Bay Commercial Bank Reports Second Quarter 2013 Results

Bay Commercial Bank Reports Second Quarter 2013 Results

WALNUT CREEK, Calif.--(BUSINESS WIRE)-- Bay Commercial Bank (OTCQB: BCML) (the "Bank") today announced its second quarter 2013 operating results.

The Bank reported total assets as of June 30, 2013 of $325.7 million including loans outstanding of $244.0 million compared to June 30, 2012 total assets of $280.4 million and total loans outstanding of $233.8 million. At June 30, 2013, total deposits were $270.7 million compared to total deposits of $228.0 million at June 30, 2012. The Bank's net operating income for the second quarter 2013 was $636,000 or $0.13 per share compared to net income for the same period in 2012 of $409,000, or $0.08 per share. The increase in net operating income for the second quarter 2013 compared to the same period in 2013 was comprised primarily of lower provision for loan losses.

For the first six months of 2013, the Bank reported net income of $1,267,000 compared to net income of $789,000 for the first six months of 2012. For the most recent six month period, the net income to shareholders was $0.26 per share, compared to $0.16 per share for the first six months of 2012. The increase in operating income for the six month periods ended June 30, 2013 compared to the same periods in 2012 was primarily the result of lower provisions for loan losses in 2013 as compared to 2012.

George J. Guarini, Chief Executive Officer of the Bank, stated "We are optimistic about the economic environment and improving credit quality in our marketplace. We continue to look for prudent growth opportunities through mergers and acquisitions."

Bay Commercial Bank offers a full-range of loan, including SBA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates throughout the Greater Bay Area. Bay Commercial Bank also offers business escrow services and facilitates tax free exchanges through its Bankers Exchange Division. Its full service branches in California are located at 500 Ygnacio Valley Road, Walnut Creek; 155 Grand Avenue, Oakland; 3895 E. Castro Valley Blvd, Castro Valley; 700 E. El Camino Mountain View; and 960 School Street, Napa. Bay Commercial Bank is a member of FDIC and is an Equal Housing Lender. It is traded on the Over the Counter Bulletin Board under the symbol BCML. The Bank can be found on the web at

The Bank has made forward-looking statements in this Press Release that are subject to risks and uncertainties. Forward-looking statements include information concerning the Bank's possible or assumed future results of operations. Also, when the Bank uses such words as "believe," "expect," "anticipate," "plan," "could," "intend," or similar expressions, it is making forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank's actual results could differ materially from those expressed in any forward-looking statements as a result of certain factors, including (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the markets served by the entities, (4) other-than-expected credit losses due to adverse changes in the economy, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) unexpected difficulties in the post-merger integration, and (7) legal, tax and accounting changes. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.


Selected Financial Data

June 30, 2013
QuarterQuarterYear toYear toYear

Balance Sheet

 6/30/2013 6/30/2012 6/30/2013 6/30/2012 12/31/2012
(dollars in thousands)
Total Assets$325,699$280,375$325,699$280,375$316,583
Total Loans243,957233,795243,957233,795227,492
Total Deposits270,705227,992270,705227,992261,204
Shareholders' Equity51,93849,30651,93849,30650,672

Operating Results

(dollars in thousands)
Interest income$3,677$3,7467,1417,157$14,727
Interest expense 523    578 1,055    1,204 2,354
Net interest income3,1543,1686,0865,95312,373
Provision for loan losses1366341478581,483
Non-interest income164154330298738
Non-interest expense 2,099    1,905 4,111    3,829 7,782
Net Income before tax1,0837832,1581,5643,846
Income tax 447    374 891    775 1,691
Net Income$636   $409$1,267   $789$2,155

Ratios and Data

Net interest margin4.10%4.71%3.98%4.47%4.34%
Efficiency ratio63.3%57.3%64.1%61.3%59.4%
Leverage capital ratio16.0%17.3%16.0%17.3%15.5%
Income per share - basic$0.13$0.08$0.26$0.16$0.45
Common stock4,830,4574,830,4574,830,4574,830,4574,830,457
Income per share - diluted$0.13$0.08$0.26$0.16$0.45
Common stock - diluted4,830,4574,830,4574,830,4574,830,4574,839,157
Book value per share$10.75$10.21$10.75$10.21$10.49



Bay Commercial Bank, Walnut Creek, California
Keary Colwell, 925-476-1800

KEYWORDS:   United States  North America  California


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