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pa County and Solano Bank, a Division of The Vintage Bank, in Solano County. This full-service commercial bank offers a wide selection of deposit, loan and investment services to local consumers and small business customers. The Vintage Bank opened in 1985 and now operates six banking offices in Napa County, Northern California's number one tourist destination and the nation's premier wine producing region. The main office and two branch offices are located in the City of Napa. Vintage also has branches in the City of St. Helena, American Canyon and the Southern industrial area of Napa County. Solano Bank, a Division of The Vintage Bank, launched in July 2000, has offices in the primary cities along the I-80 corridor of Solano County, including Vacaville, Fairfield, Vallejo and Benicia and an off-site ATM facility in downtown Fairfield. Solano County is projected to be the fastest growing county in Northern California through year 2030, and is attracting businesses and residents with a quality lifestyle, affordable housing and business-friendly attitudes.This news release contains forward-looking statements with respect to the financial condition, results of operation and business of North Bay Bancorp and its subsidiaries. All financial results are unaudited and therefore subject to change. These include, but are not limited to, statements that relate to or are dependent on estimates or assumptions relating to the prospects of loan growth, credit quality and certain operating efficiencies resulting from the operations of The Vintage Bank and its Solano Bank Division. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressure among financial services companies increases significantly; (2) changes in the interest rate environment on interest margins; (3) general economic conditions, internationally, nationally or in the State of California are less favorable than expected; (4) legislation or regulatory requirements or changes adversely affect the business in which the combined organization will be engaged; (5) finalization of the year-end audit results and (6) other risks detailed in the North Bay Bancorp reports filed with the Securities and Exchange Commission.NORTH BAY BANCORP ---------------------------------------------------------------------- CONSOLIDATED INCOME 3-Month Period Ended: STATEMENT (in $000's, unaudited) 3/31/2006 12/31/2005 3/31/2005 % Change ------------------------------------------- Interest Income $ 8,953 $ 9,197 $ 7,676 16.6% Interest Expense 1,579 1,444 1,052 50.1% ---------- ----------- ---------- Net Interest Income 7,374 7,753 6,624 11.3% Provision for Loan & Lease Losses 100 100 185 -45.9% ---------- ----------- ---------- Net Interest Income after Loan Loss Provision 7,274 7,653 6,439 13.0% Service Charges 500 495 523 -4.4% Loan Sale & Servicing Income 7 7 7 0.0% Bank Owned Life Insurance Income 105 35 88 19.3% Other Non-Interest Income 435 400 338 28.7% Gain on Investments - - - NM ---------- ----------- ---------- Total Non-Interest Income 1,047 937 956 9.5% Salaries & Benefits 3,206 2,950 2,724 17.7% Occupancy Expense 475 470 394 20.6% Equipment Expense 479 471 547 -12.4% Other Non-Interest Expenses 1,619 1,861 1,370 18.2% ---------- ----------- ---------- Total Non-Interest Expenses 5,779 5,752 5,035 14.8% Income Before Taxes 2,542 2,838 2,360 7.7% Provision for Income Taxes 827 1,069 898 -7.9% ---------- ----------- ---------- ---------------------------------------------------------------------- Net Income $ 1,715 $ 1,769 $ 1,462 17.3% ========== =========== ========== ---------------------------------------------------------------------- TAX DATA Tax-Exempt Muni Income $ 231 $ 201 $ 110 110.0% Tax-Exempt BOLI Income $ 105 $ 35 $ 88 19.3% Interest Income -- Fully Tax Equivalent $ 9,072 $ 9,301 $ 7,733 17.3% ---------------------------------------------------------------------- NET CHARGE-OFFS (RECOVERIES) $ 4 $ 8 $ 4 0.0% ---------------------------------------------------------------------- PER SHARE DATA 3-Month Period Ended: (unaudited) 3/31/2006 12/31/2005 3/31/2005 % Change ------------------------------------------- Basic Earnings per Share $0.42 $0.43 $0.36 16.7% Diluted Earnings per Share $0.40 $0.42 $0.34 17.6% Common Dividends Declared $0.14 $0.00 $0.14 Wtd. Avg. Shares Outstanding 4,111,968 4,094,744 4,041,189 Wtd. Avg. Diluted Shares 4,275,593 4,262,650 4,244,287 Book Value per Share (EOP) $ 12.49 $ 12.21 $ 11.09 12.6% Tangible Book Value per Share $ 12.31 $ 12.03 $ 11.09 11.0% Common Shares Outstanding (EOP) 4,120,919 4,100,376 4,077,442 ---------------------------------------------------------------------- KEY FINANCIAL RATIOS 3-Month Period Ended: (unaudited) 3/31/2006 12/31/2005 3/31/2005 ------------------------------------------- Return on Average Equity 13.43% 14.04% 13.02% Return on Average Assets 1.17% 1.12% 1.06% Net Interest Margin (Tax- Equivalent) 5.56% 5.52% 5.38% Efficiency Ratio (Tax- Equivalent) 65.85% 65.28% 65.54%
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