Greater Sacramento Bancorp reported earnings results for third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss of $124,000 or $0.05 loss per diluted share on interest income of $4,554,000 compared to net income of $745,000 or $0.28 per diluted share on interest income of $4,860,000 for the same period a year ago. Loss before taxes was $409,000 compared to income before taxes of $1,098,000 for the same period a year ago. The Third Quarter 2009 net loss was precipitated by 1) The write off and write down of previously identified problem loans in the aggregate amount of $918,000; and 2) An industrial property in West Sacramento which the Bank took into OREO earlier this year at a value of $2,852,000 was written down by $852,000 to $2,000,000 to reflect current market conditions. For nine months period, the company reported net income of $509,000 or $0.20 per diluted share on interest income of $13,922,000 compared to net income $1,331,000 or $0.50 per diluted share on interest income of $14,831,000 for the same period a year ago. Income before taxes was $389,000 compared to income before taxes of $1,893,000 for the same period a year ago.

Greater Sacramento Bancorp reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income of $173,000 or $0.07 per diluted share compared to a net loss of $197,000 or $0.07 per diluted share a year ago. Net income results were down 62% from the first quarter 2009 figure of $460,000, chiefly as a result of management's decision to aggressively increase the provision for possible loan losses during the second quarter. Net interest income was $3,931,000 was 12% greater than $3,503,000 a year ago. Interest income was $4,738,000 compared to $4,729,000 a year ago. Income before taxes was $105,000 compared to loss before taxes of $381,000 a year ago. Return on average assets was 0.20% compared to negative return on average assets of 0.24% a year ago. Return on average equity was 2.42% compared to negative return on average equity of 2.79% a year ago. Book value per common share as on June 30, 2009 was $10.90 against $10.35 for the same date a year ago. For the six months, the company's net income was $633,000 or $0.24 per diluted share, which was an increase of 8% over the six month figure for 2008 of $586,000 or $0.22 per diluted share. The control of interest expense while continuing to grow deposits through the first six months of 2009 resulted in net interest income of $7,607,000 which was 6% greater than the first six months of 2008. Interest income was $9,368,000 compared to $9,971,000 a year ago. Income before taxes was $798,000 compared to loss before taxes of $795,000 a year ago. Book value per common share was $10.90 compared to $10.35 a year ago. Return on average assets and return on average equity for the first six months of 2009 were 0.36% and 4.47% compared to 0.35% and 4.26%, respectively, for the first six months of 2008.

Greater Sacramento Bancorp named William J. Martin as Chairman of the Boards of both Greater Sacramento Bancorp and Bank of Sacramento. Mr. Martin will also retain his positions as President and CEO of Bank of Sacramento and CEO of Greater Sacramento Bancorp. The Board also elected founding Director, Frank Vellutini, as Vice Chairman and Lead Outside Director of both entities. As Lead Outside Director it will be Mr. Vellutini's responsibility to act as the primary liaison between the Outside Directors and Management in order to ensure the continuation of active Board governance. Mr. Martin was one of the principal organizers of Bank of Sacramento and has served as its President and CEO since its founding in 1998. Mr. Vellutini will bring a wealth of management expertise and experience to the new position of Vice Chairman. The Board accepted the resignation of former Chairman of the Board, Kip Skidmore. Mr. Skidmore decided to resign in order to concentrate his attention on personal business matters.