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Bay Commercial Bank Reports Second Quarter 2013 Results



  Bay Commercial Bank Reports Second Quarter 2013 Results

Business Wire

WALNUT CREEK, Calif. -- July 19, 2013

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.

                                                                                             
Selected
Financial
Data
June 30, 2013
                                                                                               
                      Quarter           Quarter           Year to           Year to           Year
                      Ending            Ending            Date              Date              Ending
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 Loans             243,957           233,795           243,957           233,795           227,492
Total                   270,705           227,992           270,705           227,992           261,204
Deposits
Shareholders'           51,938            49,306            51,938            49,306            50,672
Equity
                                                                                               
Operating
Results
(dollars in
thousands)
Interest              $ 3,677           $ 3,746             7,141             7,157           $ 14,727
income
Interest                523               578               1,055             1,204             2,354
expense
Net interest            3,154             3,168             6,086             5,953             12,373
income
Provision for           136               634               147               858               1,483
loan losses
Non-interest            164               154               330               298               738
income
Non-interest            2,099             1,905             4,111             3,829             7,782
expense
Net Income              1,083             783               2,158             1,564             3,846
before tax
Income tax              447               374               891               775               1,691
Net Income            $ 636             $ 409             $ 1,267           $ 789             $ 2,155
                                                                                               
Ratios and
Data
Net interest            4.10%             4.71%             3.98%             4.47%             4.34%
margin
Efficiency              63.3%             57.3%             64.1%             61.3%             59.4%
ratio
                                                                                               
Leverage                16.0%             17.3%             16.0%             17.3%             15.5%
capital ratio
Income per            $ 0.13            $ 0.08            $ 0.26            $ 0.16            $ 0.45
share - basic
Common stock            4,830,457         4,830,457         4,830,457         4,830,457         4,830,457
Income per
share -               $ 0.13            $ 0.08            $ 0.26            $ 0.16            $ 0.45
diluted
Common stock            4,830,457         4,830,457         4,830,457         4,830,457         4,839,157
- diluted
Book value            $ 10.75           $ 10.21           $ 10.75           $ 10.21           $ 10.49
per share
                                           

Contact:

Bay Commercial Bank, Walnut Creek, California
Keary Colwell, 925-476-1800
kcolwell@bcb-ca.com
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