Bay Commercial Bank Reports First Quarter 2014 Results

Bay Commercial Bank Reports First Quarter 2014 Results  WALNUT CREEK, Calif., April 28, 2014 (GLOBE NEWSWIRE) -- Bay Commercial Bank (OTCBB:BCML) (the "Bank") today announced its first quarter 2014 operating results.  The Bank reported total assets as of March 31, 2014 of $350.3 million including loans outstanding of $266.6 million compared to March 31, 2013 total assets of $310.9 million and total loans outstanding of $229.8 million. At March 31, 2014, total deposits were $294.4million compared to total deposits of $256.7 million at March 31, 2013.The Bank's net income for the first quarter 2014 was $524,000 or income per share of $0.11 per share compared to net operating income for the same period in 2013 of $631,000, or $0.13 per share.The decrease of $107,000 in net operating income for the first quarter 2014 compared to the same period in 2013 was comprised primarily of the higher loan loss provision and higher operating expenses partially offset by higher net interest margin partially.Loan loss provision and operating expenses were higher primarily due organic loan and deposit growth.  George J. Guarini, Chief Executive Officer of the Bank, stated "Our effort to implement organic growth initiatives has been demonstrated in an increasing trend in both loan and deposit balances. We will continue to execute on these organic initiatives as we continue to look for growth opportunities through mergers and external growth."  Guarini added, "We look forward to the closing of the merger with Community Bank of San Joaquin and the opportunity to serve the San Joaquin community."  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                                   March 31, 2014                                                                                                                               Quarter    Quarter    Year       Year                           Ending     Ending     Ending     Ending Balance Sheet              3/31/2014  3/31/2013  12/31/2013 12/31/2012 (dollars in thousands)                                    Total Assets               $350,255 $310,855 $342,304 $316,583 Total Loans                266,618   229,837   254,178   227,492 Total Deposits             294,382   256,681   286,464   261,204 Shareholders' Equity       52,846    51,303    52,322    50,672                                                          Operating Results                                         (dollars in thousands)                                    Interest income            $3,749   $3,464   $14,915  $14,727 Interest expense           527       532       2,080     2,354 Net interest income        3,222     2,932     12,835    12,373 Provision for loan losses  224       11        348       1,483 Non-interest income        164       166       628       738 Non-interest expense       2,268     2,012     8,526     7,782 Net Income before tax      894       1,075     4,589     3,846 Income tax                370       444       1,899     1,691 Net Income                 $524     $631     $2,690   $2,155                                                          Ratios and Data                                           Net interest margin        3.95%      3.83%      4.07%      4.34% Efficiency ratio           67.0%      64.9%      63.3%      59.4% Book value per share       $11.18   $10.62   $10.87   $10.49 Leverage capital ratio     15.1%      16.0%      15.7%      15.5% Income per share - basic   $0.11    $0.13    $0.56    $0.45 Common stock               4,727,457 4,830,457 4,811,512 4,830,457 Income per share - diluted $0.11    $0.13    $0.54    $0.45 Common stock - diluted     4,742,907 4,845,907 4,971,213 4,839,157  CONTACT: Bay Commercial Bank, Walnut Creek, California          Keary Colwell, 925-476-1800  Bay Commercial Bank Logo  
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