Mr. Guarini added, "We have regulatory approval of our stock repurchase program and will begin repurchasing up to 5% of the Bank's outstanding common stock on Monday, October 21, 2013. This should improve the Bank's book value and earnings per share."
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|
|September 30, 2013|
|Balance Sheet||Quarter Ending 9/30/2012||Quarter Ending 9/30/2013||Year to Date 9/30/2012||Year to Date 9/30/2013||Year Ending 12/31/2012|
|(dollars in thousands)|
|Total Assets||$ 316,481||$ 327,181||$ 316,481||$ 327,181||$ 316,583|
|(dollars in thousands)|
|Interest income||$ 3,893||$ 3,758||$ 11,050||$ 10,899||$ 14,727|
|Net interest income||3,333||3,250||9,286||9,335||12,373|
|Provision for loan losses||262||112||1,120||258||1,483|
|Net Income before tax||1,330||1,085||2,894||3,243||3,846|
|Net Income||$ 742||$ 634||$ 1,531||$ 1,901||$ 2,155|
|Ratios and Data|
|Net interest margin||4.95%||4.18%||4.56%||4.08%||4.34%|
|Leverage capital ratio||16.6%||16.8%||16.6%||16.8%||15.5%|
|Income per share - basic||$ 0.15||$ 0.13||$ 0.32||$ 0.39||$ 0.45|
|Income per share - diluted||$ 0.15||$ 0.13||$ 0.32||$ 0.39||$ 0.45|
|Common stock - diluted||4,830,457||4,830,457||4,830,457||4,830,457||4,839,457|
|Book Value per share||$ 10.36||$ 10.88||$ 10.36||$ 10.88||$ 10.49|
CONTACT: Bay Commercial Bank, Walnut Creek, California Keary Colwell, 925-476-1800 email@example.com