers through twenty full service offices. The
Company also offers financial planning services, life insurance, and
investments through Progress Financial Resources, Inc., headquartered
in Philadelphia, Pa. In addition, the Company receives fees for financial
and operational management consulting services for commercial clients
through KMR Management, Inc. located in Willow Grove, Pa. The Company's
common stock is traded on The Nasdaq Stock Market under the Symbol
"PFNC".
Progress Financial Corporation
Supplemental
Balances
Period-End Balances At: December 31, 2001 December 31, 2000 % Change
Loans
and Leases, Net:
Commercial business (B) $146,844 $175,972 (16.6%)
Commercial real estate (B) 197,394 178,874 10.4
Construction, net of loans in process 77,380 60,172 28.6
Single family residential real estate 26,518 34,676 (23.5)
Consumer 44,821 37,242 20.4
Leases receivable 37,572 56,183 (33.1)
Total loans and leases 530,529 543,119 (2.3)
Allowance for loan and lease losses (9,917) (7,407) 33.9
Loans and leases, net $520,612 $535,712 (2.8%)
Deposits:
Non-interest bearing demand deposits $ 84,783 $ 88,356 (4.0)%
NOW and SuperNow 120,665 104,047 16.0
Money Market 45,779 37,157 23.2
Passbook and Statement Savings 30,191 27,337 10.4
Time deposits 348,105 360,646 (3.5)
Total Deposits $629,523 $617,543 1.9%
###
################################# ######################
parent of Bank of Walnut Creek Leasing
###
##################################### #####################
BWC
Financial Corp. Announces Fourth Quarter & Year End 2001 Earnings
WALNUT CREEK, Calif--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 Fourth Quarter
and Year End 2001 earnings.
Net income for the Corporation for the year ending December 31, 2001
was $5,464,000 or $1.60 diluted earnings per share, compared to net
income of $6,435,000 or $1.83 diluted earnings per share at Year End
2000.
Earnings
for the Year 2001 represent a return on average assets (ROA) of 1.45%
and a return on average equity (ROE) of 14.97%, compared to an ROA
of 1.97% and an ROE of 20.45% for the Year 2000.
Fourth Quarter 2001 income was $1,394,000 or $0.41 diluted earnings
per share compared to Fourth Quarter 2000 income of $1,722,000 or
$0.50 diluted earnings per share. Earnings for Fourth Quarter 2001
represent a return on average assets (ROA) of 1.37% and a return on
average equity (ROE) of 14.64%, compared to a 1.99% ROA and a 20.63%
ROE for Fourth Quarter 2000.
Total assets of the Corporation at December 31, 2001 were $395,057,000,
compared to total assets of $350,513,000 at Year End 2000. Additional
details may be found in the Summary of Consolidated Financial Results
for Year End and Fourth Quarter 2001:
BWC Financial Corp. Consolidated Financial Results In thousands except
share and per share amounts
Quarter
Ended Year
to Date
SUMMARY INCOME STATEMENT December
31, December
31,
2001
2000 2001
2000
----------------------------------------
Interest Income
$ 7,191 $ 8,774 $30,879
$32,138
Interest Expense 1,610
2,625
8,591
9,139
----------------------------------------
Net Interest Income 5,581
6,149 22,288 22,999
Provision for Credit Losses 450
375
1,600
1,150
Non-interest Income 2,788
1,948
9,054
5,885
Non-interest Expenses
5,481 4,928
20,386 17,295
Minority Interest
240 140
695
327
----------------------------------------
EBIT 2,198
2,654
8,661
10,112
Income Taxes 804
932
3,197 3,677
----------------------------------------
Net Income
$ 1,394 $
1,722
$ 5,464 $
6,435
Basic EPS $
0.45
$ 0.55
$ 1.75 $
2.03
Diluted EPS
$ 0.41 $
0.50 $
1.60
$ 1.83
SELECTED PERFORMANCE RATIOS
Return on Average Assets 1.37%
1.99%
1.45%
1.97%
Return on Average Equity 14.64%
20.63% 14.97%
20.45%
Net Interest Margin to Earning Assets 5.87%
7.61% 6.36%
7.61%
Efficiency Ratio (Bank only) 60.51%
56.03%
60.08% 55.14%
SUMMARY BALANCE SHEET
In thousands December December
31,
31,
Assets: 2001
2000
--------
--------
Cash and Equivalents
$ 21,049 $
24,472
Investments 86,709 67,945
Loans 281,467 252,323
Allowance for Credit Losses -5,403
-5,042
Other Assets 11,235 10,815
-------- --------
Total Assets $395,057
$350,513
Deposits
$340,469
$309,636
Other Borrowings 12,955
2,424
Other Liabilities 3,381
4,242
-------- --------
Total Liabilities $356,805
$316,302
Equity 38,252
34,211
Total Liabilities and Equity $395,057
$350,513
BWC
Financial Corp. has been recognized by U. S. Banker as a "truly successful
company" and was cited by Contra Costa Newspapers as one of the 50
Fastest Growing Companies in the East Bay. The Bank'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 Regional Business Centers in Fremont and San Jose.
BWC Mortgage Services, with headquarters in San Ramon, has mortgage
consultants in each of the Bank's branch offices.
Nasdaq:BWCF
http://www.bowc.com
###################################################
UnionBanCal
Corporation Announces Quarterly Cash Dividend
SAN FRANCISCO--UnionBanCal Corporation (NYSE:UB) announced today a
cash dividend of 25 cents per share of common stock for the first
quarter of 2002, unchanged from the fourth quarter of 2001. The dividend
will be paid on April 5, 2002, to shareholders of record as of March
8, 2002.
UnionBanCal has approximately 156.5 million shares of common stock
outstanding. Based in San Francisco, UnionBanCal Corporation is a
bank holding company with assets of $36.0 billion at December 31,
2001. Its primary subsidiary is Union Bank of California, N.A., the
third largest commercial bank in California with 245 banking offices
in California, six banking offices in Oregon and Washington and 15
international facilities. The Web site is located at www.uboc.com.
--30--mmc/sf*
CONTACT: UnionBanCal Corporation
Stephen L. Johnson, 415/765-3252 (Public Relations)
John A. Rice, Jr., 415/765-2998 (Investor Relations)
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: BANKING
SOURCE: UnionBanCal Corporation
############### ###############################################
S&P:
2001 Successes Fuel European ABS in Year Ahead
LONDON--Consumer
finance and small-ticket leasing transactions are expected to provide
a solid backbone to the European asset-backed securities (ABS) market
in the year ahead, fuelled by the successes of 2001. Public issuance
volumes came in a huge 56% higher, ending at $17.0 billion (EUR19.3
billion) compared with $10.9 billion a year earlier.
The number of transactions that closed was less impressive, up 13.8%
at 33 compared with 29 in 2000, underscoring the fact that many of
these transactions are now being executed on a much larger scale,
said Perry Inglis, a director at Standard & Poor's Structured Finance
Ratings group in London.
"This
trend toward larger issuance has grown in response to increasing investor
demand for these bonds, an attraction that arises from their strong
performance history," he said. "Indeed, the highly diversified, de-linked
nature of the pools and low interest rate levels meant that there
was no direct effect on the performance of European consumer ABS transactions
and no negative rating activity in this sector as a direct result
of Sept. 11 events."
He added that a combination of repeat issuance and enquiries from
many new sources will guarantee a minimum volume in the year ahead
with Continental Europe playing a pivotal role after its impressive
2001 performance when volumes there significantly outpaced those of
the U.K.
U.K. volumes slowed down dramatically with a 57.8% decline seen as
volumes ended at $1.9 billion compared with $4.5 billion a year earlier,
a slump that Mr. Inglis directly attributes to a "larger-scale transactions
tendency."
"Some
of the big players were absent from the U.K. market over the course
of 2001, accounting for the slide in volumes," he said. "Many credit
card issuers in particular are waiting to generate sufficient collateral
to issue larger transactions than they would have in the past. These
deals will be issued on a less frequent basis."
Continental European activity in contrast was extremely robust, notably
in the auto loan and equipment leasing sectors as credit card usage
still remains low, Mr. Inglis said further.
"The
European consumer finance market is still in its relative infancy
and it may be some time before there are sufficiently seasoned pools
that can be securitized to take Europe into the same league as its
U.S. counterpart," he said. "However, the leasing market significantly
geared up over the past two years."
In the jurisdictional league tables Italy came up trumps, with volumes
surging two-fold higher to dethrone the U.K. from its premier position.
Volumes ended at $5.8 billion compared with $2.5 billion a year earlier,
a figure that excludes all nonperforming assets.
The number of Italian transactions that closed almost doubled to end
at 13 compared with seven a year earlier. Chris Such, an associate
director at Standard & Poor's Structured Finance Ratings group in
London, expects a similar bullish performance in the year ahead.
"The
Italian ABS market has grown rapidly over the past couple of years
to a point where it is now the biggest issuer in this section of the
European ABS market," he said. "It now accounts for one-third of all
European deals. This trend is expected to continue through 2002 with
Italy establishing itself as the main European market for consumer
ABS."
He added that Portuguese ABS activity was rekindled in 2001 after
a period of relative inactivity. And, while he expects a number of
transactions to hit the market in 2002, volumes will not significantly
outpace those levels seen in 2001 when the Portuguese market issued
approximately 5% of all European transactions, Mr. Such added.
"We're
expecting a steady flow of issuance from Portugal in the coming year,
principally driven by the auto-loan sector," he said. "Concerns continue
to surround the withholding tax issue in Portugal and until this issue
is fully resolved in a revision to the Portuguese securitization laws
it is unlikely the market will grow much above the levels that are
currently being observed."
Volumes for the Portuguese ABS market ended at $706.7 million compared
with $431.0 million a year ago. By number, volume was on par on a
year-on-year basis, ending at three.
A copy of Standard & Poor's detailed report is available on RatingsDirect,
Standard & Poor's Web-based credit analysis system, at http://www.ratingsdirect.com.
The report is also available on Standard & Poor's Ratings Services
Web site at http://www.standardandpoors.com. Under Forum, select Ratings
Commentaries, then Structured Finance.
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