BYL Bancorp Announces Results for First Quarter 2001

Apr 27, 2001, 01:00 ET from BYL Bancorp

    ORANGE, Calif., April 27 /PRNewswire/ -- BYL Bancorp ("BYL")
 (Nasdaq:   BOYL), the holding company for the BYL Bank Group, announced today
 that net Income for the first quarter of 2001 was $627,000, as compared to a
 $260,000 loss for the comparable 2000 period.  For the three months ended
 March 31, 2001, net income per share was $0.25 basic and $0.24 diluted as
 compared with net loss per share of $0.10 basic and $0.10 diluted for the
 comparable 2000 period.
     Gary Strachn, Senior Vice President and Chief Financial Officer of BYL
 Bank Group stated, "The results for the 1st quarter differs from the
 announcement made in the press release issued March 6, 2001 which estimated a
 break even quarter due to mortgage fraud losses.  Because the Company's
 auditors had not released the audited financial statements, current accounting
 rules required the Company to recognize the estimated net losses in the fourth
 quarter of 2000.  As a result of this adjustment net income per share for the
 fourth quarter of 2000 decreased $0.27 basic and $0.27 diluted from the
 previously announced results."
     Mr. Strachn continued, "BYL strongly believes there is a substantial
 possibility of obtaining significant recoveries in the second and third
 quarter."
 
     BYL Bancorp is a California corporation headquartered in Orange,
 California whose principal operating subsidiary is BYL Bank Group ("BYL").
 BYL's primary market area is Orange and Riverside Counties, California in
 which it operates seven full-service banking centers and one division loan
 origination office.  BYL's specialized Mortgage loan origination division
 operates under the name of Bank of Yorba Linda, a division of BYL Bank Group.
 BYL specializes in originating and selling residential real estate loans and
 commercial real estate loans and SBA guaranteed loans.  The shares of common
 stock of BYL Bancorp trade on the NASDAQ National Market System under the
 symbol "BOYL".
 
     This release may contain forward-looking statements that are subject to
 risks and uncertainties that could cause actual results to differ materially
 from those indicated.  For a discussion of factors which could cause results
 to differ, please see the Company's publicly available Securities and Exchange
 Commission filings including its reports Forms on 10-K and 10-Q.  Additional
 information summarizing segment operations for BYL Bank Group is available
 upon request.  Contact Carole Biniasz, VP/Cashier at (714) 685-1395 or write
 to BYL Bancorp, 1875 N. Tustin Street, Orange, California 92865.
 
 
                                    BYL Bancorp
                                Financial Highlights
                    (Amounts in thousands except per share data)
                                    (Unaudited)
 
                                               At or For the
                                               Period Ended
 
                             March 31,  December 31,   September 30,  June 30,
                               2001         2000           2000         2000
 
      Total assets           $278,731      $285,843       $293,974   $322,320
      Total loans, net of
       allowance             $186,904      $185,713       $210,500   $210,161
      Total deposits         $246,541      $254,325       $261,291   $292,345
      Shareholders' equity    $29,646       $29,185        $30,300    $29,032
      Book value per share(1)  $11.66        $11.48         $11.93     $11.44
      Tangible book value
       per share(1)            $11.20        $11.01         $11.44     $10.94
 
 
                                            Three Months Ended
 
                             March 31,  December 31,   September 30,  June 30,
                               2001         2000           2000         2000
 
      Net interest Income      $3,835        $4,211         $4,440     $4,478
      Provision for loan losses    --           200            200        150
      Net interest income
       after provision for
       loan losses              3,835         4,011          4,240      4,328
      Non-interest income       3,262         2,411          4,906      4,289
      Non-interest expense      5,841         7,549          7,383      7,841
      Income before income
       taxes                    1,256         1,127          1,763        776
      Net Income                 $627         ($603)        $1,014       $427
 
      EPS - Basic               $0.25        ($0.24)         $0.40      $0.17
      EPS - Diluted             $0.24       ($ 0.24)         $0.40      $0.17
 
      Actual number of
       shares outstanding   2,542,835     2,542,568      2,540,301  2,537,102
      Average Shares
       Outstanding
        Basic               2,542,746     2,541,952      2,538,290  2,537,102
        Diluted             2,574,194     2,551,809      2,538,290  2,537,102
 
     (1) The term "book value per share" is defined as total shareholders'
         equity divided by the number of common shares at the end of the
         period.
 
         The term "tangible book value per share" is defined as total
         shareholders' equity less goodwill divided by the number of common
         shares at the end of the period.
 
 
                                    BYL Bancorp
                                Financial Highlights
                    (Amounts in thousands except per share data)
                                    (Unaudited)
 
                                          Three Months Ended March 31,
                                2001                                     2000
 
      Net interest income      $3,835                                  $4,557
      Provision for loan
       losses                      --                                      50
      Net interest income
       after provision for
       loan losses              3,835                                   4,507
      Non-interest income       3,262                                   5,122
      Non-interest expense      5,841                                  10,018
      Income before income
       taxes                   $1,256                                   ($799)
      Net income                 $627                                   ($260)
 
      EPS - Basic               $0.25                                  ($0.10)
      EPS - Diluted             $0.24                                  ($0.10)
 
      Average Shares
       Outstanding:
        Basic               2,542,746                               2,537,102
        Diluted             2,574,194                               2,537,102
 
 
                                               At or For the
                                               Period Ended
 
                              March 31,  December 31,  September 30,  June 30,
                                 2001        2000          2000         2000
 
      Return on average
       assets(2)                0.90%         0.18%          0.47%      0.10%
      Return on average
       equity(2)                8.53%         1.98%          5.28%      1.15%
      Net interest margin(2)    6.41%         6.43%          6.31%      6.12%
      Non-performing assets to
       total assets             0.63%         0.75%          1.02%      1.16%
      Non-performing loans to
       total loans              0.37%         0.69%          1.05%      1.37%
      ALLL to non-performing
       loans                  315.09%       177.63%        121.46%     90.56%
      Tier 1 leverage capital
       ratio                   10.00%         9.66%          8.99%      7.94%
 
     (2) Annualized
 
 
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SOURCE BYL Bancorp
    ORANGE, Calif., April 27 /PRNewswire/ -- BYL Bancorp ("BYL")
 (Nasdaq:   BOYL), the holding company for the BYL Bank Group, announced today
 that net Income for the first quarter of 2001 was $627,000, as compared to a
 $260,000 loss for the comparable 2000 period.  For the three months ended
 March 31, 2001, net income per share was $0.25 basic and $0.24 diluted as
 compared with net loss per share of $0.10 basic and $0.10 diluted for the
 comparable 2000 period.
     Gary Strachn, Senior Vice President and Chief Financial Officer of BYL
 Bank Group stated, "The results for the 1st quarter differs from the
 announcement made in the press release issued March 6, 2001 which estimated a
 break even quarter due to mortgage fraud losses.  Because the Company's
 auditors had not released the audited financial statements, current accounting
 rules required the Company to recognize the estimated net losses in the fourth
 quarter of 2000.  As a result of this adjustment net income per share for the
 fourth quarter of 2000 decreased $0.27 basic and $0.27 diluted from the
 previously announced results."
     Mr. Strachn continued, "BYL strongly believes there is a substantial
 possibility of obtaining significant recoveries in the second and third
 quarter."
 
     BYL Bancorp is a California corporation headquartered in Orange,
 California whose principal operating subsidiary is BYL Bank Group ("BYL").
 BYL's primary market area is Orange and Riverside Counties, California in
 which it operates seven full-service banking centers and one division loan
 origination office.  BYL's specialized Mortgage loan origination division
 operates under the name of Bank of Yorba Linda, a division of BYL Bank Group.
 BYL specializes in originating and selling residential real estate loans and
 commercial real estate loans and SBA guaranteed loans.  The shares of common
 stock of BYL Bancorp trade on the NASDAQ National Market System under the
 symbol "BOYL".
 
     This release may contain forward-looking statements that are subject to
 risks and uncertainties that could cause actual results to differ materially
 from those indicated.  For a discussion of factors which could cause results
 to differ, please see the Company's publicly available Securities and Exchange
 Commission filings including its reports Forms on 10-K and 10-Q.  Additional
 information summarizing segment operations for BYL Bank Group is available
 upon request.  Contact Carole Biniasz, VP/Cashier at (714) 685-1395 or write
 to BYL Bancorp, 1875 N. Tustin Street, Orange, California 92865.
 
 
                                    BYL Bancorp
                                Financial Highlights
                    (Amounts in thousands except per share data)
                                    (Unaudited)
 
                                               At or For the
                                               Period Ended
 
                             March 31,  December 31,   September 30,  June 30,
                               2001         2000           2000         2000
 
      Total assets           $278,731      $285,843       $293,974   $322,320
      Total loans, net of
       allowance             $186,904      $185,713       $210,500   $210,161
      Total deposits         $246,541      $254,325       $261,291   $292,345
      Shareholders' equity    $29,646       $29,185        $30,300    $29,032
      Book value per share(1)  $11.66        $11.48         $11.93     $11.44
      Tangible book value
       per share(1)            $11.20        $11.01         $11.44     $10.94
 
 
                                            Three Months Ended
 
                             March 31,  December 31,   September 30,  June 30,
                               2001         2000           2000         2000
 
      Net interest Income      $3,835        $4,211         $4,440     $4,478
      Provision for loan losses    --           200            200        150
      Net interest income
       after provision for
       loan losses              3,835         4,011          4,240      4,328
      Non-interest income       3,262         2,411          4,906      4,289
      Non-interest expense      5,841         7,549          7,383      7,841
      Income before income
       taxes                    1,256         1,127          1,763        776
      Net Income                 $627         ($603)        $1,014       $427
 
      EPS - Basic               $0.25        ($0.24)         $0.40      $0.17
      EPS - Diluted             $0.24       ($ 0.24)         $0.40      $0.17
 
      Actual number of
       shares outstanding   2,542,835     2,542,568      2,540,301  2,537,102
      Average Shares
       Outstanding
        Basic               2,542,746     2,541,952      2,538,290  2,537,102
        Diluted             2,574,194     2,551,809      2,538,290  2,537,102
 
     (1) The term "book value per share" is defined as total shareholders'
         equity divided by the number of common shares at the end of the
         period.
 
         The term "tangible book value per share" is defined as total
         shareholders' equity less goodwill divided by the number of common
         shares at the end of the period.
 
 
                                    BYL Bancorp
                                Financial Highlights
                    (Amounts in thousands except per share data)
                                    (Unaudited)
 
                                          Three Months Ended March 31,
                                2001                                     2000
 
      Net interest income      $3,835                                  $4,557
      Provision for loan
       losses                      --                                      50
      Net interest income
       after provision for
       loan losses              3,835                                   4,507
      Non-interest income       3,262                                   5,122
      Non-interest expense      5,841                                  10,018
      Income before income
       taxes                   $1,256                                   ($799)
      Net income                 $627                                   ($260)
 
      EPS - Basic               $0.25                                  ($0.10)
      EPS - Diluted             $0.24                                  ($0.10)
 
      Average Shares
       Outstanding:
        Basic               2,542,746                               2,537,102
        Diluted             2,574,194                               2,537,102
 
 
                                               At or For the
                                               Period Ended
 
                              March 31,  December 31,  September 30,  June 30,
                                 2001        2000          2000         2000
 
      Return on average
       assets(2)                0.90%         0.18%          0.47%      0.10%
      Return on average
       equity(2)                8.53%         1.98%          5.28%      1.15%
      Net interest margin(2)    6.41%         6.43%          6.31%      6.12%
      Non-performing assets to
       total assets             0.63%         0.75%          1.02%      1.16%
      Non-performing loans to
       total loans              0.37%         0.69%          1.05%      1.37%
      ALLL to non-performing
       loans                  315.09%       177.63%        121.46%     90.56%
      Tier 1 leverage capital
       ratio                   10.00%         9.66%          8.99%      7.94%
 
     (2) Annualized
 
 
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 SOURCE  BYL Bancorp