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 www.baycommercialbank.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 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.
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Selected Financial Data
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June 30, 2013
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Quarter
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Quarter
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Year to
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Year to
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Year
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Ending
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Ending
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Date
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Date
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Ending
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Balance Sheet
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6/30/2013
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6/30/2012
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6/30/2013
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6/30/2012
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12/31/2012
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(dollars in thousands)
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Total Assets
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$
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325,699
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$
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280,375
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$
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325,699
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$
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280,375
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$
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316,583
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Total Loans
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243,957
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233,795
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243,957
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233,795
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227,492
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Total Deposits
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270,705
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227,992
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270,705
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227,992
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261,204
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Shareholders' Equity
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51,938
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49,306
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51,938
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49,306
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50,672
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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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3,746
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7,141
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7,157
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$
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14,727
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Interest expense
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523
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578
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1,055
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1,204
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2,354
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Net interest income
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3,154
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3,168
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6,086
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5,953
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12,373
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Provision for loan losses
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136
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634
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147
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858
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1,483
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Non-interest income
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164
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154
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330
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298
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738
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Non-interest expense
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2,099
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1,905
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4,111
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3,829
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7,782
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Net Income before tax
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1,083
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783
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2,158
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1,564
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3,846
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Income tax
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447
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374
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891
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775
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1,691
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Net Income
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$
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636
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$
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409
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$
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1,267
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$
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789
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$
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2,155
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Ratios and Data
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Net interest margin
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4.10%
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4.71%
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3.98%
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4.47%
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4.34%
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Efficiency ratio
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63.3%
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57.3%
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64.1%
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61.3%
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59.4%
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Leverage capital ratio
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16.0%
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17.3%
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16.0%
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17.3%
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15.5%
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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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0.08
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$
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0.26
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$
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0.16
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$
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0.45
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Common stock
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4,830,457
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4,830,457
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4,830,457
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4,830,457
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4,830,457
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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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0.08
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$
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0.26
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$
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0.16
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$
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0.45
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Common stock - diluted
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4,830,457
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4,830,457
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4,830,457
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4,830,457
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4,839,157
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Book value per share
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$
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10.75
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$
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10.21
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$
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10.75
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$
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10.21
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$
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10.49
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Copyright Business Wire 2013