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COPYRIGHT 2003 Adams Business Media
EQUITY RESEARCH
April 23, 2003
GREATER BAY BANCORP (GBBK--$16.90)
Rating: STRONG BUY (Maintained)
Greater Bay Bancorp Contacts:
David L. Kalkbrenner, President and CEO
(650) 614-5767
Steven C. Smith, EVP, CAO and CFO
(650) 813-8222
Steve Didion
Don Worthington
(800) 346-5544
steve.d@hoeferarnett.com
don.w@hoeferarnett.com
RESEARCH UPDATE
* GBBK reported 1Q03 EPS of $0.45, which was a penny below our estimate and three cents below the consensus. Greater than expected net interest margin compression was the primary reason for the differential, along with increased overhead costs. The Company's asset quality was stable during the quarter and net charge-offs were well within a manageable range at 0.54% of average loans annualized.
* The net...
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