Northern Empire Bancshares ("NREB") Announces First Quarter 2001 Results

Apr 23, 2001, 01:00 ET from Northern Empire Bancshares

    SANTA ROSA, Calif., April 23 /PRNewswire Interactive News Release/ --
 NREB's net income after tax for the quarter ended March 31, 2001, totaled
 $2,079,000 compared to $1,547,000 in the first quarter of 2000, or an increase
 of 34.3%.  At March 31, 2001, total assets were $521,819,000 as compared to
 $438,257,000, one year earlier, representing an increase of 19.1%.
     Sonoma National Bank, NREB's only subsidiary, ended the first quarter of
 2001 with $478,280,000 in deposits, an increase of 30% from March 31, 2000.
 The Bank opened its sixth Sonoma County branch in November 2000 in Petaluma.
 IBANC, the Bank's Internet banking product was made available to customers in
 March 2001.  Due to the growth in deposits and branches, the Bank is planning
 to move computer and bookkeeping operations to a new location in late summer
 2001.
     The loan division experienced 23.5% growth in the past year and at
 March 31, 2001, net loans totaled $449,564,000.  Loan growth in S.B.A. and
 construction loans continue to exceed budget projections.  The Bank has loan
 production offices in Santa Rosa, San Francisco, Walnut Creek, Sacramento, and
 Phoenix, Arizona.  At March 31, 2001, non-performing loans were .5% of total
 loans.
     Sonoma National Bank remains well-capitalized with total risked-based
 capital at 10.73% at March 31, 2001.  The efficiency ratio was 41.1% at
 March 31, 2001 versus 44.0% in the previous first quarter.  Return on average
 assets was 1.7% and the return on average shareholders' equity equaled
 22.4% at March 31, 2001.  In addition, all NREB shareholders of record on
 May 4, 2001, will receive a 5% stock dividend.
 
     Financial Information as of March 31, 2001 (unaudited)
      Assets:  $521,819,000              Deposits:  $478,280,000
      Equity:  $38,233,000               Book Value:  $9.64
      Return on Equity:  22.4%           Return on Assets:  1.7%
      Efficiency Ratio:  41.1%           Non-Performing Assets:  0.5%
 
     Financial Information as of March 31, 2000 (unaudited)
      Assets:  $438,257,000              Deposits:  $398,135,000
      Equity:  $30,776,000               Book Value:  $8.58
      Return on Equity:  20.6%           Return on Assets:  1.5%
      Efficiency Ratio:  44.0%           Non-Performing Assets:  0.5%
 
     NREB's market makers:
      Lisa Gallo @ Hoefer & Arnett, 800-346-5544
      Stephen Eddy @ First Security Van Kasper, 800-652-1747
      Fred Ptucha @ Mutual Securities, 800-775-7517
      Lori Adamson @ First Union Securities, 707-545-4810
 
                   Visit the NREB Website at:  www.snbank.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X08848542
 
 

SOURCE Northern Empire Bancshares
    SANTA ROSA, Calif., April 23 /PRNewswire Interactive News Release/ --
 NREB's net income after tax for the quarter ended March 31, 2001, totaled
 $2,079,000 compared to $1,547,000 in the first quarter of 2000, or an increase
 of 34.3%.  At March 31, 2001, total assets were $521,819,000 as compared to
 $438,257,000, one year earlier, representing an increase of 19.1%.
     Sonoma National Bank, NREB's only subsidiary, ended the first quarter of
 2001 with $478,280,000 in deposits, an increase of 30% from March 31, 2000.
 The Bank opened its sixth Sonoma County branch in November 2000 in Petaluma.
 IBANC, the Bank's Internet banking product was made available to customers in
 March 2001.  Due to the growth in deposits and branches, the Bank is planning
 to move computer and bookkeeping operations to a new location in late summer
 2001.
     The loan division experienced 23.5% growth in the past year and at
 March 31, 2001, net loans totaled $449,564,000.  Loan growth in S.B.A. and
 construction loans continue to exceed budget projections.  The Bank has loan
 production offices in Santa Rosa, San Francisco, Walnut Creek, Sacramento, and
 Phoenix, Arizona.  At March 31, 2001, non-performing loans were .5% of total
 loans.
     Sonoma National Bank remains well-capitalized with total risked-based
 capital at 10.73% at March 31, 2001.  The efficiency ratio was 41.1% at
 March 31, 2001 versus 44.0% in the previous first quarter.  Return on average
 assets was 1.7% and the return on average shareholders' equity equaled
 22.4% at March 31, 2001.  In addition, all NREB shareholders of record on
 May 4, 2001, will receive a 5% stock dividend.
 
     Financial Information as of March 31, 2001 (unaudited)
      Assets:  $521,819,000              Deposits:  $478,280,000
      Equity:  $38,233,000               Book Value:  $9.64
      Return on Equity:  22.4%           Return on Assets:  1.7%
      Efficiency Ratio:  41.1%           Non-Performing Assets:  0.5%
 
     Financial Information as of March 31, 2000 (unaudited)
      Assets:  $438,257,000              Deposits:  $398,135,000
      Equity:  $30,776,000               Book Value:  $8.58
      Return on Equity:  20.6%           Return on Assets:  1.5%
      Efficiency Ratio:  44.0%           Non-Performing Assets:  0.5%
 
     NREB's market makers:
      Lisa Gallo @ Hoefer & Arnett, 800-346-5544
      Stephen Eddy @ First Security Van Kasper, 800-652-1747
      Fred Ptucha @ Mutual Securities, 800-775-7517
      Lori Adamson @ First Union Securities, 707-545-4810
 
                   Visit the NREB Website at:  www.snbank.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X08848542
 
 SOURCE  Northern Empire Bancshares