Greater Bay Bancorp Reports Financial Results for the Fourth Quarter and Full Year 2006

  
    
  
  
    
      Greater Bay Bancorp (Nasdaq:GBBK), a $7.4 billion in assets financial 
      services holding company, today announced results for the fourth quarter 
      and year ended December 31, 2006.
    
    
      For the fourth quarter of 2006, the Company’s net 
      income was $18.8 million, or $0.33 per diluted common share, 
      compared to $27.5 million, or $0.48 per diluted common share, for the 
      fourth quarter of 2005, and $18.5 million, or $0.32 per diluted common 
      share, for the third quarter of 2006. For the year ended December 31, 
      2006, net income was $89.6 million, or $1.60 per diluted common share, 
      compared to $97.2 million, or $1.64 per diluted common share for the 
      year ended December 31, 2005.
    
    
      Operating results for the quarter included the recognition of severance 
      expenses totaling $2.2 million which were associated with reduction in 
      workforce actions taken as part of the Company’s 
      previously outlined cost control initiatives. The results also included 
      a mark-to-market decline of $1.5 million in the value of the Company’s 
      equity investment portfolio.
    
    
      For the fourth quarter of 2006, the Company’s return 
      on average common equity, annualized, was 10.03% compared to 
      16.25% for the fourth quarter of 2005, and 10.15% for the third quarter 
      of 2006. Return on average common equity for the year ended December 31, 
      2006 was 12.57% compared to 14.55% in 2005. Return 
      on average assets, annualized, for the fourth quarter of 2006 was 
      1.00% compared to 1.53% for the fourth quarter of 2005, and 1.00% for 
      the third quarter of 2006. Return on average assets for the year ended 
      December 31, 2006 was 1.24% compared to 1.37% in 2005.
    
    
      “We are pleased with the continued progress 
      achieved during the quarter,” stated Byron A. 
      Scordelis, President and Chief Executive Officer of Greater Bay Bancorp. “Against 
      a cyclical market backdrop of continued margin pressure, we achieved 
      healthy growth in our core deposit base, and posted solid growth in both 
      our community banking and specialty finance loan portfolios. Key credit 
      metrics remained strong, and we made tangible progress in our sustained 
      expense control initiatives.”
    
    
      Net Interest Income and Margin
    
    
      Net interest income for the fourth quarter of 2006 decreased to $63.9 
      million from $67.7 million in the fourth quarter of 2005, and increased 
      from $63.8 million in the third quarter of 2006. Net interest income for 
      the year ended December 31, 2006 decreased to $260.4 million from $267.2 
      million in 2005.
    
    
      The net interest margin (on a fully tax-equivalent basis) for the 
      fourth quarter of 2006 was 3.91%, compared to 4.36% for the fourth 
      quarter of 2005 and 3.97% for the third quarter of 2006. The net 
      interest margin (on a fully tax-equivalent basis) for the year ended 
      December 31, 2006 was 4.13% compared to 4.34% in 2005.
    
    
      “Margin contraction was principally due to a 
      continued, though noticeably slowed, narrowing of deposit spreads,” 
      stated James S. Westfall, Executive Vice President and Chief Financial 
      Officer. “Movement in asset yields and other 
      funding costs were fairly balanced during the quarter,” 
      he added.
    
    
      Non-Interest Income
    
    
      Non-interest income for the fourth quarter of 2006 decreased to $51.6 
      million compared to $53.0 million in the fourth quarter of 2005. This 
      reduction was primarily attributable to a $2.8 million decline in equity 
      investment mark-to-market income, partially offset by a $1.7 million 
      increase in insurance commissions and fees.
    
    
      Non-interest income for the fourth quarter of 2006 decreased by $3.9 
      million compared to the third quarter of 2006. This reduction was 
      primarily attributable to a $3.0 million reduction in insurance 
      commissions and fees reflecting normal fourth quarter seasonality and a 
      $1.5 million decline in equity investment mark-to-market income.
    
    
      Non-interest income for the year ended December 31, 2006 increased to 
      $222.6 million from $211.9 million in 2005. This change was primarily 
      attributable to an increase in insurance brokerage commissions and fees 
      of $10.9 million, including $10.2 million related to Lucini / Parish 
      which was acquired May 1, 2005.
    
    
      Non-interest income as a percentage of total revenues for the fourth 
      quarter of 2006 was 44.7%, compared to 43.9% for the fourth quarter of 
      2005 and 46.5% for the third quarter of 2006. Non-interest income as a 
      percentage of total revenues for the year ended December 31, 2006 was 
      46.1%, compared to 44.2% for 2005.
    
    
      “We continue to be very encouraged by the 
      performance of ABD,” commented Mr. Scordelis. “ABD 
      achieved solid quarterly revenue growth compared to the same period last 
      year in spite of on-going premium softening, and its net full-year 
      inflow of new business remained positive. ABD also undertook explicit 
      cost control measures aimed at expanding its future operating margin.”
    
    
      Operating Expenses
    
    
      Operating expenses for the fourth quarter of 2006 increased to $88.0 
      million from $86.4 million in the fourth quarter of 2005. This increase 
      was primarily attributable to an increase in compensation and benefits 
      of $3.8 million, inclusive of severance expenses of $2.2 million. 
      Partially offsetting this increase was a reduction of $1.3 million in 
      legal and professional costs.
    
    
      Operating expenses for the fourth quarter of 2006 decreased to $88.0 
      million from $91.1 million in the third quarter of 2006. This reduction 
      was primarily attributable to a decrease of $1.1 million in legal and 
      professional costs and a decrease of $3.2 million in other expenses due 
      to the write-off of the unamortized debt issuance costs related to the 
      August redemption of a trust preferred security. These decreases were 
      partially offset by an increase in severance expense of $1.2 million.
    
    
      Operating expenses for the year ended December 31, 2006 increased to 
      $352.6 million from $336.1 million in 2005. This increase was primarily 
      attributable to an increase of $15.6 million in compensation and 
      benefits , including $5.6 million related to the full-year effect of ABD’s 
      May 2005 acquisition of Lucini/Parish, $3.0 million related to the 
      opening of three new ABD offices, $1.9 million in severance expenses 
      related to our 2006 expense reduction initiatives and $1.5 million 
      related to the change in accounting for option compensation beginning in 
      2006. These increases were partially offset by a $1.4 million reduction 
      in legal and professional costs that primarily reflect lower 
      Sarbanes-Oxley compliance expenses.
    
    
      “We completed a staffing reduction of 
      approximately four percent during the quarter and commenced the planned 
      consolidation of a significant portion of our administrative and service 
      functions into a single lower cost facility that will occur in the 
      second half of 2007,” stated Mr. Scordelis. “We 
      also remain focused on technology enhancements and other procurement 
      efficiencies with the dual objectives of promoting revenue growth and 
      containing operating expenses.”
    
    
      Income Taxes
    
    
      The Company’s effective tax rate was 35.7% 
      for 2006 compared to 37.8% in 2005. The decrease reflects an increased 
      proportion of tax-exempt income, tax credits from investments in low 
      income housing investments and higher California net interest deductions 
      for enterprise zone loans.
    
    
      Credit Quality Overview
    
    
      Net loan charge-offs in the fourth 
      quarter of 2006 were $3.2 million, or 0.26% of average loans, 
      annualized, compared to $1.2 million, or 0.10% of average loans, 
      annualized, for the fourth quarter of 2005 and $0.2 million, or 0.02% of 
      average loans, for the third quarter of 2006. Net loan charge-offs for 
      the year ended December 31, 2006 were $6.1 million, or 0.13% of average 
      loans, compared to $11.3 million, or 0.24% of average loans in 2005.
    
    
      Provision for credit losses was a 
      negative $0.4 million for the fourth quarter of 2006, compared to a 
      negative $10.5 million for the fourth quarter of 2005, and a negative of 
      $0.4 million for the third quarter of 2006. The provision for the year 
      ended December 31, 2006 was a negative $8.7 million, compared to a 
      negative $13.3 million in 2005.
    
    
      Non-performing assets were $30.2 
      million at December 31, 2006, compared to $71.7 million at December 31, 
      2005 and $29.7 million at September 30, 2006. The ratio of 
      non-performing assets to total assets was 0.41% at December 31, 2006, 
      compared to 1.01% at December 31, 2005 and 0.40% at September 30, 2006. 
      The ratio of non-accrual loans to total loans was 0.61% at December 31, 
      2006, compared to 1.50% at December 31, 2005 and 0.60% at September 30, 
      2006.
    
    
      Allowance for loan and lease losses 
      was $68.0 million, or 1.39% of total loans, at December 31, 2006, 
      compared to $82.2 million, or 1.74% of total loans, at December 31, 2005 
      and $71.3 million, or 1.48% of total loans, at September 30, 2006.
    
    
      Balance Sheet
    
    
      At December 31, 2006, total assets were $7.4 billion, total net loans 
      and leases were $4.9 billion, total securities were $1.5 billion, and 
      total deposits were $5.3 billion.
    
    
      Total loans and leases, net of 
      deferred costs and fees, were $4.9 billion at December 31, 2006, which 
      represents an increase of $177.9 million, or 3.8%, compared to December 
      31, 2005. This growth reflects an increase of $193.5 million in 
      commercial loans and leases, $85.0 million in real estate construction 
      and land loans, and $13.4 million in residential mortgages. These 
      increases were partially offset by a decline of $46.2 million in 
      commercial term real estate loans, $40.5 million in consumer and other 
      loans, and $29.4 million in real estate other loans.
    
    
      Total loans and leases, net of 
      deferred costs and fees, increased by $69.6 million from September 30, 
      2006 to December 31, 2006, representing an annualized growth rate of 
      5.7% for the quarter. This growth reflects an increase of $109.3 million 
      in commercial loans and leases, and $10.2 million in real estate other, 
      partially offset by decreases of $23.5 million in construction and land 
      loans, $19.5 million in commercial term real estate loans, and $10.4 
      million in consumer and other loans.
    
    
      “We are encouraged by the continued growth in 
      our loan portfolio,” stated Mr. Scordelis. “Of 
      most significance, and consistent with our previously stated strategic 
      intent, commercial loans in our community banking business grew at an 
      annualized rate of more than 30% and our specialty finance business 
      posted another quarter of double digit growth. Looking to 2007, we 
      expect our Matsco division to surpass $1.0 billion in outstandings 
      during the first quarter of 2007, and we currently foresee the potential 
      for an increasing level of commercial construction lending opportunities 
      as 2007 progresses, which may mitigate a current market-driven slowing 
      of residential construction activity.”
    
    
      Securities totaled $1.5 billion as 
      of December 31, 2006, compared to $1.5 billion at December 31, 2005 and 
      $1.6 billion at September 30, 2006.
    
    
      Total deposits at December 31, 
      2006 were $5.3 billion, which represents an increase of $198.6 million, 
      or 3.9%, compared to December 31, 2005, and an increase of $198.1 
      million representing an annualized growth rate of 15.5% compared to 
      September 30, 2006.
    
    
      Core deposits (excluding 
      institutional and brokered deposits) at December 31, 2006 were $4.3 
      billion, which represents a decrease of $310.0 million, or 6.8%, 
      compared to December 31, 2005, and an increase of $157.9 million 
      representing an annualized growth rate of 15.3% compared to September 
      30, 2006.
    
    
      “Meaningful deposit balance growth during the 
      quarter represents a marked reversal of the trend in recent periods,” 
      commented Mr. Scordelis. “Core demand and 
      time deposits had solid growth, while money market balances stabilized 
      during the quarter. Acknowledging the potential for further near-term 
      balance volatility as clients respond to the prevailing interest rate 
      cycle, we continue to focus on account growth and optimization of 
      overall balance levels, mix, and funding costs.”
    
    
      Capital Overview
    
    
      The capital ratios of Greater Bay Bancorp and its subsidiary bank 
      continue to exceed minimum well-capitalized guidelines established by 
      bank regulatory agencies.
    
    
      The Company’s common equity to assets ratio 
      was 9.99% at December 31, 2006, compared to 9.45% at December 31, 2005 
      and 9.99% at September 30, 2006. The Company’s 
      tangible common equity to tangible assets ratio was 6.32% at December 
      31, 2006, compared to 5.56% at December 31, 2005 and 6.32% at September 
      30, 2006.
    
    
      Other Matters
    
    
      In September 2006, the SEC staff issued Staff Accounting Bulletin (SAB) 
      No. 108, “Considering the Effects of Prior 
      Year Misstatements when Quantifying Misstatements in Current Year 
      Financial Statements”. The Company 
      adopted SAB 108 as of December 31, 2006 by initially applying the 
      provisions of SAB 108 using the cumulative effect transition method in 
      connection with the finalization of our financial statements for the 
      year ended December 31, 2006.
    
    
      As a result of adopting SAB 108, the Company’s 
      total shareholders’ equity as of January 1, 
      2006, was reduced by $1.9 million comprised of a decrease in retained 
      earnings of $5.3 million and an increase in common stock of $3.4 
      million. Additionally, the Company increased net income reported in the 
      first and second quarters of 2006 by $0.3 million and $1.0 million, 
      respectively which had the effect of increasing reported net income for 
      the year ended December 31, 2006 by $1.3 million.
    
    
      Outlook for 2007
    
    
      Our full year guidance for 2007 is as follows:
    
    
      
        Core Loan Growth – we expect core 
        loan portfolio growth in the high single digits.
      
      
        Core Deposit Growth – we expect core 
        deposit growth in the low single digits.
      
      
        Credit Quality – we expect 
        full year net charge-offs to range from 25 basis points to 35 basis 
        points of average loans outstanding.
      
      
        Net Interest Margin – we expect the 
        full year margin level to fluctuate in the 3.80% to 3.90% range.
      
    
    
      Conference Call
    
    
      The Company will broadcast its earnings conference call live via the 
      Internet at 8:00 a.m. PST on Thursday, February 1. Participants may 
      access this conference call through the company's website at http://www.gbbk.com, 
      under the "Investor Info" link, or through http://www.earnings.com. 
      You should go to either of these websites 15 minutes prior to the start 
      of the call, as it may be necessary to download audio software to hear 
      the conference call.
    
    
      A replay of the conference call will be available on the websites. A 
      telephone replay will also be available beginning at 11:00 a.m. PST on 
      February 1 through 9:00 p.m. PST on February 8, 2007, by dialing 
      800-642-1687 or 706-645-9291 and providing Conference ID 7182532.
    
    
      About Greater Bay Bancorp
    
    
      Greater Bay Bancorp, a diversified financial services holding company, 
      provides community banking services in the Greater San Francisco Bay 
      Area through Greater Bay Bank, N.A.’s 
      community banking organization, including Bank of Petaluma, Coast 
      Commercial Bank, Golden Gate Bank, Mid-Peninsula Bank, Mt. Diablo 
      National Bank, Peninsula Bank of Commerce 
      and Santa Clara Valley National Bank. Nationally, Greater Bay Bancorp 
      provides specialized leasing and loan services through its specialty 
      finance group, which includes Matsco, Greater Bay Business Funding and 
      Greater Bay Capital. ABD Insurance and Financial Services, the Company’s 
      insurance brokerage subsidiary, provides commercial insurance brokerage, 
      employee benefits consulting and risk management solutions to business 
      clients throughout the United States.
    
    
      Safe Harbor
    
    
      Certain matters discussed in this press release constitute 
      forward-looking statements within the meaning of the Private Securities 
      Litigation Reform Act of 1995. These forward looking statements 
      relate to the Company’s current expectations 
      regarding future operating results, net interest margin, net loan 
      charge-offs, asset quality, level of loan loss reserves, growth in loans 
      and deposits, and the strength of the local economy. These forward 
      looking statements are subject to certain risks and uncertainties that 
      could cause the actual results, performance or achievements to differ 
      materially from those expressed, suggested or implied by the forward 
      looking statements. These risks and uncertainties include, but 
      are not limited to: (1) the impact of changes in interest rates, a 
      decline in economic conditions at the local, national and international 
      levels and increased competition among financial service providers on 
      the Company’s results of operations and the 
      quality of the Company’s earning assets; (2) 
      government regulation, including ABD’s 
      receipt of requests for information from state insurance commissioners 
      and subpoenas from state attorneys general related to the ongoing 
      insurance industry-wide investigations into contingent commissions and 
      override payments; and (3) the other risks set forth in the Company‘s 
      reports filed with the Securities and Exchange Commission, including its 
      Annual Report on Form 10-K for the year ended December 31, 2005. Greater 
      Bay does not undertake, and specifically disclaims, any obligation to 
      update any forward-looking statements to reflect occurrences or 
      unanticipated events or circumstances after the date of such statements.
    
    
      For additional information and press releases about Greater Bay Bancorp, 
      visit the Company’s website at http://www.gbbk.com.
    
    
      
        
          GREATER BAY BANCORP
        
      
      
        
          December 31, 2006 - FINANCIAL SUMMARY (UNAUDITED)
        
      
      
        
          (Dollars and shares in 000's, except per share data)
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          
            SELECTED QUARTERLY CONSOLIDATED OPERATING DATA:
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
             
          
        
        
        
        
        
        
        
        
          Restated(7)
        
        
        
      
      
        
        
        
        
        
        
        
        
        
          Fourth
        
        
          Third
        
        
        
        
          Second
        
        
          First
        
        
        
        
          Fourth
        
      
      
        
        
        
        
        
        
        
        
        
          Quarter
        
        
          Quarter
        
        
        
        
          Quarter
        
        
          Quarter
        
        
        
        
          Quarter
        
      
      
        
        
        
        
        
        
        
        
        
          2006 
        
        
          2006 
        
        
           
        
        
          2006 
        
        
          2006 
        
        
           
        
        
          2005 
        
      
      
        
          Interest income
        
        
          $ 116,308 
        
        
          $ 113,916 
        
        
        
        
          $ 108,321 
        
        
          $ 104,015 
        
        
        
        
          $ 102,225 
        
      
      
        
          Interest expense
        
        
          52,419 
        
        
          50,142 
        
        
           
        
        
          42,487 
        
        
          37,134 
        
        
           
        
        
          34,478 
        
      
      
        
        
        
          Net interest income before reversal of provision for credit losses
        
        
          63,889 
        
        
          63,774 
        
        
        
        
          65,834 
        
        
          66,881 
        
        
        
        
          67,747 
        
      
      
        
          Reversal of provision for credit losses
        
        
          (384)
        
        
          (443)
        
        
           
        
        
          (1,886)
        
        
          (6,004)
        
        
           
        
        
          (10,491)
        
      
      
        
        
        
          Net interest income after reversal of provision for credit losses
        
        
          64,273 
        
        
          64,217 
        
        
        
        
          67,720 
        
        
          72,885 
        
        
        
        
          78,238 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest income:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Insurance commissions and fees
        
        
          38,730 
        
        
          41,757 
        
        
        
        
          40,235 
        
        
          44,600 
        
        
        
        
          37,071 
        
      
      
        
        
        
          Rental revenue on operating leases
        
        
          4,490 
        
        
          4,632 
        
        
        
        
          4,790 
        
        
          4,950 
        
        
        
        
          4,906 
        
      
      
        
        
        
          Service charges and other fees
        
        
          2,324 
        
        
          2,363 
        
        
        
        
          2,368 
        
        
          2,540 
        
        
        
        
          2,533 
        
      
      
        
        
        
          Loan and international banking fees
        
        
          1,980 
        
        
          1,960 
        
        
        
        
          1,718 
        
        
          1,795 
        
        
        
        
          1,919 
        
      
      
        
        
        
          Income on bank owned life insurance
        
        
          2,003 
        
        
          2,038 
        
        
        
        
          1,922 
        
        
          1,911 
        
        
        
        
          1,869 
        
      
      
        
        
        
          Trust fees
        
        
          1,138 
        
        
          1,059 
        
        
        
        
          1,127 
        
        
          1,055 
        
        
        
        
          1,101 
        
      
      
        
        
        
          Gains/(losses) on sale of loans
        
        
          - 
        
        
          (14)
        
        
        
        
          - 
        
        
          - 
        
        
        
        
          172 
        
      
      
        
        
        
          Security gains, net
        
        
          - 
        
        
          40 
        
        
        
        
          5 
        
        
          168 
        
        
        
        
          - 
        
      
      
        
        
        
          Other income
        
        
          908 
        
        
          1,617 
        
        
           
        
        
          4,605 
        
        
          1,747 
        
        
           
        
        
          3,438 
        
      
      
        
        
        
        
        
          Total non-interest income
        
        
          51,573 
        
        
          55,452 
        
        
        
        
          56,770 
        
        
          58,766 
        
        
        
        
          53,009 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Operating expenses:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Compensation and benefits
        
        
          55,279 
        
        
          52,548 
        
        
        
        
          50,906 
        
        
          57,556 
        
        
        
        
          51,455 
        
      
      
        
        
        
          Occupancy and equipment
        
        
          11,457 
        
        
          11,896 
        
        
        
        
          11,192 
        
        
          11,322 
        
        
        
        
          11,285 
        
      
      
        
        
        
          Legal costs and other professional fees
        
        
          3,950 
        
        
          5,074 
        
        
        
        
          3,884 
        
        
          3,753 
        
        
        
        
          5,295 
        
      
      
        
        
        
          Depreciation - operating leases
        
        
          3,503 
        
        
          3,665 
        
        
        
        
          3,917 
        
        
          4,003 
        
        
        
        
          4,013 
        
      
      
        
        
        
          Amortization of intangibles
        
        
          1,507 
        
        
          1,678 
        
        
        
        
          1,689 
        
        
          1,640 
        
        
        
        
          1,835 
        
      
      
        
        
        
          Other expenses
        
        
          12,281 
        
        
          16,220 
        
        
           
        
        
          11,387 
        
        
          12,271 
        
        
           
        
        
          12,476 
        
      
      
        
        
        
        
        
          Total operating expenses
        
        
          87,977 
        
        
          91,081 
        
        
        
        
          82,975 
        
        
          90,545 
        
        
        
        
          86,359 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income before provision for income taxes and cumulative effect of 
          accounting change
        
        
          27,869 
        
        
          28,588 
        
        
        
        
          41,515 
        
        
          41,106 
        
        
        
        
          44,888 
        
      
      
        
          Provision for income taxes
        
        
          9,091 
        
        
          10,076 
        
        
           
        
        
          15,423 
        
        
          15,006 
        
        
           
        
        
          17,433 
        
      
      
        
          Income before cumulative effect of accounting change
        
        
          18,778 
        
        
          18,512 
        
        
        
        
          26,092 
        
        
          26,100 
        
        
        
        
          27,455 
        
      
      
        
          Cumulative effect of accounting change, net of tax (1)
        
        
          - 
        
        
          - 
        
        
           
        
        
          - 
        
        
          130 
        
        
           
        
        
          - 
        
      
      
        
        
        
          Net income
        
        
          $ 18,778 
        
        
          $ 18,512 
        
        
           
        
        
          $ 26,092 
        
        
          $ 26,230 
        
        
           
        
        
          $ 27,455 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          EARNINGS PER SHARE DATA:
        
      
      
        
          Net Income per common share before cumulative effect of accounting 
          change (2)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Basic
        
        
        
        
          $ 0.34 
        
        
          $ 0.33 
        
        
        
        
          $ 0.48 
        
        
          $ 0.49 
        
        
        
        
          $ 0.51 
        
      
      
        
        
        
          Diluted
        
        
        
        
          $ 0.33 
        
        
          $ 0.32 
        
        
        
        
          $ 0.47 
        
        
          $ 0.46 
        
        
        
        
          $ 0.48 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net Income per common share after cumulative effect of accounting 
          change (2)
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Basic
        
        
        
        
          $ 0.34 
        
        
          $ 0.33 
        
        
        
        
          $ 0.48 
        
        
          $ 0.49 
        
        
        
        
          $ 0.51 
        
      
      
        
        
        
          Diluted
        
        
        
        
          $ 0.33 
        
        
          $ 0.32 
        
        
        
        
          $ 0.47 
        
        
          $ 0.46 
        
        
        
        
          $ 0.48 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Weighted average common shares outstanding
        
        
          50,478 
        
        
          50,423 
        
        
        
        
          50,188 
        
        
          49,802 
        
        
        
        
          50,251 
        
      
      
        
          Weighted average common & potential common shares outstanding
        
        
          51,180 
        
        
          51,366 
        
        
        
        
          51,173 
        
        
          52,727 
        
        
        
        
          53,370 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          GAAP ratios
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Return on quarterly average assets, annualized
        
        
          1.00%
        
        
          1.00%
        
        
        
        
          1.47%
        
        
          1.49%
        
        
        
        
          1.53%
        
      
      
        
        
        
          Return on quarterly average common shareholders' equity, annualized
        
        
          10.03%
        
        
          10.15%
        
        
        
        
          14.85%
        
        
          15.62%
        
        
        
        
          16.25%
        
      
      
        
        
        
          Return on quarterly average total equity, annualized
        
        
          8.81%
        
        
          8.89%
        
        
        
        
          12.95%
        
        
          13.56%
        
        
        
        
          14.09%
        
      
      
        
        
        
          Net interest margin, annualized (3)
        
        
          3.91%
        
        
          3.97%
        
        
        
        
          4.26%
        
        
          4.37%
        
        
        
        
          4.36%
        
      
      
        
        
        
          Operating expense ratio, annualized (4)
        
        
          4.71%
        
        
          4.92%
        
        
        
        
          4.66%
        
        
          5.15%
        
        
        
        
          4.81%
        
      
      
        
        
        
          Efficiency ratio (5)
        
        
          76.20%
        
        
          76.39%
        
        
        
        
          67.68%
        
        
          72.06%
        
        
        
        
          71.52%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          NON-GAAP ratios
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Efficiency ratio (excluding ABD & other ABD expenses paid by holding 
          company) (6)
        
        
          67.08%
        
        
          69.63%
        
        
        
        
          58.27%
        
        
          66.35%
        
        
        
        
          62.31%
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1)
        
        
          Effective January 1, 2006, the Company adopted SFAS No.123 (revised 
          2004), Share-Based Payment ("SFAS 123R"), as a result of which the 
          Company recognized a one-time cumulative adjustment, to record an 
          estimate of future forfeitures on outstanding equity based awards 
          for which compensation expense had been recognized prior to adoption.
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (2)
        
        
          
            The following table provides a reconciliation of income available 
            to common shareholders. Additionally, the Company's outstanding 
            convertible preferred stock was antidilutive for all periods 
            presented.
          
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Income before cumulative effect of accounting change as reported
        
        
          $ 18,778 
        
        
          $ 18,512 
        
        
        
        
          $ 26,092 
        
        
          $ 26,100 
        
        
        
        
          $ 27,455 
        
      
      
        
        
        
          Less: dividends on convertible preferred stock
        
        
          (1,832)
        
        
          (1,832)
        
        
           
        
        
          (1,822)
        
        
          (1,832)
        
        
           
        
        
          (1,825)
        
      
      
        
        
        
          Income available to common shareholders before cumulative effect of 
          accounting change
        
        
          16,946 
        
        
          16,680 
        
        
        
        
          24,270 
        
        
          24,268 
        
        
        
        
          25,630 
        
      
      
        
        
        
          Add: CODES interest and other related income/(loss), net of taxes
        
        
          - 
        
        
          - 
        
        
           
        
        
          - 
        
        
          59 
        
        
           
        
        
          (99)
        
      
      
        
        
        
          Income available to common shareholders before cumulative effect of 
          accounting change
        
        
          16,946 
        
        
          16,680 
        
        
        
        
          24,270 
        
        
          24,327 
        
        
        
        
          25,531 
        
      
      
        
        
        
          Cumulative effect of accounting change, net of tax
        
        
          - 
        
        
          - 
        
        
           
        
        
          - 
        
        
          130 
        
        
           
        
        
          - 
        
      
      
        
        
        
          Income available to common shareholders after cumulative effect of 
          accounting change
        
        
          $ 16,946 
        
        
          $ 16,680 
        
        
           
        
        
          $ 24,270 
        
        
          $ 24,457 
        
        
           
        
        
          $ 25,531 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Weighted average common shares outstanding
        
        
          50,478 
        
        
          50,423 
        
        
        
        
          50,188 
        
        
          49,802 
        
        
        
        
          50,251 
        
      
      
        
        
        
          Weighted average potential common shares:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
          Stock options
        
        
          702 
        
        
          943 
        
        
        
        
          985 
        
        
          946 
        
        
        
        
          939 
        
      
      
        
        
        
        
        
          CODES due 2024
        
        
          - 
        
        
          - 
        
        
           
        
        
          - 
        
        
          1,979 
        
        
           
        
        
          2,180 
        
      
      
        
        
        
          Total weighted average common & potential common shares outstanding
        
        
          51,180 
        
        
          51,366 
        
        
           
        
        
          51,173 
        
        
          52,727 
        
        
           
        
        
          53,370 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (3)
        
        
          Net interest income (on a tax equivalent basis) for the period, 
          annualized and divided by average quarterly interest earning assets 
          for the period.
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (4)
        
        
          Total operating expenses for the period, annualized and divided by 
          average quarterly assets.
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          (5)
        
        
          Total operating expenses divided by total revenue (the sum of net 
          interest income and non-interest income, excluding provision for 
          credit losses).
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (6)
        
        
          Total operating expenses less ABD operating expenses divided by 
          total revenue less ABD revenue. The following table provides the 
          information for calculating the efficiency ratio excluding ABD:
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          Revenue (excluding ABD)
        
        
          $ 75,911 
        
        
          $ 77,083 
        
        
        
        
          $ 82,180 
        
        
          $ 80,546 
        
        
        
        
          $ 83,614 
        
      
      
        
        
        
        
        
          Operating expenses (excluding ABD & other ABD expenses paid by 
          holding company)
        
        
          $ 50,924 
        
        
          $ 53,670 
        
        
        
        
          $ 47,888 
        
        
          $ 53,441 
        
        
        
        
          $ 52,102 
        
      
      
        
          (7)
        
        
          Restated to reflect adoption of SEC Staff Accounting Bulletin No. 
          108 effective January 1, 2006, and reflects the reversal of expenses 
          recorded during Q1 and Q2 to correct for immaterial errors related 
          to periods prior to 2006. The pre tax amounts reversed were $0.6 
          million and $1.5 million for Q1 and Q2 respectively.
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    
    
    
      
        
          GREATER BAY BANCORP
        
      
      
        
          December 31, 2006 - FINANCIAL SUMMARY (UNAUDITED)
        
      
      
        
          (Dollars and shares in 000's, except per share data)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          SELECTED QUARTERLY CONSOLIDATED OPERATING DATA:
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          
            Twelve Months EndedDecember 31,
          
        
      
      
        
        
        
        
        
        
        
        
        
          2006 
        
        
          2005 
        
      
      
        
          Interest income
        
        
          $ 442,560 
        
        
          $ 390,783 
        
      
      
        
          Interest expense
        
        
          182,182 
        
        
          123,573 
        
      
      
        
        
        
          Net interest income before reversal of provision for credit losses
        
        
          260,378 
        
        
          267,210 
        
      
      
        
          Reversal of provision for credit losses
        
        
          (8,717)
        
        
          (13,269)
        
      
      
        
        
        
          Net interest income after reversal of provision for credit losses
        
        
          269,095 
        
        
          280,479 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-interest income:
        
        
        
        
        
      
      
        
        
        
          Insurance commissions and fees
        
        
          165,322 
        
        
          154,390 
        
      
      
        
        
        
          Rental revenue on operating leases
        
        
          18,862 
        
        
          18,302 
        
      
      
        
        
        
          Service charges and other fees
        
        
          9,595 
        
        
          10,448 
        
      
      
        
        
        
          Loan and international banking fees
        
        
          7,453 
        
        
          7,708 
        
      
      
        
        
        
          Income on bank owned life insurance
        
        
          7,874 
        
        
          7,547 
        
      
      
        
        
        
          Trust fees
        
        
          4,379 
        
        
          4,301 
        
      
      
        
        
        
          Gains/(losses) on sale of loans
        
        
          (14)
        
        
          478 
        
      
      
        
        
        
          Security gains, net
        
        
          213 
        
        
          342 
        
      
      
        
        
        
          Other income
        
        
          8,877 
        
        
          8,416 
        
      
      
        
        
        
        
        
          Total non-interest income
        
        
          222,561 
        
        
          211,932 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Operating expenses:
        
        
        
        
        
      
      
        
        
        
          Compensation and benefits
        
        
          216,289 
        
        
          200,657 
        
      
      
        
        
        
          Occupancy and equipment
        
        
          45,867 
        
        
          44,123 
        
      
      
        
        
        
          Legal costs and other professional fees
        
        
          16,661 
        
        
          18,015 
        
      
      
        
        
        
          Depreciation - operating leases
        
        
          15,088 
        
        
          15,226 
        
      
      
        
        
        
          Amortization of intangibles
        
        
          6,514 
        
        
          7,876 
        
      
      
        
        
        
          Other expenses
        
        
          52,159 
        
        
          50,164 
        
      
      
        
        
        
        
        
          Total operating expenses
        
        
          352,578 
        
        
          336,061 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income before provision for income taxes and cumulative effect of 
          accounting change
        
        
          139,078 
        
        
          156,350 
        
      
      
        
          Provision for income taxes
        
        
          49,596 
        
        
          59,123 
        
      
      
        
          Income before cumulative effect of accounting change
        
        
          89,482 
        
        
          97,227 
        
      
      
        
          Cumulative effect of accounting change, net of tax (1)
        
        
          130 
        
        
          - 
        
      
      
        
        
        
          Net income
        
        
          $ 89,612 
        
        
          $ 97,227 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          EARNINGS PER SHARE DATA:
        
        
        
        
        
      
      
        
          Net Income per common share before cumulative effect of accounting 
          change (2)
        
        
        
        
        
      
      
        
        
        
          Basic
        
        
        
        
          $ 1.64 
        
        
          $ 1.77 
        
      
      
        
        
        
          Diluted
        
        
          $ 1.60 
        
        
          $ 1.64 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net Income per common share after cumulative effect of accounting 
          change (2)
        
        
        
        
        
      
      
        
        
        
          Basic
        
        
        
        
          $ 1.64 
        
        
          $ 1.77 
        
      
      
        
        
        
          Diluted
        
        
        
        
          $ 1.60 
        
        
          $ 1.64 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Weighted average common shares outstanding
        
        
          50,221 
        
        
          50,730 
        
      
      
        
          Weighted average common & potential common shares outstanding
        
        
          51,530 
        
        
          55,058 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          GAAP ratios
        
        
        
        
        
      
      
        
        
        
          Return on YTD average assets, annualized
        
        
          1.24%
        
        
          1.37%
        
      
      
        
        
        
          Return on YTD common shareholders' equity, annualized
        
        
          12.57%
        
        
          14.55%
        
      
      
        
        
        
          Return on YTD average total equity, annualized
        
        
          10.98%
        
        
          12.59%
        
      
      
        
        
        
          Net interest margin, annualized (3)
        
        
          4.13%
        
        
          4.34%
        
      
      
        
        
        
          Operating expense ratio, annualized (4)
        
        
          4.86%
        
        
          4.74%
        
      
      
        
        
        
          Efficiency ratio (5)
        
        
          73.01%
        
        
          70.14%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          NON-GAAP ratios
        
        
        
        
        
      
      
        
        
        
          Efficiency Ratio (excluding ABD & other ABD expenses paid by holding 
          company) (6)
        
        
          65.22%
        
        
          62.47%
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1)
        
        
          Effective January 1, 2006, the Company adopted SFAS No.123 (revised 
          2004), Share-Based Payment ("SFAS 123R"), as a result of which the 
          Company recognized a one-time which the Company recognized a 
          one-time cumulative adjustment, to record an estimate of future 
          forfeitures on outstanding equity based awards for which 
          compensation expense had been recognized prior to adoption.
        
        
        
      
      
        
        
        
           
        
      
      
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (2)
        
        
          The following table provides a reconciliation of income available to 
          common shareholders before and after cumulative effect of accounting 
          change. Additionally, the Company's outstanding convertible 
          preferred stock was antidilutive for all periods presented.
        
        
        
      
      
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Income before cumulative effect of accounting change as reported
        
        
          $ 89,482 
        
        
          $ 97,227 
        
      
      
        
        
        
          Less: dividends on convertible preferred stock
        
        
          (7,318)
        
        
          (7,340)
        
      
      
        
        
        
          Net Income available to common shareholders before cumulative effect 
          of accounting change
        
        
          82,164 
        
        
          89,887 
        
      
      
        
        
        
          Add: CODES interest and other related income/(loss), net of taxes
        
        
          59 
        
        
          267 
        
      
      
        
        
        
          Income available to common shareholders before cumulative effect of 
          accounting change
        
        
          82,223 
        
        
          90,154 
        
      
      
        
        
        
          Cumulative effect of accounting change, net of tax
        
        
          130 
        
        
          - 
        
      
      
        
        
        
          Income available to common shareholders after cumulative effect of 
          accounting change
        
        
          $ 82,353 
        
        
          $ 90,154 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Weighted average common shares outstanding
        
        
          50,221 
        
        
          50,730 
        
      
      
        
        
        
          Weighted average potential common shares:
        
        
        
        
        
      
      
        
        
        
        
        
          Stock options
        
        
          821 
        
        
          1,017 
        
      
      
        
        
        
        
        
          CODES due 2024
        
        
          488 
        
        
          3,302 
        
      
      
        
        
        
        
        
          CODES due 2022
        
        
          - 
        
        
          9 
        
      
      
        
        
        
          Total weighted average common & potential common shares outstanding
        
        
          51,530 
        
        
          55,058 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (3)
        
        
          Net interest income (on a tax equivalent basis) for the period 
          divided by YTD average interest earning assets for the period.
        
        
        
      
      
        
          (4)
        
        
          Total operating expenses for the period divided by YTD average 
          assets.
        
        
        
        
        
      
      
        
          (5)
        
        
          Total operating expenses divided by total revenue (the sum of net 
          interest income and non-interest income, excluding provision for 
          credit losses).
        
        
        
      
      
        
          (6)
        
        
          Total operating expenses less ABD operating expenses divided by 
          total revenue less ABD revenue. The following table provides the 
          information for calculating the efficiency ratio excluding ABD:
        
        
        
      
      
        
        
        
           
        
      
      
        
        
        
        
        
          Revenue (Excluding ABD)
        
        
          $ 315,720 
        
        
          $ 323,344 
        
      
      
        
        
        
        
        
          Operating Expenses (Excluding ABD & other ABD expenses paid by 
          holding company)
        
        
          $ 205,923 
        
        
          $ 202,006 
        
      
    
    
    
    
      
        
          GREATER BAY BANCORP
        
      
      
        
          December 31, 2006 - FINANCIAL SUMMARY (UNAUDITED)
        
      
      
        
          (Dollars in 000's)
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          
            SELECTED CONSOLIDATED FINANCIAL CONDITION DATA AND RATIOS:
          
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
             
          
        
        
        
        
        
        
          Restated(5)
        
        
        
      
      
        
        
        
        
        
        
        
        
        
          Dec 31
        
        
        
        
          Sep 30
        
        
          Jun 30
        
        
          Mar 31
        
        
        
        
          Dec 31
        
      
      
        
        
        
        
        
        
        
        
        
          2006 
        
        
           
        
        
          2006 
        
        
          2006 
        
        
          2006 
        
        
           
        
        
          2005 
        
      
      
        
          Cash and cash equivalents
        
        
          $ 170,365 
        
        
        
        
          $ 160,572 
        
        
          $ 198,716 
        
        
          $ 167,203 
        
        
        
        
          $ 152,153 
        
      
      
        
          Fed funds sold
        
        
          - 
        
        
        
        
          - 
        
        
          36,000 
        
        
          - 
        
        
        
        
          - 
        
      
      
        
          Securities
        
        
          1,543,097 
        
        
        
        
          1,572,109 
        
        
          1,565,732 
        
        
          1,468,123 
        
        
        
        
          1,493,584 
        
      
      
        
          Loans and leases:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Commercial (1)
        
        
          2,245,549 
        
        
        
        
          2,136,235 
        
        
          2,072,334 
        
        
          2,046,402 
        
        
        
        
          2,052,049 
        
      
      
        
        
        
          
            Term real estate - commer-cial
          
        
        
          1,403,631 
        
        
           
        
        
          1,423,090 
        
        
          1,394,518 
        
        
          1,439,416 
        
        
           
        
        
          1,449,818 
        
      
      
        
        
        
        
        
          
            Total commer-cial (1)
          
        
        
          3,649,180 
        
        
        
        
          3,559,325 
        
        
          3,466,852 
        
        
          3,485,818 
        
        
        
        
          3,501,867 
        
      
      
        
        
        
          
            Real estate construc-tion and land
          
        
        
          729,871 
        
        
        
        
          753,416 
        
        
          762,409 
        
        
          688,086 
        
        
        
        
          644,883 
        
      
      
        
        
        
          
            Residen-tial mortgage
          
        
        
          279,615 
        
        
        
        
          277,038 
        
        
          275,332 
        
        
          271,658 
        
        
        
        
          266,263 
        
      
      
        
        
        
          Real estate other
        
        
          173,271 
        
        
        
        
          163,077 
        
        
          164,133 
        
        
          180,409 
        
        
        
        
          202,675 
        
      
      
        
        
        
          Consumer and other (1)
        
        
          68,698 
        
        
        
        
          79,131 
        
        
          101,821 
        
        
          100,468 
        
        
        
        
          109,168 
        
      
      
        
        
        
          Deferred costs and fees, net (1)
        
        
          5,206 
        
        
           
        
        
          4,278 
        
        
          4,066 
        
        
          3,285 
        
        
           
        
        
          3,113 
        
      
      
        
        
        
        
        
          Total loans and leases, net of deferred costs and fees (1)
        
        
          4,905,841 
        
        
        
        
          4,836,265 
        
        
          4,774,613 
        
        
          4,729,724 
        
        
        
        
          4,727,969 
        
      
      
        
        
        
          Allowance for loan and lease losses
        
        
          (68,025)
        
        
           
        
        
          (71,323)
        
        
          (71,689)
        
        
          (74,568)
        
        
           
        
        
          (82,159)
        
      
      
        
        
        
        
        
          Total loans and leases, net
        
        
          4,837,816 
        
        
        
        
          4,764,942 
        
        
          4,702,924 
        
        
          4,655,156 
        
        
        
        
          4,645,810 
        
      
      
        
          Goodwill
        
        
        
        
          246,016 
        
        
        
        
          242,687 
        
        
          243,343 
        
        
          242,728 
        
        
        
        
          243,289 
        
      
      
        
          Other intangible assets
        
        
          42,978 
        
        
        
        
          44,515 
        
        
          46,227 
        
        
          48,005 
        
        
        
        
          49,741 
        
      
      
        
          Other assets
        
        
          530,862 
        
        
           
        
        
          554,985 
        
        
          583,167 
        
        
          533,366 
        
        
           
        
        
          536,392 
        
      
      
        
          Total assets
        
        
          $ 7,371,134 
        
        
           
        
        
          $ 7,339,810 
        
        
          $ 7,376,109 
        
        
          $ 7,114,581 
        
        
           
        
        
          $ 7,120,969 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Deposits:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          
            Demand, non-interest-bearing
          
        
        
          $ 1,028,245 
        
        
        
        
          $ 980,050 
        
        
          $ 1,015,734 
        
        
          $ 1,004,575 
        
        
        
        
          $ 1,093,157 
        
      
      
        
        
        
          MMDA, NOW and savings
        
        
          2,614,349 
        
        
        
        
          2,613,387 
        
        
          2,734,656 
        
        
          2,957,354 
        
        
        
        
          3,000,647 
        
      
      
        
        
        
          Time deposits, $100,000 and over
        
        
          892,048 
        
        
        
        
          784,557 
        
        
          776,712 
        
        
          782,891 
        
        
        
        
          741,682 
        
      
      
        
        
        
          Other time deposits
        
        
          722,541 
        
        
           
        
        
          681,104 
        
        
          495,131 
        
        
          363,941 
        
        
           
        
        
          223,053 
        
      
      
        
        
        
        
        
          Total deposits
        
        
          5,257,183 
        
        
           
        
        
          5,059,098 
        
        
          5,022,233 
        
        
          5,108,761 
        
        
           
        
        
          5,058,539 
        
      
      
        
          Other borrowings
        
        
          825,837 
        
        
        
        
          994,044 
        
        
          970,390 
        
        
          750,248 
        
        
        
        
          797,802 
        
      
      
        
          Subordinated debt
        
        
          180,929 
        
        
        
        
          180,929 
        
        
          287,631 
        
        
          210,311 
        
        
        
        
          210,311 
        
      
      
        
          Other liabilities
        
        
          254,812 
        
        
           
        
        
          256,545 
        
        
          268,899 
        
        
          240,008 
        
        
           
        
        
          265,607 
        
      
      
        
        
        
        
        
          
            Total lia-bilities
          
        
        
          6,518,761 
        
        
           
        
        
          6,490,616 
        
        
          6,549,153 
        
        
          6,309,328 
        
        
           
        
        
          6,332,259 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Minority interest:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Preferred stock of real estate investment trust subsidiaries
        
        
          12,861 
        
        
        
        
          12,821 
        
        
          12,780 
        
        
          12,739 
        
        
        
        
          12,699 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Convertible preferred stock
        
        
          103,094 
        
        
        
        
          103,094 
        
        
          103,096 
        
        
          103,097 
        
        
        
        
          103,387 
        
      
      
        
          
            Common share-holders' equity
          
        
        
          736,418 
        
        
           
        
        
          733,279 
        
        
          711,080 
        
        
          689,417 
        
        
           
        
        
          672,624 
        
      
      
        
        
        
        
        
          Total equity
        
        
          839,512 
        
        
        
        
          836,373 
        
        
          814,176 
        
        
          792,514 
        
        
        
        
          776,011 
        
      
      
        
        
        
        
        
        
        
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          Total liabilities and total equity
        
        
          $ 7,371,134 
        
        
           
        
        
          $ 7,339,810 
        
        
          $ 7,376,109 
        
        
          $ 7,114,581 
        
        
           
        
        
          $ 7,120,969 
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          RATIOS:
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Loan growth, current quarter to prior year quarter
        
        
          3.76%
        
        
        
        
          3.19%
        
        
          0.72%
        
        
          4.93%
        
        
        
        
          5.34%
        
      
      
        
          Loan growth, current quarter to prior quarter, annualized
        
        
          5.71%
        
        
        
        
          5.12%
        
        
          3.81%
        
        
          0.15%
        
        
        
        
          3.49%
        
      
      
        
          Loan growth, YTD
        
        
          3.76%
        
        
        
        
          3.06%
        
        
          1.99%
        
        
          0.15%
        
        
        
        
          5.34%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Core loan growth, current quarter to prior year quarter (2)
        
        
          4.45%
        
        
        
        
          3.90%
        
        
          1.32%
        
        
          1.39%
        
        
        
        
          0.57%
        
      
      
        
          Core loan growth, current quarter to prior quarter, annualized (2)
        
        
          6.41%
        
        
        
        
          5.91%
        
        
          4.47%
        
        
          0.66%
        
        
        
        
          4.30%
        
      
      
        
          Core loan growth, YTD (2)
        
        
          4.45%
        
        
        
        
          3.73%
        
        
          2.58%
        
        
          0.66%
        
        
        
        
          0.57%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Deposit growth, current quarter to prior year quarter
        
        
          3.93%
        
        
        
        
          0.87%
        
        
          2.93%
        
        
          2.26%
        
        
        
        
          -0.87%
        
      
      
        
          Deposit growth, current quarter to prior quarter, annualized
        
        
          15.53%
        
        
        
        
          2.91%
        
        
          -6.79%
        
        
          4.03%
        
        
        
        
          3.41%
        
      
      
        
          Deposit growth, YTD
        
        
          3.93%
        
        
        
        
          0.01%
        
        
          -1.45%
        
        
          4.03%
        
        
        
        
          -0.87%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Core deposit growth, current quarter to prior year quarter (3)
        
        
          -6.79%
        
        
        
        
          -10.48%
        
        
          -6.63%
        
        
          -5.78%
        
        
        
        
          -5.03%
        
      
      
        
          Core deposit growth, current quarter to prior quarter, annualized (3)
        
        
          15.29%
        
        
        
        
          -14.43%
        
        
          -19.72%
        
        
          -8.31%
        
        
        
        
          -1.02%
        
      
      
        
          Core deposit growth, YTD (3)
        
        
          -6.79%
        
        
        
        
          -13.71%
        
        
          -13.84%
        
        
          -8.31%
        
        
        
        
          -5.03%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Revenue growth, current quarter to prior year quarter (4)
        
        
          -4.38%
        
        
        
        
          -2.66%
        
        
          2.46%
        
        
          8.10%
        
        
        
        
          7.03%
        
      
      
        
          Revenue growth, current quarter to prior quarter, annualized (4)
        
        
          -12.53%
        
        
        
        
          -10.93%
        
        
          -9.71%
        
        
          16.43%
        
        
        
        
          -5.60%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income growth, current quarter to prior year quarter
        
        
          -5.69%
        
        
        
        
          -6.21%
        
        
          0.63%
        
        
          1.27%
        
        
        
        
          -0.52%
        
      
      
        
          Net interest income growth, current quarter to prior quarter, 
          annualized
        
        
          0.72%
        
        
        
        
          -12.41%
        
        
          -6.28%
        
        
          -5.18%
        
        
        
        
          -1.45%
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1)
        
        
          In Q3 2006, $15.4 million of deferred costs and fees on leases were 
          reclassified from commercial loans and consumer and other loans into 
          net deferred costs and fees. Prior period presentation has been 
          changed to conform to current period presentation.
        
      
      
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (2)
        
        
          Core loans calculated as total loans less purchased residential 
          mortgage loans.
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (3)
        
        
          Core deposits calculated as total deposits less institutional and 
          brokered time deposits.
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (4)
        
        
          Revenue is the sum of net interest income before reversal of 
          provision for credit losses and total non-interest income.
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (5)
        
        
          Restated to reflect adoption of SEC Staff Accounting Bulletin No. 
          108 effective January 1, 2006, including an adjustment to common 
          shareholders' equity of $1.9 million as of January 1, 2006.
        
      
      
        
        
      
    
    
    
    
      
        
          GREATER BAY BANCORP
        
      
      
        
          December 31, 2006 - FINANCIAL SUMMARY (UNAUDITED)
        
      
      
        
          (Dollars in 000's)
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          
            SELECTED AVERAGE BALANCE SHEET AND YIELD DATA:
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Three months ended
        
      
      
        
        
        
          December 31, 2006
        
        
        
        
          September 30, 2006
        
      
      
        
        
        
        
        
        
        
        
        
          Average
        
        
        
        
        
        
        
        
        
        
          Average
        
      
      
        
        
        
          Average
        
        
        
        
        
        
          Yield /
        
        
        
        
          Average
        
        
        
        
        
        
          Yield /
        
      
      
        
          Tax-Equivalent Basis (1)
        
        
          Balance (2)
        
        
           
        
        
          Interest
        
        
           
        
        
          Rate
        
        
        
        
          Balance (2)
        
        
           
        
        
          Interest
        
        
           
        
        
          Rate
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          INTEREST-EARNING ASSETS:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Fed funds sold
        
        
          $ 83,034 
        
        
        
        
          $ 1,098 
        
        
        
        
          5.24%
        
        
        
        
          $ 33,141 
        
        
        
        
          $ 432 
        
        
        
        
          5.18%
        
      
      
        
          Securities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Taxable
        
        
          1,493,073 
        
        
        
        
          17,358 
        
        
        
        
          4.61%
        
        
        
        
          1,509,123 
        
        
        
        
          17,537 
        
        
        
        
          4.61%
        
      
      
        
          Tax-exempt (1)
        
        
          92,347 
        
        
        
        
          1,595 
        
        
        
        
          6.85%
        
        
        
        
          91,142 
        
        
        
        
          1,590 
        
        
        
        
          6.92%
        
      
      
        
          Other short-term (3)
        
        
          9,643 
        
        
        
        
          90 
        
        
        
        
          3.69%
        
        
        
        
          9,993 
        
        
        
        
          83 
        
        
        
        
          3.29%
        
      
      
        
          Loans & leases (4)
        
        
          4,850,605 
        
        
        
        
          96,673 
        
        
        
        
          7.91%
        
        
        
        
          4,785,791 
        
        
        
        
          94,781 
        
        
        
        
          7.86%
        
      
      
        
          Total interest-earning assets
        
        
          6,528,702 
        
        
        
        
          116,814 
        
        
        
        
          7.10%
        
        
        
        
          6,429,190 
        
        
        
        
          114,423 
        
        
        
        
          7.06%
        
      
      
        
          Noninterest-earning assets
        
        
          885,204 
        
        
        
        
          - 
        
        
        
        
        
        
        
        
          911,348 
        
        
        
        
          - 
        
        
        
        
        
      
      
        
          Total assets
        
        
          
            $7,413,906 
          
        
        
        
        
          116,814 
        
        
        
        
        
        
        
        
          $ 7,340,538 
        
        
        
        
          114,423 
        
        
        
        
        
      
      
        
          INTEREST-BEARING LIABILITIES:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Deposits:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          MMDA, NOW and Savings
        
        
          
            $2,611,369 
          
        
        
        
        
          17,545 
        
        
        
        
          2.67%
        
        
        
        
          $ 2,719,915 
        
        
        
        
          17,036 
        
        
        
        
          2.48%
        
      
      
        
          Time deposits over $100,000
        
        
          827,608 
        
        
        
        
          10,312 
        
        
        
        
          4.94%
        
        
        
        
          787,289 
        
        
        
        
          9,506 
        
        
        
        
          4.79%
        
      
      
        
          Other time deposits
        
        
          727,388 
        
        
        
        
          8,895 
        
        
        
        
          4.85%
        
        
        
        
          595,200 
        
        
        
        
          6,973 
        
        
        
        
          4.65%
        
      
      
        
          Total interest-bearing deposits
        
        
          4,166,365 
        
        
        
        
          36,752 
        
        
        
        
          3.50%
        
        
        
        
          4,102,404 
        
        
        
        
          33,515 
        
        
        
        
          3.24%
        
      
      
        
          Short-term borrowings
        
        
          393,702 
        
        
        
        
          4,873 
        
        
        
        
          4.91%
        
        
        
        
          299,675 
        
        
        
        
          3,674 
        
        
        
        
          4.86%
        
      
      
        
          CODES
        
        
          - 
        
        
        
        
          - 
        
        
        
        
          0.00%
        
        
        
        
          - 
        
        
        
        
          - 
        
        
        
        
          0.00%
        
      
      
        
          Subordinated debt
        
        
          180,929 
        
        
        
        
          3,768 
        
        
        
        
          8.26%
        
        
        
        
          251,677 
        
        
        
        
          5,355 
        
        
        
        
          8.44%
        
      
      
        
          Other long-term borrowings
        
        
          526,025 
        
        
        
        
          7,026 
        
        
        
        
          5.30%
        
        
        
        
          579,694 
        
        
        
        
          7,598 
        
        
        
        
          5.20%
        
      
      
        
          
            Total interest-bearing liabilities
          
        
        
          5,267,021 
        
        
        
        
          52,419 
        
        
        
        
          3.95%
        
        
        
        
          5,233,450 
        
        
        
        
          50,142 
        
        
        
        
          3.80%
        
      
      
        
          Noninterest-bearing deposits
        
        
          1,021,175 
        
        
        
        
        
        
        
        
        
        
        
        
          993,457 
        
        
        
        
        
        
        
        
        
      
      
        
          Other noninterest-bearing liabilities
        
        
          267,007 
        
        
        
        
        
        
        
        
        
        
        
        
          274,367 
        
        
        
        
        
        
        
        
        
      
      
        
          Minority Interest: Preferred stock of real estate investment trust 
          subsidiaries
        
        
          12,837 
        
        
        
        
        
        
        
        
        
        
        
        
          12,796 
        
        
        
        
        
        
        
        
        
      
      
        
          Shareholders' equity
        
        
          845,866 
        
        
        
        
           
        
        
        
        
        
        
        
        
          826,468 
        
        
        
        
           
        
        
        
        
        
      
      
        
          
            Total share-holders' equity and liabilities
          
        
        
          
            $7,413,906 
          
        
        
        
        
          52,419 
        
        
        
        
        
        
        
        
          $ 7,340,538 
        
        
        
        
          50,142 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income, on a tax-equivalent basis (1)
        
        
        
        
        
        
          64,395 
        
        
        
        
        
        
        
        
        
        
        
        
          64,281 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest margin (5)
        
        
        
        
        
        
        
        
        
        
          3.91%
        
        
        
        
        
        
        
        
        
        
        
        
          3.97%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Reconciliation to reported net interest income:
          
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Adjustment for tax-equivalent basis
        
        
        
        
        
        
          (506)
        
        
        
        
        
        
        
        
        
        
        
        
          (507)
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income, as reported
        
        
        
        
        
        
          $ 63,889 
        
        
        
        
        
        
        
        
        
        
        
        
          $ 63,774 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1) Income from tax-exempt securities issued by state and local 
          governments or authorities, is adjusted by an increment that equates 
          tax-exempt income to tax equivalent basis (assuming a 35% federal 
          income tax rate).
        
      
      
        
          (2) Nonaccrual loans are included in the average balance.
        
      
      
        
          (3) Includes average interest-earning deposits in other financial 
          institutions.
        
      
      
        
          (4) Amortization of deferred costs and fees, net, resulted in an 
          increase of interest income on loans by $674,000 and $364,000, for 
          the three months ended December 31, 2006 and September 30, 2006, 
          respectively.
        
      
      
        
          (5) Net interest margin during the period equals (a) the difference 
          between tax-equivalent interest income on interest-earning assets 
          and the interest expense on interest-bearing liabilities, divided by 
          (b) average interest-earning assets for the period, annualized.
        
      
    
    
    
    
      
        
          GREATER BAY BANCORP
        
      
      
        
          December 31, 2006 - FINANCIAL SUMMARY (UNAUDITED)
        
      
      
        
          (Dollars in 000's)
        
      
      
        
           
        
      
      
        
          
            SELECTED AVERAGE BALANCE SHEET AND YIELD DATA:
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Three months ended
        
      
      
        
        
        
          December 31, 2006
        
        
        
        
          December 31, 2005
        
      
      
        
        
        
        
        
        
        
        
        
          Average
        
        
        
        
        
        
        
        
        
        
          Average
        
      
      
        
        
        
          Average
        
        
        
        
        
        
          Yield /
        
        
        
        
          Average
        
        
        
        
        
        
          Yield /
        
      
      
        
          Tax-Equivalent Basis (1)
        
        
          Balance (2)
        
        
           
        
        
          Interest
        
        
           
        
        
          Rate
        
        
        
        
          Balance (2)
        
        
           
        
        
          Interest
        
        
           
        
        
          Rate
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          INTEREST-EARNING ASSETS:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Fed funds sold
        
        
          $ 83,034 
        
        
        
        
          $ 1,098 
        
        
        
        
          5.24%
        
        
        
        
          $ 74,740 
        
        
        
        
          $ 716 
        
        
        
        
          3.80%
        
      
      
        
          Securities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Taxable
        
        
          1,493,073 
        
        
        
        
          17,358 
        
        
        
        
          4.61%
        
        
        
        
          1,374,102 
        
        
        
        
          14,862 
        
        
        
        
          4.29%
        
      
      
        
          Tax-exempt (1)
        
        
          92,347 
        
        
        
        
          1,595 
        
        
        
        
          6.85%
        
        
        
        
          80,793 
        
        
        
        
          1,476 
        
        
        
        
          7.25%
        
      
      
        
          Other short-term (3)
        
        
          9,643 
        
        
        
        
          90 
        
        
        
        
          3.69%
        
        
        
        
          11,245 
        
        
        
        
          45 
        
        
        
        
          1.58%
        
      
      
        
          Loans and leases (4)
        
        
          4,850,605 
        
        
        
        
          96,673 
        
        
        
        
          7.91%
        
        
        
        
          4,673,852 
        
        
        
        
          85,611 
        
        
        
        
          7.27%
        
      
      
        
          Total interest-earning assets
        
        
          6,528,702 
        
        
        
        
          116,814 
        
        
        
        
          7.10%
        
        
        
        
          6,214,732 
        
        
        
        
          102,710 
        
        
        
        
          6.56%
        
      
      
        
          Noninterest-earning assets
        
        
          885,204 
        
        
        
        
          - 
        
        
        
        
        
        
        
        
          905,369 
        
        
        
        
          - 
        
        
        
        
        
      
      
        
          Total assets
        
        
          $ 7,413,906 
        
        
        
        
          116,814 
        
        
        
        
        
        
        
        
          $ 7,120,101 
        
        
        
        
          102,710 
        
        
        
        
        
      
      
        
          INTEREST-BEARING LIABILITIES:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Deposits:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          MMDA, NOW and Savings
        
        
          $ 2,611,369 
        
        
        
        
          17,545 
        
        
        
        
          2.67%
        
        
        
        
          $ 3,111,275 
        
        
        
        
          14,841 
        
        
        
        
          1.89%
        
      
      
        
          Time deposits over $100,000
        
        
          827,608 
        
        
        
        
          10,312 
        
        
        
        
          4.94%
        
        
        
        
          741,859 
        
        
        
        
          6,466 
        
        
        
        
          3.46%
        
      
      
        
          Other time deposits
        
        
          727,388 
        
        
        
        
          8,895 
        
        
        
        
          4.85%
        
        
        
        
          194,054 
        
        
        
        
          1,375 
        
        
        
        
          2.81%
        
      
      
        
          Total interest-bearing deposits
        
        
          4,166,365 
        
        
        
        
          36,752 
        
        
        
        
          3.50%
        
        
        
        
          4,047,188 
        
        
        
        
          22,682 
        
        
        
        
          2.22%
        
      
      
        
          Short-term borrowings
        
        
          393,702 
        
        
        
        
          4,873 
        
        
        
        
          4.91%
        
        
        
        
          171,801 
        
        
        
        
          1,870 
        
        
        
        
          4.32%
        
      
      
        
          CODES
        
        
          - 
        
        
        
        
          - 
        
        
        
        
          0.00%
        
        
        
        
          87,500 
        
        
        
        
          117 
        
        
        
        
          0.53%
        
      
      
        
          Subordinated debt
        
        
          180,929 
        
        
        
        
          3,768 
        
        
        
        
          8.26%
        
        
        
        
          210,311 
        
        
        
        
          4,504 
        
        
        
        
          8.50%
        
      
      
        
          Other long-term borrowings
        
        
          526,025 
        
        
        
        
          7,026 
        
        
        
        
          5.30%
        
        
        
        
          456,962 
        
        
        
        
          5,305 
        
        
        
        
          4.61%
        
      
      
        
          
            Total interest-bearing liabilities
          
        
        
          5,267,021 
        
        
        
        
          52,419 
        
        
        
        
          3.95%
        
        
        
        
          4,973,762 
        
        
        
        
          34,478 
        
        
        
        
          2.75%
        
      
      
        
          Noninterest-bearing deposits
        
        
          1,021,175 
        
        
        
        
        
        
        
        
        
        
        
        
          1,086,424 
        
        
        
        
        
        
        
        
        
      
      
        
          Other noninterest-bearing liabilities
        
        
          267,007 
        
        
        
        
        
        
        
        
        
        
        
        
          274,391 
        
        
        
        
        
        
        
        
        
      
      
        
          Minority Interest: Preferred stock of real estate investment trust 
          subsidiaries
        
        
          12,837 
        
        
        
        
        
        
        
        
        
        
        
        
          12,674 
        
        
        
        
        
        
        
        
        
      
      
        
          Shareholders' equity
        
        
          845,866 
        
        
        
        
           
        
        
        
        
        
        
        
        
          772,848 
        
        
        
        
           
        
        
        
        
        
      
      
        
          
            Total share-holders' equity and liabilities
          
        
        
          $ 7,413,906 
        
        
        
        
          52,419 
        
        
        
        
        
        
        
        
          $ 7,120,101 
        
        
        
        
          34,478 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income, on a tax-equivalent basis (1)
        
        
        
        
        
        
          64,395 
        
        
        
        
        
        
        
        
        
        
        
        
          68,232 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest margin (5)
        
        
        
        
        
        
        
        
        
        
          3.91%
        
        
        
        
        
        
        
        
        
        
        
        
          4.36%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Reconciliation to reported net interest income:
          
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Adjustment for tax-equivalent basis
        
        
        
        
        
        
          (506)
        
        
        
        
        
        
        
        
        
        
        
        
          (485)
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income, as reported
        
        
        
        
        
        
          $ 63,889 
        
        
        
        
        
        
        
        
        
        
        
        
          $ 67,747 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1) Income from tax-exempt securities issued by state and local 
          governments or authorities, is adjusted by an increment that equates 
          tax-exempt income to tax equivalent basis (assuming a 35% federal 
          income tax rate).
        
      
      
        
          (2) Nonaccrual loans are included in the average balance.
        
      
      
        
          (3) Includes average interest-earning deposits in other financial 
          institutions.
        
      
      
        
          (4) Amortization of deferred costs and fees, net, resulted in an 
          increase of interest income on loans by $674,000 and $580,000 for 
          the three months ended December 31, 2006 and December 31, 2005, 
          respectively.
        
      
      
        
          (5) Net interest margin during the period equals (a) the difference 
          between tax-equivalent interest income on interest-earning assets 
          and the interest expense on interest-bearing liabilities, divided by 
          (b) average interest-earning assets for the period, annualized.
        
      
    
    
    
    
      
        
          GREATER BAY BANCORP
        
      
      
        
          December 31, 2006 - FINANCIAL SUMMARY (UNAUDITED)
        
      
      
        
          (Dollars in 000's)
        
      
      
        
           
        
      
      
        
           
        
      
      
        
          SELECTED AVERAGE BALANCE SHEET AND YIELD DATA:
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Twelve months ended
        
      
      
        
        
        
          December 31, 2006
        
        
        
        
          December 31, 2005
        
      
      
        
        
        
        
        
        
        
        
        
          Average
        
        
        
        
        
        
        
        
        
        
          Average
        
      
      
        
        
        
          Average
        
        
        
        
        
        
          Yield /
        
        
        
        
          Average
        
        
        
        
        
        
          Yield /
        
      
      
        
          Tax-Equivalent Basis (1)
        
        
          Balance (2)
        
        
           
        
        
          Interest
        
        
           
        
        
          Rate
        
        
        
        
          Balance (2)
        
        
          Interest
        
        
           
        
        
          Rate
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          INTEREST-EARNING ASSETS:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Fed funds sold
        
        
          $ 34,991 
        
        
        
        
          $ 1,790 
        
        
        
        
          5.12%
        
        
        
        
          $ 47,555 
        
        
        
        
          $ 1,505 
        
        
        
        
          3.16%
        
      
      
        
          Securities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Taxable
        
        
          1,465,664 
        
        
        
        
          66,549 
        
        
        
        
          4.54%
        
        
        
        
          1,453,524 
        
        
        
        
          62,042 
        
        
        
        
          4.27%
        
      
      
        
          Tax-exempt (1)
        
        
          88,137 
        
        
        
        
          6,220 
        
        
        
        
          7.06%
        
        
        
        
          83,201 
        
        
        
        
          5,949 
        
        
        
        
          7.15%
        
      
      
        
          Other short-term (3)
        
        
          9,687 
        
        
        
        
          254 
        
        
        
        
          2.62%
        
        
        
        
          8,906 
        
        
        
        
          155 
        
        
        
        
          1.74%
        
      
      
        
          Loans and leases (4)
        
        
          4,758,571 
        
        
        
        
          369,747 
        
        
        
        
          7.77%
        
        
        
        
          4,604,690 
        
        
        
        
          323,098 
        
        
        
        
          7.02%
        
      
      
        
          
            Total interest-earning assets
          
        
        
          6,357,050 
        
        
        
        
          444,560 
        
        
        
        
          6.99%
        
        
        
        
          6,197,876 
        
        
        
        
          392,749 
        
        
        
        
          6.34%
        
      
      
        
          Noninterest-earning assets
        
        
          898,487 
        
        
        
        
          - 
        
        
        
        
        
        
        
        
          891,721 
        
        
        
        
          - 
        
        
        
        
        
      
      
        
          Total assets
        
        
          $ 7,255,537 
        
        
        
        
          444,560 
        
        
        
        
        
        
        
        
          $ 7,089,597 
        
        
        
        
          392,749 
        
        
        
        
        
      
      
        
          
            INTEREST-BEARING LIA-BILITIES:
          
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Deposits:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          MMDA, NOW and Savings
        
        
          $ 2,771,143 
        
        
        
        
          63,747 
        
        
        
        
          2.30%
        
        
        
        
          $ 3,125,467 
        
        
        
        
          54,437 
        
        
        
        
          1.74%
        
      
      
        
          Time deposits over $100,000
        
        
          788,086 
        
        
        
        
          35,606 
        
        
        
        
          4.52%
        
        
        
        
          682,213 
        
        
        
        
          19,640 
        
        
        
        
          2.88%
        
      
      
        
          Other time deposits
        
        
          501,082 
        
        
        
        
          22,616 
        
        
        
        
          4.51%
        
        
        
        
          162,352 
        
        
        
        
          4,001 
        
        
        
        
          2.46%
        
      
      
        
          Total interest-bearing deposits
        
        
          4,060,311 
        
        
        
        
          121,969 
        
        
        
        
          3.00%
        
        
        
        
          3,970,032 
        
        
        
        
          78,078 
        
        
        
        
          1.97%
        
      
      
        
          Short-term borrowings
        
        
          311,321 
        
        
        
        
          14,477 
        
        
        
        
          4.65%
        
        
        
        
          297,561 
        
        
        
        
          10,741 
        
        
        
        
          3.61%
        
      
      
        
          CODES
        
        
          18,518 
        
        
        
        
          101 
        
        
        
        
          0.55%
        
        
        
        
          137,585 
        
        
        
        
          749 
        
        
        
        
          0.54%
        
      
      
        
          Subordinated debt
        
        
          216,933 
        
        
        
        
          18,547 
        
        
        
        
          8.55%
        
        
        
        
          210,311 
        
        
        
        
          17,639 
        
        
        
        
          8.39%
        
      
      
        
          Other long-term borrowings
        
        
          532,155 
        
        
        
        
          27,088 
        
        
        
        
          5.09%
        
        
        
        
          333,454 
        
        
        
        
          16,366 
        
        
        
        
          4.91%
        
      
      
        
          
            Total interest-bearing lia-bilities
          
        
        
          5,139,238 
        
        
        
        
          182,182 
        
        
        
        
          3.54%
        
        
        
        
          4,948,943 
        
        
        
        
          123,573 
        
        
        
        
          2.50%
        
      
      
        
          Noninterest-bearing deposits
        
        
          1,017,381 
        
        
        
        
        
        
        
        
        
        
        
        
          1,088,927 
        
        
        
        
        
        
        
        
        
      
      
        
          Other noninterest-bearing liabilities
        
        
          269,846 
        
        
        
        
        
        
        
        
        
        
        
        
          267,019 
        
        
        
        
        
        
        
        
        
      
      
        
          Minority Interest: Preferred stock of real estate investment trust 
          subsidiaries
        
        
          12,776 
        
        
        
        
        
        
        
        
        
        
        
        
          12,618 
        
        
        
        
        
        
        
        
        
      
      
        
          Shareholders' equity
        
        
          816,296 
        
        
        
        
           
        
        
        
        
        
        
        
        
          772,090 
        
        
        
        
           
        
        
        
        
        
      
      
        
          
            Total share-holders' equity and lia-bilities
          
        
        
          $ 7,255,537 
        
        
        
        
          182,182 
        
        
        
        
        
        
        
        
          $ 7,089,597 
        
        
        
        
          123,573 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income, on a tax-equivalent basis (1)
        
        
        
        
        
        
          262,378 
        
        
        
        
        
        
        
        
        
        
        
        
          269,176 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest margin (5)
        
        
        
        
        
        
        
        
        
        
          4.13%
        
        
        
        
        
        
        
        
        
        
        
        
          4.34%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          
            Reconcilia-tion to reported net 
            interest income:
          
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Adjustment for tax-equivalent basis
        
        
        
        
        
        
          (2,000)
        
        
        
        
        
        
        
        
        
        
        
        
          (1,966)
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net interest income, as reported
        
        
        
        
        
        
          $ 260,378 
        
        
        
        
        
        
        
        
        
        
        
        
          $ 267,210 
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1) Income from tax-exempt securities issued by state and local 
          governments or authorities, is adjusted by an increment that equates 
          tax-exempt income to tax equivalent basis (assuming a 35% federal 
          income tax rate).
        
      
      
        
          (2) Nonaccrual loans are included in the average balance.
        
      
      
        
          (3) Includes average interest-earning deposits in other financial 
          institutions.
        
      
      
        
          (4) Amortization of deferred costs and fees, net, resulted in an 
          increase of interest income on loans by $1,885,000 and $1,418,000 
          for the twelve months ended December 31, 2006 and December 31, 2005, 
          respectively.
        
      
      
        
          (5) Net interest margin during the period equals (a) the difference 
          between tax-equivalent interest income on interest-earning assets 
          and the interest expense on interest-bearing liabilities, divided by 
          (b) average interest-earning assets for the period, annualized.
        
      
    
    
    
    
      
        
          GREATER BAY BANCORP
        
      
      
        
          December 31, 2006 - FINANCIAL SUMMARY (UNAUDITED)
        
      
      
        
          (Dollars and shares in 000's, except per share data)
        
      
      
        
           
        
      
      
        
          SELECTED CONSOLIDATED CREDIT QUALITY DATA:
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          Dec 31
        
        
          Sep 30
        
        
          Jun 30
        
        
          Mar 31
        
        
          Dec 31
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
          2006 
        
        
          2006 
        
        
          2006 
        
        
          2006 
        
        
          2005 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Nonperforming assets (1)
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          Commercial:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
          Matsco/GBC
        
        
          $ 7,583 
        
        
          $ 8,323 
        
        
          $ 7,257 
        
        
          $ 8,011 
        
        
          $ 8,883 
        
      
      
        
        
        
        
        
          SBA
        
        
        
        
          5,576 
        
        
          2,881 
        
        
          4,536 
        
        
          3,627 
        
        
          6,497 
        
      
      
        
        
        
        
        
          Other
        
        
          8,486 
        
        
          6,458 
        
        
          4,775 
        
        
          9,184 
        
        
          9,142 
        
      
      
        
        
        
          Total commercial
        
        
          21,645 
        
        
          17,662 
        
        
          16,568 
        
        
          20,822 
        
        
          24,522 
        
      
      
        
        
        
          Real estate:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
          Commercial
        
        
          7,173 
        
        
          10,939 
        
        
          14,763 
        
        
          8,203 
        
        
          8,434 
        
      
      
        
        
        
        
        
          Construction and land
        
        
          930 
        
        
          323 
        
        
          323 
        
        
          3,242 
        
        
          323 
        
      
      
        
        
        
        
        
          Other
        
        
          - 
        
        
          - 
        
        
          3 
        
        
          7 
        
        
          33,312 
        
      
      
        
        
        
          Total real estate
        
        
          8,103 
        
        
          11,262 
        
        
          15,089 
        
        
          11,452 
        
        
          42,069 
        
      
      
        
        
        
          Consumer and other
        
        
          117 
        
        
          139 
        
        
          611 
        
        
          718 
        
        
          4,503 
        
      
      
        
        
        
        
        
          Total nonaccrual loans
        
        
          29,865 
        
        
          29,063 
        
        
          32,268 
        
        
          32,992 
        
        
          71,094 
        
      
      
        
        
        
          OREO
        
        
        
        
          - 
        
        
          - 
        
        
          - 
        
        
          - 
        
        
          - 
        
      
      
        
        
        
          Other nonperforming assets
        
        
          382 
        
        
          603 
        
        
          361 
        
        
          438 
        
        
          631 
        
      
      
        
        
        
        
        
          
            Total non-performing assets (1)
          
        
        
          $ 30,247 
        
        
          $ 29,666 
        
        
          $ 32,629 
        
        
          $ 33,430 
        
        
          $ 71,725 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net loan charge-offs (recoveries) (2)
        
        
          $ 3,192 
        
        
          $ 223 
        
        
          $ 2,662 
        
        
          $ 43 
        
        
          $ 1,207 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Ratio of allowance for loan and lease losses to:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
          End of period loans
        
        
          1.39%
        
        
          1.48%
        
        
          1.50%
        
        
          1.58%
        
        
          1.74%
        
      
      
        
        
        
          Total nonaccrual loans
        
        
          227.77%
        
        
          245.41%
        
        
          222.17%
        
        
          226.02%
        
        
          115.56%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Ratio of reversal of provision for credit losses to average loans, 
          annualized
        
        
          -0.03%
        
        
          -0.04%
        
        
          -0.16%
        
        
          -0.52%
        
        
          -0.89%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Total nonaccrual loans to total loans
        
        
          0.61%
        
        
          0.60%
        
        
          0.68%
        
        
          0.70%
        
        
          1.50%
        
      
      
        
          Total nonperforming assets to total assets
        
        
          0.41%
        
        
          0.40%
        
        
          0.44%
        
        
          0.47%
        
        
          1.01%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Ratio of quarterly net loan charge-offs to average loans, annualized
        
        
          0.26%
        
        
          0.02%
        
        
          0.23%
        
        
          0.00%
        
        
          0.10%
        
      
      
        
          Ratio of YTD net loan charge-offs to YTD average loans
        
        
          0.13%
        
        
          0.08%
        
        
          0.12%
        
        
          0.00%
        
        
          0.24%
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1) Nonperforming assets include nonaccrual loans and leases, other 
          real estate owned and other nonperforming assets.
        
      
      
        
          
            (2) Net loan charge-offs are loan charge-offs net of recoveries. 
            Q3 2006 includes an insurance recovery of $1.6 million related to 
            previously charged off loans and leases.
          
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
        
           
        
      
      
        
          SELECTED QUARTERLY CAPITAL RATIOS AND DATA:
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
          Dec 31
        
        
          Sep 30
        
        
          Jun 30
        
        
          Mar 31
        
        
          Dec 31
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
          2006 
        
        
          2006 
        
        
          2006 
        
        
          2006 
        
        
          2005 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Tier 1 leverage ratio
        
        
          10.63%
        
        
          10.63%
        
        
          12.07%
        
        
          10.77%
        
        
          10.41%
        
      
      
        
          Tier 1 risk-based capital ratio
        
        
          12.26%
        
        
          12.15%
        
        
          13.49%
        
        
          12.48%
        
        
          12.01%
        
      
      
        
          Total risk-based capital ratio
        
        
          13.47%
        
        
          13.40%
        
        
          14.93%
        
        
          13.73%
        
        
          13.26%
        
      
      
        
          Total equity to assets ratio
        
        
          11.39%
        
        
          11.40%
        
        
          11.04%
        
        
          11.14%
        
        
          10.90%
        
      
      
        
          Common equity to assets ratio
        
        
          9.99%
        
        
          9.99%
        
        
          9.64%
        
        
          9.69%
        
        
          9.45%
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Tier I capital
        
        
          $ 755,860 
        
        
          $ 748,071 
        
        
          $ 824,154 
        
        
          $ 734,692 
        
        
          $ 708,563 
        
      
      
        
          Total risk-based capital
        
        
          $ 830,461 
        
        
          $ 825,036 
        
        
          $ 911,802 
        
        
          $ 808,436 
        
        
          $ 782,525 
        
      
      
        
          Risk weighted assets
        
        
          $ 6,166,011 
        
        
          $ 6,155,489 
        
        
          $ 6,108,101 
        
        
          $ 5,889,032 
        
        
          $ 5,900,425 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          NON-GAAP RATIOS (1):
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Tangible common equity to tangible assets - end of period (2)
        
        
          6.32%
        
        
          6.32%
        
        
          5.95%
        
        
          5.84%
        
        
          5.56%
        
      
      
        
        
        
          Tangible common book value per common share - end of period (3)
        
        
          $ 8.78 
        
        
          $ 8.74 
        
        
          $ 8.28 
        
        
          $ 7.93 
        
        
          $ 7.61 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Common book value per common share - end of period (4)
        
        
          $ 14.46 
        
        
          $ 14.36 
        
        
          $ 13.97 
        
        
          $ 13.71 
        
        
          $ 13.48 
        
      
      
        
        
        
          Total common shares outstanding - end of period
        
        
          50,938 
        
        
          51,047 
        
        
          50,917 
        
        
          50,288 
        
        
          49,906 
        
      
      
        
           
        
        
           
        
        
           
        
        
           
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (1) The following table provides a reconciliation of common equity 
          to tangible common equity and total assets to tangible assets:
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Common shareholders' equity
        
        
          $ 736,418 
        
        
          $ 733,279 
        
        
          $ 711,080 
        
        
          $ 689,417 
        
        
          $ 672,624 
        
      
      
        
        
        
          Less: goodwill and other Intangible assets
        
        
          (288,994)
        
        
          (287,202)
        
        
          (289,570)
        
        
          (290,733)
        
        
          (293,030)
        
      
      
        
        
        
        
        
          Tangible common equity
        
        
          $ 447,424 
        
        
          $ 446,077 
        
        
          $ 421,510 
        
        
          $ 398,684 
        
        
          $ 379,594 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
          Total assets
        
        
          $ 7,371,134 
        
        
          $ 7,339,810 
        
        
          $ 7,376,109 
        
        
          $ 7,114,581 
        
        
          $ 7,120,969 
        
      
      
        
        
        
          Less: goodwill and other intangible assets
        
        
          (288,994)
        
        
          (287,202)
        
        
          (289,570)
        
        
          (290,733)
        
        
          (293,030)
        
      
      
        
        
        
        
        
          Tangible assets
        
        
          $ 7,082,140 
        
        
          $ 7,052,608 
        
        
          $ 7,086,539 
        
        
          $ 6,823,848 
        
        
          $ 6,827,939 
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          (2) Computed as common shareholders' equity, less goodwill and other 
          intangible assets divided by tangible assets.
        
      
      
        
          (3)Computed as common shareholders' equity, less goodwill and other 
          intangible assets divided by total common shares outstanding - end 
          of period.
        
      
      
        
          (4)Computed as common shareholders' equity divided by common shares 
          outstanding - end of period.