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Bay Commercial Bank Reports Third Quarter 2010 Results

^{Published on 2010-10-29 16:06:02 - Market Wire}
 

WALNUT CREEK, Calif.--([ BUSINESS WIRE ])--Bay Commercial Bank (OTCBB:BCML) today reported third quarter and year to date 2010 operating results.

The Bank reported total assets as of September 30, 2010 of $164.0 million including loans outstanding of $127.6 million compared to September 30, 2009 total assets of $154.1 million and total loans outstanding of $129.3 million. At September 30, 2010, total deposits were $130.2 million compared to total deposits at September 30, 2009 of $132.7 million. The Banka™s operating income for the third quarter 2010 was $91,000 or $0.03 per share compared to net income for the same period in 2009 of $93,000 or $0.06 per share. For the first nine months of 2010, the Bank reported net income of $585,000 compared to net income of $132,000 for the first nine months of 2009. For the most recent nine month period, the net income to shareholders was $0.16 per share, compared to $0.09 per share for the first nine months of 2009. The increase in operating income for the nine month period ended September 30, 2010 compared to the same period in 2009 was comprised primarily of higher net interest income partially offset by higher loan loss provisions, operating expenses and income tax expenses.

George J. Guarini, Chief Executive Officer of Bay Commercial Bank, stated, aWe are pleased with the Banka™s financial performance so far for 2010. We will continue to maintain our focus on liquidity and credit quality, which we believe represent the key ingredients to success in todaya™s volatile environment. The capital raised in the third quarter will permit us to focus our attention on implementing our growth plans through acquisitions.a

The Bank offers a full range of loan and deposit products and services to businesses and their affiliates throughout the Bay Area. Its full services branches in California are located at 1280 Civic Drive, Walnut Creek, 155 Grand Avenue, Oakland, and 3895 E. Castro Valley Blvd, Castro Valley. Bay Commercial Bank is a member of FDIC and is an Equal housing lender. Bay Commercial Bank is traded on the bulletin board under the symbol BCML.OB and the Bank can be found at [ www.baycommercialbank.com ]. The Bankers Exchange Services Division can be found at [ www.BES1031.com ]. The Bank now offers business Escrow Services.

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 Banka™s possible or assumed future results of operations. Also, when the Bank uses such words as abelieve,a aexpect,a aanticipate,a aplan,a acould,a aintend,a or similar expressions, it is making forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect managementa™s view only as of the date hereof. The Banka™s actual results could differ materially from those anticipated in any forward-looking statements as a result of certain factors, including those set forth in aRisk Factorsa and elsewhere in its Offering Circular and are incorporated herein by reference. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.