SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 17, 2001
Greater Bay Bancorp
(Exact name of registrant as specified in its charter)
California 77-0387041
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
Commission file number: 0-25034
2860 West Bayshore Road
Palo Alto, California 94303
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (650) 813-8200
Item 9. Regulation FD Disclosure
The information below amends Exhibit 99.2 included in the Registrant's
Current Report on Form 8-K filed with the SEC on October 17, 2001.
Revision to End of Period Net Interest Margin Table
In Exhibit 99.2, the third table under the Net Interest Margin bullet point
indicated end of period balances for June 30, 2001 and September 30, 2001;
however, average balances for the months of June and September were reported.
The following table is a correction of that table with end of period balances
for June and September:
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June 30, 2001 September 30, 2001
Actual Actual
------------------- --------------------------------------------
No Mix Change Current Mix
------------------- ---------------------
End of End of End of
Period Period Period
($ in 000's) Balance Yield Balance Yield Balance Yield
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Loans & leases $3,813,572 8.88% $3,894,680 8.46% $3,894,680 8.46%
Investments 1,982,439 6.81% 2,011,931 6.51% 2,468,245 6.52%
Cash and cash equivalents 56,385 4.12% 70,256 4.02% 70,256 4.02%
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Interest-earning assets $5,852,396 8.13% $5,976,867 7.75% $6,433,181 7.67%
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Deposits $3,470,247 3.55% $3,462,643 3.18% $3,462,643 3.18%
Borrowings 1,344,926 4.65% 1,314,204 4.29% 1,770,519 4.29%
Non-interest bearing deposits
and other free funds 1,037,223 1,200,020 1,200,019
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Cost of funds $5,852,396 3.17% $5,976,867 2.79% $6,433,181 2.89%
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Net interest margin 4.96% 4.97% 4.77%
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Pro forma Net Interest
Income - Annualized $ 290,279 $ 297,050 $ 306,863
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The table above indicates the same trend as previously disclosed; the end
of period no mix change net interest margin for September 30, 2001 actually
increases slightly from the end of the second quarter. This is due to funds cost
declining slightly more than yields on interest earning assets. The end of
period current mix net interest margin declines by 19 basis points to 4.77%, due
to a combination of lower asset yields and higher funds costs. However, once
again pro forma net interest income is enhanced by the current balance sheet as
pro forma annualized net interest income based on the third quarter net interest
margin compared to the second quarter increased by $17 million.
Impact on 2002 Performance Guidance
The inclusion of this revised table has no impact on the 2002 performance
guidance provided in the Current Report on Form 8-K filed on October 17, 2001.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Greater Bay Bancorp
(Registrant)
Dated: October 17, 2001 By: /s/ Steven C. Smith
------------------------------
Steven C. Smith
Executive Vice President, Chief
Administrative Officer and
Chief Financial Officer
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