Bay Commercial Bank (OTCBB:BCML) today reported fourth quarter and full
year 2012 operating results.
The Bank reported total assets as of December 31, 2012 of $317 million
including loans outstanding of $227 million compared to December 31,
2011 total assets of $270 million and total loans outstanding of $212
million. At December 31, 2012, total deposits were $261 million compared
to total deposits at December 31, 2011 of $220 million. The Bank’s net
income for the fourth quarter 2012 was $624,000 or $0.13 per share
compared to net income for the same period in 2011 of $6,802,000 or
$1.49 per share. For the full year 2012, the Bank reported net income of
$2,155,000 compared to net income of $7,314,000 for 2011. For 2012 net
income to shareholders was $0.45 per share compared to $1.92 per share
for 2011. Net income for 2011 included a bargain purchase gain related
to the merger with Global Trust Bank totaling $7,650,000 and merger
related expenses totaling $1,580,000. Excluding the merger related
items, net income in 2012 exceed 2011 net income by $1,416,000 or 192%
primarily due to higher net interest margin partially offset by higher
operating expenses.
George J. Guarini, Chief Executive Officer of Bay Commercial Bank,
stated “Our operating results in 2012 are the result of our continued
emphasis on maintaining adequate margins and operating efficiencies. As
we look toward 2013 we remain committed to the pursuit of external
strategic growth opportunities. We believe that a continued focus on
earnings, efficiency and a sound credit culture are important
ingredients to growing a successful franchise.”
Guarini added “We are quite pleased to announce the relocation of our
Walnut Creek branch to 500 Ygnacio Valley Road, which occurred on
January 22, 2013 and are anxious to relocate our Executive Offices to
the same location on or before July 1, 2013.”
The Bank offers a full range of loan and deposit products and services
to businesses and their affiliates throughout the Bay Area. Its full
services branches in California are located at 500 Ygnacio Valley Road,
Walnut Creek, 155 Grand Avenue, Oakland, and 3895 E. Castro Valley Blvd,
Castro Valley; 700 E. El Camino Mountain View; and 960 School Street,
Napa. The 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.OB
and the Bank can be found on the web at www.baycommercialbank.com.
The Bankers Exchange Services Division can be found at www.BES1031.com.
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 anticipated in any forward-looking
statements as a result of certain factors, including those set forth in
“Risk Factors” and elsewhere in its Offering Circular and are
incorporated herein by reference. The Bank undertakes no obligation to
publicly revise these forward-looking statements to reflect subsequent
events or circumstances.
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Selected Financial Data
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December 31, 2012
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Quarter
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Quarter
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Year
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Year
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Ending
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Ending
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Ending
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Ending
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Balance Sheet
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12/31/2012
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12/31/2011
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12/31/2012
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12/31/2011
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(dollars in thousands)
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Total Assets
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$
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316,583
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$
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269,611
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$
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316,583
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$
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269,611
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Total Loans
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227,492
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212,387
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227,492
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212,387
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Total Deposits
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261,204
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219,815
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261,204
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219,815
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Shareholders' Equity
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50,672
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48,517
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50,672
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48,517
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Operating Results
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(dollars in thousands)
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Interest income
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$
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3,677
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$
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3,328
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$
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14,727
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$
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10,323
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Interest expense
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590
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605
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2,354
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1,775
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Net interest income
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3,087
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2,723
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12,373
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8,548
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Provision for loan losses
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363
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330
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1,483
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1,687
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Non-interest income
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189
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7,799
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738
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8,237
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Non-interest expense
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1,961
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3,719
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7,782
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7,765
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Net Income before tax
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952
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6,473
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3,846
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7,333
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Income tax expense(benefit)
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328
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(329
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)
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1,691
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19
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Net Income
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$
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624
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$
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6,802
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$
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2,155
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$
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7,314
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Ratios and Data
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Net interest margin
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3.92
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%
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4.71
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%
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4.34
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%
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4.62
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%
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Efficiency ratio
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59.9
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%
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35.3
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%
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59.4
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%
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46.3
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%
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Leverage capital ratio
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15.5
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%
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20.6
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%
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15.5
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%
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20.6
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%
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Income per share - basic
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$
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0.13
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$
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1.49
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$
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0.45
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$
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1.92
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Common stock - weighted average
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4,830,457
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4,579,761
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4,830,457
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3,809,402
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Income per share - diluted
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$
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0.13
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$
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1.49
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$
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0.45
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$
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1.92
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Common stock - diluted weighted average
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4,839,157
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4,579,761
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4,839,157
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3,809,402
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