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Bay Commercial Bank Reports Third Quarter 2013 Results

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

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
Total Loans  235,544  252,743  235,544  252,743  227,492
Total Deposits  263,080  268,348  263,080  268,348  261,204
Shareholders' Equity  50,049  52,572  50,049  52,572  50,672
Operating Results          
(dollars in thousands)          
Interest income  $ 3,893  $ 3,758 $ 11,050  $ 10,899  $ 14,727
Interest expense  560  508  1,764  1,564  2,354
 Net interest income  3,333  3,250  9,286  9,335  12,373
Provision for loan losses  262  112  1,120  258  1,483
Non-interest income  251  154  549  483  738
Non-interest expense  1,992  2,207  5,821  6,317  7,782
Net Income before tax  1,330  1,085  2,894  3,243  3,846
Income tax  588  451  1,363  1,342  1,691
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%
Efficiency ratio 55.6% 64.8% 59.2% 64.3% 59.4%
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
Common stock  4,830,457  4,830,457  4,830,457  4,830,457  4,830,457
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

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