Bay View Capital Corporation Announces Fourth Quarter Results SAN
MATEO, Calif., Jan. 25 /PRNewswire-FirstCall/ -- Bay View Capital
Corporation (NYSE:BVC) (the "Company") today reported a fourth
quarter 2004 net loss of $1.1 million, or $0.17 per diluted share,
compared to a third quarter 2004 net loss of $1.4 million, or $0.22
per diluted share, and a fourth quarter of 2003 net loss of $673
thousand, or $0.10 per diluted share. The per share data reflects
the 1-for-10 reverse split effective June 30, 2004. Results of
Operations Net interest income totaled $3.9 million for the fourth
quarter of 2004 compared to $3.8 million for the third quarter of
2004. The increase in net interest income was primarily due to an
increase in interest income generated by continued growth of BVAC's
portfolio of auto contracts, which was partially offset by an
increase in the cost of funds on BVAC's warehouse credit facility
resulting from rising market interest rates. Noninterest income was
$2.9 million for the fourth quarter of 2004 compared to $1.5
million for the third quarter of 2004. The increase in noninterest
income was primarily the result of unrealized gains on interest
rate swaps held by BVAC, partially offset by decreased leasing
income associated with the declining balance of the Company's
liquidating auto lease portfolio. Noninterest income for the fourth
quarter of 2004 included $1.0 million of unrealized gains on
interest rate swaps, while the third quarter of 2004 included $1.4
million of unrealized losses. This volatility was primarily due to
fluctuations in intermediate-term interest rates during this
period. During 2004, BVAC had $2.1 million of unrealized gains on
interest rate swaps, reflecting the increase in intermediate term
rates that occurred since the beginning of the year. Total
noninterest expense was $7.8 million for the fourth quarter of 2004
compared to $7.3 million for the third quarter of 2004. The
increase in noninterest expense was primarily due to $0.8 million
of writedowns in the Company's real estate owned portfolio and a
$0.5 million increase in general and administrative expenses
resulting primarily from consulting fees incurred in connection
with the Company's implementation of the Sarbanes-Oxley Act of
2002. These increases were partially offset by a $0.8 million
decrease in leasing expense. Financial Condition The Company's
total assets were $423.8 million at December 31, 2004, compared to
$364.1 million at December 31, 2003. The growth in total assets was
primarily due to $162.0 million of net growth in auto loan
contracts, partially offset by $56.6 million of payoffs on the
Company's auto leasing business. At December 31, 2004, the Company
had tax assets of approximately $16.7 million, consisting of net
tax assets of $38.2 million less a valuation allowance of $21.5
million. On December 31, 2004, the Company distributed $14.8
million in cash, or $2.25 per share, to the holders of its common
stock. BVAC BVAC acquires auto installment contracts from a network
of approximately 7,000 manufacturer-franchised and independent auto
dealers in 33 states. BVAC has positioned itself in the market as a
lender for well-qualified borrowers. While BVAC competes with other
lenders for good credit quality auto loans, it offers specialized
products such as extended term financing and larger advances for
high credit quality customers and uses these products to establish
relationships with automobile dealers. BVAC's net interest income
for the fourth quarter of 2004 improved to $3.8 million from $3.6
million in the third quarter of 2004, primarily due to continued
growth in its inventory of auto contracts. During the fourth
quarter of 2004, BVAC purchased $80.7 million of auto contracts, an
increase of 16.1% compared to purchases of $69.5 million in the
third quarter of 2004 and an increase of 19.7% from purchases of
$67.4 million in the fourth quarter of 2003. BVAC attributes this
increase to the initial success of its efforts to broaden its
market for good credit quality customers and its focus on expanding
its origination of high quality loans. BVAC has consistently
improved its monthly loan originations since September 2004, and
its December 2004 loan originations were the highest achieved
during any month in 2004. For the fourth quarter of 2004, BVAC's
purchased contract rates averaged 8.09% compared to third quarter
rates that averaged 8.06%. Credit quality indicators also improved
in the fourth quarter of 2004. FICO scores for the quarter averaged
746 compared to an average of 742 for third quarter 2004
production. Net chargeoffs were at 1.11% of managed contracts in
the fourth quarter of 2004 compared to 1.01% for the third quarter
of 2004. During 2004, BVAC sold $24.8 million of auto contracts on
a "whole loan" basis with servicing retained. At December 31, 2004,
BVAC was servicing 28,283 auto contracts with an aggregate
outstanding balance of $571 million compared to 28,146 auto
contracts with an aggregate outstanding balance of $557 million at
September 30, 2004. Liquidation Activities The Company continues to
dispose of the assets and satisfy the liabilities it assumed from
Bay View Bank, N.A., whose dissolution was effective on September
30, 2003. Since December 31, 2003, $98.2 million of these assets
have been liquidated and $45.4 million of liabilities have been
discharged. At December 31, 2004, remaining assets to be liquidated
totaled approximately $61.5 million compared to $159.7 million at
December 31, 2003. Remaining liabilities to be satisfied totaled
$19.7 million at December 31, 2004 compared to $65.0 million at
December 31, 2003. Nonperforming assets, net of mark-to-market
valuation allowances, were $4.7 million at December 31, 2004. Total
loans that were delinquent 60 days or more were $0.9 million at
December 31, 2004. Other During the fourth quarter of 2003, the
Company's Board of Directors amended the Plan of Dissolution and
Stockholder Liquidity (the "Plan"), which the Company adopted in
October 2002, to become a plan of partial liquidation. As a result,
the Company discontinued its use of the liquidation basis of
accounting, which it used from September 30, 2002 through September
30, 2003, and re-adopted the going concern basis of accounting
effective October 1, 2003. Accordingly, the Company is providing
the following financial statements herein: Financial Condition:
Consolidated Statements of Financial Condition as of December 31,
2004 and December 31, 2003. Results of Operations / Change in Net
Assets: Consolidated Statements of Operations and Comprehensive
Loss for the three-month periods ended December 31, 2004, September
30, 2004 and December 31, 2003 as well as for the year ended
December 31, 2004 and a Consolidated Statement of Changes in Net
Assets in Liquidation (Liquidation Basis) for the nine-month period
ended September 30, 2003. The Company will host a conference call
at 2:00 p.m. PST on January 26, 2005 to discuss its financial
results. Analysts, media representatives and the public are invited
to listen to this discussion by calling 1-888-793-6954 and
referencing the password "BVC." An audio replay of this conference
call will be available through Friday, February 25, 2005 and can be
accessed by dialing 1-888-568-0871. Bay View Capital Corporation is
a financial services company headquartered in San Mateo,
California. Its common stock is listed on the NYSE: BVC. For more
information, visit the Company's website at
http://www.bayviewcapital.com/. Forward-Looking Statements All
statements contained in this release that are not historic facts
are based on current expectations. Such statements are
forward-looking statements (as defined in the Private Securities
Litigation Reform Act of 1995) in nature and involve a number of
risks and uncertainties. Although the Company currently believes
that the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate and,
therefore, there can be no assurance that the results contemplated
by the forward-looking statements will be realized. For information
regarding factors that could cause the results contemplated by the
forward-looking statements to differ from expectations, such as the
inability to achieve the financial goals of both the Company's plan
of partial liquidation, including any financial goals related to
contemplated asset resolution and the Company's plan for the
continuing operation of the auto business, including the inability
to use net operating loss carryforwards that the Company currently
has, please refer to the Company's Reports on Forms 10-K and 10-Q
filed with the Securities and Exchange Commission. In light of the
significant uncertainties inherent in the forward-looking
statements included herein, the inclusion of such statements should
not be regarded as a representation by the Company or any other
person. The Company disclaims any obligation to update such
forward-looking statements or to announce publicly the results of
any revisions to any of the forward-looking statements included
herein to reflect future events or developments. Bay View Capital
Corporation Consolidated Statements of Financial Condition December
31, December 31, 2004 2003 (Unaudited) (Dollars in thousands)
ASSETS Cash and cash equivalents: Cash and due from depository
institutions $4,436 $11,434 Short-term investments 11 129 4,447
11,563 Restricted cash 26,845 32,240 Securities available-for-sale:
Retained interests in securitizations 22,636 28,590 Mortgage-backed
and other securities -- 6,139 Loans held-for-sale: Installment
contracts 75,021 165,874 Other loans 902 12,074 Installment
contracts held-for-investment, net 252,863 -- Investment in
operating lease assets, net 10,041 66,657 Real estate owned, net
3,379 4,955 Premises and equipment, net 733 371 Repossessed
vehicles 439 438 Income taxes, net 16,699 21,031 Goodwill 1,846
1,846 Other assets 7,907 12,340 Total assets $423,758 $364,118
LIABILITIES AND STOCKHOLDERS' EQUITY Borrowings: Warehouse credit
facility $298,755 $138,221 Other borrowings 1,895 16,055 Junior
Subordinated Deferrable Interest Debentures -- 24,784 Other
liabilities 9,629 17,500 Liquidation reserve 8,856 11,626 Total
liabilities 319,135 208,186 Stockholders' equity: Common stock
($.01 par value); authorized, 80,000,000 shares; issued, 2004 -
6,597,303 shares; 2003 - 6,579,333 shares; outstanding, 2004 -
6,593,860 shares; 2003 - 6,575,890 shares 66 658 Additional paid-in
capital 109,579 156,588 Accumulated deficit (4,156) (673) Treasury
stock, at cost; 2004 - 3,443 shares; 2003 - 3,443 shares (587)
(587) Accumulated other comprehensive loss (279) (54) Total
stockholders' equity 104,623 155,932 Total liabilities and
stockholders' equity $423,758 $364,118 Bay View Capital Corporation
Consolidated Statements of Operations and Comprehensive Loss For
the Three Months Ended Dec. 31, Sept. 30, Dec. 31, 2004 2004 2003
(Unaudited)(Unaudited) (In thousands, except per share amounts)
Interest income: Interest on loans and leases $5,820 $5,217 $3,757
Interest on mortgage-backed securities -- -- 166 Interest and
dividends on investment securities 705 743 1,013 6,525 5,960 4,936
Interest expense: Interest on borrowings 2,593 2,147 3,612 2,593
2,147 3,612 Net interest income 3,932 3,813 1,324 Provision for
losses on installment contracts 760 331 -- Net interest income
after provision for losses on installment contracts 3,172 3,482
1,324 Noninterest income: Leasing income 1,607 2,510 6,907 Loan
servicing income 624 720 1,132 Unrealized gains (losses) on
interest rate swap agreements 976 (1,433) (176) Unrealized losses
on installment contracts and other loans (289) (249) -- Loan fees
and charges 154 239 213 Gains (losses) on sale of assets and
liabilities, net (293) (367) 657 Other, net 83 68 1,602 2,862 1,488
10,335 Noninterest expense: General and administrative 6,515 6,009
5,747 Leasing expense 458 1,190 5,938 Real estate owned operations,
net 866 109 831 7,839 7,308 12,516 Loss before income tax benefit
(1,805) (2,338) (857) Income tax benefit (708) (917) (184) Net loss
$(1,097) $(1,421) $(673) Basic loss per share $(0.17) $(0.22)
$(0.10) Diluted loss per share $(0.17) $(0.22) $(0.10)
Weighted-average basic shares outstanding 6,591 6,588 6,419
Weighted-average diluted shares outstanding 6,591 6,588 6,419 Net
loss $(1,097) $(1,421) $(673) Other comprehensive loss, net of tax:
Change in unrealized loss on securities available-for-sale, net of
tax benefit of $254, $254 and $35 for the three months ended
December 31, 2004, September 30, 2004 and December 31, 2003,
respectively (397) (398) (54) Other comprehensive loss (397) (398)
(54) Comprehensive loss $(1,494) $(1,819) $(727) Bay View Capital
Corporation Consolidated Statement of Operations and Comprehensive
Loss (Unaudited) For the Year Ended December 31, 2004 (In
thousands, except per share amounts) Interest income: Interest on
loans and leases $19,700 Interest on mortgage-backed securities 31
Interest and dividends on investment securities 2,878 22,609
Interest expense: Interest on borrowings 8,845 8,845 Net interest
income 13,764 Provision for losses on installment contracts 1,612
Net interest income after provision for losses on installment
contracts 12,152 Noninterest income: Leasing income 12,941 Loan
servicing income 3,143 Unrealized gains on interest rate swap
agreements 2,140 Unrealized losses on installment contracts and
other loans (1,643) Loan fees and charges 1,117 Loss on sale of
assets and liabilities, net (1,630) Other, net 1,679 17,747
Noninterest expense: General and administrative 25,211 Leasing
expense 9,163 Real estate owned operations, net 1,255 35,629 Loss
before income tax benefit (5,730) Income tax benefit (2,248) Net
loss $(3,482) Basic loss per share $(0.53) Diluted loss per share
$(0.53) Weighted-average basic shares outstanding 6,585
Weighted-average diluted shares outstanding 6,585 Net loss $(3,482)
Other comprehensive loss, net of tax: Change in unrealized loss on
securities available-for-sale, net of tax benefit of $144 for the
year ended December 31, 2004 (225) Other comprehensive loss (225)
Comprehensive loss $(3,707) Bay View Capital Corporation
Consolidated Statement of Changes in Net Assets in Liquidation
(Liquidation Basis) (Unaudited) For the Nine Months Ended September
30, 2003 (Dollars in thousands) Net assets in liquidation at
beginning of period $410,064 Pre-tax loss from operations (4,595)
Changes in estimated values of assets and liabilities (5,995)
Income tax benefit 6,252 Net loss from operations (4,338) Other
changes in net assets in liquidation (A) 4,088 Net assets in
liquidation at end of period $409,814 (A) Primarily represents
proceeds from stock options and warrants exercised. BAY VIEW
CAPITAL CORPORATION SELECTED FINANCIAL DATA For the For the Year
Nine For the Three Months Ended Ended Months Ended Dec. 31, Sept.
30, Dec. 31, Dec. 31, Sept. 30, 2004 2004 2003 2004 2003
(Unaudited) (Unaudited) (Unaudited) (Unaudited) Going Concern
Liquidation Going Concern Basis Basis Basis (Dollars in thousands)
Selected Results of Operations/Changes in Net Assets in Liquidation
Information: Net interest income (A) $3,932 $3,813 $1,324 $13,764
$9,540 Provision for losses on installment contracts (760) (331) --
(1,612) -- Leasing income 1,607 2,510 6,907 12,941 32,578 Loan
servicing income 624 720 1,132 3,143 3,689 Unrealized gains
(losses) on interest rate swap agreements 976 (1,433) (176) 2,140
(1,448) Unrealized losses on installment contracts and other loans
(289) (249) -- (1,643) -- Loan fees and charges 154 239 213 1,117
1,007 Gain (loss) on sale of assets and liabilities, net (293)
(367) 657 (1,630) 787 Other income, net 83 68 1,602 1,679 474
General and administrative expense (6,515) (6,009) (5,747) (25,211)
(26,338) Leasing expense (458) (1,190) (5,938) (9,163) (24,421)
Other expense (866) (109) (831) (1,255) (463) Pre-tax loss from
operations (1,805) (2,338) (857) (5,730) (4,595) Changes in
estimated liquidation values of assets and liabilities -- -- -- --
(5,995) Income tax benefit 708 917 184 2,248 6,252 Other changes in
net assets in liquidation -- -- -- -- 4,088 Change in net assets in
liquidation -- -- -- -- $(250) Net loss $(1,097) $(1,421) $(673)
$(3,482) At At At Dec. 31, Sept. 30, Dec. 31, 2004 2004 2003
(Unaudited) (Unaudited) Going Concern Basis (Dollars in thousands,
except per share amounts) Installment Contracts and Loans
Receivable: Auto installment contracts (B) Installment contracts
held-for-sale $75,021 $129,371 $165,874 Installment contracts
held-for-investment 252,863 147,703 -- Total auto installment
contracts 327,884 277,074 165,874 Other loans and leases: Franchise
loans 583 593 6,428 Asset-based loans, syndicated loans, factored
receivables and commercial leases 319 332 844 Business loans -- --
4,802 Total other loans and leases 902 925 12,074 Installment
contracts and loans receivable (C) $328,786 $277,999 $177,948
Credit Quality (Liquidating Portfolio): Nonperforming assets -
total (D) $4,282 $5,104 $6,795 Nonperforming assets - franchise
$3,792 $4,602 $5,757 Loans and leases delinquent 60 days or more
$902 $925 $563 Loans and leases delinquent 60 days or more -
franchise $583 $593 $-- Per Share Data: Book value per share (E)
$15.87 $18.35 23.71 Other Data: Full-time equivalent employees,
including BVAC 125 128 143 (A) Effective July 1, 2003, the Company
adopted Statement of Financial Accounting Standards No. 150,
"Accounting for Certain Financial Instruments with Characteristics
of both Liabilities and Equity" and, accordingly, dividend expense
on the Capital Securities has been reflected in interest on
borrowings. (B) Excludes auto-related operating lease assets
reported separately from loans and leases totaling $10.0 million,
$16.5 million, and $66.7 million at December 31, 2004, September
30, 2004 and December 31, 2003, respectively. (C) Includes
allowances for mark-to-market valuation reserves and credit losses
of $2.7 million, $2.0 million and $3.2 million at December 31,
2004, September 30, 2004 and December 31, 2003, respectively. (D)
Nonperforming assets include mark-to-market valuation reserves of
$1.2 million, $1.2 million and $1.4 million at December 31, 2004,
September 30, 2004 and December 31, 2003, respectively. (E) Book
value per share is presented on a post-reverse stock split basis.
BAY VIEW ACCEPTANCE CORPORATION At At At Dec. 31, Sept. 30, Dec.
31, 2004 2004 2003 (Unaudited) (Unaudited) Going Concern Basis
(Dollars in thousands) Selected Balance Sheet Information: Cash and
cash equivalents $3,278 $5,226 $2,841 Restricted cash 7,540 9,768
5,130 Retained interest in auto loan securitization 22,636 24,680
29,789 Installment contracts held-for-sale 75,021 129,371 165,874
Installment contracts held-for-investment, net 252,863 147,703 --
Advances to parent 3,010 -- -- Other assets 8,677 8,215 6,861 Total
assets $373,025 $324,963 $210,495 Advances from parent $-- $4,220
$802 Warehouse line 298,755 246,006 138,221 Other liabilities
11,502 12,247 10,236 Total liabilities 310,257 262,473 149,259
Stockholder's equity 62,768 62,490 61,236 Total liabilities and
stockholder's equity $373,025 $324,963 $210,495 BAY VIEW ACCEPTANCE
CORPORATION (Continued) For the For the Year Year For the Three
Months Ended Ended Ended Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec.
31, 2004 2004 2003 2004 2003 (Unaudited) (Unaudited) (Unaudited)
Going Concern Basis (Dollars in thousands) Selected Results of
Operations Information: Interest on auto contracts $5,821 $5,170
$4,713 $19,298 $13,351 Interest on investment securities 620 638
540 2,576 2,859 Interest expense on borrowings (2,647) (2,177)
(1,269) (7,831) (4,193) Net interest income 3,794 3,631 3,984
14,043 12,017 Provision for losses on installment contracts (760)
(331) -- (1,612) -- Loan servicing income 621 712 1,056 3,093 3,884
Unrealized gains (losses) on interest rate swap agreements 976
(1,433) (176) 2,137 (1,624) Unrealized gains (losses) on
installment contracts held-for-sale (289) 181 (702) (1,213) 380
Loan fees and charges 124 204 215 734 888 Gain (loss) on sale of
assets, net (452) (863) 595 (1,770) 232 Other income, net 49 50 370
176 1,430 General and administrative expense (2,950) (2,668)
(3,694) (11,274) (13,244) Income (loss) before income taxes 1,113
(517) 1,648 4,314 3,963 Income tax benefit (expense) (438) 166
(676) (1,797) (1,643) Net income (loss) $675 $(351) $972 $2,517
$2,320 Selected Production Information: Dollar value of contracts
purchased $80,689 $69,474 $67,413 $295,348 $279,521 Number of
contracts purchased 2,889 2,364 2,292 10,043 9,762 Average balance
of contracts purchased $27.9 $29.4 $29.4 $29.4 $28.6
Weighted-average contract rate 8.09% 8.06% 8.03% 7.98% 8.35%
Average FICO credit score 746 742 735 739 732 Selected Credit
Quality Information: Net chargeoffs on managed contracts for period
$1,566 $1,409 $1,882 $6,404 $6,994 Net chargeoffs as a percentage
of average managed contracts (annualized) 1.11% 1.01% 1.32% 1.14%
1.17% Contracts delinquent 30 days or more as a percentage of
managed contracts (as of period-end) 0.63% 0.30% 0.49% 0.63% 0.49%
Average Managed Contracts $564,667 $557,744 $569,057 $562,155
$593,207 At At At Dec. 31, Sept. 30, Dec. 31, 2004 2004 2003
(Unaudited) (Unaudited) (Dollars in thousands) Managed Assets:
Total managed contracts $570,864 $556,802 $567,293 Total number of
contracts 28,283 28,146 31,035 Other Data: Full-time equivalent
employees 104 106 102 DATASOURCE: Bay View Capital Corporation
CONTACT: John Okubo of Bay View Capital Corporation,
+1-650-294-7778 Web site: http://www.bayviewcapital.com/
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